and one Vampire Weekend of the fastest growingmajor spirits

and one analyzes a punk by vampire weekend of the goth weekend indicates fastest growingmajor spirits brands in the world. Black Velvet Canadian Whisky and PaulMasson Grande Amber Brandy are mid-premium spirits that are each number two byvolume in their respective categories."Totaling almost five million cases, the three principal spirits brands we areretaining have scale in the marketplace, good margins, are at mid-premiumprice points and continue to grow ahead of their respective categories," saidSands."These are exactly the type of scale brands that fit well withinConstellation's portfolio strategy, which is focused on well-known, trustedpremium brands that represent good value to consumers."As a result of this transaction, Constellation is divesting more than 40brands including Barton, Skol, Mr. Boston, Fleischmann's, the 99 schnappsline, the di Amore line, Chi-Chi's pre-mixed cocktail line, Montezuma Tequila,in addition to numerous other brands representing over 600 SKUs.The totalvolume for brands being sold was more than 10 million cases for fiscal year2008, with net sales for the divested brands totaling approximately $200million.Distillery and bottling facilities included in the sale are locatedat Bardstown and Owensboro, Ky., as well as a leased bottling facility atCarson, Calif.Constellation will retain its distillery and productionfacility at Lethbridge, Alberta, Canada.For complete listings of brandsbeing sold and retained, please visit"To achieve synergies and operating efficiencies we will consolidate theretained premium spirits business into our North American wine operations,"explained Sands."A consolidation plan is expected to be finalized by theclose of the transaction.This is a good example of how we are creatingefficiencies in our business by leveraging our existing infrastructure topropel growth and enhance ROIC."The transaction is expected to result in a pre-tax reported loss ofapproximately $11 million or an after-tax loss of approximately $0.20 dilutedearnings per share on a reported basis, and will be excluded from thecompany's comparable basis diluted earnings per share.The loss on thedisposal is primarily driven by the write-off of non-deductible goodwillunrelated to the brands being sold as required by generally acceptedaccounting principles in the U.S.Due to the anticipated impact on reportedresults, and assuming the completion of this transaction, the company isadjusting its fiscal 2009 reported diluted EPS guidance to $0.45 - $0.49, fromits previous reported diluted EPS guidance of $0.65 - $0.69.The impact of this transaction is expected to be neutral to ongoing reportedbasis and comparable basis diluted earnings per share for fiscal 2009 andfiscal 2010.As a result, the company's fiscal 2009 comparable basis dilutedEPS guidance remains $1.68 - $1.72.The gross proceeds from this transactiondo not impact free cash flow as defined by the company.Free cash flowguidance for fiscal 2009 remains unchanged at $360 - $390 million."The brands being sold will be in good hands and complement Sazerac's existingportfolio," said Sands."Sazerac has a track record for growing brands theyown, which makes this a mutually beneficial transaction."While many employees associated with the brands being sold will transfer tothe new owner, some will be impacted by this change and the company is takingappropriate actions to support those who are displaced.ExplanationsReported basis ("reported") diluted earnings per share are as reported undergenerally accepted accounting principles.Diluted earnings per share on acomparable basis ("comparable"), exclude acquisition-related integrationcosts, restructuring charges and unusual items.The company discusses additional non-GAAP measures in this news release,including free cash flow.Tables reconciling non-GAAP measures, together with definitions of thesemeasures and the reasons management uses these measures, are included in thisnews release.About Constellation BrandsConstellation Brands, Inc. is a leading international producer and marketer ofbeverage alcohol in the wine, spirits and imported beer categories, withsignificant market presence in the U.S., Canada, U.K., Australia and NewZealand.Based in Fairport, N.Y., the company has more than 250 brands in itsportfolio, sales in approximately 150 countries and operates more than 50wineries, distilleries and distribution facilities.It is the largest wineproducer in the world; the largest premium wine company in the U.S.; thelargest wine company in the U.K., Australia and Canada; the second largestwine company in New Zealand; and the largest beer importer and marketer in theU.S. through its Crown Imports joint venture with Mexico's Grupo Modelo. Constellation Brands is an S&P 500 Index and Fortune 500(R) company.Majorbrands in the company's portfolio include Corona Extra, Black Velvet CanadianWhisky, SVEDKA Vodka, Robert Mondavi wines, Clos du Bois, Ravenswood,Blackstone, Hardys, Banrock Station, Nobilo, Kim Crawford, Inniskillin,Jackson-Triggs and Arbor Mist.To learn more about Constellation Brands andits product portfolio visit the company's Web site at StatementsThe statements and estimates in this news release update the statements andestimates set forth in the company's news release dated Jan.

