<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exhibit99-1.txt
<TEXT>

[LOGO]
CONSTELLATION
NEWS RELEASE                                          CONTACTS:
                                                      Investor Relations:
                                                      Mark Maring - 585-218-3668

                                                      Media:
                                                      Ginny Clark - 585-218-3669

             CONSTELLATION REPORTS 32 PERCENT INCREASE IN NET SALES
                               FOR SECOND QUARTER

        EPS at high end of Company guidance driven by strong sales growth

FAIRPORT, NEW YORK, SEPTEMBER 30, 2003 - Constellation Brands, Inc. (NYSE: STZ),
a  leading international producer and marketer of beverage alcohol brands, today
reported  record  net  sales  for its second quarter ended August 31, 2003.  Net
sales  increased  32  percent,  led  by  the benefit from the Hardy acquisition,
strong  top  line  performance  across  all  segments of the base business and a
positive  two  percent  impact  from  currency.  Net sales on a pro forma basis,
including  prior  year  period  sales  from  Hardy of $132 million, increased 11
percent,  including a positive four percent impact from currency.  Net income on
a  comparable  basis increased $17 million, or 34 percent, to reach a record $66
million  and  diluted  earnings  per  share  on  a comparable basis increased 21
percent  to reach $0.64.  For the first six months of fiscal 2004, net income on
a  comparable  basis  increased  31  percent and diluted earnings per share on a
comparable basis increased 21 percent to reach $1.14.
     Net  income  and  diluted  earnings  per  share as reported under generally
accepted  accounting principles ("reported") for the second quarter declined $14
million,  or  28  percent, to $36 million and 36 percent to $0.34, respectively.
The  reported  results for the quarter include restructuring and unusual charges
of  $31  million  after  tax,  or  $0.30 per share.  For the first six months of
fiscal  2004,  net  income  on  a reported basis declined 14 percent and diluted
earnings  per  share  on  a  reported  basis  declined 20 percent to $0.75.  The
reported  results  for  the  first  six months include restructuring and unusual
charges of $39 million after tax, or $0.39 per share.
     Chairman and Chief Executive Officer Richard Sands said, "Constellation had
a  great  quarter  with  sales improving across all categories along with strong
contributions  from  the  Hardy acquisition. Our diversity across categories and
geographies continues to serve us well, allowing us to make investments where we
see  the  best  growth  opportunities  and  returns.  Excluding  the benefits of
currency, pro forma net sales increased seven percent led by double-digit growth
in  imported  beer,  solid  wine  growth in the U.S. and growth in the wholesale
business  in the U.K. We continued to experience healthy growth in a competitive
environment, a testament to our overall organizational strategy and our focus on
building long-term brand equity."
     Net  income  on  a  comparable  basis  and  diluted earnings per share on a
comparable  basis  exclude  restructuring  and  unusual  costs.  For  a  further
discussion   of   these   items,   please  see  the  section   "Items  Affecting
Comparability" contained in this release. A table reconciling these measures and
other related financial measures for the quarter is included in this release.
     The  Company's  measure of segment profitability excludes restructuring and
unusual  costs,  which  is  consistent  with  the  measure used by management to
evaluate results.

