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GENESEE CORPORATION ANNOUNCES THIRD QUARTER SALES AND EARNINGS

 GENESEE CORPORATION ANNOUNCES THIRD QUARTER SALES AND EARNINGS
 ROCHESTER, N.Y., March 5 /PRNewswire/ -- Genesee Corporation (NASDAQ: GENBB) today announced consolidated sales and earnings for the third quarter and nine months ended Jan. 31, 1992.
 Third quarter gross sales were $44,762,000 compared to gross sales of $39,461,000 for the same period in the previous fiscal year. Nine month gross sales were $147,087,000 compared to $124,793,000 for the prior year. The corporation reported that net earnings for the third quarter were $1,663,000 or $1.04 per share, compared to net earnings of $1,730,000 or $1.08 per share last year. Net earnings for the first three fiscal quarters were $5,464,000, compared to $4,631,000 over the same period of the previous year.
 Genesee Corporation officials noted that increased sales by its subsidiaries, the Genesee Brewing Company and Ontario Foods, both contributed to improved sales in the third quarter. The increase in the brewing company's gross sales was largely the result of price increases during the past year in response to substantially higher federal excise taxes.
 The corporation also reported that barreiage sales by Genesee Brewing Company increased slightly during the first nine months of the fiscal year. Genesee's increase was despite an industry trend which saw a sales decline of approximately two percent in calendar year 1991. Officials attributed improved sales by Genesee Brewing Company to aggressive marketing, competitive pricing strategies, expanded distribution and the success of the Koch's "Golden Anniversary" brands. Improved sales by Ontario foods were attributed to continued growth in sales of food ingredients and private label products.
 Officials noted that third quarter net earnings in fiscal 1992 were slightly lower than in fiscal 1991 becasue of a decline in non-operating income. This was attributable to lower interest rates on the corporation's short-term investments and a pre-tax gain in the third quarter of fiscal 1991 of $868,000 from the sale of one of the corporation's real estate investments. Improved operating results in the third quarter by all of the corporation's businesses largely offset the decrease in non-operating income.
 Based on Genesee Corporation's performance in the first three quarters of its fiscal year, the board of directors declared a regular dividend of 30 cents per share on an extra cash dividend of 48 cents per share, both payable on April 1, 1992 to Class A and Class B shareholders of record on March 20, 1992. The 48 cents per share extra dividend reflects an increase of 8 cents per share from the extra dividends paid in the past several years. John L. Wehle, Jr., president and chief executive officer, explained that the decision to increase the corporation's extra dividend, "...reflects management's confidence in Genesee's financial condition and its commitment to share the corporation's success with its shareholders."
 Genesee Corporation
 Comparative Statement of Earnings
 3 MONTHS ENDED
 Jan. 31, 1992 Jan. 31, 1991
 GROSS SALES $44,762,000 $39,461,000
 Less: Excise Taxes
 and Allowances 11,475,000 8,459,000
 NET SALES 33,287,000 31,002,000
 EARNINGS BEFORE TAXES 2,713,000 2,599,000
 NET EARNINGS 1,663,000 1,730,000
 NET EARNINGS PER SHARE $1.04 $1.08
 9 MONTHS ENDED
 Jan. 31, 1992 Jan. 31, 1991
 GROSS SALES $147,087,000 $124,793,000
 Less: Excise Taxes
 and Allowances 38,189,000 24,623,000
 NET SALES 108,898,000 100,170,000
 EARNINGS BEFORE TAXES 8,755,000 6,944,000
 NET EARNINGS 5,464,000 4,631,000
 NET EARNINGS PER SHARE $3.41 $2.89
 NOTE: Both interim reports are unaudited and subject to year-end adjustments and, due to the seasonal nature of the business and the varying schedule of special sales efforts, are not necessarily indicative of the results to be expected for the year.
 -0- 3/5/92
 /CONTACT: Tom Jones of Genesee Corporation, 716-546-1030/
 (GNBB) CO: Genesee Corporation ST: New York IN: FOD SU: ERN


LC -- CL012 -- 5575 03/05/92 15:37 EST
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Date:Mar 5, 1992
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