x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
CONSTELLATION
BRANDS, INC.
|
(Exact
name of registrant as specified in its charter)
|
Delaware
|
16-0716709
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
370
Woodcliff Drive, Suite 300, Fairport, New York
|
14450
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(585)
218-3600
|
(Registrant’s
telephone number, including area code)
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Class
|
Number
of Shares Outstanding
|
|
Class
A Common Stock, Par Value $.01 Per Share
|
197,648,065
|
|
Class
B Common Stock, Par Value $.01 Per Share
|
23,869,138
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|||||||||||||
(in
thousands, except per share data)
|
|||||||||||||
(unaudited)
|
|||||||||||||
For
the Nine Months Ended November 30,
|
For
the Three Months Ended November 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
SALES
|
$
|
4,402,843
|
$
|
3,834,988
|
$
|
1,567,869
|
$
|
1,360,431
|
|||||
Less
- Excise taxes
|
(847,262
|
)
|
(785,031
|
)
|
(300,782
|
)
|
(274,720
|
)
|
|||||
Net
sales
|
3,555,581
|
3,049,957
|
1,267,087
|
1,085,711
|
|||||||||
COST
OF PRODUCT SOLD
|
(2,517,354
|
)
|
(2,196,148
|
)
|
(882,866
|
)
|
(772,047
|
)
|
|||||
Gross
profit
|
1,038,227
|
853,809
|
384,221
|
313,664
|
|||||||||
SELLING,
GENERAL AND ADMINISTRATIVE
EXPENSES
|
(478,559
|
)
|
(401,116
|
)
|
(156,978
|
)
|
(130,333
|
)
|
|||||
ACQUISITION-RELATED
INTEGRATION COSTS
|
(15,888
|
)
|
-
|
(1,625
|
)
|
-
|
|||||||
RESTRUCTURING
AND RELATED CHARGES
|
(8,407
|
)
|
(4,426
|
)
|
(4,265
|
)
|
(1,644
|
)
|
|||||
Operating
income
|
535,373
|
448,267
|
221,353
|
181,687
|
|||||||||
EQUITY
IN EARNINGS OF EQUITY
METHOD
INVESTEES
|
5,720
|
621
|
6,516
|
359
|
|||||||||
INTEREST
EXPENSE, net
|
(142,265
|
)
|
(91,332
|
)
|
(48,085
|
)
|
(30,651
|
)
|
|||||
Income
before income taxes
|
398,828
|
357,556
|
179,784
|
151,395
|
|||||||||
PROVISION
FOR INCOME TAXES
|
(131,748
|
)
|
(128,720
|
)
|
(70,823
|
)
|
(54,502
|
)
|
|||||
NET
INCOME
|
267,080
|
228,836
|
108,961
|
96,893
|
|||||||||
Dividends
on preferred stock
|
(7,353
|
)
|
(7,353
|
)
|
(2,451
|
)
|
(2,451
|
)
|
|||||
INCOME
AVAILABLE TO COMMON
STOCKHOLDERS
|
$
|
259,727
|
$
|
221,483
|
$
|
106,510
|
$
|
94,442
|
|||||
SHARE
DATA:
|
|||||||||||||
Earnings
per common share:
|
|||||||||||||
Basic
- Class A Common Stock
|
$
|
1.19
|
$
|
1.04
|
$
|
0.49
|
$
|
0.44
|
|||||
Basic
- Class B Common Stock
|
$
|
1.08
|
$
|
0.95
|
$
|
0.44
|
$
|
0.40
|
|||||
Diluted
|
$
|
1.12
|
$
|
0.99
|
$
|
0.46
|
$
|
0.42
|
|||||
Weighted
average common shares outstanding:
|
|||||||||||||
Basic
- Class A Common Stock
|
196,432
|
190,784
|
197,220
|
192,024
|
|||||||||
Basic
- Class B Common Stock
|
23,916
|
24,070
|
23,888
|
23,995
|
|||||||||
Diluted
|
238,669
|
232,010
|
238,583
|
233,452
|
|||||||||
The
accompanying notes are an integral part of these statements.
|
CONSTELLATION
BRANDS, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|||||||
(in
thousands)
|
|||||||
(unaudited)
|
|||||||
For
the Nine Months Ended November 30,
|
|||||||
2005
|
2004
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|||||||
Net
income
|
$
|
267,080
|
$
|
228,836
|
|||
Adjustments
to reconcile net income to net cash provided by
operating
activities:
|
|||||||
Depreciation
of property, plant and equipment
|
86,331
|
65,121
|
|||||
Proceeds
from early termination of derivative contracts
|
42,891
|
-
|
|||||
Deferred
tax provision
|
38,833
|
33,524
|
|||||
Amortization
of intangible and other assets
|
5,978
|
8,491
|
|||||
Loss
on disposal of assets
|
1,897
|
4,225
|
|||||
Stock-based
compensation expense
|
152
|
69
|
|||||
Amortization
of discount on long-term debt
|
58
|
53
|
|||||
Equity
in earnings of equity method investees
|
(5,720
|
)
|
(621
|
)
|
|||
Noncash
portion of loss on extinguishment of debt
|
-
|
1,799
|
|||||
Change
in operating assets and liabilities, net of effects
from
purchases and sales of businesses:
|
|||||||
Accounts
receivable, net
|
(161,475
|
)
|
(258,052
|
)
|
|||
Inventories
|
(255,461
|
)
|
(189,406
|
)
|
|||
Prepaid
expenses and other current assets
|
7,254
|
(3,400
|
)
|
||||
Accounts
payable
|
172,594
|
108,358
|
|||||
Accrued
excise taxes
|
6,900
|
24,103
|
|||||
Other
accrued expenses and liabilities
|
85,791
|
59,966
|
|||||
Other,
net
|
(10,823
|
)
|
(1,644
|
)
|
|||
Total
adjustments
|
15,200
|
(147,414
|
)
|
||||
Net
cash provided by operating activities
|
282,280
|
81,422
|
|||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||||||
Proceeds
from sales of assets
|
119,081
|
1,225
|
|||||
Proceeds
from sale of equity method investment
|
35,953
|
-
|
|||||
Proceeds
from sales of businesses
|
17,861
|
-
|
|||||
Purchases
of property, plant and equipment
|
(91,628
|
)
|
(78,356
|
)
|
|||
Purchases
of businesses, net of cash acquired
|
(45,816
|
)
|
(8,899
|
)
|
|||
Payment
of accrued earn-out amount
|
(3,089
|
)
|
(2,617
|
)
|
|||
Investment
in equity method investee
|
(2,723
|
)
|
-
|
||||
Other
investing activities
|
(4,842
|
)
|
-
|
||||
Net
cash provided by (used in) investing activities
|
24,797
|
(88,647
|
)
|
||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||||||
Principal
payments of long-term debt
|
(425,308
|
)
|
(254,606
|
)
|
|||
Payment
of preferred stock dividends
|
(7,353
|
)
|
(7,353
|
)
|
|||
Net
proceeds from notes payable
|
111,092
|
219,953
|
|||||
Exercise
of employee stock options
|
20,967
|
25,257
|
|||||
Proceeds
from employee stock purchases
|
3,091
|
2,441
|
|||||
Payment
of issuance costs of long-term debt
|
-
|
(901
|
)
|
||||
Net
cash used in financing activities
|
(297,511
|
)
|
(15,209
|
)
|
|||
Effect
of exchange rate changes on cash and cash investments
|
(827
|
)
|
(1,948
|
)
|
|||
NET
INCREASE (DECREASE) IN CASH AND CASH INVESTMENTS
|
8,739
|
(24,382
|
)
|
||||
CASH
AND CASH INVESTMENTS, beginning of period
|
17,635
|
37,136
|
|||||
CASH
AND CASH INVESTMENTS, end of period
|
$
|
26,374
|
$
|
12,754
|
|||
SUPPLEMENTAL
DISCLOSURES OF NONCASH INVESTING
AND
FINANCING ACTIVITIES:
|
|||||||
Fair
value of assets acquired, including cash acquired
|
$
|
49,477
|
$
|
14,906
|
|||
Liabilities
assumed
|
(1,341
|
)
|
(6,007
|
)
|
|||
Net
assets acquired
|
48,136
|
8,899
|
|||||
Less
- note payable issuance
|
(2,320
|
)
|
-
|
||||
Net
cash paid for purchases of businesses
|
$
|
45,816
|
$
|
8,899
|
|||
The
accompanying notes are an integral part of these statements.
