Jack Daniel’s Barrels through Recession

Dear Client:Brown-Forman chief Paul Varga said he’s “pleased” with the company’s fiscal 2009 results ended April 30 “given today’s global economy...our our underlying operating income growth rate continues to be in the top tier of major wine and spirit companies.” He also sent a strong message to analysts and shareholders: “Most importantly, in an environment where good health cannot be taken for granted, Brown-Forman remains a strong and healthy company.”Overall, benefits of price increases were partially offset by higher costs