Fortune Brands, Inc. (NYSE:FO):
— Broad-Based Growth Across Consumer Categories Fuels Continued
Share Gains and Double-Digit EPS Growth
— Company Exceeds Second Quarter Earnings Target, Delivers 20th
Quarter in a Row of Double-Digit EPS Growth Before
Charges/Gains
Fortune Brands, Inc. (NYSE:FO), a leading consumer brands company,
today reported double-digit growth in earnings per share for the
second quarter of 2006. Diluted earnings per share from continuing
operations increased 34%, benefiting from solid organic sales growth,
the success of the 2005 spirits and wine acquisition and a net gain
from state tax-related credits. Consumer demand across the company’s
brand portfolio - including Moen faucets, Omega and Aristokraft
cabinetry, Master Lock security products, Jim Beam and Maker’s Mark
bourbon, Sauza tequila and Titleist golf balls - fueled sales growth
and share gains in key markets.
“Fortune Brands delivered another strong quarter of double-digit
earnings growth that exceeded the earnings target we provided three
months ago,” said Fortune Brands chairman and CEO Norm Wesley. “This
was the 20th consecutive quarter that Fortune Brands has achieved
double-digit growth in earnings per share on a before charges/gains
basis, underscoring how Fortune Brands’ breadth and balance across
high-return consumer businesses enhances our ability to consistently
deliver strong results.”
“Our home products brands outperformed a moderating housing market
on the strength of our innovations in function and style and the
stability of the replace-and-remodel segment. In spirits and wine, the
addition of the brands we acquired last July, the enhanced scale and
quality of our portfolio, and a lower cost structure helped fuel our
strong spirits-and-wine results. The soft spot in the quarter was in
sales of golf clubs, which had a strong first quarter but declined
against a strong double-digit increase in the year-ago quarter. Even
so, we benefited from our unrivalled breadth across the golf category
as sales of golf balls, shoes, gloves and accessories all grew solidly
in the quarter.”
For the second quarter, on a continuing operations basis:
– Net income was $248 million, or $1.63 per diluted share, up
34% from $1.22 in the year-ago quarter.
— Results reflected a net gain of 8 cents per share from
one-time items. The net gain resulted from credits related
to the favorable resolution of state tax audits ($0.10 per
share), partly offset by restructuring and
restructuring-related items ($0.01 per share) and currency
mark-to-market expense ($0.01 per share) that finalized
the previously disclosed purchase price adjustment for the
2005 spirits and wine acquisition.
– Excluding the net gain, diluted EPS before charges/gains was
$1.55, up 17%.
— These results were 5 cents above the mean estimate of Wall
Street securities analysts (source: Thomson First Call)
and above the company’s previously announced second
quarter target of high-single-digit to low-double-digit
growth.
– Net sales were $2.3 billion, up 27%.
— On an adjusted basis - assuming the company had owned
acquired brands in the year-ago quarter, and excluding
excise taxes and foreign exchange - the company estimates
total net sales for Fortune Brands would have risen at a
mid-single-digit rate.
– Operating income was $434 million, up 30%.
– Return on equity before charges/gains was 20%.
– Return on invested capital before charges/gains was 10%.
Outlook for Double-Digit EPS Growth for Third Quarter and Full
Year
“We’re very pleased with Fortune Brands’ performance in the first
half of the year,” said Wesley. “Looking ahead to the second half of
2006, even with the impact of moderating new construction activity and
higher costs for commodities, we’re confident Fortune Brands will
continue to benefit from our unique breadth and balance across
attractive consumer categories, including our enhanced spirits and
wine business, our strength in the growing replace-and-remodel segment
of the housing market, and the addition of Simonton Windows. We
believe our broad portfolio of powerful and growing consumer brands -
such as Moen, Master Lock, Omega, Titleist, FootJoy, Jim Beam, Sauza,
Maker’s Mark and many more - will continue to drive Fortune Brands’
performance.
“For the third quarter, including stock options expense and the
benefit of the Simonton Windows acquisition, we’re targeting EPS
before charges/gains to grow at a double-digit rate. For the full
year, we now expect to comfortably achieve our goal of double-digit
growth in EPS before charges/gains for 2006,” Wesley added.