CONSOLIDATED RESULTS
     For  the  three  months  ended August 31, 2003 ("Second Quarter 2004"), net
sales  grew  32  percent,  reaching $909 million compared to $690 million in the
prior year.  Pro forma net sales for the quarter increased 11 percent, including
a positive four percent impact from currency.
     Excluding net sales of $140 million from the Hardy acquisition, organic net
sales  grew  11  percent. This increase was driven by increased sales across all
categories: imported beer, spirits, wine and wholesale and other, and includes a
positive two percent impact from currency.
     Net  sales  for  the  six  months ended August 31, 2003 ("Six Months 2004")
increased  25 percent. The increase was driven primarily by the addition of wine
sales  from  the  Hardy  acquisition,  imported  beer  sales, the U.K. wholesale
business and a positive three percent impact from currency.
     Gross  profit on a comparable basis for the quarter increased 37 percent to
reach  $264  million  and  gross margin on a comparable basis improved 100 basis
points  to  reach  29.1 percent. The increase in gross profit resulted primarily
from   higher  sales  and  a  favorable  mix  towards  higher  margin  products,
particularly brands from the Hardy acquisition and the spirits portfolio.
     Reported gross profit, which includes the flow through of inventory step-up
associated with the Hardy acquisition of nine million dollars and the write down
of  $17  million of inventory associated with the Company's decision to exit the
commodity  concentrate  business in the U.S., increased 23 percent to reach $238
million.  Reported gross margin declined 180 basis points to 26.2 percent.
     Gross profit on a comparable basis for Six Months 2004 increased 29 percent
to  reach  $478  million.  On  a reported basis for the six months, gross profit
increased  21 percent to $446 million and includes the flow through of inventory
step-up  associated  with  the Hardy acquisition and concentrate inventory write
down of $15 million and $17 million, respectively.
     Second  quarter  selling, general and administrative expenses ("SG&A") on a
comparable  basis  increased  $32 million to reach $120 million. The majority of
the  increase resulted from expenses associated with the Hardy acquisition. As a
percent  of  net  sales, SG&A on a comparable basis was 13.2 percent compared to
12.7  percent  for  the  prior  year. The increase is due primarily to the Hardy
acquisition, which has a higher percentage SG&A than the Company's base business
and  additional  amortization  expense  associated  with  the Company's new bank
credit agreement.
     Reported  SG&A for the quarter increased $37 million to reach $125 million,
and  includes  five  million dollars of financing costs associated with a bridge
loan  used  as  financing  for the Hardy acquisition. As a percent of net sales,
reported  SG&A  was  13.8  percent,  including  a 60 basis point impact from the
financing costs.
     SG&A  on  a  comparable  basis  for  Six  Months  2004 was $222 million, an
increase  of 25 percent compared to the prior year. Reported SG&A for Six Months
2004  was  $232  million,  an  increase of 30 percent, and includes nine million
dollars of financing costs associated with the Hardy acquisition.
     Operating  income  on  a  comparable basis increased to $144 million in the
quarter,  an  increase  of  37  percent  versus  $106 million in the prior year.
Reported  operating  income  was  $96  million,  a  decline of nine percent, and
includes:  the  flow through of inventory step-up of nine million dollars; write
down  of  concentrate  inventory of $17 million; financing costs of five million
dollars; and restructuring charges of $17 million.
     Year-to-date,  operating  income on a comparable basis increased 33 percent
to  reach  $255  million  and reported operating income increased two percent to
reach $195 million. For the year, operating income on a reported basis includes:
the  flow through of inventory step-up of $15 million; write down of concentrate
inventory  of  $17  million;  financing  costs  of  nine  million  dollars;  and
restructuring charges of $19 million.
     Net  interest  expense for the quarter increased $14 million to $41 million
as  a  result  of  higher  average  borrowings due to the financing of the Hardy
acquisition, partially offset by a lower average borrowing rate.
     For Six Months 2004,  net  interest expense on  a  comparable basis was $79
million.  On a reported basis, net interest expense was $80 million and includes
one  million  dollars  of imputed interest expense incurred in the first quarter
related to the Hardy acquisition.
     As a result of the above factors, net income and diluted earnings per share
on  a  comparable  basis  for  Second  Quarter  2004 increased 34 percent and 21
percent,  respectively, reaching $66 million and $0.64. On a reported basis, net
income  and  diluted  earnings  per  share  for  Second Quarter 2004 declined 28
percent and 36 percent, respectively, to $36 million and $0.34.
     Also as a result of  the above factors, net income and diluted earnings per
share  on  a  comparable  basis  for Six Months 2004 increased 31 percent and 21
percent,  respectively.  Net income and diluted earnings per share on a reported
basis for the same period declined 14 percent and 20 percent, respectively.

CONSTELLATION BEERS AND SPIRITS RESULTS
     Due  to  strong  growth  in  both  imported beer and spirits, net sales for
Second  Quarter  2004 grew 12 percent to reach $320 million and operating income
grew  14  percent  to reach $70 million.  Driven by double-digit volume gains on
Corona  Extra,  Corona  Light,  Negra  Modelo  and Pacifico, imported beer sales
increased  13 percent for the quarter.  Spirits sales increased nine percent for
the  quarter,  benefiting  from  healthy industry growth, strong Canadian whisky
sales,  particularly Black Velvet, and the introduction of several new products,
including  Beachcomber  Rum  and  Chi-Chi's  Mango  Margarita.
     The  14  percent increase in operating income for the quarter resulted from
higher sales and a positive mix of spirits sales to higher margin products.
     Net sales  for Six Months 2004 increased seven percent to  $597 million and
operating income increased 12 percent to reach $130 million for the same period.

CONSTELLATION WINES RESULTS
     Net  sales  for  Second  Quarter  2004  were  $589 million compared to $403
million  the  prior  year,  an  increase  of  $186  million, or 46 percent.  The
increase  was driven primarily by the addition of $140 million of sales from the
Hardy acquisition, growth in the U.K. Wholesale business, wine sales in the U.S.
and a positive four percent impact from currency.
     Excluding  the  additional  sales  from  the Hardy acquisition, organic net
sales  increased 11 percent for the quarter, led by growth in the U.K. wholesale
business  and wine in the U.S. and a positive four percent impact from currency,
partially  offset  by  specialty  drinks  in  the  U.K.,  particularly  RTDs, or
ready-to-drink products.
     Pro forma net sales for  Second Quarter 2004, which include $132 million of
Hardy  sales  in  the  prior  year  period,  increased  10 percent and include a
positive five percent impact from currency.
     Operating income for Second Quarter 2004 was $84 million, an increase of 62
percent.  The  increase was primarily the result of sales derived from the Hardy
acquisition.
     Net  sales  for Six Months 2004 increased 39 percent to reach $1.1 billion.
The  increase  was  driven  primarily  from  additional  sales  from  the  Hardy
acquisition and a positive six percent impact from currency.
     Operating  income increased 60 percent for Six Months 2004 driven primarily
by the additional sales from the Hardy acquisition.

