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ANHEUSER-BUSCH ACHIEVES RECORD SALES AND EARNINGS FOR SECOND QUARTER AND FIRST SIX MONTHS

 ANHEUSER-BUSCH ACHIEVES RECORD SALES AND EARNINGS
 FOR SECOND QUARTER AND FIRST SIX MONTHS
 ST. LOUIS, July 22 /PRNewswire/ -- Anheuser-Busch Companies, Inc. (NYSE: BUD), achieved record sales and earnings during the second quarter and first six months of 1992, it was announced today by August A. Busch III, chairman of the board and president.
 The company's solid performance during the second quarter and first six months of 1992 was due primarily to the higher profitability of each major business unit and to lower financing costs.
 Operating results for the second quarter of 1992 were as follows:
 -- Gross sales of $3.38 billion, an increase of 3.7 percent over gross sales of $3.26 billion for the second quarter of 1991.
 -- Net income of $317.2 million, an increase of 10.6 percent compared with $286.7 million for the same period a year ago.
 -- Fully diluted earnings per share of common stock of $1.09 compared with 99 cents for the second quarter of 1991, an increase of 10.1 percent.
 Operating results for the first six months of 1992 were as follows:
 -- Gross sales of $6.41 billion, an increase of 3.6 percent over gross sales of $6.18 billion for the first six months of 1991.
 -- Net income of $541.2 million, an increase of 11.0 percent compared with $487.6 million for the same period a year ago.
 -- Fully diluted earnings per share of common stock of $1.86 compared with $1.69 for the first six months of 1991, an increase of 10.1 percent.
 -- Fully diluted earnings per share of common stock assume the conversion of the company's 8 percent convertible debentures due 1996 and the elimination of related interest expense.
 Anheuser-Busch, Inc., sales to wholesalers were a record 22.450 million barrels during the second quarter of 1992, an increase of 222,000 barrels, or 1.0 percent, over the 22.228 million barrels sold during the second quarter of 1991. Sales to wholesalers during the first six months of 1992 were also a record 43.343 million barrels, an increase of 709,000 barrels, or 1.7 percent, over the 42.634 million barrels sold during the first six months of 1991. This volume gain was the largest in the industry and increases the company's volume lead over its nearest competitors.
 For the first six months of 1992, Anheuser-Busch beer volume sales accounted for approximately 44 percent of total brewing industry sales (including imports), as estimated from information provided by the Beer Institute.
 "While it is apparent that the moderate pace of economic recovery in the United States has dampened volume growth in our core business, we are optimistic that 1992 will be another good year for Anheuser-Busch," Busch said.
 ANHEUSER-BUSCH COMPANIES, INC.
 Comparative Statement of Earnings
 Second Quarter and Six Months ended June 30, 1992 and 1991
 (In millions, except per share)
 Second Quarter Year-to-Date
 1992 1991 1992 1991
 Barrels Sold - All Beers 22.4 22.2 43.3 42.6
 Gross Sales $3,382.4 $3,260.8 $6,406.5 $6,184.9
 Excise Taxes 429.0 415.5 832.0 798.2
 Net Sales 2,953.4 2,845.3 5,574.5 5,386.7
 Cost of Products &
 Services 1,851.2 1,819.2 3,532.0 3,490.9
 Marketing, Distribution and
 Administrative Expenses 553.0 511.6 1,089.0 1,002.3
 Operating Income 549.2 514.5 953.5 893.5
 Interest Expense (50.2) (60.5) (102.6) (129.0)
 Interest Capitalized 11.5 11.2 22.3 23.5
 Interest Income 2.1 2.1 4.2 4.0
 Other Income/(Expense), Net 5.0 (4.9) 6.1 (5.4)
 Income Before Income Taxes 517.6 462.4 883.5 786.6
 Income Taxes 200.4 175.7 342.3 299.0
 Net Income $ 317.2 $ 286.7 $ 541.2 $ 487.6
 Earnings Per Share:
 Primary $ 1.10 $ 1.00 $ 1.87 $ 1.70
 Fully Diluted $ 1.09 $ .99 $ 1.86 $ 1.69
 Capital Expenditures $ 183.7 $ 185.9 $ 338.3 $ 338.5
 Depreciation and
 Amortization $ 139.7 $ 132.2 $ 275.1 $ 259.8
 Weighted Average
 Shares Outstanding:
 Primary 288.7 287.9 289.2 287.1
 Fully Diluted 293.7 292.9 294.2 292.1
 -0- 7/22/92
 /CONTACT: Paul Wagman or Rich Eichwald, 314-982-1700, for Anheuser- Busch/
 (BUD) CO: Anheuser-Busch Companies, Inc. ST: Missouri IN: FOD SU: ERN


GK -- NY037 -- 1843 07/22/92 11:20 EDT
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Date:Jul 22, 1992
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