The company also announced that it is now targeting free cash flow
for 2006 in the range of $450-550 million after dividends and capital
expenditures. Included in the target is approximately $50 million in
net costs resulting from one-time credits and acquisition-related
items that won’t be repeated.
About Fortune Brands
Fortune Brands, Inc. is a leading consumer brands company with
annual sales exceeding $8 billion. Its operating companies have
premier brands and leading market positions in home and hardware
products, spirits and wine, and golf equipment. Home and hardware
brands include Moen faucets, Aristokraft, Omega, Diamond and Schrock
cabinets, Therma-Tru door systems, Simonton windows, Master Lock
padlocks and Waterloo tool storage sold by units of Fortune Brands
Home & Hardware LLC. Beam Global Spirits & Wine, Inc. is the company’s
spirits and wine business. Major spirits and wine brands include Jim
Beam and Maker’s Mark bourbons, Sauza tequila, Canadian Club whisky,
Courvoisier cognac, DeKuyper cordials, Starbucks(TM) liqueurs,
Laphroaig single malt Scotch and Clos du Bois and Geyser Peak wines.
Acushnet Company’s golf brands include Titleist, Cobra and FootJoy.
Fortune Brands, headquartered in Deerfield, Illinois, is traded on the
New York Stock Exchange under the ticker symbol FO and is included in
the S&P 500 Index and the MSCI World Index.
Forward-Looking Statements
This press release contains statements relating to future results,
which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that these forward-looking statements speak only as of the
date hereof, and the company does not assume any obligation to update,
amend or clarify them to reflect events, new information or
circumstances occurring after the date of this release. Actual results
may differ materially from those projected as a result of certain
risks and uncertainties, including but not limited to: competitive
market pressures (including pricing pressures); consolidation of trade
customers, particularly in the home and hardware industry; successful
development of new products and processes; ability to secure and
maintain rights to intellectual property; risks pertaining to
strategic acquisitions and joint ventures, including integration of
acquisitions and the related confirmation or remediation of internal
controls over financial reporting; ability to attract and retain
qualified personnel; various external conditions, including general
economic conditions, weather and business conditions; risks associated
with doing business outside the United States, including currency
exchange rate risks; interest rate fluctuations; commodity and energy
price volatility; costs of certain employee and retiree benefits and
returns on pension assets; dependence on performance of distributors
and other marketing arrangements; the impact of excise tax increases
on distilled spirits and wines; changes in golf equipment regulatory
standards and other regulatory developments; potential liabilities,
costs and uncertainties of litigation; impairment in the carrying
value of goodwill or other acquired intangibles; historical
consolidated financial statements that may not be indicative of future
conditions and results due to the recent portfolio realignment; any
possible downgrades of the company’s credit ratings; as well as other
risks and uncertainties detailed from time to time in the company’s
Securities and Exchange Commission filings.
Use of Non-GAAP Financial Information
This press release includes diluted earnings per share before
charges/gains, return on equity before charges/gains, return on
invested capital before charges/gains, and free cash flow, measures
not derived in accordance with generally accepted accounting
principles (”GAAP”). These measures should not be considered in
isolation or as a substitute for any measure derived in accordance
with GAAP, and may also be inconsistent with similar measures
presented by other companies. Reconciliation of these measures to the
most closely comparable GAAP measures, and reasons for the company’s
use of these measures, are presented in the attached pages.
FORTUNE BRANDS, INC.