|
1)
|
MANAGEMENT’S
REPRESENTATIONS:
|
(in
thousands)
|
||||
Current
assets
|
$
|
513,782
|
||
Property,
plant and equipment
|
438,140
|
|||
Other
assets
|
129,150
|
|||
Trademarks
|
138,000
|
|||
Goodwill
|
631,348
|
|||
Total
assets acquired
|
1,850,420
|
|||
Current
liabilities
|
310,919
|
|||
Long-term
liabilities
|
496,840
|
|||
Total
liabilities assumed
|
807,759
|
|||
Net
assets acquired
|
$
|
1,042,661
|
For
the Nine Months
Ended
November 30,
|
For
the Three Months
Ended
November 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(in
thousands, except per share data)
|
|||||||||||||
Net
sales
|
$
|
3,555,581
|
$
|
3,412,983
|
$
|
1,267,087
|
$
|
1,229,369
|
|||||
Income
before income taxes
|
$
|
398,828
|
$
|
395,538
|
$
|
179,784
|
$
|
157,224
|
|||||
Net
income
|
$
|
267,080
|
$
|
253,696
|
$
|
108,961
|
$
|
100,949
|
|||||
Income
available to common stockholders
|
$
|
259,727
|
$
|
246,343
|
$
|
106,510
|
$
|
98,498
|
|||||
Earnings
per common share - basic:
|
|||||||||||||
Class
A Common Stock
|
$
|
1.19
|
$
|
1.16
|
$
|
0.49
|
$
|
0.46
|
|||||
Class
B Common Stock
|
$
|
1.08
|
$
|
1.05
|
$
|
0.44
|
$
|
0.42
|
|||||
Earnings
per common share - diluted
|
$
|
1.12
|
$
|
1.09
|
$
|
0.46
|
$
|
0.43
|
|||||
Weighted
average common shares
outstanding
- basic:
|
|||||||||||||
Class
A Common Stock
|
196,432
|
190,784
|
197,220
|
192,024
|
|||||||||
Class
B Common Stock
|
23,916
|
24,070
|
23,888
|
23,995
|
|||||||||
Weighted
average common shares
outstanding
- diluted
|
238,669
|
232,010
|
238,583
|
233,452
|
4)
|
INVENTORIES:
|
November
30,
2005
|
February
28,
2005
|
||||||
(in
thousands)
|
|||||||
Raw
materials and supplies
|
$
|
147,000
|
$
|
71,562
|
|||
In-process
inventories
|
1,063,605
|
957,567
|
|||||
Finished
case goods
|
595,357
|
578,606
|
|||||
$
|
1,805,962
|
$
|
1,607,735
|
5)
|
GOODWILL:
|
Constellation
Wines
|
Constellation
Beers
and
Spirits
|
Consolidated
|
||||||||
(in
thousands)
|
||||||||||
Balance,
February 28, 2005
|
$
|
2,031,244
|
$
|
151,425
|
$
|
2,182,669
|
||||
Purchase
accounting allocations
|
71,361
|
5,930
|
77,291
|
|||||||
Foreign
currency translation adjustments
|
(78,499
|
)
|
829
|
(77,670
|
)
|
|||||
Purchase
price earn-out
|
2,196
|
-
|
2,196
|
|||||||
Balance,
November 30, 2005
|
$
|
2,026,302
|
$
|
158,184
|
$
|
2,184,486
|
6)
|
INTANGIBLE
ASSETS:
|
November
30, 2005
|
February
28, 2005
|
||||||||||||
Gross
Carrying
Amount
|
Net
Carrying
Amount
|
Gross
Carrying
Amount
|
Net
Carrying
Amount
|
||||||||||
(in
thousands)
|
|||||||||||||
Amortizable
intangible assets:
|
|||||||||||||
Distributor
relationships
|
$
|
3,700
|
$
|
3,587
|
$
|
3,700
|
$
|
3,679
|
|||||
Distribution
agreements
|
18,882
|
7,504
|
12,884
|
1,666
|
|||||||||
Other
|
2,543
|
1,521
|
5,230
|
1,229
|
|||||||||
Total
|
$
|
25,125
|
12,612
|
$
|
21,814
|
6,574
|
|||||||
Nonamortizable
intangible assets:
|
|||||||||||||
Trademarks
|
853,723
|
920,664
|
|||||||||||
Agency
relationships
|
18,412
|
18,412
|
|||||||||||
Total
|
872,135
|
939,076
|
|||||||||||
Total
intangible assets
|
$
|
884,747
|
$
|
945,650
|
(in
thousands)
|
||||
2006
|
$
|
775
|
||
2007
|
$
|
1,480
|
||
2008
|
$
|
1,165
|
||
2009
|
$
|
1,152
|
||
2010
|
$
|
1,130
|
||
2011
|
$
|
862
|
||
Thereafter
|
$
|
6,048
|
7)
|
BORROWINGS:
|
Tranche
A
Term
Loan
|
Tranche
B
Term
Loan
|
Total
|
||||||||
(in
thousands)
|
||||||||||
2006
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
2007
|
33,382
|
-
|
33,382
|
|||||||
2008
|
89,853
|
-
|
89,853
|
|||||||
2009
|
110,588
|
14,563
|
125,151
|
|||||||
2010
|
117,500
|
14,563
|
132,063
|
|||||||
2011
|
103,677
|
353,161
|
456,838
|
|||||||
Thereafter
|
-
|
1,026,713
|
1,026,713
|
|||||||
$
|
455,000
|
$
|
1,409,000
|
$
|
1,864,000
|
8)
|
INCOME
TAXES:
|
9)
|
RETIREMENT
SAVINGS PLANS AND POSTRETIREMENT BENEFIT
PLANS:
|
For
the Nine Months
Ended
November 30,
|
For
the Three Months
Ended
November 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(in
thousands)
|
|||||||||||||
Service
cost
|
$
|
1,618
|
$
|
1,639
|
$
|
544
|
$
|
565
|
|||||
Interest
cost
|
13,092
|
12,078
|
4,065
|
4,070
|
|||||||||
Expected
return on plan assets
|
(12,603
|
)
|
(12,755
|
)
|
(3,920
|
)
|
(4,297
|
)
|
|||||
Amortization
of prior service cost
|
147
|
7
|
51
|
2
|
|||||||||
Recognized
net actuarial loss
|
2,122
|
1,887
|
654
|
636
|
|||||||||
Net
periodic benefit cost
|
$
|
4,376
|
$
|
2,856
|
$
|
1,394
|
$
|
976
|
For
the Nine Months
Ended
November 30,
|
For
the Three Months
Ended
November 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(in
thousands)
|
|||||||||||||
Service
cost
|
$
|
161
|
$
|
157
|
$
|
54
|
$
|
54
|
|||||
Interest
cost
|
228
|
252
|
77
|
86
|
|||||||||
Amortization
of prior service cost
|
(40
|
)
|
6
|
(13
|
)
|
2
|
|||||||
Recognized
net actuarial loss
|
19
|
17
|
7
|
6
|
|||||||||
Net
periodic benefit cost
|
$
|
368
|
$
|
432
|
$
|
125
|
$
|
148
|
11)
|
EARNINGS
PER COMMON SHARE:
|
For
the Nine Months
Ended
November 30,
|
For
the Three Months
Ended
November 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(in
thousands, except per share data)
|
|||||||||||||
Net
income
|
$
|
267,080
|
$
|
228,836
|
$
|
108,961
|
$
|
96,893
|
|||||
Dividends
on preferred stock
|
(7,353
|
)
|
(7,353
|
)
|
(2,451
|
)
|
(2,451
|
)
|
|||||
Income
available to common stockholders
|
$
|
259,727
|
$
|
221,483
|
$
|
106,510
|
$
|
94,442
|
|||||
Weighted
average common shares outstanding - basic:
|
|||||||||||||
Class
A Common Stock
|
196,432
|
190,784
|
197,220
|
192,024
|
|||||||||
Class
B Convertible Common Stock
|
23,916
|
24,070
|
23,888
|
23,995
|
|||||||||
Total
weighted average common shares outstanding - basic
|
220,348
|
214,854
|
221,108
|
216,019
|
|||||||||
Stock
options
|
8,338
|
7,173
|
7,492
|
7,450
|
|||||||||
Preferred
stock
|
9,983
|
9,983
|
9,983
|
9,983
|
|||||||||
Weighted
average common shares outstanding - diluted
|
238,669
|
232,010
|
238,583
|
233,452
|
|||||||||
Earnings
per common share - basic:
|
|||||||||||||
Class
A Common Stock
|
$
|
1.19
|
$
|
1.04
|
$
|
0.49
|
$
|
0.44
|
|||||
Class
B Convertible Common Stock
|
$
|
1.08
|
$
|
0.95
|
$
|
0.44
|
$
|
0.40
|
|||||
Earnings
per common share - diluted
|
$
|
1.12
|
$
|
0.99
|
$
|
0.46
|
$
|
0.42
|
12)
|
STOCK-BASED
COMPENSATION:
|
For
the Nine Months
Ended
November 30,
|
For
the Three Months
Ended
November 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(in
thousands, except per share data)
|
|||||||||||||
Net
income, as reported
|
$
|
267,080
|
$
|
228,836
|
$
|
108,961
|
$
|
96,893
|
|||||
Add:
Stock-based employee compensation expense included in reported
net income,
net of related tax effects
|
88
|
42
|
54
|
10
|
|||||||||
Deduct:
Total stock-based employee compensation expense determined under
fair
value based method for all awards, net of related tax
effects
|
(7,069
|
)
|
(16,854
