SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) November 7, 1994 ______ Delaware Canandaigua Wine Company, Inc. and its 16-0716709 subsidiaries New York Batavia Wine Cellars, Inc. 16-1222994 Delaware Bisceglia Brothers Wine Co. 94-2248544 California California Products Company 94-0360780 New York Canandaigua West, Inc. 16-1462887 New York Guild Wineries & Distilleries, Inc. 16-1401046 South Carolina Tenner Brothers, Inc. 57-0474561 New York Widmer's Wine Cellars, Inc. 16-1184188 Delaware Barton Incorporated 36-3500366 Delaware Barton Brands, Ltd. 36-3185921 Maryland Barton Beers, Ltd. 36-2855879 Connecticut Barton Brands of California, Inc. 06-1048198 Georgia Barton Brands of Georgia, Inc. 58-1215938 New York Barton Distillers Import Corp. 13-1794441 Delaware Barton Financial Corporation 51-0311795 Wisoncsin Stevens Point Beverage Co. 39-0638900 New York Monarch Wine Company, Limited Partnership 36-3547524 Illinois Barton Management, Inc. 36-3539106 New York Vintners International Company, Inc. 16-1443663 _____________ _______________________________________ __________ (State or other (Exact Name of registrant as specified (I.R.S. incorporation or in its charter) Employer organization) Identification Number) 116 Buffalo Street, Canandaigua, New York 14424 ___________________________________________________________ (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (716)394-7900 _____________ Former Name, Former Adress and Former Fiscal Year, if Changed Since Last Report Item 5. Other Events On November 7, 1994 the Registrant announced that its net sales for the fiscal year ended August 31, 1994 ("Fiscal 1994") were $629.6 million, compared with net sales of $306.3 million for the Company's fiscal year ended August 31, 1993 ("Fiscal 1993"), an increase of 106%. This increase resulted from the inclusion of a full year of net sales for Barton Incorporated acquired in June 1993, 10 1/2 months of net sales of the Paul Masson and Taylor California Cellars brands and other products acquired in October 1993, and approximately one month of net sales of the Almaden and Inglenook brands and other products acquired in August 1994. The Company's net income increased 71% to $26.6 million, or $1.65 of fully diluted earnings per common share, exclusive of the impact of a restructuring charge which the Company took in the fourth quarter of Fiscal 1994 ("Fourth Quarter 1994"), compared with fully diluted earnings of $15.6 million, or $1.20 per common share for Fiscal 1993. As previously announced on September 7, 1994, the restructuring charge, which reduced after-tax net income by $14.9 million, or $0.91 per share, relates to the plan to restructure the operations of the Company's California wineries, including the consolidation of facilities, centralization of bottling operations and reduction of overhead. The Company anticipates that the restructuring plan will result in cost savings of approximately $3.9 million (partially offset by additional restructuring charges of approximately $2.2 million for a pre-tax savings of approximately $1.7 million) for the fiscal year ending August 31, 1995 and approximately $13.3 million of annual pre-tax net cost savings beginning in fiscal 1996. The Company also announced that its net income increased 51% to $8.6 million, or $0.52 of fully diluted earnings per common share for Fourth Quarter 1994, an increase of $2.9 million from $5.7 million, or $0.41 of fully diluted earnings per common share, for its fourth quarter ended August 31, 1993 ("Fourth Quarter 1993"), exclusive of the impact of the above-mentioned restructuring charge. The Company's net sales increased 56% to $180.8 million for Fourth Quarter 1994, up from $115.9 million for Fourth Quarter 1993. The Fiscal 1994 and quarterly results provided herein are unaudited and the Company believes that any changes in the final audited results from those provided Subsidiaries Condensed Consolidated Statements of Income (In thousands, except share and per share data) Fiscal Year Ended Quarter Ended 8/31/94 8/31/93 8/31/94 8/31/93 (Unaudited) (Audited) (Unaudited) (Unaudited) ___________ __________ __________ ___________ Net Sales $ 629,584 $ 306,308 $ 180,845 $ 115,923 Cost of product sold (447,211) (214,931) (127,571) (82,186) ____________ ___________ ___________ __________ Gross profit 182,373 91,377 53,274 33,737 Selling, general and administrative expenses (121,388) (59,983) (34,279) (22,444) Non-recurring charge - restructuring (24,005) __ (24,005) __ ___________ ___________ __________ ___________ Operating income (loss) 36,980 31,394 (5,010) 11,293 Interest expense, net (18,056) (6,126) (5,210) (1,940) ___________ ___________ __________ ___________ Income (loss) before provision for income taxes 18,924 25,268 (10,220) 9,353 (Provision for) benefit from federal and state income taxes (7,191) (9,664) 3,903 (3,696) ___________ ___________ __________ ___________ Net income (loss) $ 11,733 $ 15,604 $ (6,317) $ 5,657 ___________ ___________ _________ __________ Per Share Data: Net income (loss) per common share: Primary $ 0.74 $ 1.30 $ (0.39) $ 0.45 Fully Diluted $ 0.74 $ 1.20 $ (0.39) $ 0.41 Weighted average number of shares: Primary 15,783,583 11,963,652 16,357,193 12,535,118 Fully Diluted 16,401,599 15,203,114 16,427,919 15,774,580 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CANANDAIGUA WINE COMPANY, INC. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Executive Vice President SUBSIDIARIES Batavia Wine Cellars, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Assistant Secretary Bisceglia Brothers Wine Co. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Assistant Secretary Canandaigua West, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President California Products Company Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Assistant Secretary Guild Wineries & Distilleries, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Assistant Secretary Tenner Brothers, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Assistant Secretary Widmer's Wine Cellars, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Assistant Secretary Barton Incorporated Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President Barton Brands, Ltd. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President Barton Beers, Ltd. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President Barton Brands of California, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President Barton Brands of Georgia, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice Barton Distillers Import Corp. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President Barton Financial Corporation Dated: November 7, 1994 By: s/Raymond E. Powers Raymond E. Powers, Vice President Stevens Point Beverage Co. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President Monarch Wine Company, Limited Partnership Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President Barton Management, Inc., General Partner Barton Management, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President Vintners International Company, Inc. Dated: November 7, 1994 By: s/Robert Sands Robert Sands, Vice President INDEX TO EXHIBITS (1) Underwriting agreement Not Applicable. (2) Plan of acquisition, reorganization, arrangement, liquidation or succession Not Applicable. (4) Instruments defining the rights of security holders, including indentures Not Applicable. (16) Letter re change in certifying accountant Not Applicable. (17) Letter re director resignation Not Applicable. (20) Other documents or statements to security holders Not Applicable. (23) Consents of experts and counsel Not Applicable. (24) Power of attorney Not Applicable. (27) Financial Data Schedule Not Applicable. (99) Additional Exhibits None.