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GENESEE CORPORATION REPORTS RESULTS

 GENESEE CORPORATION REPORTS RESULTS
 ROCHESTER, N.Y., Dec. 10 /PRNewswire/ -- Genesee Corporation


(NASDAQ: GENBB) today announced increased consolidated sales and earnings for the second quarter and six months ended Oct. 31, 1991.
 Second quarter gross sales of $46,641,000 were up $7,657,000 compared to the same period a year ago. Net earnings for the second quarter increased by more than 90 percent to $1,323,000 or $.83 per share, compared to last year's second quarter net earnings of $693,000, or $.43 per share. Six month sales improved almost $17 million to $102,326,000, compared to the first six months of the prior fiscal year, with net earnings improving to $3,801,000 or $2.37 per share, compared to last year's six month's earnings of $2,901,000, or $1.81 per share.
 John L. Wehle Jr., president and chief executive officer, noted that all of the corporation's businesses contributed to Genesee's success in the second quarter.
 Genesee Corporation officials reported that increased sales revenues from Genesee Brewing Company were primarily the result of price increases during the past year in response to federal and state excise tax increases. In addition, barrelage sales during the first six months of the fiscal year were slightly ahead of sales for the same period in the prior year.
 Sales by Ontario Foods also increased during the second quarter and for the six months ended Oct. 31, 1991. Officials attributed continued sales growth by the foods division to the corporation's strategy to expand the division's private label and ingredients businesses.
 The corporation's improved operating earnings were attributed in large part to Genesee Brewing Company's more efficient packaging and production costs, improved sales volume and a moderate price increase. Improved performance by the corporation's foods division and leasing business and items of non-recurring income, including the previously reported sale of a former distribution facility, also contributed to the corporation's improved earnings.
 Wehle said, "We are justifiably proud of the sales and earnings that we have achieved during the past six months in a highly competitive industry and difficult business climate." Wehle advised caution noting that it will be a challenge for the corporation to meet or exceed prior year sales and earnings in the third quarter of the current fiscal year. Genesee Brewing Company experienced a large increase in sales in December 1990 as distributors increased their purchases in anticipation of the federal excise tax increase that took effect on Jan. 1, 1991. "Nonetheless, we have strategies in place that we hope will continue our momentum for the remainder of the fiscal year," said Wehle.
 GENESEE CORPORATION
 COMPARATIVE STATEMENT OF EARNINGS
 3 MONTHS ENDED
 10/31/91 10/31/90
 GROSS SALES $46,641,000 $38,984,000
 Less: Excise Taxes
 and Allowances 12,111,000 7,558,000
 NET SALES 34,530,000 31,426,000
 EARNINGS BEFORE TAXES 2,054,000 1,021,000
 NET EARNINGS 1,323,000 693,000
 NET EARNINGS PER SHARE $.83 $.43
 6 MONTHS ENDED
 10/31/91 10/31/90
 GROSS SALES $102,326,000 $85,332,000
 Less: Excise Taxes
 and Allowances 26,714,000 16,164,000
 NET SALES 75,612,000 69,168,000
 EARNINGS BEFORE TAXES 6,042,000 4,345,000
 NET EARNINGS 3,801,000 2,901,000
 NET EARNINGS PER SHARE $2.37 $1.81
 NOTE: Both interim reports are unaudited and subject to year-end adjustments and, due to the seasonal nature of the business and the varying schedule of special sales efforts, are not necessarily indicative of the results to be expected for the year.
 -0- 12/10/91
 /CONTACT: Tom Jones of Genesee Corporation, 716-546-1030/
 (GNBB) CO: Genesee Corporation ST: New York IN: FOD SU: ERN


KK -- CL015 -- 1120 12/10/91 15:05 EST
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Date:Dec 10, 1991
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