|
)
|
(1,736
|
)
|
(6,378
|
)
|
|||||
Pro
forma net income
|
$
|
260,099
|
$
|
212,024
|
$
|
107,279
|
$
|
90,525
|
|||||
Earnings
per common share
-
basic:
|
|||||||||||||
Class
A Common Stock, as reported
|
$
|
1.19
|
$
|
1.04
|
$
|
0.49
|
$
|
0.44
|
|||||
Class
B Convertible Common Stock, as reported
|
$
|
1.08
|
$
|
0.95
|
$
|
0.44
|
$
|
0.40
|
|||||
Class
A Common Stock, pro forma
|
$
|
1.16
|
$
|
0.96
|
$
|
0.48
|
$
|
0.41
|
|||||
Class
B Convertible Common Stock, pro forma
|
$
|
1.05
|
$
|
0.87
|
$
|
0.44
|
$
|
0.37
|
|||||
Earnings
per common share - diluted, as
reported
|
$
|
1.12
|
$
|
0.99
|
$
|
0.46
|
$
|
0.42
|
|||||
Earnings
per common share - diluted, pro forma
|
$
|
1.08
|
$
|
0.91
|
$
|
0.45
|
$
|
0.38
|
13)
|
COMPREHENSIVE
INCOME (LOSS):
|
For
the Nine Months
Ended
November 30,
|
For
the Three Months
Ended
November 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(in
thousands)
|
|||||||||||||
Net
income
|
$
|
267,080
|
$
|
228,836
|
$
|
108,961
|
$
|
96,893
|
|||||
Other
comprehensive income, net of tax:
|
|||||||||||||
Foreign
currency translation adjustments, net of tax benefit (expense)
of $11,684,
($27,935), $4,270 and ($6,640), respectively
|
(171,159
|
)
|
55,077
|
(55,897
|
)
|
179,322
|
|||||||
Cash
flow hedges:
|
|||||||||||||
Net
derivative gains (losses), net of tax (expense) benefit of ($4,134),
$7,920, ($11,909) and ($2,028), respectively
|
3,658
|
(17,997
|
)
|
17,965
|
5,100
|
||||||||
Reclassification
adjustments, net of tax benefit (expense) of $3,961, ($2,603),
$2,183 and
($1,944), respectively
|
(6,772
|
)
|
5,989
|
(3,663
|
)
|
4,555
|
|||||||
Net
cash flow hedges
|
(3,114
|
)
|
(12,008
|
)
|
14,302
|
9,655
|
|||||||
Unrealized
(losses) gains on marketable equity securities, net of tax benefit
(expense) of $0, ($278), $0 and ($261), respectively
|
(1
|
)
|
649
|
(1
|
)
|
610
|
|||||||
Minimum
pension liability adjustment, net of tax (expense) benefit of ($3,169),
$741, ($1,242) and $1,554, respectively
|
7,418
|
(1,546
|
)
|
2,907
|
(3,467
|
)
|
|||||||
Total
comprehensive income
|
$
|
100,224
|
$
|
271,008
|
$
|
70,272
|
$
|
283,013
|
Foreign
Currency
Translation
Adjustments
|
Net
Unrealized
Gains
on
Derivatives
|
Unrealized
Gain
(Loss)
on
Marketable
Equity
Securities
|
Minimum
Pension
Liability
Adjustment
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
||||||||||||
(in
thousands)
|
||||||||||||||||
Balance,
February
28, 2005
|
$
|
473,949
|
$
|
37,316
|
$
|
-
|
$
|
(79,422
|
)
|
$
|
431,843
|
|||||
Current
period change
|
(171,159
|
)
|
(3,114
|
)
|
(1
|
)
|
7,418
|
(166,856
|
)
|
|||||||
Balance,
November 30, 2005
|
$
|
302,790
|
$
|
34,202
|
$
|
(1
|
)
|
$
|
(72,004
|
)
|
$
|
264,987
|
15)
|
RESTRUCTURING
AND RELATED CHARGES:
|
Employee
Termination
Benefit
Costs
|
Contract
Termination
Costs
|
Facility
Consolidation/
Relocation
Costs
|
Total
|
||||||||||
(in
thousands)
|
|||||||||||||
Balance,
February 28, 2005
|
$
|
15,270
|
$
|
23,204
|
$
|
743
|
$
|
39,217
|
|||||
Robert
Mondavi acquisition
|
635
|
658
|
459
|
1,752
|
|||||||||
Restructuring
charges
|
1,176
|
-
|
704
|
1,880
|
|||||||||
Cash
expenditures
|
(9,506
|
)
|
(5,016
|
)
|
(161
|
)
|
(14,683
|
)
|
|||||
Foreign
currency adjustments
|
(36
|
)
|
(115
|
)
|
(42
|
)
|
(193
|
)
|
|||||
Balance,
May 31, 2005
|
7,539
|
18,731
|
1,703
|
27,973
|
|||||||||
Robert
Mondavi acquisition
|
1,889
|
2,038
|
(787
|
)
|
3,140
|
||||||||
Restructuring
charges
|
1,025
|
629
|
608
|
2,262
|
|||||||||
Cash
expenditures
|
(5,391
|
)
|
(11,304
|
)
|
(817
|
)
|
(17,512
|
)
|
|||||
Foreign
currency adjustments
|
(19
|
)
|
(52
|
)
|
(1
|
)
|
(72
|
)
|
|||||
Balance,
August 31, 2005
|
5,043
|
10,042
|
706
|
15,791
|
|||||||||
Robert
Mondavi acquisition
|
(146
|
)
|
293
|
(229
|
)
|
(82
|
)
|
||||||
Restructuring
charges
|
4,173
|
206
|
(114
|
)
|
4,265
|
||||||||
Cash
expenditures
|
(4,378
|
)
|
(771
|
)
|
(312
|
)
|
(5,461
|
)
|
|||||
Foreign
currency adjustments
|
(91
|
)
|
(27
|
)
|
(12
|
)
|
(130
|
)
|
|||||
Balance,
November 30, 2005
|
$
|
4,601
|
$
|
9,743
|
$
|
39
|
$
|
14,383
|
16)
|
CONDENSED
CONSOLIDATING FINANCIAL
INFORMATION:
|
Parent
Company
|
Subsidiary
Guarantors
|
Subsidiary
Nonguarantors
|
Eliminations
|
Consolidated
|
||||||||||||
(in
thousands)
|
||||||||||||||||
Condensed
Consolidating Balance Sheet at November 30, 2005
|
||||||||||||||||
Current
assets:
|
||||||||||||||||
Cash
and cash
investments
|
$
|
2,876
|
$
|
7,579
|
$
|
15,919
|
$
|
-
|
$
|
26,374
|
||||||
Accounts
receivable,
net
|
209,380
|
265,827
|
494,321
|
-
|
969,528
|
|||||||||||
Inventories
|
38,818
|
1,110,116
|
673,205
|
(16,177
|
)
|
1,805,962
|
||||||||||
Prepaid
expenses and
other
current
assets
|
7,344
|
122,338
|
60,268
|
4,900
|
194,850
|
|||||||||||
Intercompany
receivable
(payable)
|
113,261
|
(794,220
|
)
|
680,959
|
-
|
-
|
||||||||||
Total
current assets
|
371,679
|
711,640
|
1,924,672
|
(11,277
|
)
|
2,996,714
|
||||||||||
Property,
plant and equipment, net
|
38,257
|
727,717
|
648,161
|
-
|
1,414,135
|
|||||||||||
Investments
in subsidiaries
|
5,252,326
|
1,893,475
|
-
|
(7,145,801
|
)
|
-
|
||||||||||
Goodwill
|
-
|
1,321,255
|
863,231
|
-
|
2,184,486
|
|||||||||||
Intangible
assets, net
|
-
|
550,514
|
334,233
|
-
|
884,747
|
|||||||||||
Other
assets, net
|
30,577
|
131,995
|
59,851
|
-
|
222,423
|
|||||||||||
Total
assets
|
$
|
5,692,839
|
$
|
5,336,596
|
$
|
3,830,148
|
$
|
(7,157,078
|
)
|
$
|
7,702,505
|
|||||
Current
liabilities:
|
||||||||||||||||
Notes
payable to
banks
|
$
|
108,000
|
$
|
-
|
$
|
19,745
|
$
|
-
|
$
|
127,745
|
||||||
Current
maturities of long-term
debt
|
212,719
|
3,776
|
9,226
|
-
|
225,721
|
|||||||||||
Accounts
payable
|
3,413
|
308,743
|
173,566
|
-
|
485,722
|
|||||||||||
Accrued
excise
taxes
|
10,145
|
29,060
|
39,486
|
-
|
78,691
|
|||||||||||
Other
accrued expenses and
liabilities
|
173,868
|
183,975
|
325,381
|
(266
|
)
|
682,958
|
||||||||||
Total
current liabilities
|
508,145
|
525,554
|
567,404
|
(266
|
)
|
1,600,837
|
||||||||||
Long-term
debt, less current maturities
|
2,569,022
|
4,985
|
17,732
|
-
|
2,591,739
|
|||||||||||
Deferred
income taxes
|
(1,371
|
)
|
342,172
|
33,892
|
-
|
374,693
|
||||||||||
Other
liabilities
|
5,278
|
92,281
|
130,956
|
-
|
228,515
|
Parent
Company
|
Subsidiary
Guarantors
|
Subsidiary
Nonguarantors
|
Eliminations
|
Consolidated
|
||||||||||||
(in
thousands)
|
||||||||||||||||
Stockholders’
equity:
|
||||||||||||||||
Preferred
stock
|
2
|
-
|
-
|
-
|
2
|
|||||||||||
Class
A and Class B common
stock
|
2,309
|
6,443
|
141,583
|
(148,026
|
)
|
2,309
|
||||||||||
Additional
paid-in
capital
|
1,129,971
|
2,301,961
|
2,498,737
|
(4,800,698
|
)
|
1,129,971
|
||||||||||
Retained
earnings
|
1,550,943
|
1,909,987
|
287,092
|
(2,211,442
|
)
|
1,536,580
|
||||||||||
Accumulated
other
comprehensive
(loss)
income
|
(44,332
|
)
|
