Constellation Brands, Inc. (NYSE: STZ, ASX: CBR), a leading international producer and marketer of beverage alcohol, today reported diluted earnings per share ("EPS") on a reported basis of $0.20 for the quarter ended May 31, 2008 ("first quarter 2009"), compared with $0.13 for the prior year first quarter. First quarter 2009 diluted EPS on a comparable basis, which excludes acquisition-related integration costs, restructuring charges and unusual items, totaled $0.34 versus $0.21 for the prior year.

"Our first quarter results represent a solid start for the year and we are on track to achieve our fiscal 2009 strategic business objectives," stated Rob Sands, Constellation Brands president and chief executive officer. "Efforts throughout fiscal 2008 set the stage for fiscal 2009, and milestones such as the recently announced sale of certain U.S. wine assets, underscore our focus on reducing borrowings, streamlining our portfolio and improving operational efficiency while enhancing our financial performance."

Sands also noted the company's first quarter results reflect strong comparable basis margin expansion as the company implemented price increases in domestic and international markets and benefitted from favorable product mix shift by adding the higher-margin Clos du Bois and Wild Horse wine brands, while disposing of the lower-margin Almaden and Inglenook wines. In addition, the overlap of the U.S. distributor wine inventory reduction initiative provided additional operating leverage.

Summary

"We remain confident about our ability to achieve Constellation's EPS and free cash flow goals for the remainder of the fiscal year while improving return on invested capital," said Sands. "Our ongoing efforts to effectively and efficiently adapt to the ever-changing market and economic dynamics in key markets around the world have better positioned us to deliver our long-term objectives."

Outlook

The table below sets forth management's current diluted earnings per share expectations for fiscal year 2009 compared to fiscal year 2008 actual results, both on a reported basis and a comparable basis.

                    Constellation Brands Fiscal Year 2009
                      Diluted Earnings Per Share Outlook

                              Reported Basis              Comparable Basis
                             FY09         FY08          FY09           FY08
                           Estimate      Actual        Estimate       Actual
    Fiscal Year
     Ending Feb. 28
     or Feb. 29         $1.38 - $1.46   ($2.83)      $1.68 - $1.76     $1.44

Full-year fiscal 2009 guidance includes the following current assumptions:

-- Net sales: high single-digit growth in organic net sales combined with the incremental benefit from the BWE acquisition, impact of reporting the joint venture for the Matthew Clark wholesale business under the equity method, and divestiture of the Almaden and Inglenook brands, are expected to result in reported net sales increasing mid single-digits from net sales for fiscal 2008

-- Interest expense: approximately $335 - $345 million
-- Tax rate: approximately 37 percent
-- Weighted average diluted shares outstanding: approximately 222 million
-- Free cash flow: $310 - $340 million

About Constellation Brands

Constellation Brands, Inc. is a leading international producer and marketer of beverage alcohol in the wine, spirits and imported beer categories, with significant market presence in the U.S., Canada, U.K., Australia and New Zealand. Based in Fairport, N.Y., the company has more than 250 brands, sales in about 150 countries and operates more than 60 facilities worldwide. It is also the largest wine producer in the world and an S&P 500 Index and Fortune 500® company. Major brands in the company's portfolio include Corona, Black Velvet, SVEDKA Vodka, Robert Mondavi, Clos du Bois, Ravenswood, Blackstone, Hardys, Banrock Station, Nobilo, Kim Crawford, Inniskillin, Jackson-Triggs and Arbor Mist. To learn more about the company and its products, visit Constellation's Web site at www.cbrands.com.