OUTLOOK
     The  following  statements  are  management's  current diluted earnings per
share  expectations  both  on a comparable basis and a reported (GAAP) basis for
the  third  quarter  ending  November 30, 2003 ("Third Quarter 2004") and fiscal
year ending February 29, 2004 ("Fiscal 2004"):

-     Diluted  earnings  per  share on a comparable basis for Third Quarter 2004
      are  expected  to  be  within  a  range of $0.76 to $0.80 versus $0.69 for
      Third Quarter 2003.

-     Diluted  earnings  per  share  on  a  comparable basis for Fiscal 2004 are
      expected  to  be  within a range of $2.44 to $2.51 versus $2.07 for Fiscal
      2003.

-     Diluted  earnings  per  share on a reported (GAAP) basis for Third Quarter
      2004 are expected to be within a range of  $0.65 to $0.69 versus $0.69 for
      Third Quarter 2003.

-     Diluted  earnings per share on a reported (GAAP) basis for Fiscal 2004 are
      expected  to  be  within a range of $1.89 to $1.96 versus $2.19 for Fiscal
      2003.

     This  Outlook  is  made  as  of  the  date  of   this   press  release,  is
forward-looking  and  is  based  on  management's  current expectations.  Actual
results  may  differ materially from these expectations due to a number of risks
and  uncertainties.   A  reconciliation  of  reported  estimates  to  comparable
estimates  is  included  in  this  press  release.

STATUS OF BUSINESS OUTLOOK
     During  the  quarter,  Constellation  may reiterate the estimates set forth
above  under  the  heading  Outlook (collectively, the "Outlook").  Prior to the
start  of the Quiet Period (described below), the public can continue to rely on
the  Outlook  as still being Constellation's current expectations on the matters
covered, unless Constellation publishes a notice stating otherwise.
     Beginning  November  15,  2003, Constellation will observe a "Quiet Period"
during  which  the   Outlook   no  longer  constitutes   the  Company's  current
expectations.  During  the  Quiet Period, the Outlook should be considered to be
historical,  speaking  as  of  prior to the Quiet Period only and not subject to
update  by the Company. During the Quiet Period, Constellation's representatives
will  not comment concerning the Outlook or Constellation's financial results or
expectations.  The  Quiet  Period will extend until the day when Constellation's
next  quarterly  Earnings Release is published, presently scheduled for Tuesday,
January 6, 2004, after market hours.

ITEMS AFFECTING COMPARABILITY
     INVENTORY STEP-UP  -  The  Hardy  acquisition resulted in  an allocation of
purchase  price in excess of book value to certain inventory on hand at the date
of  purchase.  This  allocation  of  purchase  price  in excess of book value is
referred  to  as inventory step-up.  The inventory step-up represents an assumed
manufacturing  profit  attributable  to  Hardy  pre-acquisition.  For  inventory
produced  and sold after the acquisition date, the related manufacturer's profit
will  accrue  to  the  Company.  The  Company  expects flow through of inventory
step-up  to  have  an  impact  of  approximately $0.12 per share for the current
fiscal year.
     FINANCING COSTS  -  In  connection with the Hardy acquisition,  the Company
recorded  amortization  expense  for  deferred  financing  costs associated with
non-continuing  financing,  primarily  related to the bridge loan agreement. The
Company  expects this charge to be approximately $0.05 per share for the current
fiscal year.
     RESTRUCTURING CHARGES - Restructuring charges resulted from the realignment
of  business  operations in the Company's wine division, as previously announced
in  the fourth quarter of last fiscal year. The Company expects to incur charges
of approximately $0.05 per share for the current fiscal year.
     IMPUTED INTEREST CHARGE  -  In connection with the Hardy acquisition and in
accordance with purchase accounting, the Company was required to take a one-time
imputed  interest  charge  for the time period between when the Company obtained
control  of  Hardy  and  the date it paid shareholders. The Company expects this
charge to be approximately $0.01 per share for the current fiscal year.
     GAIN ON CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS - In connection with
the  Hardy  acquisition,  the Company entered into derivative instruments to cap
the  cost of the acquisition in U.S. dollars. The Company recorded a gain in the
first  quarter,  which  represented  the  net  change in value of the derivative
instruments  from  the  beginning  of  the  first  quarter  until the date Hardy
shareholders  were paid. The Company expects this gain to be approximately $0.01
per share for the current fiscal year.
     EXITING U.S. COMMODITY CONCENTRATE PRODUCT LINE  -  The Company has made  a
decision  to  exit  the  commodity concentrate product line - located in Madera,
California. The commodity concentrate product line is facing declining sales and
profits  and  is  not part of the Company's core business, beverage alcohol. The
Company will continue to produce and sell value-added, proprietary products such
as  MegaColors.  The  Company  expects this charge to be approximately $0.33 per
share  for  the  current  fiscal year, of which $0.10 will be charged to cost of
product  sold  and  $0.23 will be recorded as restructuring charges. The Company
expects  the  restructuring  project  to improve overall profitability and asset
utilization  resulting  in  increased  return  on  invested  capital,  and to be
immediately cash flow positive. More than half the charges are non-cash charges.