153,213
|
152,752
|
3,354
|
264,987
|
||||||||||
Treasury
stock and
other
|
(27,128
|
)
|
-
|
-
|
-
|
(27,128
|
)
|
|||||||||
Total
stockholders’ equity
|
2,611,765
|
4,371,604
|
3,080,164
|
(7,156,812
|
)
|
2,906,721
|
||||||||||
Total
liabilities
and
stockholders’
equity
|
$
|
5,692,839
|
$
|
5,336,596
|
$
|
3,830,148
|
$
|
(7,157,078
|
)
|
$
|
7,702,505
|
|||||
Condensed
Consolidating Balance Sheet at February 28, 2005
|
||||||||||||||||
Current
assets:
|
||||||||||||||||
Cash
and cash
investments
|
$
|
-
|
$
|
10,095
|
$
|
7,540
|
$
|
-
|
$
|
17,635
|
||||||
Accounts
receivable,
net
|
132,997
|
293,588
|
423,057
|
-
|
849,642
|
|||||||||||
Inventories
|
35,719
|
943,711
|
637,556
|
(9,251
|
)
|
1,607,735
|
||||||||||
Prepaid
expenses and
other
current
assets
|
41,515
|
163,910
|
53,598
|
-
|
259,023
|
|||||||||||
Intercompany
receivable
(payable)
|
450,781
|
(1,111,951
|
)
|
661,170
|
-
|
-
|
||||||||||
Total
current assets
|
661,012
|
299,353
|
1,782,921
|
(9,251
|
)
|
2,734,035
|
||||||||||
Property,
plant and equipment, net
|
37,476
|
884,690
|
674,201
|
-
|
1,596,367
|
|||||||||||
Investments
in subsidiaries
|
4,961,521
|
1,844,354
|
-
|
(6,805,875
|
)
|
-
|
||||||||||
Goodwill
|
-
|
1,242,132
|
940,537
|
-
|
2,182,669
|
|||||||||||
Intangible
assets, net
|
-
|
587,075
|
358,575
|
-
|
945,650
|
|||||||||||
Other
assets, net
|
28,559
|
221,642
|
95,250
|
-
|
345,451
|
|||||||||||
Total
assets
|
$
|
5,688,568
|
$
|
5,079,246
|
$
|
3,851,484
|
$
|
(6,815,126
|
)
|
$
|
7,804,172
|
|||||
Current
liabilities:
|
||||||||||||||||
Notes
payable to
banks
|
$
|
14,000
|
$
|
-
|
$
|
2,475
|
$
|
-
|
$
|
16,475
|
||||||
Current
maturities of long-term
debt
|
60,068
|
4,307
|
3,719
|
-
|
68,094
|
|||||||||||
Accounts
payable
|
4,237
|
146,116
|
194,901
|
-
|
345,254
|
|||||||||||
Accrued
excise
taxes
|
13,633
|
41,070
|
19,653
|
-
|
74,356
|
|||||||||||
Other
accrued expenses and
liabilities
|
146,837
|
191,438
|
298,529
|
(2,896
|
)
|
633,908
|
||||||||||
Total
current liabilities
|
238,775
|
382,931
|
519,277
|
(2,896
|
)
|
1,138,087
|
||||||||||
Long-term
debt, less current maturities
|
3,167,852
|
9,089
|
27,766
|
-
|
3,204,707
|
|||||||||||
Deferred
income taxes
|
(17,255
|
)
|
377,423
|
29,718
|
-
|
389,886
|
||||||||||
Other
liabilities
|
1,101
|
126,173
|
164,305
|
-
|
291,579
|
|||||||||||
Stockholders’
equity:
|
||||||||||||||||
Preferred
stock
|
2
|
-
|
-
|
-
|
2
|
|||||||||||
Class
A and Class B common
stock
|
2,288
|
6,443
|
141,583
|
(148,026
|
)
|
2,288
|
||||||||||
Additional
paid-in
capital
|
1,097,177
|
2,301,961
|
2,498,737
|
(4,800,698
|
)
|
1,097,177
|
||||||||||
Retained
earnings
|
1,285,762
|
1,715,182
|
141,969
|
(1,866,060
|
)
|
1,276,853
|
||||||||||
Accumulated
other
comprehensive
(loss)
income
|
(58,884
|
)
|
160,044
|
328,129
|
2,554
|
431,843
|
||||||||||
Treasury
stock and
other
|
(28,250
|
)
|
-
|
-
|
-
|
(28,250
|
)
|
|||||||||
Total
stockholders’ equity
|
2,298,095
|
4,183,630
|
3,110,418
|
(6,812,230
|
)
|
2,779,913
|
||||||||||
Total
liabilities
and
stockholders’
equity
|
$
|
5,688,568
|
$
|
5,079,246
|
$
|
3,851,484
|
$
|
(6,815,126
|
)
|
$
|
7,804,172
|
Parent
Company
|
Subsidiary
Guarantors
|
Subsidiary
Nonguarantors
|
Eliminations
|
Consolidated
|
||||||||||||
(in
thousands)
|
||||||||||||||||
Condensed
Consolidating Statement of Income for the Nine Months Ended November
30,
2005
|
||||||||||||||||
Gross
sales
|
$
|
905,017
|
$
|
2,339,962
|
$
|
2,038,106
|
$
|
(880,242
|
)
|
$
|
4,402,843
|
|||||
Less
- excise
taxes
|
(120,549
|
)
|
(341,269
|
)
|
(385,444
|
)
|
-
|
(847,262
|
)
|
|||||||
Net
sales
|
784,468
|
1,998,693
|
1,652,662
|
(880,242
|
)
|
3,555,581
|
||||||||||
Cost
of product sold
|
(632,759
|
)
|
(1,412,826
|
)
|
(1,344,134
|
)
|
872,365
|
(2,517,354
|
)
|
|||||||
Gross
profit
|
151,709
|
585,867
|
308,528
|
(7,877
|
)
|
1,038,227
|
||||||||||
Selling,
general and administrative
expenses
|
(123,163
|
)
|
(190,134
|
)
|
(165,262
|
)
|
-
|
(478,559
|
)
|
|||||||
Acquisition-related
integration costs
|
-
|
(14,791
|
)
|
(1,097
|
)
|
-
|
(15,888
|
)
|
||||||||
Restructuring
and related charges
|
-
|
(4,441
|
)
|
(3,966
|
)
|
-
|
(8,407
|
)
|
||||||||
Operating
income (loss)
|
28,546
|
376,501
|
138,203
|
(7,877
|
)
|
535,373
|
||||||||||
Equity
in earnings (loss) of equity
method
investees and
subsidiaries
|
290,806
|
54,689
|
152
|
(339,927
|
)
|
5,720
|
||||||||||
Interest
(expense) income, net
|
(59,817
|
)
|
(154,821
|
)
|
72,373
|
-
|
(142,265
|
)
|
||||||||
Income
before income
taxes
|
259,535
|
276,369
|
210,728
|
(347,804
|
)
|
398,828
|
||||||||||
Benefit
from (provision for)
income
taxes
|
12,999
|
(81,564
|
)
|
(65,605
|
)
|
2,422
|
(131,748
|
)
|
||||||||
Net
income
|
272,534
|
194,805
|
145,123
|
(345,382
|
)
|
267,080
|
||||||||||
Dividends
on preferred
stock
|
(7,353
|
)
|
-
|
-
|
-
|
(7,353
|
)
|
|||||||||
Income
available to common
stockholders
|
$
|
265,181
|
$
|
194,805
|
$
|
145,123
|
$
|
(345,382
|
)
|
$
|
259,727
|
|||||
Condensed
Consolidating Statement of Income for the Nine Months Ended November
30,
2004
|
||||||||||||||||
Gross
sales
|
$
|
600,787
|
$
|
1,642,333
|
$
|
1,927,756
|
$
|
(335,888
|
)
|
$
|
3,834,988
|
|||||
Less
- excise
taxes
|
(107,996
|
)
|
(335,072
|
)
|
(341,963
|
)
|
-
|
(785,031
|
)
|
|||||||
Net
sales
|
492,791
|
1,307,261
|
1,585,793
|
(335,888
|
)
|
3,049,957
|
||||||||||
Cost
of product sold
|
(398,265
|
)
|
(834,829
|
)
|
(1,291,857
|
)
|
328,803
|
(2,196,148
|
)
|
|||||||
Gross
profit
|
94,526
|
472,432
|
293,936
|
(7,085
|
)
|
853,809
|
||||||||||
Selling,
general and administrative
expenses
|
(106,653
|
)
|
(156,631
|
)
|
(137,832
|
)
|
-
|
(401,116
|
)
|
|||||||
Acquisition-related
integration costs
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Restructuring
and related charges
|
-
|
(2,313
|
)
|
(2,113
|
)
|
-
|
(4,426
|
)
|
||||||||
Operating
(loss) income
|
(12,127
|
)
|
313,488
|
153,991
|
(7,085
|
)
|
448,267
|
|||||||||
Equity
in earnings (loss) of equity
method
investees and
subsidiaries
|
229,756
|
90,129
|
621
|
(319,885
|
)
|
621
|
||||||||||
Interest
income (expense), net
|
16,199
|
(82,701
|
)
|
(24,830
|
)
|
-
|
(91,332
|
)
|
||||||||
Income
before income
taxes
|
233,828
|
320,916
|
129,782
|
(326,970
|
)
|
357,556
|
||||||||||
Benefit
from (provision for)
income
taxes
|
2,093
|
(91,160
|
)
|
(39,653
|
)
|
-
|
(128,720
|
)
|
||||||||
Net
income
|
235,921
|
229,756
|
90,129
|
(326,970
|
)
|
228,836
|
||||||||||
Dividends
on preferred
stock
|
(7,353
|
)
|
-
|
-
|
-
|
(7,353
|
)
|
|||||||||
Income
available to common
stockholders
|
$
|
228,568
|
$
|
229,756
|
$
|
90,129
|
$
|
(326,970
|
)
|
$
|
221,483
|
Parent
Company
|
Subsidiary
Guarantors
|
Subsidiary
Nonguarantors
|
Eliminations
|
Consolidated
|
||||||||||||
(in
thousands)
|
||||||||||||||||
Condensed
