Beam Launches Investor Road Show in Advance of Becoming Pure-Play Spirits Company
07 September 2011 - 1:30PM
Business Wire
Beam, the spirits business of Fortune Brands, Inc. (NYSE: FO),
today began its equity road show to present the company’s value
proposition to current and prospective investors. As previously
announced, upon the expected separation of Fortune Brands’
businesses, Beam will become an independent pure-play spirits
company and will trade on the New York Stock Exchange under the
ticker symbol BEAM effective October 4, 2011. The road show
presentation is publicly available under “Webcasts and
Presentations” in the Investor Relations section of the Fortune
Brands web site, www.fortunebrands.com.
In the presentation, the company establishes its long-term
growth goals, including outperforming its global spirits market
expected to grow at a low-to-mid-single-digit rate, growing
operating income faster than sales, and delivering
high-single-digit growth in EPS and improved returns.
“Our message to investors is simple,” said Matt Shattock,
president and chief executive officer of Beam. “Beam is primed to
accelerate profitable growth and deliver long-term value for
shareholders.”
“Through a series of deliberate strategic choices, we’ve
reshaped the Beam portfolio, we’ve invested to strengthen our
routes to market and accelerate the growth of our brands, and we’ve
put together a team built to win,” Shattock continued. “We like
where we are on Beam’s journey. With our unique combination of
scale with agility, and our proven strategy, we’ll be sharply
focused on outperforming and accelerating profitable growth in 2012
and beyond, with operating income growing ahead of sales and EPS
growing even faster. We’ve generated excellent momentum in the
global spirits marketplace, we’re confident in our prospects to
create even greater value, and we see a bright and prosperous
future as a leader in the dynamic spirits industry.”
The company also reaffirmed its target for high-single-digit
growth in adjusted pro forma diluted EPS for 2011 against a base of
$1.92 in 2010. In addition, it expects to continue to pay an annual
dividend of 76 cents.
The road show will consist of Beam management meetings with
investors, prospective investors and securities analysts throughout
the month of September. It will include a presentation to the
Barclay’s Consumer Conference that will begin at approximately 3:00
p.m. ET on Thursday, September 8, 2011. A webcast of the
presentation will be available under “Webcasts and Presentations”
in the Investor Relations section of the Fortune Brands web site,
www.fortunebrands.com.
About Fortune Brands
Fortune Brands, Inc. is a leading consumer brands company. Its
operating companies have premier brands and leading market
positions in distilled spirits and home and security products. The
major spirits brands of Beam Global Spirits & Wine, Inc.
include Jim Beam and Maker's Mark bourbon, Sauza tequila, Canadian
Club whisky, Courvoisier cognac, Cruzan rum, Teacher's and
Laphroaig Scotch, EFFEN vodka, Skinnygirl cocktails and DeKuyper
cordials. The brands of Fortune Brands Home & Security LLC
include Moen faucets, Aristokraft, Omega, Diamond and Kitchen Craft
cabinetry, Therma-Tru door systems, Simonton windows, Master Lock
security products and Waterloo storage and organization products.
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.
To receive company news releases by e-mail, please visit
www.fortunebrands.com.
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: general economic conditions; competitive market
pressures (including pricing pressures); successful development of
new products and processes; consolidation of customers; customer
defaults and related bad debt expense; unanticipated developments
that delay or negatively impact the proposed separation; disruption
to operations as a result of the proposed separation; inability of
one or more of the businesses to operate independently following
the completion of the proposed separation; risks pertaining to
strategic acquisitions and joint ventures, including the potential
financial effects and performance of such acquisitions or joint
ventures, and integration of acquisitions and the related
confirmation or remediation of internal controls over financial
reporting; any possible downgrades of the Company's credit ratings;
volatility of financial and credit markets, which could affect
access to capital for the Company, its customers and consumers;
interest rate fluctuations; commodity and energy price volatility;
risks associated with doing business outside the United States,
including currency exchange rate risks; ability to secure and
maintain rights to intellectual property; inability to attract and
retain qualified personnel; the status of the U.S. rum excise tax
cover-over program; the impact of excise tax increases on distilled
spirits; dependence on performance of distributors and other
marketing arrangements; costs of certain employee and retiree
benefits and returns on pension assets; tax law changes and/or
interpretation of existing tax laws; potential liabilities, costs
and uncertainties of litigation; historical consolidated financial
statements that may not be indicative of future conditions and
results; impairment in the carrying value of goodwill or other
acquired intangible assets; weather and natural disasters; as well
as other risks and uncertainties detailed from time to time in the
Company's Securities and Exchange Commission filings.
The potential separation of Fortune Brands' companies will be
subject to the receipt of a number of customary regulatory
approvals and/or rulings, the execution of intercompany agreements
and finalization of other related matters. There can be no
assurance that any of the proposed transactions will be completed
as anticipated or at all.
Use of Non-GAAP Financial Information
This press release includes measures not derived in accordance
with generally accepted accounting principles (“GAAP”), such as
adjusted pro forma diluted earnings per share. 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.
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