A plastic container comprised of a closed base, a body portion, and a neck portion with a dispensing opening. The closed base includes a substantially rigid support portion and a flexible portion. The body portion preferably includes a shoulder portion and a substantially rigid wall portion that includes a plurality of reinforcement formations. The container is configured so that the flexible portion of the base contracts upwardly about the support portion in response to vacuum pressures generated within the container, while the substantially rigid support portion of the sidewall remains substantially firm, for example, to accept or receive a label. If desired, the shoulder portion may include a logo and/or one or more pressure relief formations. A method for producing hot-filled, labeled containers is also disclosed.