Consolidating Statement of Income for the Three Months Ended November
30,
2005
|
||||||||||||||||
Gross
sales
|
$
|
361,442
|
$
|
821,481
|
$
|
721,720
|
$
|
(336,774
|
)
|
$
|
1,567,869
|
|||||
Less
- excise
taxes
|
(47,497
|
)
|
(112,778
|
)
|
(140,507
|
)
|
-
|
(300,782
|
)
|
|||||||
Net
sales
|
313,945
|
708,703
|
581,213
|
(336,774
|
)
|
1,267,087
|
||||||||||
Cost
of product sold
|
(253,897
|
)
|
(499,424
|
)
|
(469,560
|
)
|
340,015
|
(882,866
|
)
|
|||||||
Gross
profit
|
60,048
|
209,279
|
111,653
|
3,241
|
384,221
|
|||||||||||
Selling,
general and administrative
expenses
|
(40,933
|
)
|
(61,081
|
)
|
(54,964
|
)
|
-
|
(156,978
|
)
|
|||||||
Acquisition-related
integration costs
|
-
|
(1,625
|
)
|
-
|
-
|
(1,625
|
)
|
|||||||||
Restructuring
and related charges
|
-
|
(1,701
|
)
|
(2,564
|
)
|
-
|
(4,265
|
)
|
||||||||
Operating
income (loss)
|
19,115
|
144,872
|
54,125
|
3,241
|
221,353
|
|||||||||||
Equity
in earnings (loss) of equity
method
investees and
subsidiaries
|
111,427
|
31,242
|
787
|
(136,940
|
)
|
6,516
|
||||||||||
Interest
(expense) income, net
|
(15,483
|
)
|
(39,991
|
)
|
7,389
|
-
|
(48,085
|
)
|
||||||||
Income
before income
taxes
|
115,059
|
136,123
|
62,301
|
(133,699
|
)
|
179,784
|
||||||||||
Benefit
from (provision for)
income
taxes
|
(8,384
|
)
|
(41,428
|
)
|
(20,055
|
)
|
(956
|
)
|
(70,823
|
)
|
||||||
Net
income
|
106,675
|
94,695
|
42,246
|
(134,655
|
)
|
108,961
|
||||||||||
Dividends
on preferred
stock
|
(2,451
|
)
|
-
|
-
|
-
|
(2,451
|
)
|
|||||||||
Income
available to common
stockholders
|
$
|
104,224
|
$
|
94,695
|
$
|
42,246
|
$
|
(134,655
|
)
|
$
|
106,510
|
|||||
Condensed
Consolidating Statement of Income for the Three Months Ended November
30,
2004
|
||||||||||||||||
Gross
sales
|
$
|
214,773
|
$
|
598,643
|
$
|
705,673
|
$
|
(158,658
|
)
|
$
|
1,360,431
|
|||||
Less
- excise
taxes
|
(41,661
|
)
|
(110,187
|
)
|
(122,872
|
)
|
-
|
(274,720
|
)
|
|||||||
Net
sales
|
173,112
|
488,456
|
582,801
|
(158,658
|
)
|
1,085,711
|
||||||||||
Cost
of product sold
|
(105,962
|
)
|
(347,639
|
)
|
(473,854
|
)
|
155,408
|
(772,047
|
)
|
|||||||
Gross
profit
|
67,150
|
140,817
|
108,947
|
(3,250
|
)
|
313,664
|
||||||||||
Selling,
general and administrative
expenses
|
(33,666
|
)
|
(54,492
|
)
|
(42,175
|
)
|
-
|
(130,333
|
)
|
|||||||
Acquisition-related
integration costs
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Restructuring
charges
|
-
|
(778
|
)
|
(866
|
)
|
-
|
(1,644
|
)
|
||||||||
Operating
income (loss)
|
33,484
|
85,547
|
65,906
|
(3,250
|
)
|
181,687
|
||||||||||
Equity
in earnings of equity
method
investees and
subsidiaries
|
72,982
|
43,656
|
359
|
(116,638
|
)
|
359
|
||||||||||
Interest
income (expense), net
|
5,403
|
(27,105
|
)
|
(8,949
|
)
|
-
|
(30,651
|
)
|
||||||||
Income
before income
taxes
|
111,869
|
102,098
|
57,316
|
(119,888
|
)
|
151,395
|
||||||||||
Provision
for income taxes
|
(11,726
|
)
|
(29,116
|
)
|
(13,660
|
)
|
-
|
(54,502
|
)
|
|||||||
Net
income
|
100,143
|
72,982
|
43,656
|
(119,888
|
)
|
96,893
|
||||||||||
Dividends
on preferred
stock
|
(2,451
|
)
|
-
|
-
|
-
|
(2,451
|
)
|
|||||||||
Income
available to common
stockholders
|
$
|
97,692
|
$
|
72,982
|
$
|
43,656
|
$
|
(119,888
|
)
|
$
|
94,442
|
Parent
Company
|
Subsidiary
Guarantors
|
Subsidiary
Nonguarantors
|
Eliminations
|
Consolidated
|
||||||||||||
(in
thousands)
|
||||||||||||||||
Condensed
Consolidating Statement of Cash Flows for the Nine Months Ended
November
30, 2005
|
||||||||||||||||
Net
cash (used in) provided by
operating
activities
|
$
|
(1,164
|
)
|
$
|
291,890
|
$
|
(8,446
|
)
|
$
|
-
|
$
|
282,280
|
||||
Cash
flows from investing activities:
|
||||||||||||||||
Proceeds
from sales of
assets
|
-
|
118,125
|
956
|
-
|
119,081
|
|||||||||||
Proceeds
from sale of
equity
method
investment
|
-
|
35,953
|
-
|
-
|
35,953
|
|||||||||||
Proceeds
from sales of
businesses
|
-
|
17,861
|
-
|
-
|
17,861
|
|||||||||||
Purchases
of property, plant
and
equipment
|
(4,022
|
)
|
(35,641
|
)
|
(51,965
|
)
|
-
|
(91,628
|
)
|
|||||||
Purchases
of businesses, net of
cash
acquired
|
-
|
(45,816
|
)
|
-
|
-
|
(45,816
|
)
|
|||||||||
Investment
in equity method
investee
|
-
|
-
|
(2,723
|
)
|
-
|
(2,723
|
)
|
|||||||||
Payment
of accrued earn-out
amount
|
-
|
(3,089
|
)
|
-
|
-
|
(3,089
|
)
|
|||||||||
Other
investing
activities
|
-
|
(5,000
|
)
|
158
|
-
|
(4,842
|
)
|
|||||||||
Net
cash (used in) provided by
investing
activities
|
(4,022
|
)
|
82,393
|
(53,574
|
)
|
-
|
24,797
|
|||||||||
Cash
flows from financing activities:
|
||||||||||||||||
Intercompany
financings,
net
|
313,907
|
(370,769
|
)
|
56,862
|
-
|
-
|
||||||||||
Principal
payments of long-term
debt
|
(416,550
|
)
|
(5,978
|
)
|
(2,780
|
)
|
-
|
(425,308
|
)
|
|||||||
Payment
of preferred stock
dividends
|
(7,353
|
)
|
-
|
-
|
-
|
(7,353
|
)
|
|||||||||
Payment
of issuance costs of
long-
term
debt
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Net
proceeds of notes
payable
|
94,000
|
-
|
17,092
|
-
|
111,092
|
|||||||||||
Exercise
of employee stock
options
|
20,967
|
-
|
-
|
-
|
20,967
|
|||||||||||
Proceeds
from employee
stock
purchases
|
3,091
|
-
|
-
|
-
|
3,091
|
|||||||||||
Net
cash provided by (used in)
financing
activities
|
8,062
|
(376,747
|
)
|
71,174
|
-
|
(297,511
|
)
|
|||||||||
Effect
of exchange rate changes on
cash
and cash
investments
|
-
|
(52
|
)
|
(775
|
)
|
-
|
(827
|
)
|
||||||||
Net
increase (decrease) in cash and
cash
investments
|
2,876
|
(2,516
|
)
|
8,379
|
-
|
8,739
|
||||||||||
Cash
and cash investments, beginning
of
period
|
-
|
10,095
|
7,540
|
-
|
17,635
|
|||||||||||
Cash
and cash investments, end of
period
|
$
|
2,876
|
$
|
7,579
|
$
|
15,919
|
$
|
-
|
$
|
26,374
|
Parent
Company
|
Subsidiary
Guarantors
|
Subsidiary
Nonguarantors
|
Eliminations
|
Consolidated
|
||||||||||||
(in
thousands)
|
||||||||||||||||
Condensed
Consolidating Statement of Cash Flows for the Nine Months Ended
November
30, 2004
|
||||||||||||||||
Net
cash (used in) provided by
operating
activities
|
$
|
(70,924
|
)
|
$
|
177,290
|
$
|
(24,944
|
)
|
$
|
-
|
$
|
81,422
|
||||
Cash
flows from investing activities:
|
||||||||||||||||
Proceeds
from sales of
assets
|
-
|
7
|
1,218
|
-
|
1,225
|
|||||||||||
Proceeds
from sale of
equity
method
investment
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Proceeds
from sales of
businesses
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Purchases
of property, plant
and
equipment
|
(5,111
|
)
|
(30,534
|
)
|
(42,711
|
)
|
-
|
(78,356
|
)
|
|||||||
Purchases
of businesses, net of
cash
acquired
|
-
|
-
|
(8,899
|
)
|
-
|
(8,899
|
)
|
|||||||||
Investment
in equity method
investee
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Payment
of accrued earn-out
amount
|
-
|
(2,617
|
)
|
-
|
-
|
(2,617
|
)
|
|||||||||
Other
