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Genesee Corp. sees improved earnings.

Genesee Corp. sees improved earnings

The Genesee Corp. recently announced the latest fiscal year was a strong one for the company, marked by improved consolidated sales and earnings. Genesee observed that this is the second consecutive year that the corporation achieved growth in both sales and earnings.

Genesee reported that gross sales for the fiscal year increased eight percent to $171,034,000 compared to $157,697,000 for the prior year. Net earnings for the fiscal year 1991 were $5,938,000 compared to $4,760,000, an increase of nearly 25 percent.

According to company officers, the Genesee Brewing Co.'s increase in gross revenues was in part a result of the price increases implemented in response to federal and state tax increases. However, the officials also attributed the increased profitability to Genesee's continued emphasis on controlling costs and implementing creative and aggressive marketing plans.

"During the past fiscal year, we expanded distribution of the Genesee brands to selected new markets in several states," said John Wehle, Jr. president and CEO. "We plan to solidify our share in these new markets and continue our selective expansion in the coming year."
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Publication:Modern Brewery Age
Date:Jul 8, 1991
Words:192
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