FORWARD-LOOKING STATEMENTS
     The  statements  made  under  the  heading  Outlook,  as  well as all other
statements  set  forth in this press release which are not historical facts, are
forward-looking statements that involve risks and uncertainties that could cause
actual  results  to  differ materially from those set forth in or implied by the
forward-looking  statements.  The Company's forward-looking statements are based
on  management's  current  expectations and, unless otherwise noted, do not take
into  account the impact of any future acquisition, merger or any other business
combination,  divestiture  or  financing that may be completed after the date of
this  release.   Any  projections  of  future  results  of  operations,  and  in
particular,  (i)  the  Company's  estimated  diluted  earnings  per  share  on a
comparable  basis for Third Quarter 2004 and Fiscal 2004, and (ii) the Company's
estimated  diluted  earnings  per  share  on  a  reported (GAAP) basis for Third
Quarter  2004  and  Fiscal  2004,  should  not  be  construed in any manner as a
guarantee  that  such  results will in fact occur.  In addition to the risks and
uncertainties of ordinary business operations, the forward-looking statements of
the  Company  contained  in this press release are also subject to the following
risks  and uncertainties: the on-going assimilation of the Hardy business; final
management  determinations  and  independent  appraisals  vary  materially  from
current  management estimates and preliminary independent appraisals of the fair
value  of  the  assets  acquired  and  the  liabilities  assumed  in  the  Hardy
acquisition; the Company achieving certain sales projections and meeting certain
cost  targets; wholesalers and retailers may give higher priority to products of
the  Company's  competitors;  raw   material  supply,  production   or  shipment
difficulties  could  adversely  affect  the  Company's  ability  to  supply  its
customers;  increased competitive activities in the form of pricing, advertising
and promotions could adversely impact consumer demand for the Company's products
and/or  result  in  higher  than  expected  selling,  general and administrative
expenses;  a  general  decline  in  alcohol consumption; increases in excise and
other taxes on beverage alcohol products; and changes in foreign exchange rates.
For  additional  information  about risks and uncertainties that could adversely
affect  the  Company's forward-looking statements, please refer to the Company's
filings with the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the fiscal year ended February 28, 2003.

ABOUT CONSTELLATION
     Constellation Brands, Inc. is a leading international producer and marketer
of  beverage  alcohol brands with a broad portfolio across the wine, spirits and
imported  beer categories. The Company is the largest multi-category supplier of
beverage  alcohol  in the United States; a leading producer and exporter of wine
from Australia and New Zealand; and both a major producer and independent drinks
wholesaler  in  the  United  Kingdom.   Well-known  brands  in   Constellation's
portfolio  include:  Corona  Extra,  Pacifico,  St.  Pauli  Girl,  Black Velvet,
Fleischmann's,  Mr.  Boston,  Estancia,  Simi,  Ravenswood,  Blackstone, Banrock
Station,  Hardys,  Nobilo,  Alice White, Vendange, Almaden, Arbor Mist, Stowells
and Blackthorn.

CONFERENCE CALL DETAILS

     A  conference  call  to  discuss  the  quarterly  results will be hosted by
Chairman  and CEO Richard Sands and Executive Vice President and CFO Tom Summer,
on  Tuesday, September 30, 2003, at 5:00 p.m. (Eastern). The conference call can
be  accessed  by dialing 412-858-4600 beginning 10 minutes prior to the start of
the  call.  A  live listen-only web cast of the conference call, together with a
copy  of  this  press  release  (including  the attachments) is available on the
Internet at Constellation's website: www.cbrands.com under "Investors."