investing
activities
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Net
cash used in investing activities
|
(5,111
|
)
|
(33,144
|
)
|
(50,392
|
)
|
-
|
(88,647
|
)
|
|||||||
Cash
flows from financing activities:
|
||||||||||||||||
Intercompany
financing
activities, net
|
143,156
|
(143,156
|
)
|
-
|
-
|
-
|
||||||||||
Principal
payments of long-term
debt
|
(245,046
|
)
|
(3,545
|
)
|
(6,015
|
)
|
-
|
(254,606
|
)
|
|||||||
Payment
of preferred stock
dividends
|
(7,353
|
)
|
-
|
-
|
-
|
(7,353
|
)
|
|||||||||
Payment
of issuance costs of
long-
term
debt
|
(901
|
)
|
-
|
-
|
-
|
(901
|
)
|
|||||||||
Net
proceeds from notes
payable
|
160,000
|
-
|
59,953
|
-
|
219,953
|
|||||||||||
Exercise
of employee stock
options
|
25,257
|
-
|
-
|
-
|
25,257
|
|||||||||||
Proceeds
from employee
stock
purchases
|
2,441
|
-
|
-
|
-
|
2,441
|
|||||||||||
Net
cash provided by (used in)
financing
activities
|
77,554
|
(146,701
|
)
|
53,938
|
-
|
(15,209
|
)
|
|||||||||
Effect
of exchange rate changes on
cash
and cash
investments
|
(254
|
)
|
97
|
(1,791
|
)
|
-
|
(1,948
|
)
|
||||||||
Net
increase (decrease) in cash and cash
investments
|
1,265
|
(2,458
|
)
|
(23,189
|
)
|
-
|
(24,382
|
)
|
||||||||
Cash
and cash investments, beginning
of
period
|
1,048
|
4,664
|
31,424
|
-
|
37,136
|
|||||||||||
Cash
and cash investments, end of
period
|
$
|
2,313
|
$
|
2,206
|
$
|
8,235
|
$
|
-
|
$
|
12,754
|
17)
|
BUSINESS
SEGMENT INFORMATION:
|
For
the Nine Months
Ended
November 30,
|
For
the Three Months
Ended
November 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(in
thousands)
|
|||||||||||||
Constellation
Wines:
|
|||||||||||||
Net
sales:
|
|||||||||||||
Branded
wine
|
$
|
1,724,557
|
$
|
1,286,966
|
$
|
672,196
|
$
|
509,520
|
|||||
Wholesale
and other
|
743,913
|
769,720
|
245,472
|
264,324
|
|||||||||
Net
sales
|
$
|
2,468,470
|
$
|
2,056,686
|
$
|
917,668
|
$
|
773,844
|
|||||
Segment
operating income
|
$
|
404,145
|
$
|
283,104
|
$
|
184,410
|
$
|
127,700
|
|||||
Equity
in earnings of equity method investees
|
$
|
5,720
|
$
|
621
|
$
|
6,516
|
$
|
359
|
|||||
Long-lived
assets
|
$
|
1,314,542
|
$
|
1,027,897
|
$
|
1,314,542
|
$
|
1,027,897
|
|||||
Investment
in equity method investees
|
$
|
163,110
|
$
|
6,454
|
$
|
163,110
|
$
|
6,454
|
|||||
Total
assets
|
$
|
6,811,268
|
$
|
5,217,548
|
$
|
6,811,268
|
$
|
5,217,548
|
|||||
Capital
expenditures
|
$
|
84,267
|
$
|
71,946
|
$
|
26,397
|
$
|
25,588
|
|||||
Depreciation
and amortization
|
$
|
78,625
|
$
|
57,944
|
$
|
29,655
|
$
|
19,372
|
|||||
Constellation
Beers and Spirits:
|
|||||||||||||
Net
sales:
|
|||||||||||||
Imported
beers
|
$
|
837,432
|
$
|
751,879
|
$
|
262,800
|
$
|
225,846
|
|||||
Spirits
|
249,679
|
241,392
|
86,619
|
86,021
|
|||||||||
Net
sales
|
$
|
1,087,111
|
$
|
993,271
|
$
|
349,419
|
$
|
311,867
|
|||||
Segment
operating income
|
$
|
236,903
|
$
|
223,023
|
$
|
73,328
|
$
|
71,360
|
|||||
Long-lived
assets
|
$
|
84,234
|
$
|
82,590
|
$
|
84,234
|
$
|
82,590
|
|||||
Total
assets
|
$
|
832,552
|
$
|
801,497
|
$
|
832,552
|
$
|
801,497
|
|||||
Capital
expenditures
|
$
|
5,546
|
$
|
4,051
|
$
|
1,868
|
$
|
958
|
|||||
Depreciation
and amortization
|
$
|
7,959
|
$
|
8,303
|
$
|
2,777
|
$
|
2,825
|
|||||
Corporate
Operations and Other:
|
|||||||||||||
Net
sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||
Segment
operating loss
|
$
|
(43,929
|
)
|
$
|
(38,964
|
)
|
$
|
(15,346
|
)
|
$
|
(13,839
|
)
|
|
Long-lived
assets
|
$
|
15,359
|
$
|
13,583
|
$
|
15,359
|
$
|
13,583
|
|||||
Total
assets
|
$
|
58,685
|
$
|
60,839
|
$
|
58,685
|
$
|
60,839
|
|||||
Capital
expenditures
|
$
|
1,815
|
$
|
2,359
|
$
|
401
|
$
|
900
|
|||||
Depreciation
and amortization
|
$
|
5,725
|
$
|
7,365
|
$
|
1,739
|
$
|
2,348
|
|||||
Acquisition-Related
Integration Costs, Restructuring and Related Charges and Unusual
Costs:
|
|||||||||||||
Operating
loss
|
$
|
(61,746
|
)
|
$
|
(18,896
|
)
|
$
|
(21,039
|
)
|
$
|
(3,534
|
)
|
|
Consolidated:
|
|||||||||||||
Net
sales
|
$
|
3,555,581
|
$
|
3,049,957
|
$
|
1,267,087
|
$
|
1,085,711
|
|||||
Operating
income
|
$
|
535,373
|
$
|
448,267
|
$
|
221,353
|
$
|
181,687
|
|||||
Equity
in earnings of equity method investees
|
$
|
5,720
|
$
|
621
|
$
|
6,516
|
$
|
359
|
|||||
Long-lived
assets
|
$
|
1,414,135
|
$
|
1,124,070
|
$
|
1,414,135
|
$
|
1,124,070
|
|||||
Investment
in equity method investees
|
$
|
163,110
|
$
|
6,454
|
$
|
163,110
|
$
|
6,454
|
|||||
Total
assets
|
$
|
7,702,505
|
$
|
6,079,884
|
$
|
7,702,505
|
$
|
6,079,884
|
|||||
Capital
expenditures
|
$
|
91,628
|
$
|
78,356
|
$
|
28,666
|
$
|
27,446
|
|||||
Depreciation
and amortization
|
$
|
92,309
|
$
|
73,612
|
$
|
34,171
|
$
|
24,545
|
18)
|
ACCOUNTING
PRONOUNCEMENTS NOT YET ADOPTED:
|
Third
Quarter 2006 Compared to Third Quarter 2005
|
||||||||||
Net
Sales
|
||||||||||
2006
|
2005
|
%
Increase /
(Decrease)
|
||||||||
Constellation
Wines:
|
||||||||||
Branded
wine
|
$
|
672.2
|
$
|
509.5
|
32%
|
|
||||
Wholesale
and other
|
245.5
|
264.3
|
(7)%
|
|
||||||
Constellation
Wines net sales
|
$
|
917.7
|
$
|
773.8
|
19%
|
|
||||
Constellation
Beers and Spirits:
|
||||||||||
Imported
beers
|
$
|
262.8
|
$
|
225.9
|
16
%
|
|
||||
Spirits
|
86.6
|
86.0
|
1
%
|
|
||||||
Constellation
Beers and Spirits net sales
|
$
|
349.4
|
$
|
311.9
|
12
%
|
|
||||
Consolidated
Net Sales
|
$
|
1,267.1
|
$
|
1,085.7
|
17
%
|
|
Third
Quarter 2006 Compared to Third Quarter 2005
|
||||||||||
Operating
Income (Loss)
|
||||||||||
2006
|
2005
|
%
Increase
|
||||||||
Constellation
Wines
|
$
|
184.4
|
$
|
127.7
|
44%
|
|
||||
Constellation
Beers and Spirits
|
73.3
|
71.3
|
3%
|
|
||||||
Corporate
Operations and Other
|
(15.3
|
)
|
(13.8
|
)
|
11%
|
|
||||
Total
Reportable Segments
|
242.4
|
185.2
|
31%
|
|
||||||
Acquisition-Related
Integration Costs,
Restructuring
and Related Charges
and
Unusual Costs
|
(21.0
|
)
|
(3.5
|
)
|
500%
|
|
||||
Consolidated
Operating Income
|
$
|
221.4
|
$
|
181.7
|
22%
|
|
Nine
Months 2006 Compared to Nine Months 2005
|
||||||||||
Net
Sales
|
||||||||||
2006
|
2005
|
%
Increase /
(Decrease)
|
||||||||
Constellation
Wines:
|
||||||||||
Branded
wine
|
$
|
1,724.6
|
$
|
1,287.0
|
34%
|
|
||||
Wholesale
and other
|
743.9
|
769.7
|
(3)%
|
|
||||||
Constellation
Wines net sales
|
$
|
2,468.5
|
$
|
2,056.7
|
20
%
|
|
||||
Constellation
Beers and Spirits:
|
||||||||||
Imported
beers
|
$
|
837.4
|
$
|
751.9
|
11
%
|
|
||||
Spirits
|
249.7
|
241.4
|
3
%
|
|
||||||
Constellation
Beers and Spirits net sales
|
$
|
1,087.1
|
$
|
993.3
|
9
%
|
|
||||
Consolidated
Net Sales
|
$
|
3,555.6
|
$
|
3,050.0
|
17%
|
Nine
Months 2006 Compared to Nine Months 2005
|
||||||||||
Operating
Income (Loss)
|
||||||||||
2006
|
2005
|
%
Increase
|
||||||||
Constellation
Wines
|
$
|
404.1
|
$
|
283.1
|
43%
|
|
||||
Constellation
Beers and Spirits
|
236.9
|
223.0
|
6%
|
