Exhibit 1

BROWN-FORMAN DISTILLERS CORPORATION

Comparative Financial Data, 1978

American Brown- National Publicker Hiram

Distilling Forman Heublein Distilling Industries Seagram Walker
-------- -------- -------- -------- -------- -------- --------
Beta 1.41 1.10 1.71 0.79 1.63 1.04 0.65
Marginal tax rate 0.30 0.50 0.49 0.47 0.40 0.46 0.50
Debt/equity 1.14 0.247 0.55 0.34 0.84 0.53 0.20
Debt-cash/total capital 0.50 0.11 0.28 0.16 0.44 0.32 0.12
Assets/equity 2.46 1.37 2.16 1.65 2.04 1.76 1.43
Sales/assets 1.66 1.46 1.80 1.35 1.49 1.22 1.04
Profit/sales 0.012 0.073 0.035 0.052 0.005 0.038 0.069
Price/earnings 9.4 8.2 9.6 6.5 NMF 8.8 7.7
Dividend yield at 4/14/78 NIL 0.043 0.056 0.080 NIL 0.042 0.062
Self-sustaining growth rate 0.049 0.102 0.053 0.079 0.015 0.041 0.054
1978 expected sales growth 0.02 0.09 0.06 0.08 0.04 0.07 0.06
Market value/book value 0.46 1.26 1.53 0.79 0.63 0.75 0.77
 Exhibit 2

BROWN-FORMAN DISTILLERS CORPORATION

Consolidated Statement of Income

(Expressed in thousands except per share amounts)

Years Ended April 30,

1978 1977
-------- --------
Net sales $457,071 $396,176
Cost of sales 310,539 274,733
-------- --------
Gross profit 146,532 121,443
Selling, advertising, administrative, and
general expenses 76,395 69,714
Other income (expense):
Write-off of intangible asset (2,300) 0
Miscellaneous, net 1,314 1,760
-------- --------
Earnings before interest and taxes 69,151 53,489
Interest expense 5,804 6,249
-------- --------
Income before taxes 63,347 47,240
Taxes on income 32,100 23,500
-------- --------
Net income $31,247 $23,740
======== ========

Earnings per common share $2.45 $1.85

 Exhibit 3

BROWN-FORMAN DISTILLERS CORPORATION

Consolidated Balance Sheet

(Expressed in thousands)

-----April 30,-----
Assets 1978 1977
------ -------- --------
Cash $8,875 $9,354
Short-term money market investments 20,797 36,171
Accounts receivable, trade 59,759 40,446
Inventories 167,142 148,794
Other current assets 1,030 1,380
-------- --------
Total current assets 257,603 236,145
Investments in associated companies 6,554 6,494
Property, plant and equipment, at cost: 81,010 74,229
Less accumulated depreciation 41,709 38,384
-------- --------
Net property, plant and equipment 39,301 35,845
Other assets 6,360 4,716
Goodwill, franchises, brands and trademarks 18,787 21,671
-------- --------
Total assets $328,605 $304,871
======== ========
Liabilities and Stockholders' Equity
------------------------------------
Current portion of long-term debt $5,000 $5,000
Accounts payable and accrued expenses 39,361 32,213
Accrued taxes 11,475 6,659
Deferred income taxes 1,650 2,759
-------- --------
Total current liabilities 57,486 46,631
9.3% serial notes, less current portion,
$5,000 due each September 1, 1979-1988 50,000 60,000
Deferred income taxes 2,894 1,226
-------- --------
Total liabilities 110,380 107,857

Stockholders' Equity
Capital stock:
Preferred $0.40 cumulative, 1,177,948
shares authorized and outstanding 11,779 11,779
Class A common stock, voting, issued
shares, 4,020,634 1,206 1,206
Class B common stock, non-voting, issued
shares, 8,888,105 2,667 2,667
Capital surplus 91,146 91,146
Retained earnings 115,349 94,138
Less common treasury stock, at cost (Class A,
61,742 shares; Class B, 261,377 shares) (3,922) (3,922)
 -------- --------
Total stockholders' equity 218,225 197,014
-------- --------
Total liabilities and equity $328,605 $304,871
======== ========
 Exhibit 6

BROWN-FORMAN DISTILLERS CORPORATION

Income Statement

Southern Comfort Corporation and Subsidiary

(for the years ended December 31)

1977 1976
---------- ----------
Net sales $64,183,392 $57,308,426
Cost of sales 45,814,353 40,909,265
---------- ----------
Gross profit 18,369,039 16,399,161
Selling, administrative and general expenses 10,193,517 9,446,120
---------- ----------
Income from operations 8,175,522 6,953,041

Other income (expense):

Royalties on Canadian sales 355,940 329,804
Interest (62,283) (186,210)
Rental property, net 111,329 (141,457)
Other, net 2,466 (5,237)
---------- ----------
407,452 (3,100)
---------- ----------
Income before income taxes 8,582,974 6,949,941

