CBA Stresses Reorganization and “Right-Sizing” in Full-Year Call

Dear Client:You could hear the wheels turning inside CBA's collective head on today's full-year earnings call. Still hampered by bad news from concentrated Widmer Brothers Hefeweizen draft losses, and 2012 depletion and shipment growth on the low end of expectations at 6% and 8%, CEO Mark Moreland also hinted at some weak shipment results for Q1 2013 as compared to the prior period, due to "normal changes to programs and new product timing" and "uneven quarterly performance from implementation of