NEW YORK -- Fortune Brands, Inc. (NYSE: FO), whose portfolio includes the Acushnet Co. (the parent of Titleist, Cobra Golf and FootJoy), delivered a fourth-quarter revenue record, benefiting from double-digit sales increases for the company's distilled spirits and golf brands, company officials have announced.

The company also continued to outperform the challenging U.S. home products market and gain share in key categories. While reported earnings comparisons for the fourth quarter and full year were adversely impacted by the downturn in the U.S. housing market, charges for supply-chain initiatives, and the absence of one-time gains recorded in the prior-year periods, the company achieved results within its earnings target ranges for both periods.

In golf, "our brands set an industry sales record in 2007, finishing the year with a double-digit sales increase in the fourth quarter," said Bruce Carbonari, president and chief executive officer of Fortune Brands. "Successful innovations helped Titleist, FootJoy and Cobra achieve individual brand records, as we also attained sales records in every product category and in all major markets for the year."

For the full year of 2007, Fortune Brands' income from continuing operations was $749.5 million, or $4.79 per diluted share, down 10% from $5.31 in 2006. Diluted EPS before charges/gains was $5.11, down 4% from $5.33 in 2006.

"Looking to 2008, we're determined to continue growing our premium spirits and golf brands, and to continue outperforming the home products industry," said Carbonari. "That said, in an environment in which the home products market is expected by most economists to decline double digits again in 2008, we're budgeting accordingly.

"In golf, we're targeting operating income before charges to be up modestly, reflecting increased investment in brand building and international growth opportunities," he added.

"For the first quarter of 2008, we're targeting diluted EPS before charges/gains to be in the range of flat to down at a high-single digit rate. That's compared to an EPS before charges/gains for continuing operations number of $0.81 for the year-ago quarter," Carbonari added.

Fortune Brands, Inc. is a leading consumer brands company with annual sales exceeding $8 billion. Its brands include Jim Beam and Maker's Mark bourbon, Moen faucets, Master Lock padlocks and Waterloo tool storage.

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