--------------------------------------------------------------------------------
               CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOLLOW

<PAGE>

<TABLE>
<CAPTION>

                   CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (in thousands)

                                               August 31, 2003     February 28, 2003
                                               ---------------     -----------------
            ASSETS
            ------
<S>                                            <C>                 <C>
CURRENT ASSETS:
  Cash and cash investments                    $        47,465     $          13,810
  Accounts receivable, net                             615,470               399,095
  Inventories, net                                   1,198,350               819,912
  Prepaid expenses and other                           108,883                97,284
                                               ---------------     -----------------
    Total current assets                             1,970,168             1,330,101
PROPERTY, PLANT AND EQUIPMENT, net                     991,990               602,469
GOODWILL                                             1,305,218               722,223
INTANGIBLE ASSETS, net                                 834,331               382,428
OTHER ASSETS                                            96,983               159,109
                                               ---------------     -----------------
  Total assets                                 $     5,198,690     $       3,196,330
                                               ===============     =================

    LIABILITIES AND STOCKHOLDERS' EQUITY
    ------------------------------------
CURRENT LIABILITIES:
  Notes payable to banks                       $        35,092     $           2,623
  Current maturities of long-term debt                  81,997                71,264
  Accounts payable                                     255,840               171,073
  Accrued excise taxes                                  51,578                36,421
  Other accrued expenses and liabilities               429,576               303,827
                                               ---------------     -----------------
    Total current liabilities                          854,083               585,208
LONG-TERM DEBT, less current maturities              2,146,928             1,191,631
DEFERRED INCOME TAXES                                  151,319               145,239
OTHER LIABILITIES                                      151,633                99,268
STOCKHOLDERS' EQUITY                                 1,894,727             1,174,984
                                               ---------------     -----------------
  Total liabilities and stockholders' equity   $     5,198,690     $       3,196,330
                                               ===============     =================
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                           CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
                                CONSOLIDATED STATEMENTS OF INCOME
                                       ON A REPORTED BASIS
                              (in thousands, except per share data)

                                                          For the Six       For the Six
                                                          Months Ended      Months Ended      Percent
                                                         August 31, 2003   August 31, 2002    Change
                                                         ---------------   ---------------    -------
<S>                                                      <C>               <C>                  <C>
Gross sales                                              $     2,137,280   $     1,759,460        21%
Excise taxes                                                    (456,891)         (419,261)        9%
                                                         ---------------   ---------------
Net sales                                                      1,680,389         1,340,199        25%
Cost of product sold                                          (1,234,249)         (970,211)       27%
                                                         ---------------   ---------------
  Gross profit                                                   446,140           369,988        21%
Selling, general and administrative expenses                    (231,618)         (178,377)       30%
Restructuring charges                                            (19,399)             -           N/A
                                                         ---------------   ---------------
  Operating income                                               195,123           191,611         2%
Gain on change in fair value of derivative instruments             1,181              -           N/A
Equity in earnings of joint ventures                                 839             5,911       -86%
Interest expense, net                                            (80,341)          (54,292)       48%
                                                         ---------------   ---------------
  Income before income taxes                                     116,802           143,230       -18%
Provision for income taxes                                       (42,049)          (56,289)      -25%
                                                         ---------------   ---------------
  Net income                                                      74,753            86,941       -14%
Dividends on preferred stock                                        (844)             -           N/A
                                                         ---------------   ---------------
  Income available to common stockholders                $        73,909   $        86,941       -15%
                                                         ===============   ===============


Earnings per common share:
  Basic                                                  $          0.77   $          0.97       -21%
  Diluted                                                $          0.75   $          0.94       -20%

Weighted average common shares outstanding:
  Basic                                                           95,726            89,268         7%
  Diluted                                                         99,803            92,550         8%

Segment Information:
Net sales:
  Constellation Beers and Spirits
    Imported beers                                       $       454,678   $       419,513         8%
    Spirits                                                      142,709           138,886         3%
                                                         ---------------   ---------------
      Net sales                                          $       597,387   $       558,399         7%
  Constellation Wines
    Branded wine                                         $       692,765   $       451,130        54%
    Wholesale and other                                          390,237           330,670        18%
                                                         ---------------   ---------------
      Net sales                                          $     1,083,002   $       781,800        39%
                                                         ---------------   ---------------
Consolidated net sales                                   $     1,680,389   $     1,340,199        25%
                                                         ===============   ===============

Operating income:
  Constellation Beers and Spirits                        $       130,000   $       115,976        12%
  Constellation Wines                                            145,436            91,079        60%
  Corporate Operations                                           (20,309)          (15,444)       32%
  Restructuring and unusual costs (a)                            (60,004)             -           N/A
                                                         ---------------   ---------------
Consolidated operating income                            $       195,123   $       191,611         2%
                                                         ===============   ===============
<FN>
(a)  Restructuring  and  unusual costs  for  Six Months 2004  include  the  flow
     through of  inventory  step-up  associated  with  the  Hardy acquisition of
     $14,534, financing costs of $9,244 and restructuring charges of $36,226.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                            CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
                          SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME
                                    ON A COMPARABLE BASIS (a)
                              (in thousands, except per share data)

