Mondavi Posts Narrower Loss in Restatement
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Robert Mondavi Corp., the winemaker that is being acquired by Constellation Brands Inc., restated its fiscal first-quarter results Monday, reporting a narrower loss as it eliminated charges related to a planned reorganization.
The net loss for the quarter ended Sept. 30 was restated to $12.8 million, or 78 cents a share, the Napa, Calif.-based winemaker said. Mondavi previously reported a net loss of $57.7 million, or $3.47 a share, for the quarter.
Mondavi eliminated some first-quarter expenses related to a planned restructuring. The company had sought to sell its landmark Robert Mondavi Winery in Oakville, Calif., and its luxury brands to focus on less expensive wines.
Constellation, the world’s largest wine company, this month offered to buy the vintner for $1.03 billion, and Mondavi said it would suspend the reorganization plan as it sought shareholder approval for the acquisition.
Mondavi shares shed 7 cents to $57.08 on Nasdaq. The restatement was announced after stock markets closed Monday.
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