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GENESEE CORP. REVIEWS IMPROVED YEAR WITH SHAREHOLDERS

 GENESEE CORP. REVIEWS IMPROVED YEAR WITH SHAREHOLDERS
 ROCHESTER, N.Y., Oct. 22 /PRNewswire/ -- The annual meeting of


Class A shareholders of Genesee Corporation (NASDAQ: GENBB) was held today at the corporate offices.
 Shareholders elected William A. Buckingham to serve a one-year term on the corporation's board of directors. Shareholders elected Samuel T. Hubbard, Jr., Robert N. Latella, John D. Reifenrath and John L. Wehle to serve three-year terms on the corporation's board of directors. Shareholders also approved a stock plan which authorizes the corporation to issue an aggregate of 100,000 shares of Class A or Class B common stock to key employees of the corporation and its subsidiaries. The new stock plan replaces a previous plan that had expired.
 John L. Wehle, Jr., president and chief executive officer, told shareholders that the fiscal year ended April 30, 1992 marked the third consecutive year that the corporation had achieved improved sales and earnings. Wehle noted that all of the corporation's businesses contributed to its success.
 Wehle reported that both sales and earnings from Genesee Brewing Company increased in fiscal 1992 despite continued intense competition in the brewing industry. Wehle attributed Genesee Brewing Company's success to ongoing efforts during the past several years to improve all areas of production, sales and marketing. In addition to improved sales revenues in fiscal 1992, for the first time in several years Genesee Brewing Company also increased barrel sales. "This was a significant accomplishment because the industry as a whole experienced a slight decline in barrel sales during the same period," reported Wehle.
 Genesee Brewing Company introduced two new brands in fiscal 1992 to meet consumer demand for new and innovative products. Genesee NA, a non-alcohol malt beverage, was introduced in May 1991. First year sales of Genesee NA exceeded projections and continue to grow. Michael Shea's Irish Amber, a specialty, premium beer, was introduced in February 1992 and has met rave reviews for its rich, full-bodied flavor. "Michael Shea's Irish Amber is a superior brew that demonstrates the knowledge and skill of our brewing staff," said Wehle. In August, Michael Shea's Irish Amber was offered in the 12 ounce longneck bottle and the new brand is now available throughout Genesee Brewing Company's marketing area.
 Executive vice president and chief operating officer, Robert N. Latella, reported that the corporation's non-brewing business also contributed to the corporation's overall success. Cheyenne Leasing Company, the corporation's equipment leasing business, celebrated its sixth anniversary in 1992 and for the fifth consecutive year posted record results in terms of new leases, value of equipment leased and profitability. Latella reported that the corporation's real estate investments continued to perform well despite the generally poor condition of the real estate industry. The corporation's Foods Division showed a slight loss but recorded improved sales and operating results for fiscal 1992.
 As previously reported, extremely poor weather during the past spring and summer, coupled with the sluggish economy, caused sales and earnings by Genesee Brewing Company and the Foods Division to decline in the first quarter of the current fiscal year. Wehle noted that the entire beverage industry suffered the affects of poor weather during the prime spring and summer selling season. Despite improved sales in September, Wehle said that it would be difficult to overcome the impact of the first four months during the remainder of the current fiscal year. However, management believes that its plans and strategies are fundamentally sound and that the corporation is positioned to resume its sales and earnings growth over the long term.
 -0- 10/22/92
 /CONTACT: Mark W. Leunig of the Genesee Corporation, 716-546-1030, ext. 440/
 (GENBB) CO: Genesee Corporation ST: New York IN: FOD SU:


BM -- CL026 -- 3737 10/22/92 14:51 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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