8-K: Current report filing
Published on November 7, 1994
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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
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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
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(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)