CONSOLIDATED STATEMENT OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended June 30,
2006 2005 % Change
---------- ---------- ----------
Net Sales $2,257.1 $1,782.8 26.6
---------- ---------- ----------
Cost of goods sold 1,184.4 960.0 23.4
Excise taxes on spirits and
wine 103.6 71.3 45.3
Advertising, selling, general
and administrative expenses 524.8 410.8 27.8
Amortization of intangibles 9.1 8.2 11.0
Restructuring and
restructuring-related items 1.6 - -
---------- ---------- ----------
Operating Income 433.6 332.5 30.4
---------- ---------- ----------
Interest expense 83.2 20.1 313.9
Other (income) expense, net (10.1) 26.8 (137.7)
---------- ---------- ----------
Income from Continuing Operations
before income taxes and minority
interests 360.5 285.6 26.2
---------- ---------- ----------
Income taxes 108.6 97.7 11.2
Minority interests 4.1 4.1 -
---------- ---------- ----------
Income from Continuing Operations 247.8 183.8 34.8
---------- ---------- ----------
Income from Discontinued Operations - 16.5 -
---------- ---------- ----------
Net Income $247.8 $200.3 23.7
---------- ---------- ----------
Earnings Per Common Share, Basic:
Income from continuing operations 1.68 1.26 33.3
Income from discontinued
operations - 0.12 -
Net Income 1.68 1.38 21.7
---------- ---------- ----------
Earnings Per Common Share, Diluted:
Income from continuing operations 1.63 1.22 33.6
Income from discontinued
operations - 0.11 -
Net Income 1.63 1.33 22.6
---------- ---------- ----------
Avg. Common Shares Outstanding
Basic 147.7 145.5 1.5
Diluted 151.6 150.3 0.9
---------- ---------- ----------
Six Months Ended June 30,
2006 2005 % Change
---------- ---------- ----------
Net Sales $4,273.9 $3,300.6 29.5
---------- ---------- ----------
Cost of goods sold 2,264.3 1,796.5 26.0
Excise taxes on spirits and
wine 224.4 136.1 64.9
Advertising, selling, general
and administrative expenses 1,013.4 787.5 28.7
Amortization of intangibles 19.1 16.4 16.5
Restructuring and
restructuring-related items 12.2 - -
---------- ---------- ----------
Operating Income 740.5 564.1 31.3
---------- ---------- ----------
Interest expense 162.3 39.2 314.0
Other (income) expense, net (20.1) 13.8 (245.7)
---------- ---------- ----------
Income from Continuing Operations
before income taxes and minority
interests 598.3 511.1 17.1
---------- ---------- ----------
Income taxes 168.3 175.7 (4.2)
Minority interests 8.8 9.0 (2.2)
---------- ---------- ----------
Income from Continuing Operations 421.2 326.4 29.0
---------- ---------- ----------
Income from Discontinued Operations - 26.6 -
---------- ---------- ----------
Net Income $421.2 $353.0 19.3
---------- ---------- ----------
Earnings Per Common Share, Basic:
Income from continuing operations 2.86 2.25 27.1
Income from discontinued
operations - 0.18 -
Net Income 2.86 2.43 17.7
---------- ---------- ----------
Earnings Per Common Share, Diluted:
Income from continuing operations 2.79 2.18 28.0
Income from discontinued
operations - 0.17 -
Net Income 2.79 2.35 18.7
---------- ---------- ----------
Avg. Common Shares Outstanding
Basic 147.1 145.1 1.4
Diluted 151.0 150.0 0.7
---------- ---------- ----------
Actual Common Shares Outstanding
Basic 150.7 145.7 3.4
Diluted 154.2 150.9 2.2
---------- ---------- ----------
FORTUNE BRANDS, INC.
(In millions, except per share amounts)
(Unaudited)
NET SALES AND OPERATING INCOME
------------------------------
Three Months Ended June 30,
2006 2005 % Change
---------- ---------- ----------
Net Sales
Home and Hardware $1,193.8 $1,048.9 13.8
Spirits and Wine 637.8 290.7 119.4
Golf 425.5 443.2 (4.0)
---------- ---------- ----------
Total $2,257.1 $1,782.8 26.6
---------- ---------- ----------
Operating Income
Home and Hardware $209.9 $179.3 17.1
Spirits and Wine 157.3 78.7 99.9
Golf 82.1 92.6 (11.3)
Corporate expenses 15.7 18.1 (13.3)
---------- ---------- ----------
Total $433.6 $332.5 30.4
---------- ---------- ----------
Operating Income Before Charges (a)
Home and Hardware $210.3 $179.3 17.3
Spirits and Wine 158.5 78.7 101.4
Golf 82.1 92.6 (11.3)
Less:
Corporate expenses 15.7 18.1 (13.3)
Restructuring and
restructuring-related items 1.6 - -
---------- ---------- ----------
Operating Income $433.6 $332.5 30.4
---------- ---------- ----------
Six Months Ended June 30,
2006 2005 % Change
———- ———- ———-
Net Sales
Home and Hardware $2,226.2 $1,951.4 14.1
Spirits and Wine 1,249.7 563.4 121.8
Golf 798.0 785.8 1.6
---------- ---------- ----------
Total $4,273.9 $3,300.6 29.5
---------- ---------- ----------
Operating Income
Home and Hardware $349.7 $303.8 15.1
Spirits and Wine 285.5 147.2 94.0
Golf 140.5 149.3 (5.9)
Corporate expenses 35.2 36.2 (2.8)
---------- ---------- ----------
Total $740.5 $564.1 31.3
---------- ---------- ----------
Operating Income Before Charges (a)
Home and Hardware $358.9 $303.8 18.1
Spirits and Wine 288.5 147.2 96.0
Golf 140.5 149.3 (5.9)
Less:
Corporate expenses 35.2 36.2 (2.8)
Restructuring and
restructuring-related items 12.2 - -
---------- ---------- ----------
Operating Income $740.5 $564.1 31.3
---------- ---------- ----------
(a) Operating Income Before Charges is Operating Income derived in
accordance with GAAP excluding restructuring and restructuring-related
items. Operating Income Before Charges is a measure not derived in
accordance with GAAP. Management uses this measure to determine the
returns generated by our operating segments and to evaluate and
identify cost reduction initiatives. Management believes this measure
provides investors with helpful supplemental information regarding the
underlying performance of the company from year-to-year. This measure
may be inconsistent with similar measures presented by other
companies.
