content_image/40855.jpg
Constellation’s strategy of creating breadth across categories and geographies, and leveraging scale in core markets, delivers long-term profitable growth for shareholders. This strategy allows us more investment choices, flexibility to address changing market conditions and stronger routes-to-market, which result in superior financial performance. 

## FINANCIAL HIGHLIGHTS 

For the Years Ended February 29 and 28 (in thousands, except per share data) 

<img src='content_image/40855.jpg'>

*Comparable measures are provided because management uses this information in evaluating the results of the continuing operations of the Company and internal goal setting. In addition, the Company believes this information provides investors better insight on underlying business trends and results in order to evaluate year-over-year financial performance. The comparable financial results reflect the exclusion of: (i) the benefit from relief of excise taxes and duty taxes related to prior years of $9,185 and $2,342, respectively, and the associated costs of $1,093 for 2004; (ii) inventory step-up (cost of product sold) associated with the Hardy acquisition of $22,472 for 2004; (iii) the write-down of concentrate inventory in connection with the Company’s decision to exit the commodity concentrate product line in the U.S. of $16,827 for 2004; (iv) amortization expense of $11,572 for 2004 for deferred financing costs associated with noncontinuing financing, primarily related to the bridge loan agreement in connection with the Hardy acquisition; (v) loss on extinguishment of debt of $2,590 for 2002; (vi) amortization expense of $27,299, $19,504 and $19,792 for 2002 through 2000, respectively, reflecting the impact of SFAS 142 (goodwill amortization) as if it had been adopted as of March 1, 1999; (vii) restructuring and related charges of $31,154 for 2004 and $4,764 for 2003; (viii) non-recurring charges of $5,510 for 2000; (ix) imputed interest charges associated with the Hardy acquisition of $1,658 for 2004; (x) a gain on change in fair value of derivative instruments associated with financing the Hardy acquisition of $1,181 for 2004 and $23,129 for 2003. All amounts are on a pre-tax basis. Net income and earnings per share amounts on a comparable basis are net of income taxes at a rate of 36% for 2004, 39.3% for 2003 and 40% for 2002-2000. 

