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Brown-Forman Year-to-Date Performance Remains On Track – Confirms And Narrows Full Year Guidance

For the first nine months of its fiscal year ended January 31, 2012, Brown-Forman Corporation (NYSE:BFA) (NYSE:BFB) increased net sales on a reported basis 8% to $2.8 billion, grew diluted earnings per share 2% to $2.83 and improved reported operating income 1% to $638 million. Net sales on a reported basis for its third quarter were $959 million, diluted earnings per share were $0.93 and reported operating income was $206 million. Excluding the net effect of the Hopland based wine business 1 , diluted earnings per share were up 8% for the first nine months and 1% for the quarter.

Year-to-date underlying 2 results continued to outpace last fiscal year as shown in the table below:

         
    Growth in Underlying   Growth in Reported
  Net Sales   Operating Income   Net Sales   Operating Income
Fiscal 2012 YTD   8%   8%   8%   1%
Fiscal Year 2011   4%   6%   6%   20%
   

Paul Varga, the company’s chief executive officer said, “Our third quarter performance continued our acceleration in year-to-date underlying growth rates compared to last year, with year-to-date underlying net sales growth of 8%, double the 4% growth rate we achieved for the full 2011 fiscal year. Our underlying results were in line with our expectations for the quarter and year-to-date and we believe are on par with overall industry growth rates. As a result, we are confirming our full-year guidance while narrowing the range.”

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