CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) February 29,  February 28, 2004 2003 ASSETS CURRENT ASSETS:  Cash and cash investments $ 37,136  $ 13,810  Accounts receivable, net  635,910  399,095  Inventories, net  1,261,378  819,912  Prepaid expenses and other  137,047  97,284  Total current assets  2,071,471  1,330,101  PROPERTY, PLANT AND EQUIPMENT, net  1,097,362  602,469  GOODWILL 1,540,637 722,223 INTANGIBLE ASSETS, net  744,978  382,428  OTHER ASSETS  104,225  159,109  Total assets  $ 5,558,673  $ 3,196,330  LIABILITIES AND STOCKHOLDERS’ EQUITY  CURRENT LIABILITIES:  Notes payable to banks  $ 1,792  $ 2,623  Current maturities of long-term debt  267,245  71,264  Accounts payable  270,291  171,073  Accrued excise taxes  48,465  36,421  Other accrued expenses and liabilities  442,009  303,827  Total current liabilities  1,029,802  585,208  LONG-TERM DEBT, less current maturities  1,778,853  1,191,631  DEFERRED INCOME TAXES  187,410  145,239  OTHER LIABILITIES  184,989  99,268  STOCKHOLDERS’ EQUITY:  Preferred Stock, $.01 par value – Authorized, 1,000,000 shares;  Issued, 170,500 shares at February 29, 2004, and none at February 28, 2003 (Aggregate liquidation preference of $172,951 at February 29, 2004) 2  – Class A Common Stock, $.01 par value – Authorized, 275,000,000 shares;  Issued, 97,150,219 shares at February 29, 2004,  and 81,435,135 shares at February 28, 2003 971  814  Class B Convertible Common Stock, $.01 par value-  Authorized, 30,000,000 shares;  Issued, 14,564,630 shares at February 29, 2004,  and 14,578,490 shares at February 28, 2003  146  146  Additional paid-in capital  1,024,048  469,724  Retained earnings  1,010,193  795,525  Accumulated other comprehensive income (loss)  372,302  (59,257) 2,407,662 1,206,952 Less-Treasury stock-  Class A Common Stock, 2,583,608 shares at February 29, 2004, and 2,749,384 shares at  February 28, 2003, at cost  (27,786) (29,610) Class B Convertible Common Stock, 2,502,900 shares  at February 29, 2004, and February 28, 2003, at cost (2,207) (2,207) (29,993) (31,817) Less-Unearned compensation-restricted stock awards (50) (151) Total stockholders' equity  2,377,619  1,174,984  Total liabilities and stockholders’ equity  $ 5,558,673  $ 3,196,330  39 The accompanying notes to consolidated financial statements are an integral part of these statements.