Provision for income taxes 4,211,512 3,453,400

---------- ----------
Net income $4,371,462 $3,496,541
========== ==========

Earnings per common share $79.95 $59.67

 Exhibit 7

BROWN-FORMAN DISTILLERS CORPORATION

Southern Comfort Corporation and Subsidiary

Consolidated Balance Sheets--December 31

ASSETS 1977 1976

---------- ----------
CURRENT ASSETS
Cash $1,341,190 $750,108
Accounts receivable 12,118,758 12,305,064
Inventories 7,365,841 6,554,342
Prepaid expenses 35,952 59,218
---------- ----------
Total current assets 20,861,741 19,668,732

Property, at cost: 5,556,624 4,933,708

Less: accumulated depreciation 2,439,268 2,105,195
---------- ----------
3,117,356 2,828,513
Investment in rental property, less
accumulated depreciation of $171,996
and $106,878 1,614,633 1,673,585
---------- ----------
Total property, net 4,731,989 4,502,098
Display silver, at cost 152,297 152,297
---------- ----------
$25,746,027 $24,323,127
========== ==========

LIABILITIIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Notes payable to bank, unsecured $0 $2,350,000
Current portion of long-term notes payable 62,067 858,461
Federal spirits and rectification taxes 7,096,549 4,933,465
Accounts payable and accrued expenses 1,076,973 1,489,093
Dividends payable 8,343 8,493
Income taxes 738,279 572,571
---------- ----------
Total current liabilities 8,982,211 10,212,083

Long-term notes payable, less current portio 35,827 1,297,894

Deferred compensation payable, less
current portion 0 51,200

Stockholders' equity:
Preferred stock, no par redeemable at $10,
$0.50 cumulative outstanding 33,374 and
33,974 shares 166,870 169,870
Common stock, $1 par, authorized 170,000
shares, issued 120,000 shares 120,000 120,000
Retained earnings 23,363,049 19,011,274
 ---------- ----------
23,649,919 19,301,144
Less: Treasury stock, at cost, 66,214
and 65,437 common shares 6,921,930 6,539,194
---------- ----------
16,727,989 12,761,950
---------- ----------
$25,746,027 $24,323,127
========== ==========
 Exhibit 9

BROWN-FORMAN DISTILLERS CORPORATION

Assumptions Used in Southern Comfort Cash Flow Forecast

1978 1979 1980 1981 1982 1983 1984

------ ------ ------ ------ ------ ------ ------
PROFIT PER CASE
U.S. domestic
Revenue $49.62 $50.62 $51.42 $52.42 $52.92 $53.92 $54.92
Cost of goods 33.52 34.10 34.75 35.41 36.14 36.93 37.78
Advertising 4.07 4.01 3.80 3.68 3.83 3.89 3.92
Selling
Regular 0.55 0.58 0.59 0.60 0.61 0.62 0.63
Transition 0.71 0.34 0.15

Export
Revenue 19.21 20.32 21.50 22.55 23.21 23.80 25.16
Cost of goods 7.08 and increases at 8% annually thereafter
Advertising 1.44 1.38 1.37 1.37 1.37 1.36 1.37
Brokerage 2.75 2.76 2.75 2.85 2.72 2.69 2.68
Selling exp. 0.05 0.05 0.05 0.06 0.06 0.06 0.06

Canada
Royalty 3.48 3.48 3.48 3.48 3.48 3.48 4.00
Concentrate profit 1.55 1.55 1.55 1.55 1.55 1.55 1.55

CASE VOLUMES (in thousands)

U.S. 1140 1225 1315 1410 1510 1615 1725
Export 325 350 380 405 425 445 463
Canada 115 125 138 150 160 170 180

CORPORATE LEVEL
G&A Expense 1665 1800 1944 2100 2268 2449 2645
Transition 430 380 180
Settlements 400 400 400 400
Interest expense 113 122 132 142 154 166 179
 1985 1986 1987 1988
------ ------ ------ ------

$55.92 $56.92 $57.92 $58.92

38.70 39.70 40.77 41.93
3.97 3.33 3.18 3.37

0.63 0.65 0.67 0.70

26.15 27.15 28.15 29.15

1.37 1.37 1.37 1.37

2.67 2.67 2.67 2.67
0.06 0.07 0.07 0.08

4.00 4.00 4.00 4.00

1.55 1.55 1.55 1.55

1835 1923 1984 2015

480 490 500 500
190 200 210 220

2857 3086 3332 3599

194 209 226 244

 Exhibit 10

BROWN-FORMAN DISTILLERS CORPORATION

Stock Price Data

Brown Forman S&P 500

Class A Class B Index
-------- -------- --------
1/3/78 19.875 20.000 93.82
2/1/78 19.750 19.375 89.93
3/1/78 20.500 20.500 87.19
4/3/78 21.875 21.250 88.46
5/1/78 23.500 23.750 97.67
6/1/78 24.750 24.875 97.35

6/2/78 24.875 25.000 98.14

6/9/78 25.625 26.375 99.93
6/16/78 26.375 27.000 97.42
6/23/78 26.000 26.500 95.85
6/30/78 25.625 24.875 95.53