FREE CASH FLOW
————–
Three Months Ended Six Months Ended 2006 Full Year
June 30, June 30, Targeted Range
------------------ ---------------- --------------
2006 2005 2006 2005
------------------ ----------------
Free Cash Flow (b) $192.6 $268.5 $18.4 $135.7 $450-550
Add:
Net Capital
Expenditures 29.0 53.2 87.5 101.0 200-225
Dividends Paid 53.0 48.1 105.8 96.1 225(c)
------------------ ---------------- --------------
Cash Flow From
Operations $274.6 $369.8 $211.7 $332.8 $875-1,000
------------------ ---------------- --------------
(b) Free Cash Flow is Cash Flow from Operations less net capital
expenditures and dividends paid to stockholders.
Free Cash Flow is a measure not derived in accordance with GAAP.
Management believes that Free Cash Flow provides investors with
helpful supplemental information about the company’s ability to fund
internal growth, make acquisitions, repay debt and repurchase common
stock. This measure may be inconsistent with similar measures
presented by other companies.
(c) Assumes current dividend rate and basic shares outstanding on June
30, 2006.
EPS BEFORE CHARGES/GAINS ON A CONTINUING OPERATIONS BASIS
———————————————————
EPS Before Charges/Gains is Income from Continuing Operations
calculated on a per share basis excluding restructuring,
restructuring-related and one time items.
For the second quarter of 2006, on a continuing operations basis, EPS
Before Charges/Gains is Income from Continuing Operations calculated
on a per share basis excluding $1.6 million ($1.1 million after tax)
of restructuring and restructuring-related items, currency
mark-to-market expense of $0.8 million and $15.5 million of
tax-related credits associated with favorable resolution of routine
state tax audits. For the six-month period ended June 30, 2006, EPS
Before Charges/Gains excludes $12.2 million ($7.7 million after tax)
of restructuring and restructuring-related items, currency
mark-to-market expense of $2.8 million and $38.4 million of
tax-related credits principally associated with the favorable
conclusion of the IRS review of our 2002-2003 tax returns and routine
state tax audits.
For the second quarter of 2005, on a continuing operations basis, EPS
Before Charges/Gains is Income from Continuing Operations calculated
on a per share basis excluding net acquisition hedge costs of $33.5
million ($23.3 million after tax) and $7.7 million in a tax-related
credit.
EPS Before Charges/Gains is a measure not derived in accordance with
GAAP. Management uses this measure to evaluate the overall performance
of the company and believes this measure provides investors with
helpful supplemental information regarding the underlying performance
of the company from year-to-year. This measure may be inconsistent
with similar measures presented by other companies.