                                                          For the Six       For the Six
                                                          Months Ended      Months Ended      Percent
                                                         August 31, 2003   August 31, 2002    Change
                                                         ---------------   ---------------    -------
<S>                                                      <C>               <C>                 <C>
Gross sales                                              $     2,137,280   $     1,759,460        21%
Excise taxes                                                    (456,891)         (419,261)        9%
                                                         ---------------   ---------------
Net sales                                                      1,680,389         1,340,199        25%
Cost of product sold                                          (1,202,888)         (970,211)       24%
                                                         ---------------   ---------------
  Gross profit                                                   477,501           369,988        29%
Selling, general and administrative expenses                    (222,374)         (178,377)       25%
Restructuring charges                                               -                 -           N/A
                                                         ---------------   ---------------
  Operating income                                               255,127           191,611        33%
Gain on change in fair value of derivative instruments              -                 -           N/A
Equity in earnings of joint ventures                                 839             5,911       -86%
Interest expense, net                                            (78,683)          (54,292)       45%
                                                         ---------------   ---------------
  Income before income taxes                                     177,283           143,230        24%
Provision for income taxes                                       (63,822)          (56,289)       13%
                                                         ---------------   ---------------
  Net income                                                     113,461            86,941        31%
Dividends on preferred stock                                        (844)             -           N/A
                                                         ---------------   ---------------
  Income available to common stockholders                $       112,617   $        86,941        30%
                                                         ===============   ===============


Earnings per common share:
  Basic                                                  $          1.18   $          0.97        22%
  Diluted                                                $          1.14   $          0.94        21%

Weighted average common shares outstanding:
  Basic                                                           95,726            89,268         7%
  Diluted                                                         99,803            92,550         8%

Segment Information:
Net sales:
  Constellation Beers and Spirits
    Imported beers                                       $       454,678   $       419,513         8%
    Spirits                                                      142,709           138,886         3%
                                                         ---------------   ---------------
      Net sales                                          $       597,387   $       558,399         7%
  Constellation Wines
    Branded wine                                         $       692,765   $       451,130        54%
    Wholesale and other                                          390,237           330,670        18%
                                                         ---------------   ---------------
      Net sales                                          $     1,083,002   $       781,800        39%
                                                         ---------------   ---------------
Consolidated net sales                                   $     1,680,389   $     1,340,199        25%
                                                         ===============   ===============

Operating income:
  Constellation Beers and Spirits                        $       130,000   $       115,976        12%
  Constellation Wines                                            145,436            91,079        60%
  Corporate Operations                                           (20,309)          (15,444)       32%
  Restructuring and unusual costs                                   -                 -
                                                         ---------------   ---------------
Consolidated operating income                            $       255,127   $       191,611        33%
                                                         ===============   ===============
<FN>
(a)  Excludes the flow  through  of inventory  step-up associated with the Hardy
     acquisition,  restructuring  charges, financing  costs  and   the   imputed
     interest charge associated  with the  Hardy acquisition, and  the  gain  on
     change in fair value of derivative instruments for Six Months 2004.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                              CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
                                   CONSOLIDATED STATEMENTS OF INCOME
                                          ON A REPORTED BASIS
                                 (in thousands, except per share data)

                                                          For the Three     For the Three
                                                          Months Ended      Months Ended      Percent
                                                         August 31, 2003   August 31, 2002    Change
                                                         ---------------   ---------------    -------
<S>                                                      <C>               <C>                 <C>
Gross sales                                              $     1,148,213   $       898,997        28%
Excise taxes                                                    (239,453)         (209,191)       14%
                                                         ---------------   ---------------
Net sales                                                        908,760           689,806        32%
Cost of product sold                                            (670,532)         (496,544)       35%
                                                         ---------------   ---------------
  Gross profit                                                   238,228           193,262        23%
Selling, general and administrative expenses                    (124,989)          (87,616)       43%
Restructuring charges                                            (17,083)             -           N/A
                                                         ---------------   ---------------
  Operating income                                                96,156           105,646        -9%
Equity in earnings of joint ventures                                 511             3,172       -84%
Interest expense, net                                            (41,098)          (27,151)       51%
                                                         ---------------   ---------------
  Income before income taxes                                      55,569            81,667       -32%
Provision for income taxes                                       (20,005)          (32,095)      -38%
                                                         ---------------   ---------------
  Net income                                                      35,564            49,572       -28%
Dividends on preferred stock                                        (844)             -           N/A
                                                         ---------------   ---------------
  Income available to common stockholders                $        34,720   $        49,572       -30%
                                                         ===============   ===============


Earnings per common share:
  Basic                                                  $          0.35   $          0.55       -36%
  Diluted                                                $          0.34   $          0.53       -36%

