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BROWN-FORMAN REPORTS THIRD QUARTER EARNINGS

 BROWN-FORMAN REPORTS THIRD QUARTER EARNINGS
 LOUISVILLE, Ky, Feb. 25 /PRNewswire/ -- Brown-Forman Corporation


(NYSE: BF.A BF.B) reported that net income for the third quarter of fiscal 1992 was $34 3 million or $1.24 per share compared to $38.0 million or $1.37 per share during the same period last year.
 Net income for the nine months ended January 31, 1992, was $114.8 million or $4.15 per share compared to $118.2 million or $4.24 per share for the comparable period last year.
 Commenting on the company's performance, Brown-Forman's Chairman and Chief Executive Officer, W. L. Lyons Brown, Jr., stated, "we anticipated a difficult comparison in the third quarter resulting from unusually strong sales of wines and spirits during the same period last year as U.S. distributors purchased products in advance of an increase in the federal excise tax on wines and spirits. These tax related price increases on alcohol and the recessionary economy have dampened demand for alcohol beverage products industry wide, a trend that adversely affected third quarter performance. In addition, Brown-Forman's venture businesses are experiencing greater losses through the first nine months than during the same period last year due to operational difficulties in the aquaculture business. Due to these unfavorable trends, our year-to-date results are somewhat below what we previously expected. While these trends could possibly continue, we believe that fourth quarter earnings will exceed last year and we anticipate that the company will achieve full year earnings per share approximating fiscal 1991."
 Worldwide depletions of the company's major wine and spirits brands declined moderately during the quarter compared to the same period last year. While higher prices per case generally have aided revenues and profits, they were not sufficient to offset volume decline during the quarter.
 Brown-Forman's consumer durables segment experienced strong results during the quarter. Despite the recessionary climate in the U.S. economy, Lenox Collections, Lenox Merchandising, and Hartmann Luggage achieved solid growth, continuing to indicate positive consumer response to these products. Lenox Crystal, however, has felt the effects of a weak economy and has not performed up to expectations through the first nine months. The integration of recently acquired Dansk and Gorham is proceeding on schedule. Dansk and Gorham are contributing to earnings for the quarter and year-to-date.
 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
 JANUARY 31,
 1992 1991
 Net Sales $378,924 363,000
 Operating Income $ 54,392 59,099
 Income Before Income Taxes $ 52,016 57,624
 Taxes on Income $ 17,676 19,614
 Net Income $ 34,340 38,010
 Earnings Per Share of Common Stock $ 1.24 1.37
 Average Shares of Common Stock 27,555 27,644
 Net Sales Less Excise Tax $313,523 290,769
 BROWN-FORMAN CORPORATION
 LOUISVILLE, KENTUCKY
 CONSOLIDATED STATEMENT
 (Expressed in thousands except per share amounts)
 NINE MONTHS ENDED
 JANUARY 31,
 1992 1991
 Net Sales $1,149,945 1,082,588
 Operating Income $ 182,046 183,480
 Income Before Income Taxes $ 174,488 179,839
 Taxes on Income $ 59,649 61,680
 Net Income $ 114,839 118,159
 Earnings Per Share of Common Stock $ 4.15 4.24
 Average Shares of Common Stock 27,580 27,807
 Net Sales Less Excise Tax $ 953,754 869,665
 These figures have been prepared in accordance with the company's customary accounting practices and have not been audited.
 -0- 2/25/92
 /CONTACT: David R. Jackson, Vice President, Assistant to Chairman, Brown-Forman Corporation, 502-774-7309/
 (BF) CO: Brown-Forman Corporation ST: Kentucky IN: FOD SU: ERN


DF -- CH001 -- 2233 02/25/92 09:57 EST
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Publication:PR Newswire
Date:Feb 25, 1992
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