Three Months Ended June 30,
2006 2005 % Change
---------- ---------- ----------
Continuing Operations - Income Before
Charges/Gains $234.2 $199.4 17.5
---------- ---------- ----------
Earnings Per Common Share - Basic
Income from Continuing Operations
Before Charges/Gains 1.58 1.37 15.3
Tax-related credits 0.11 0.05 120.0
Net acquisition hedge costs - (0.16) 100.0
Restructuring and
restructuring-related items (0.01) - -
---------- ---------- ----------
Income from Continuing Operations 1.68 1.26 33.3
---------- ---------- ----------
Income from Discontinued Operations - 0.12 (100.0)
---------- ---------- ----------
Net Income 1.68 1.38 21.7
---------- ---------- ----------
Earnings Per Common Share - Diluted
Income from Continuing Operations
Before Charges/Gains 1.55 1.33 16.5
Tax-related credits 0.10 0.05 100.0
Net acquisition hedge costs - (0.16) 100.0
Currency mark-to-market expense (0.01) - -
Restructuring and
restructuring-related items (0.01) - -
---------- ---------- ----------
Income from Continuing Operations 1.63 1.22 33.6
---------- ---------- ----------
Income from Discontinued Operations - 0.11 (100.0)
---------- ---------- ----------
Net Income 1.63 1.33 22.6
---------- ---------- ----------
Six Months Ended June 30,
2006 2005 % Change
---------- ---------- ----------
Continuing Operations - Income
Before Charges/Gains $393.3 $342.0 15.0
---------- ---------- ----------
Earnings Per Common Share - Basic
Income from Continuing Operations
Before Charges/Gains 2.67 2.35 13.6
Tax-related credits 0.26 0.05 420.0
Net acquisition hedge costs - (0.15) 100.0
Currency mark-to-market expense (0.02) - -
Restructuring and
restructuring-related items (0.05) - -
---------- ---------- ----------
Income from Continuing Operations 2.86 2.25 27.1
---------- ---------- ----------
Income from Discontinued Operations - 0.18 (100.0)
---------- ---------- ----------
Net Income 2.86 2.43 17.7
---------- ---------- ----------
Earnings Per Common Share - Diluted
Income from Continuing Operations
Before Charges/Gains 2.61 2.28 14.5
Tax-related credits 0.25 0.05 400.0
Net acquisition hedge costs - (0.15) 100.0
Currency mark-to-market expense (0.02) - -
Restructuring and
restructuring-related items (0.05) - -
---------- ---------- ----------
Income from Continuing Operations 2.79 2.18 28.0
---------- ---------- ----------
Income from Discontinued Operations - 0.17 (100.0)
---------- ---------- ----------
Net Income 2.79 2.35 18.7
---------- ---------- ----------
RECONCILIATION OF 2006 EARNINGS GUIDANCE TO GAAP
————————————————
For the third quarter of 2006, including stock options expense and the
benefit of the Simonton Windows acquisition, the company is targeting
EPS before charges/gains to grow at a double-digit rate. On a GAAP
basis, the company is targeting EPS from continuing operations to be
more than double last year, benefiting from lower charges in 2006.
For the full year, the company is targeting EPS before charges/gains
to grow at a double-digit rate. On a GAAP basis, the company is
targeting EPS to grow at a strong double-digit rate, benefiting from
lower charges and higher gains in 2006.
RESTRUCTURING AND RESTRUCTURING-RELATED ITEMS
———————————————
The company recorded pre-tax restructuring and restructuring-related
items of $1.6 million ($1.1 million after tax) and $12.2 million ($7.7
million after tax) in the three-month and six-month periods ended June
30, 2006. The charges principally relate to supply chain initiatives
in the Home and Hardware segment and to the integration of the Spirits
and Wine acquisition.