Weighted average common shares outstanding:
  Basic                                                           98,572            89,691        10%
  Diluted                                                        104,131            93,029        12%

Segment Information:
Net sales:
  Constellation Beers and Spirits
    Imported beers                                       $       247,414   $       219,807        13%
    Spirits                                                       72,504            66,687         9%
                                                         ---------------   ---------------
      Net sales                                          $       319,918   $       286,494        12%
  Constellation Wines
    Branded wine                                         $       382,755   $       237,119        61%
    Wholesale and other                                          206,087           166,193        24%
                                                         ---------------   ---------------
      Net sales                                          $       588,842   $       403,312        46%
                                                         ---------------   ---------------
Consolidated net sales                                   $       908,760   $       689,806        32%
                                                         ===============   ===============

Operating income:
  Constellation Beers and Spirits                        $        70,117   $        61,555        14%
  Constellation Wines                                             84,413            52,241        62%
  Corporate Operations                                           (10,238)           (8,150)       26%
  Restructuring and unusual costs (a)                            (48,136)             -           N/A
                                                         ---------------   ---------------
Consolidated operating income                            $        96,156   $       105,646        -9%
                                                         ===============   ===============
<FN>
(a)  Restructuring and unusual  costs for  Second Quarter 2004  include the flow
     through  of inventory  step-up associated  with  the  Hardy  acquisition of
     $9,017, financing costs of $5,209 and restructuring charges of $33,910.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                            CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
                          SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME
                                    ON A COMPARABLE BASIS (a)
                              (in thousands, except per share data)

                                                          For the Three     For the Three
                                                          Months Ended      Months Ended      Percent
                                                         August 31, 2003   August 31, 2002    Change
                                                         ---------------   ---------------    -------
<S>                                                      <C>               <C>                  <C>
Gross sales                                              $     1,148,213   $       898,997        28%
Excise taxes                                                    (239,453)         (209,191)       14%
                                                         ---------------   ---------------
Net sales                                                        908,760           689,806        32%
Cost of product sold                                            (644,688)         (496,544)       30%
                                                         ---------------   ---------------
  Gross profit                                                   264,072           193,262        37%
Selling, general and administrative expenses                    (119,780)          (87,616)       37%
Restructuring charges                                               -                 -           N/A
                                                         ---------------   ---------------
  Operating income                                               144,292           105,646        37%
Equity in earnings of joint ventures                                 511             3,172       -84%
Interest expense, net                                            (41,098)          (27,151)       51%
                                                         ---------------   ---------------
  Income before income taxes                                     103,705            81,667        27%
Provision for income taxes                                       (37,334)          (32,095)       16%
                                                         ---------------   ---------------
  Net income                                                      66,371            49,572        34%
Dividends on preferred stock                                        (844)             -           N/A
                                                         ---------------   ---------------
  Income available to common shareholders                $        65,527   $        49,572        32%
                                                         ===============   ===============


Earnings per common share:
  Basic                                                  $          0.66   $          0.55        20%
  Diluted                                                $          0.64   $          0.53        21%

Weighted average common shares outstanding:
  Basic                                                           98,572            89,691        10%
  Diluted                                                        104,131            93,029        12%

Segment Information:
Net sales:
  Constellation Beers and Spirits
    Imported beers                                       $       247,414   $       219,807        13%
    Spirits                                                       72,504            66,687         9%
                                                         ---------------   ---------------
      Net sales                                          $       319,918   $       286,494        12%
  Constellation Wines
    Branded wine                                         $       382,755   $       237,119        61%
    Wholesale and other                                          206,087           166,193        24%
                                                         ---------------   ---------------
      Net sales                                          $       588,842   $       403,312        46%
                                                         ---------------   ---------------
Consolidated net sales                                   $       908,760   $       689,806        32%
                                                         ===============   ===============

Operating income:
  Constellation Beers and Spirits                        $        70,117   $         61,555       14%
  Constellation Wines                                             84,413             52,241       62%
  Corporate Operations                                           (10,238)            (8,150)      26%
  Restructuring and unusual costs                                   -                  -
                                                         ---------------   ----------------
Consolidated operating income                            $       144,292   $        105,646       37%
                                                         ===============   ================
<FN>
(a)  Excludes the flow through of  inventory  step-up associated  with the Hardy
     acquisition,  restructuring  charges,  financing  costs  and  the   imputed
     interest charge  associated  with the  Hardy acquisition, and  the gain  on
     change in fair value of derivative instruments for Second Quarter 2004.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

RECONCILIATION OF REPORTED AND COMPARABLE HISTORICAL INFORMATION
(in thousands, except per share data)

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. As such, an increase in cost of
goods  sold resulting from the flow through of inventory step-up associated with
the  Hardy  acquisition,  financing  costs  and  the  imputed  interest   charge
associated  with the Hardy acquisition, restructuring charges (including exiting
the  U.S.  commodity  concentrate  product line), and the gain on change in fair
value  of  derivative  instruments are excluded from comparable results. You may
also  visit  the  Company's website at www.cbrands.com under Investors/Financial
Information/Financial  Reports  for a historical reconciliation between reported
and comparable information.

