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BROWN-FORMAN REPORTS RECORD FISCAL 1992 EARNINGS

 BROWN-FORMAN REPORTS RECORD FISCAL 1992 EARNINGS
 LOUISVILLE, Ky., June 16 /PRNewswire/ -- Brown-Forman Corporation


(NYSE: BF.A BF.B) today reported that net income for the 1992 fiscal year ended April 30 rose to $146.4 million or $5.29 per share, compared to $145.2 million or $5.21 per share the previous year.
 Net income for the fourth quarter of fiscal 1992 was $31.5 million or $1.14 per share compared to $27.1 million or $0.97 per share during the same period last year.
 Commenting on the company's performance for the past year, W. L. Lyons Brown, Jr., Chairman and Chief Executive Officer, stated, "Brown- Forman achieved record earnings in fiscal 1992, although only slightly higher than the prior year. This performance was gratifying considering the substantial excise tax increases on wine and spirits in 1991 and the recessionary economy during much of the year which dampened demand for these products industry wide. The company's consumer durables segment realized strong growth in spite of a generally weak retail environment; but Brown-Forman's venture businesses experienced greater losses in fiscal 1992."
 Mr. Brown continued, "While 1992 earnings were below Brown-Forman's original expectations, we believe that during the coming year, as happened in the same period following the 1985 federal excise tax increase, the rates of change for wine and spirits volumes will return to their previous levels. Our confidence is further enhanced by what appears to be a strengthening U.S. economy."
 Operating income for Brown-Forman's wines and spirits segment increased 4 percent to $221.0 million. Sales for the company's domestic business fell during the year, as volume declines more than offset higher prices. Overseas, sales grew from the prior year, due to the strong performance of Jack Daniel's.
 Operating income of the company's consumer durables segment, including Dansk and Gorham for 10 months of 1992, rose 27 percent to $40.4 million
versus fiscal 1991. Excluding the acquisition of Dansk and Gorham, consumer durables operating profit rose 7 percent. However, during fiscal 1991, the segment's operating profits were negatively affected by additional accruals for workers' compensation expenses and environmental clean up costs.
 The acquisition of Dansk and Gorham contributed $.03 per share to earnings in fiscal 1992, after accounting for amortization of goodwill and interest costs. This was principally due to stronger than expected earnings from operations. In addition, the acquisition has enabled Brown-Forman to enhance its position within the U.S. tabletop trade significantly and to create production and marketing efficiencies.
 During fiscal 1992, the consumer durables businesses experienced mixed results. Despite the recessionary climate in the U.S. economy, Lenox China and Lenox Collections achieved solid growth. However, Lenox Crystal, feeling the effects of a weak economy during the year, did not perform up to expectations. In addition, earnings were reduced by start up costs associated with opening new domestic retail leather goods stores and expansion of china and leather products outside the United States.
 The company's "other" segment, which represents venture businesses, experienced operating losses of $14.8 million in fiscal 1992 compared to $8.2 million in fiscal 1991. These increased losses were caused by operational difficulties at the intensive fish raising facility and by the write-down of
$3.5 million of related assets. Brown-Forman expects a significant reduction in these losses in fiscal 1993 as the company begins to realize benefits from restructuring its aquaculture business and from previous investments in the credit card processing operations.
 During fiscal 1992, the company refined its method of allocating certain general and administrative expenses to more clearly reflect segment operating results. Fiscal 1991 has been restated to reflect the expense classifications adopted during fiscal 1992. This refinement did not affect consolidated operating income, net income, or earnings per share.
 Brown-Forman Corporation is a diversified producer and marketer of fine quality consumer products, including Jack Daniel's Tennessee Whiskey, Canadian Mist, Southern Comfort, Korbel California Champagnes, Lenox China and Crystal, Dansk International Designs, Gorham Silver, Crystal and China, and Hartmann Luggage.
 BROWN-FORMAN CORPORATION
 LOUISVILLE, KENTUCKY
 CONSOLIDATED STATEMENT
 (Expressed in thousands except per share amounts)
 THREE MONTHS ENDED
 APRIL 30,
 1992 1991
 Net Sales $369,842 305,192
 Operating Income $ 51,772 39,987
 Income Before Income Taxes $ 49,204 39,707
 Taxes on Income $ 17,690 12,633
 Net Income $ 31,514 27,074
 Earnings Per Share of Common Stock $ 1.14 .97
 Average Shares of Common Stock 27,555 27,644
 Net Sales Less Excise Tax $306,364 249,186
 BROWN-FORMAN CORPORATION
 LOUISVILLE, KENTUCKY
 CONSOLIDATED STATEMENT
 (Expressed in thousands except per share amounts)
 TWELVE MONTHS ENDED
 APRIL 30,
 1992 1991
 Net Sales $1,519,787 1,387,780
 Operating Income $ 233,818 223,467
 Income Before Income Taxes $ 223,692 219,546
 Taxes on Income $ 77,339 74,313
 Net Income $ 146,353 145,233
 Earnings Per Share of Common Stock $ 5.29 5.21
 Average Shares of Common Stock 27,574 27,768
 Net Sales Less Excise Tax $1,260,118 1,118,850
 These figures have been prepared in accordance with the company's customary accounting practices.
 -0- 6/16/92
 /CONTACT: David R. Jackson, Vice Chairman, Assistant to Chairman, Brown-Forman Corporation, 502-774-7309/
 (BF) CO: Brown-Forman Corporation ST: Kentucky IN: FOD SU: ERN


CM -- CH004 -- 0521 06/16/92 09:25 EDT
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