Three Months Ended June 30, 2006
(In millions, except per share amounts)
Restructuring-Related
Items
---------------------
Cost of
Sales SG & A
Restructuring Charges Charges Total
------------- ---------- ---------- ----------
Home and Hardware $- $- $0.4 $0.4
Spirits and Wine (0.1) - 1.3 1.2
------------- ---------- ---------- ----------
Total $(0.1) $- $1.7 $1.6
------------- ---------- ---------- ----------
Income tax benefit 0.5
----------
Net charge $1.1
----------
Charge per common share
Basic $0.01
Diluted $0.01
----------
Six Months Ended June 30, 2006
(In millions, except per share amounts)
Restructuring-Related
Items
---------------------
Cost of
Sales SG & A
Restructuring Charges Charges Total
------------- ---------- ---------- ----------
Home and Hardware $4.1 $4.7 $0.4 $9.2
Spirits and Wine (0.1) - 3.1 3.0
------------- ---------- ---------- ----------
Total $4.0 $4.7 $3.5 $12.2
------------- ---------- ---------- ----------
Income tax benefit 4.5
----------
Net charge $7.7
----------
Charge per common share
Basic $0.05
Diluted $0.05
----------
FORTUNE BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions)
(Unaudited)
June 30, December 31,
2006 2005 (1)
------------ ------------
Assets
Current assets
Cash and cash equivalents $214.9 $93.6
Accounts receivable, net 1,379.8 1,115.6
Inventories 2,083.7 1,663.1
Other current assets 469.9 320.4
------------ ------------
Total current assets 4,148.3 3,192.7
Property, plant and equipment, net 1,895.6 1,679.6
Intangibles resulting from
business acquisitions, net 8,031.9 6,880.5
Other assets 404.2 1,448.7
------------ ------------
Total assets $14,480.0 $13,201.5
------------ ------------
Liabilities and Stockholders' Equity
Current liabilities
Short-term debt $807.3 $637.2
Current portion of long-term debt 297.6 296.9
Other current liabilities 1,706.6 1,883.8
------------ ------------
Total current liabilities 2,811.5 2,817.9
Long-term debt 5,487.2 4,889.9
Other long-term liabilities 1,481.1 1,473.3
Minority interests 359.4 374.8
------------ ------------
Total liabilities 10,139.2 9,555.9
Stockholders' equity 4,340.8 3,645.6
------------ ------------
Total liabilities and
stockholders' equity $14,480.0 $13,201.5
------------ ------------
(1) 2005 line items reflect FIN 46 (R) accounting for the Spirits &
Wine acquisition.
FORTUNE BRANDS, INC.
Reconciliations of ROE based on Net Income From Continuing Operations
Before Charges/Gains to ROE based on GAAP Net Income
June 30, 2006
Amounts in millions
(Unaudited)
Rolling twelve ROE based on
months Net Income Net Income
From Continuing From Continuing
Operations Before Operations
Charges/Gains less Before
Preferred Dividends Equity Charges/Gains
------------------- ------ -------------
Fortune Brands $746.2 / $3,702.0 = 20.2%
Rolling twelve
months GAAP
Net Income less ROE based on GAAP
Preferred Dividends Equity Net Income
------------------- ------ ----------
Fortune Brands $688.7 / $3,690.0 = 18.7%
Return on Equity - or ROE - Before Charges/Gains is net income from
continuing operations less preferred dividends derived in accordance
with GAAP excluding restructuring and restructuring-related items
divided by the twelve month average of GAAP common equity (total
equity less preferred equity) excluding restructuring and
restructuring-related items.
----------------------------------------------------------------------
FORTUNE BRANDS, INC.
Reconciliations of ROIC based on Net Income From Continuing Operations
Before Charges/Gains to ROIC based on GAAP Net Income
June 30, 2006
Amounts in millions
(Unaudited)
Rolling twelve
months Net Income ROIC based on Net
From Continuing Income From
Operations Before Continuing
Charges/Gains plus Invested Operations Before
Interest Expense Capital Charges/Gains
---------------- -------- -------------
Fortune Brands $927.3 / $9,373.9 = 9.9%
Rolling twelve
months GAAP
Net Income plus Invested ROIC based on
Interest Expense Capital GAAP Net Income
---------------- -------- ---------------
Fortune Brands $869.8 / $9,366.1 = 9.3%
Return on Invested Capital - or ROIC - Before Charges/Gains is net
income from continuing operations plus interest expense derived in
accordance with GAAP excluding restructuring and restructuring-related
items divided by the twelve month average of GAAP Invested Capital
(net debt plus equity) excluding restructuring and
restructuring-related items.
----------------------------------------------------------------------
ROE From Continuing Operations Before Charges/Gains and ROIC From
Continuing Operations Before Charges/Gains are measures not derived in
accordance with GAAP. Management uses these measures to determine the
returns generated by the company and to evaluate and identify
cost-reduction initiatives. Management believes these measures provide
investors with helpful supplemental information regarding the
underlying performance of the company from year-to-year. These
measures may be inconsistent with similar measures presented by other
companies.
WineIndustryReport Feed
0 Responses to “Fortune Brands Reports Record Second Quarter Results”