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Article Excerpt
M2 PRESSWIRE-29 June 2007-ANALYSIS: Constellation Brands Inc(C)1994-2007 M2 COMMUNICATIONS LTD
RDATE:29062007
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Constellation Brands Inc. posted quarterly profit far above Wall Street estimates on Thursday 2007-06-28 , as its plan to cut the amount of wine it ships to U.S. distributors did not hurt sales as much as expected.
The owner of Robert Mondavi, Vendage and Ravenswood wines also said its Chief Executive Officer Richard Sands was stepping down, to be replaced by his brother, Robert Sands, currently the company's chief operating officer.
Richard Sands, 56, will remain chairman of the board.
Constellation, which also imports Corona Extra, St. Pauli Girl and Tsingtao beers, posted net income of $29.8 million, or 13 cents per share, for the fiscal first quarter that ended May 31, compared with $85.5 million, or 36 cents per share, a year ago.
Excluding items, Constellation said...
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