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BROWN-FORMAN REPORTS RECORD EARNINGS

 LOUISVILLE, Ky., June 14, 1993 -- Brown-Forman Corporation (NYSE: BF.A. BF.B) announced that net income for the 1993 fiscal year ended April 30 rose 7% to $156.2 million or $5.65 per share, compared to $146.4 million or $5.29 per share the previous year.
 Net income for the fourth quarter of fiscal 1993 was $32.5 million or $1.17 per share, compared to $31.5 million or $1.14 per share during the same period last year.
 W.L. Lyons Brown, Jr., Chairman and Chief Executive Officer, attributed Brown-Forman's improved results to a strengthening of its core wines and spirits business. Brown stated, "Fiscal 1993 was a very successful year for our wines and spirits segment, which accounts for the vast majority of Brown-Forman's earnings. Record results for the company largely reflect an overall upturn in our U.S. beverage business, including the very successful national introduction of Jack Daniel's Country Cocktails."
 Fiscal 1993 operating income for Brown-Forman's wines and spirits segment rose 11 percent to $245.7 million on a 14 percent increase in sales. Beverage profits were up strongly in the U.S. market, reflecting improved results for the company's established brands as well as the successful introduction of Jack Daniel's Country Cocktails and the acquisition of Fetzer Vineyards. Brown-Forman's largest spirit brands -- Jack Daniel's Tennessee Whiskey, Canadian Mist, Southern Comfort and Early Times -- all achieved volume gains in the U.S. this past year. Jack Daniel's Country Cocktails, which became one of the 20 best-selling spirit brands in the U.S. during its first full year of national distribution, made a solid contribution to fiscal 1993 results. Operating income was further boosted by very satisfying results from Fetzer Vineyards, a leading producer of premium varietal California wines acquired by Brown-Forman in August 1992. While the rate of growth for Brown-Forman's overseas spirits business is slowing, Brown-Forman International reported another year of record sales and earnings. Double-digit growth of Jack Daniel's Tennessee Whiskey, the company's largest brand overseas, more than offset moderate declines for Southern Comfort and Early Times outside the U.S.
 Brown reported a sizable profit drop for the company's consumer durables business. "Most of the businesses within our consumer durables segment concluded the year with disappointing results. In addition to weak demand related to economic conditions, the consumer durables segment was affected by intense competitive activity, unfavorable costs at our china manufacturing facilities, and a diminished success rate for new product introductions at Lenox Collections."
 Operating income for the consumer durables segment fell to $24.5 million in fiscal 1993, compared to $40.4 million the previous year. Profit declines were experienced broadly by the major business units within the segment, including Lenox Collections, Lenox China, Lenox Merchandising, and Hartmann Luggage. A major effort to improve the profitability of the consumer durables segment has led the company to adopt strategies that are expected to improve its competitive position, as well as to reduce operating costs and working capital. A write-down of non-performing assets associated with this undertaking, principally inventories and intangibles, lowered fourth quarter operating earnings by $3.8 million, or $.09 per share.
 Brown-Forman's "other" business segment, representing venture businesses, reported an operating loss of $1.9 million in fiscal 1993 compared to a $14.8 million loss last year. Improved results largely reflect a significant reduction in the scope of the company's aquaculture business. Included in fiscal 1992 results were costs related to operational difficulties at the aquaculture facility and a $3.5 million write-down of related assets. The segment also benefited in fiscal 1993 by a significant improvement in the results of Brown- Forman's credit card processing operations, as that business continued to develop.
 Brown-Forman Corporation is a diversified producer and marketer of fine quality consumer products, including Jack Daniel's Tennessee Whiskey, Canadian Mist, Southern Comfort, Early Times, Jack Daniel's Country Cocktails, Korbel California Champagnes, Bolla Italian Wines, Fetzer Vineyards California Wines, Lenox China and Crystal, Dansk International Designs, Gorham Silver, Crystal and China, and Hartmann Luggage.
 Worldwide Depletions of Major Wines and Spirits Brands
 Year Ended April 30, 1993
 Nine-Liter Change From
 Cases Fiscal 1992 (pct.)
 Jack Daniel's Tennessee Whiskey 4,420,000 4
 Canadian Mist 3,255,000 1
 Southern Comfort 2,220,000 (1)
 Early Times 1,515,000 (1)
 Korbel Champagnes 980,000 0
 Bolla 820,000 (4)
 BROWN-FORMAN CORPORATION
 LOUISVILLE, KENTUCKY
 CONSOLIDATED STATEMENT
 (Expressed in thousands except per share amounts)
 THREE MONTHS ENDED
 APRIL 30,
 1993 1992
Net Sales $ 403,384 369,842
Operating Income $ 54,222 51,772
Income Before Income Taxes $ 51,205 49,204
Taxes on Income $ 18,685 17,690
Net Income $ 32,520 31,514
Earnings Per Share of Common Stock $ 1.17 1.14
Average Shares of Common Stock 27,555 27,555
Net Sales Less Excise Tax $ 342,118 306,364
 BROWN-FORMAN CORPORATION
 LOUISVILLE, KENTUCKY
 CONSOLIDATED STATEMENT
 (Expressed in thousands except per share amounts)
 TWELVE MONTHS ENDED
 APRIL 30,
 1993 1992
Net Sales $1,691,683 1,519,787
Operating Income $ 255,382 233,818
Income Before Income Taxes $ 242,577 223,692
Taxes on Income $ 86,387 77,339
Net Income $ 156,190 146,353
Earnings Per Share of Common Stock $ 5.65 5.29
Average Shares of Common Stock 27,555 27,574
Net Sales Less Excise Tax $1,414,531 1,260,118
 These figures have been prepared in accordance with the company's customary accounting practices.
 -0- 6/14/93
 /CONTACT: Larry Probus, Vice President, Brown-Forman Corporation, 502-774-7441/
 (BF)


CO: Brown-Forman Corporation ST: Kentucky IN: FOD SU: ERN

MM -- CH006 -- 1620 06/14/93 11:52 EDT
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Date:Jun 14, 1993
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