|
||||||
Corporate
Operations and Other
|
(43.9
|
)
|
(38.9
|
)
|
13%
|
|
||||
Total
Reportable Segments
|
597.1
|
467.2
|
28%
|
|
||||||
Acquisition-Related
Integration Costs,
Restructuring
and Related Charges
and
Unusual Costs
|
(61.7
|
)
|
(18.9
|
)
|
226%
|
|
||||
Consolidated
Operating Income
|
$
|
535.4
|
$
|
448.3
|
19%
|
|
Tranche
A
Term
Loan
|
Tranche
B
Term
Loan
|
Total
|
||||||||
(in
thousands)
|
||||||||||
2006
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
2007
|
33,382
|
-
|
33,382
|
|||||||
2008
|
89,853
|
-
|
89,853
|
|||||||
2009
|
110,588
|
14,563
|
125,151
|
|||||||
2010
|
117,500
|
14,563
|
132,063
|
|||||||
2011
|
103,677
|
353,161
|
456,838
|
|||||||
Thereafter
|
-
|
1,026,713
|
1,026,713
|
|||||||
$
|
455,000
|
$
|
1,409,000
|
$
|
1,864,000
|
Period
|
Total
Number
of
Shares
Purchased
|
Average
Price
Paid
Per
Share
|
Total
Number
of
Shares
Purchased
as
Part
of a Publicly
Announced
Program
|
Approximate
Dollar
Value of
Shares
that May
Yet
Be
Purchased
Under
the
Program (1)
|
|||||||||
September
1 - 30, 2005
|
-
|
$
|
-
|
-
|
$
|
55,122,140
|
|||||||
October
1 - 31, 2005
|
-
|
-
|
-
|
55,122,140
|
|||||||||
November
1 - 30, 2005
|
-
|
-
|
-
|
55,122,140
|
|||||||||
Total
|
-
|
$
|
-
|
-
|
$
|
55,122,140
|
|
CONSTELLATION
BRANDS, INC.
|
|
Dated:
January 9, 2006
|
By:
|
/s/
Thomas F. Howe
|
Thomas
F. Howe, Senior Vice President, Controller
|
||
Dated:
January 9, 2006
|
By:
|
/s/
Thomas S. Summer
|
|
|
Thomas
S. Summer, Executive Vice President and Chief Financial Officer
(principal
financial officer and principal accounting
officer)
|
INDEX
TO EXHIBITS
|
||
Exhibit
No.
|
||
(2)
|
Plan
of acquisition, reorganization, arrangement, liquidation or
succession.
|
|
2.1
|
Agreement
and Plan of Merger, dated as of November 3, 2004, by and among
Constellation Brands, Inc., a Delaware corporation, RMD Acquisition
Corp.,
a California corporation and a wholly-owned subsidiary of Constellation
Brands, Inc., and The Robert Mondavi Corporation, a California corporation
(filed as Exhibit 2.6 to the Company’s Quarterly Report on Form 10-Q for
the fiscal quarter ended November 30, 2004 and incorporated herein
by
reference).
|
|
2.2
|
Support
Agreement, dated as of November 3, 2004, by and among Constellation
Brands, Inc., a Delaware corporation and certain shareholders of
The
Robert Mondavi Corporation (filed as Exhibit 2.7 to the Company’s
Quarterly Report on Form 10-Q for the fiscal quarter ended November
30,
2004 and incorporated herein by reference).
|
|
(3)
|
Articles
of Incorporation and By-Laws.
|
|
3.1
|
Restated
Certificate of Incorporation of the Company (filed as Exhibit 3.1
to the
Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended
August 31, 2005 and incorporated herein by reference).
|
|
3.2
|
Amendment
to Restated Certificate of Incorporation of the Company (filed as
Exhibit
3.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter
ended August 31, 2005 and incorporated herein by reference).
|
|
3.3
|
Certificate
of Designations of 5.75% Series A Mandatory Convertible Preferred
Stock of
the Company
(filed as Exhibit 3.3 to the Company’s Quarterly Report on Form 10-Q for
the fiscal quarter ended August 31, 2005 and incorporated herein
by
reference).
|
|
3.4
|
By-Laws
of the Company (filed as Exhibit 3.2 to the Company’s Quarterly Report on
Form 10-Q for the fiscal quarter ended August 31, 2002 and incorporated
herein by reference).
|
|
(4)
|
Instruments
defining the rights of security holders, including
indentures.
|
|
4.1
|
Indenture,
dated as of February 25, 1999, among the Company, as issuer, certain
principal subsidiaries, as Guarantors, and BNY Midwest Trust Company
(successor Trustee to Harris Trust and Savings Bank), as Trustee
(filed as
Exhibit 99.1 to the Company’s Current Report on Form 8-K dated February
25, 1999 and incorporated herein by reference). (1)
|
|
4.2
|
Supplemental
Indenture No. 2, with respect to 8 5/8% Senior Notes due 2006, dated
as of
August 4, 1999, by and among the Company, as Issuer, certain principal
subsidiaries, as Guarantors, and BNY Midwest Trust Company (successor
Trustee to Harris Trust and Savings Bank), as Trustee (filed as Exhibit
4.1 to the Company’s Current Report on Form 8-K dated July 28, 1999 and
incorporated herein by reference). (1)
|
4.3
|
Supplemental
Indenture No. 3, dated as of August 6, 1999, by and among the Company,
Canandaigua B.V., Barton Canada, Ltd., Simi Winery, Inc., Franciscan
Vineyards, Inc., Allberry, Inc., M.J. Lewis Corp., Cloud Peak Corporation,
Mt. Veeder Corporation, SCV-EPI Vineyards, Inc., and BNY Midwest
Trust
Company (successor Trustee to Harris Trust and Savings Bank), as
Trustee
(filed as Exhibit 4.20 to the Company’s Quarterly Report on Form 10-Q for
the fiscal quarter ended August 31, 1999 and incorporated herein
by
reference). (1)
|
|
4.4
|
Supplemental
Indenture No. 4, with respect to 8 1/2% Senior Notes due 2009, dated
as of
May 15, 2000, by and among the Company, as Issuer, certain principal
subsidiaries, as Guarantors, and BNY Midwest Trust Company (successor
Trustee to Harris Trust and Savings Bank), as Trustee (filed as Exhibit
4.17 to the Company’s Annual Report on Form 10-K for the fiscal year ended
February 29, 2000 and incorporated herein by reference). (1)
|
|
4.5
|
Supplemental
Indenture No. 5, dated as of September 14, 2000, by and among the
Company,
as Issuer, certain principal subsidiaries, as Guarantors, and BNY
Midwest
Trust Company (successor Trustee to The Bank of New York), as Trustee
(filed as Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for
the fiscal quarter ended August 31, 2000 and incorporated herein
by
reference). (1)
|
|
4.6
|
Supplemental
Indenture No. 6, dated as of August 21, 2001, among the Company,
Ravenswood Winery, Inc. and BNY Midwest Trust Company (successor
trustee
to Harris Trust and Savings Bank and The Bank of New York, as applicable),
as Trustee (filed as Exhibit 4.6 to the Company’s Registration Statement
on Form S-3 (Pre-effective Amendment No. 1) (Registration No. 333-63480)
and incorporated herein by reference).
|
|
4.7
|
Supplemental
Indenture No. 7, dated as of January 23, 2002, by and among the Company,
as Issuer, certain principal subsidiaries, as Guarantors, and BNY
Midwest
Trust Company, as Trustee (filed as Exhibit 4.2 to the Company’s Current
Report on Form 8-K dated January 17, 2002 and incorporated herein
by
reference).
|
|
4.8
|
Supplemental
Indenture No. 8, dated as of March 27, 2003, by and among the Company,
CBI
Australia Holdings Pty Limited (ACN 103 359 299), Constellation Australia
Pty Limited (ACN 103 362 232) and BNY Midwest Trust Company, as Trustee
(filed as
Exhibit 4.9 to the Company’s Annual Report on Form 10-K for the fiscal
year ended February 28, 2003 and incorporated herein by
reference).