                              For the Three            For the Three             For the Six              For the Six
                              Months Ended             Months Ended              Months Ended             Months Ended
                             August 31, 2003  Margin  August 31, 2002  Margin   August 31, 2003  Margin  August 31, 2002  Margin
                             ---------------  ------  ---------------  -------  ---------------  ------  ---------------  ------
<S>                          <C>              <C>     <C>              <C>      <C>              <C>     <C>              <C>
Reported net sales           $       908,760    100%  $       689,806     100%  $     1,680,389    100%  $     1,340,199    100%
                             ===============          ===============           ===============          ===============
Reported gross profit        $       238,228   26.2%  $       193,262    28.0%  $       446,140   26.5%  $       369,988   27.6%
  Inventory step-up                    9,017    1.0%             -                       14,534    0.9%             -
  Concentrate inventory
    write-down                        16,827    1.9%             -                       16,827    1.0%             -
                             ---------------          ---------------           ---------------          ---------------
Comparable gross profit      $       264,072   29.1%  $       193,262    28.0%  $       477,501   28.4%  $       369,988   27.6%
                             ===============          ===============           ===============          ===============


Reported operating income    $        96,156   10.6%  $       105,646    15.3%  $       195,123   11.6%  $       191,611   14.3%
  Inventory step-up                    9,017    1.0%             -                       14,534    0.9%             -
  Concentrate inventory
    write-down                        16,827    1.8%             -                       16,827    1.0%             -
  Financing costs                      5,209    0.6%             -                        9,244    0.6%             -
  Restructuring charges               17,083    1.9%             -                       19,399    1.2%             -
                             ---------------          ---------------           ---------------          ---------------
Comparable operating income  $       144,292   15.9%  $       105,646    15.3%  $       255,127   15.2%  $       191,611   14.3%
                             ===============          ===============           ===============          ===============


Reported net income          $        35,564    3.9%  $        49,572     7.2%  $        74,753    4.4%  $        86,941    6.5%
  Inventory step-up                    5,771    0.6%             -                        9,302    0.6%             -
  Concentrate inventory
    write-down                        10,769    1.2%             -                       10,769    0.6%             -
  Financing costs                      3,334    0.4%             -                        5,916    0.4%             -
  Restructuring charges               10,933    1.2%             -                       12,416    0.7%             -
  Imputed interest charge               -                        -                        1,061    0.1%             -
  Gain on derivative
    instruments                         -                        -                         (756)   0.0%             -
                             ---------------          ---------------           ---------------          ---------------
Comparable net income        $        66,371    7.3%  $        49,572     7.2%  $       113,461    6.8%  $        86,941    6.5%
                             ===============          ===============           ===============          ===============


Reported Diluted EPS         $          0.34          $          0.53           $          0.75          $          0.94
  Inventory step-up                     0.06                     -                         0.09                     -
  Concentrate inventory
    write-down                          0.10                     -                         0.12                     -
  Financing costs                       0.03                     -                         0.06                     -
  Restructuring charges                 0.11                     -                         0.12                     -
  Imputed interest charge               -                        -                         0.01                     -
  Gain on derivative
    instruments                         -                        -                        (0.01)                    -
                             ---------------          ---------------           ---------------          ---------------
Comparable Diluted EPS       $          0.64          $          0.53           $          1.14          $          0.94
                             ===============          ===============           ===============          ===============
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

RECONCILIATION OF REPORTED AND COMPARABLE DILUTED EARNINGS PER SHARE GUIDANCE

                                                      Range for the Quarter          Range for the Year
                                                    Ending November 30, 2003      Ending February 29, 2004
                                                    ------------------------      ------------------------
<S>                                                 <C>           <C>             <C>           <C>
Forecasted reported diluted earnings per share      $     0.65    $     0.69      $     1.89    $     1.96
  Inventory step-up                                       0.02          0.02            0.12          0.12
  Concentrate inventory write-down                        -             -               0.10          0.10
  Financing costs                                         -             -               0.05          0.05
  Restructuring charges                                   0.09          0.09            0.28          0.28
  Imputed interest charge                                 -             -               0.01          0.01
  Gain on derivative instruments                          -             -              (0.01)        (0.01)
                                                    ----------    ----------      ----------    ----------
Forecasted comparable diluted earnings per share    $     0.76    $     0.80      $     2.44    $     2.51
                                                    ==========    ==========      ==========    ==========
</TABLE>


</TEXT>
</DOCUMENT>
