Close the gaps and open the taps. Clear now that Crown's strategy to close price gaps, take rev/profit hit, while keeping mktg consistent, turned biz around. Crown posted solid 5% depletions gain in latest fiscal qtr thru Nov. Drove sales $$ up double-digits as it re-filled distrib inventories and grew biz. That was 3d-straight depletions gain, Constellation prexy/ceo Rob Sands pointed out, noting Corona Extra depletions up for 1st qtr since JV formed in 2007. (Corona down 1.7% in 07, -4.6% in 08, -9.8% in 09.) For 9 mos thru Nov, Crown depletions up mid-single digits. Inventory-fueled volume pop drove net sales up 22%, operating income up 27% in Q3 Sep-Nov. That put 9-mo revs back in black, +$77 mil, 4.2%. Operating income still slightly behind for 9 mos: -$6 mil, -1.7%. But Constellation now expects income up slightly for fiscal 2011 thru Feb. Recall that Crown oper income down $56 mil, 11% in calendar 09, revs off 7%. So this is big shift. Constellation prexy/ceo Rob Sands cited new ads for Corona/Corona Light during fall sports and continued growth of Modelo Especial, still running up 15-20%. Differences with partner Modelo over mktg spend ironed out and going forward investments will "insure JV will have world class marketing," said Rob. Then too, he believes Corona mktg "a cut above anything else in the industry." Compared "very consistent" mktg for Corona to competitors' "herky-jerky marketing actions and programs."