|
|
4.9
|
Supplemental
Indenture No. 9, dated as of July 8, 2004, by and among the Company,
BRL
Hardy Investments (USA) Inc., BRL Hardy (USA) Inc., Pacific Wine
Partners
LLC, Nobilo Holdings, and BNY Midwest Trust Company, as Trustee (filed
as
Exhibit 4.10 to the Company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended August 31, 2004 and incorporated herein by
reference).
|
|
4.10
|
Supplemental
Indenture No. 10, dated as of September 13, 2004, by and among the
Company, Constellation Trading, Inc., and BNY Midwest Trust Company,
as
Trustee (filed as Exhibit 4.11 to the Company’s Quarterly Report on Form
10-Q for the fiscal quarter ended August 31, 2004 and incorporated
herein
by reference).
|
4.11
|
Supplemental
Indenture No. 11, dated as of December 22, 2004, by and among the
Company,
The Robert Mondavi Corporation, R.M.E. Inc., Robert Mondavi Winery,
Robert
Mondavi Investments, Robert Mondavi Affilates d/b/a Vichon Winery
and
Robert Mondavi Properties, Inc., and BNY Midwest Trust Company, as
Trustee
(filed as
Exhibit 4.12 to the Company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended November 30, 2004 and incorporated herein by
reference).
|
|
4.12
|
Indenture,
with respect to 8 1/2% Senior Notes due 2009, dated as of November
17,
1999, among the Company, as Issuer, certain principal subsidiaries,
as
Guarantors, and BNY Midwest Trust Company (successor to Harris Trust
and
Savings Bank), as Trustee (filed as Exhibit 4.1 to the Company’s
Registration Statement on Form S-4 (Registration No. 333-94369) and
incorporated herein by reference).
|
|
4.13
|
Supplemental
Indenture No. 1, dated as of August 21, 2001, among the Company,
Ravenswood Winery, Inc. and BNY Midwest Trust Company (successor
to Harris
Trust and Savings Bank), as Trustee (filed as Exhibit 4.4 to the
Company’s
Quarterly Report on Form 10-Q for the fiscal quarter ended August
31, 2001
and incorporated herein by reference). (1)
|
|
4.14
|
Supplemental
Indenture No. 2, dated as of March 27, 2003, among the Company, CBI
Australia Holdings Pty Limited (ACN 103 359 299), Constellation Australia
Pty Limited (ACN 103 362 232) and BNY Midwest Trust Company (successor
to
Harris Trust and Savings Bank), as Trustee (filed as
Exhibit 4.18 to the Company’s Annual Report on Form 10-K for the fiscal
year ended February 28, 2003 and incorporated herein by
reference).
|
|
4.15
|
Supplemental
Indenture No. 3, dated as of July 8, 2004, by and among the Company,
BRL
Hardy Investments (USA) Inc., BRL Hardy (USA) Inc., Pacific Wine
Partners
LLC, Nobilo Holdings, and BNY Midwest Trust Company, as Trustee (filed
as
Exhibit 4.15 to the Company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended August 31, 2004 and incorporated herein by
reference).
|
|
4.16
|
Supplemental
Indenture No. 4, dated as of September 13, 2004, by and among the
Company,
Constellation Trading, Inc., and BNY Midwest Trust Company, as Trustee
(filed as Exhibit 4.16 to the Company’s Quarterly Report on Form 10-Q for
the fiscal quarter ended August 31, 2004 and incorporated herein
by
reference).
|
|
4.17
|
Supplemental
Indenture No. 5, dated as of December 22, 2004, by and among the
Company,
The Robert Mondavi Corporation, R.M.E. Inc., Robert Mondavi Winery,
Robert
Mondavi Investments, Robert Mondavi Affilates d/b/a Vichon Winery
and
Robert Mondavi Properties, Inc., and BNY Midwest Trust Company, as
Trustee
(filed as
Exhibit 4.18 to the Company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended November 30, 2004 and incorporated herein by
reference).
|
|
4.18
|
Indenture,
with respect to 8% Senior Notes due 2008, dated as of February 21,
2001,
by and among the Company, as Issuer, certain principal subsidiaries,
as
Guarantors and BNY Midwest Trust Company, as Trustee (filed as Exhibit
4.1
to the Company’s Registration Statement filed on Form S-4 (Registration
No. 333-60720) and incorporated herein by reference).
|
4.19
|
Supplemental
Indenture No. 1, dated as of August 21, 2001, among the Company,
Ravenswood Winery, Inc. and BNY Midwest Trust Company, as Trustee
(filed
as Exhibit 4.7 to the Company’s Pre-effective Amendment No. 1 to its
Registration Statement on Form S-3 (Registration No. 333-63480) and
incorporated herein by reference).
|
|
4.20
|
Supplemental
Indenture No. 2, dated as of March 27, 2003, among the Company, CBI
Australia Holdings Pty Limited (ACN 103 359 299), Constellation Australia
Pty Limited (ACN 103 362 232) and BNY Midwest Trust Company, as Trustee
(filed as
Exhibit 4.21 to the Company’s Annual Report on Form 10-K for the fiscal
year ended February 28, 2003 and incorporated herein by
reference).
|
|
4.21
|
Supplemental
Indenture No. 3, dated as of July 8, 2004, by and among the Company,
BRL
Hardy Investments (USA) Inc., BRL Hardy (USA) Inc., Pacific Wine
Partners
LLC, Nobilo Holdings, and BNY Midwest Trust Company, as Trustee (filed
as
Exhibit 4.20 to the Company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended August 31, 2004 and incorporated herein by
reference).
|
|
4.22
|
Supplemental
Indenture No. 4, dated as of September 13, 2004, by and among the
Company,
Constellation Trading, Inc., and BNY Midwest Trust Company, as Trustee
(filed as Exhibit 4.21 to the Company’s Quarterly Report on Form 10-Q for
the fiscal quarter ended August 31, 2004 and incorporated herein
by
reference).
|
|
4.23
|
Supplemental
Indenture No. 5, dated as of December 22, 2004, by and among the
Company,
The Robert Mondavi Corporation, R.M.E. Inc., Robert Mondavi Winery,
Robert
Mondavi Investments, Robert Mondavi Affilates d/b/a Vichon Winery
and
Robert Mondavi Properties, Inc., and BNY Midwest Trust Company, as
Trustee
(filed as
Exhibit 4.24 to the Company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended November 30, 2004 and incorporated herein by
reference).
|
|
4.24
|
Credit
Agreement, dated as of December 22, 2004, among the Company, the
Subsidiary Guarantors party thereto, the Lenders party thereto, JPMorgan
Chase Bank, N.A., as Administrative Agent, Merrill Lynch, Pierce
Fenner
& Smith, Incorporated, as Syndication Agent, J.P. Morgan Securities
Inc., as Sole Lead Arranger and Bookrunner, and Bank of America,
SunTrust
Bank and Bank of Nova Scotia, as Co-Documentation Agents (filed as
Exhibit
4.1 to the Company’s Current Report on Form 8-K, dated December 22, 2004,
filed December 29, 2004 and incorporated herein by
reference).
|
|
4.25
|
Certificate
of Designations of 5.75% Series A Mandatory Convertible Preferred
Stock of
the Company
(filed as Exhibit 3.3 to the Company’s Quarterly Report on Form 10-Q for
the fiscal quarter ended August 31, 2005 and incorporated herein
by
reference).
|
|
4.26
|
Deposit
Agreement, dated as of July 30, 2003, by and among the Company, Mellon
Investor Services LLC and all holders from time to time of Depositary
Receipts evidencing Depositary Shares Representing 5.75% Series A
Mandatory Convertible Preferred Stock of the Company (filed as Exhibit
4.2
to the Company’s Current Report on Form 8-K dated July 24, 2003, filed
July 30, 2003 and incorporated herein by reference).
|
|
(10)
|
Material
contracts.
|
|
10.1
|
Not
applicable.
|
(11)
|
Statement
re computation of per share earnings.
|
|
Not
applicable.
|
||
(15)
|
Letter
re unaudited interim financial information.
|
|
Not
applicable.
|
||
(18)
|
Letter
re change in accounting principles.
|
|
Not
applicable.
|
||
(19)
|
Report
furnished to security holders.
|
|
Not
applicable.
|
||
(22)
|
Published
report regarding matters submitted to a vote of security
holders.
|
|
Not
applicable.
|
||
(23)
|
Consents
of experts and counsel.
|
|
Not
applicable.
|
||
(24)
|
Power
of attorney.
|
|
Not
applicable.
|
||
(31)
|
Rule
13a-14(a)/15d-14(a) Certifications.
|
|
31.1
|
Certificate
of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a)
of
the Securities Exchange Act of 1934, as amended (filed
herewith).
|
|
31.2
|
Certificate
of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a)
of
the Securities Exchange Act of 1934, as amended (filed
herewith).
|
|
(32)
|
Section
1350 Certifications.
|
|
32.1
|
Certification
of Chief Executive Officer pursuant to Section 18 U.S.C. 1350 (filed
herewith).
|
|
32.2
|
Certification
of Chief Financial Officer pursuant to Section 18 U.S.C. 1350 (filed
herewith).
|
|
(99)
|
Additional
Exhibits.
|
|
99.1
|
Not
applicable.
|
|
(100)
|
XBRL-Related
Documents.
|
|
Not
applicable.
|