7, 2009.The statements set forth in this news release which are not historical factsregarding Constellation's business strategy, future operations, financialposition, estimated revenues, projected costs, prospects, plans and objectivesof management, or information concerning expected actions of third parties,are forward-looking statements (collectively, the "Projections") that involverisks and uncertainties that could cause actual results to differ materiallyfrom those set forth in or implied by the Projections.During the current quarter, Constellation may reiterate the Projections a vampire weekend . Prior to the start of the company's quiet period, which will begin at theclose of business on Feb gothic weekend . 20, 2009, the public can continue to rely on theProjections as still being Constellation's current expectations on the matterscovered, unless Constellation publishes a notice stating otherwise.DuringConstellation's "quiet period" the Projections should not be considered toconstitute the company's expectations and should be considered historical,speaking as of prior to the quiet period only and not subject to update by thecompany.The Projections are based on management's current expectations and, unlessotherwise noted, do not take into account the impact of any futureacquisition, merger or any other business combination, divestiture,restructuring or other strategic business realignments, or financing that maybe completed after the date of this release vampire subcultures . The Projections should not beconstrued in any manner as a guarantee that such results will in fact occur goth weekend . Furthermore, there can be no assurance that any transaction to sell the valuespirits business will occur, or will occur on the timetable contemplatedhereby.In addition to the risks and uncertainties of ordinary business operations,the Projections of the company contained in this news release are subject to anumber of risks and uncertainties, including:--successful integration of acquired businesses;--successful divestiture of the value spirits business and receipt ofallconsideration;--realization of expected synergies and completion of various portfolioactions;--achievement of all expected cost savings from the company's variousrestructuring plans and realization of expected asset sale proceedsfromthe sale of inventory and other assets;--accuracy of the bases for forecasts relating to joint ventures andassociated costs and capital investment requirements;--final management determinations and independent appraisals may varymaterially from current management estimates of the fair value ofassetsacquired and liabilities assumed in the company's acquisitions andfrom estimates of goodwill and intangible asset impairment charges;--restructuring charges, acquisition-related integration costs, otherone-time costs and purchase accounting adjustments associated withintegration and restructuring plans may vary materially frommanagement's current estimates due to variations in one or more ofanticipated headcount reductions, contract terminations, costs ortimingof plan implementation;--raw material supply, production or shipment difficulties couldadverselyaffect the company's ability to supply its customers;--increased competitive activities in the form of pricing, advertisingandpromotions could adversely impact consumer demand for the company'sproducts and/or result in lower than expected sales or higher thanexpected expenses;--general economic, geo-political and regulatory conditions, prolongeddownturn in the economic markets in the U.S.

and in the company'smajor markets outside of the U.S., continuing instability in worldfinancial markets, or unanticipated environmental liabilities andcosts;--changes to accounting rules and tax laws, and other factors whichcouldimpact the company's reported financial position or effective taxrate;--changes in interest rates and the inherent unpredictability ofcurrencyfluctuations, commodity prices and raw material costs; and--other factors and uncertainties disclosed in the company's filingswith the Securities and Exchange Commission, including its AnnualReporton Form 10-K for the fiscal year ended Feb about vampire weekend . 29, 2008, and itsQuarterlyReport on Form 10-Q for the fiscal quarter ended Nov gothic weekend . 30, 2008, whichcould cause actual future performance to differ from currentexpectations.Constellation Brands, Inc vampire subcultures . and Subsidiaries GUIDANCE - DILUTED EARNINGS PER SHARE AND FREE CASH FLOWRECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES(in millions, except per share data)The company reports its financial results in accordance with generallyaccepted accounting principles in the U.S goth weekend . ("GAAP").However, non-GAAPfinancial measures, as defined in the reconciliations below, are providedbecause management uses this information in evaluating the results of thecontinuing operations of the company and/or internal goal setting.Inaddition, the company believes this information provides investors betterinsight on underlying business trends and results in order to evaluate yearover year financial performance.See the tables below for supplementalfinancial data and corresponding reconciliations of these non-GAAP financialmeasures to GAAP financial measures for the year ending February 28, 2009. Non-GAAP financial measures should be viewed in addition to, and not as analternative for, the company's reported results prepared in accordance withGAAP.Please refer to the company's Web site at for more detailed description andfurther discussion of the historical non-GAAP financial measures.The below guidance is based on information previously provided taking intoaccount the developments described in this news release.In addition, thechange in the company's fiscal 2009 reported basis diluted earnings per shareguidance includes and, is limited to, a change in the company's previouslyreported effective tax rate on a reported basis from 60 percent to 73 percent,primarily due to the write-off of nondeductible goodwill in connection withthe disposal of the value spirits brands.The forecasted effective tax rateon a reported basis of 73 percent includes a provision of approximately 14percentage points in connection with the gain on settlement of certain foreigncurrency economic hedges, a provision of approximately 13 percentage points onthe disposal of the value spirits brands, and approximately 9 percentagepoints in connection with the company's inability to recognize tax benefits onnet operating losses resulting primarily from the Australian initiative.Thecompany's previously reported effective tax rate on a comparable basis ofapproximately 37 percent has not changed as a result of the items discussedabove.Range for the Year EndingFiscal Year 2009 February 28,Diluted Earnings Per Share Guidance2009-------------Forecasted diluted earnings per share - reported basis (GAAP)$0.45 $0.49Inventory step-up0.060.06Strategic business realignment(1)0.970.97Other(2) 0.200.20 --------Forecasted diluted earnings per share - comparable basis (Non-GAAP)(3) $1.68 $1.72===== =====(1) Includes $0.53, $0.20, $0.08, $0.06, $0.06, $0.02 and $0.01 dilutedearnings per share for the year ending February 28, 2009, associated withthe Australian initiative, the loss in connection with the disposal of thevalue spirits brands, the loss in connection with the disposal of thePacific Northwest wine brands, the Fiscal 2008 Plan, the Fiscal 2007 WinePlan, the loss in connection with the sale of a nonstrategic Canadiandistilling facility, and other previously announced restructuring plans,respectively.(3)(2) Includes $0.18 and $0.02 diluted earnings per share for the yearending February 28, 2009, associated with the recognition of income taxexpense in connection with the gain on settlement of certain foreigncurrency economic hedges and the Australian initiative for impairment ofan equity method investment, respectively.(3)(3) May not sum due to rounding as each item is computed independently.Free cash flow, as defined in the reconciliation below, is considered aliquidity measure and is considered to provide useful information to investorsabout the amount of cash generated, which can then be used, after requireddebt service and dividend payments, for other general corporate purposes.Alimitation of free cash flow is that it does not represent the total increaseor decrease in the cash balance for the period.Free cash flow should beconsidered in addition to, not as a substitute for, or superior to, cash flowfrom operating activities prepared in accordance with GAAP.Range for the Year EndingFiscal Year 2009 February 28,Free Cash Flow Guidance2009-------------Net cash provided by operating activities (GAAP)$510.0$560.0Purchases of property, plant and equipment (150.0) (170.0) ------------Free cash flow (Non-GAAP)$360.0$390.0 ============SOURCEConstellation Brands, Inc.Media, Mike Martin, +1-585-218-3669, or Angie Blackwell, +1-585-218-3842, orInvestor Relations, Patty Yahn-Urlaub, +1-585-218-3838, or Bob Czudak,+1-585-218-3668, all of Constellation Brands, Inc.. The University of Arkansas had a surge in publicity yesterday, and to the contrary of what Lane Kiffin believes, the negative variety is not good.The multiple suspensions handed out for the Razorbacks'men's basketball team, while anticipated, can be taken as a step back for the program with the inaccuracy and twist in the way it is delivered by many media outlets.But alas, there is a positive change on the horizon.The University of Arkansas has reached an agreement with Nike Inc.

to be the new exclusive provider of apparel and shoes for all of the athletic department's nineteen sports . This change will take effect on July 1, 2010.Not a big deal? Just clothes and shoes?Oh, it means much more than that.Arkansas' current exclusive provider is Adidas gothic weekend . They make very good products, but in all honesty they are not the most desired brand of the young athletes across the country vampire subcultures . Who can name the Adidas slogan off the top of their head (I apologize if you can)?Nike, on the other hand, is that desired worldwide brand and everyone knows to "Just Do It" or "Air" and "Jordan." The swoosh is as strong of a universal symbol in branding as there is, and certainly the top branding symbol in all of sports.There are recruits in sports that let what brand a team wears impact their college decision .