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Genesee earnings down in first quarter.

Genesee earnings down in first quarter

Genesee Corp., parent company of the Genesee Brewing Co., announced a drop in gross sales but a slight increase first-quarter net earnings during the first three months of its current fiscal year ended July 31, 1989.

First-quarter gross sales were $45,109,000 compared to $45,412,000 during the first quarter of the previous year. Net earnings for the quarter tallied $1,690,000 or $1.06 a share, while last years figures were $1,647,000 or $1.01 per share.

"While the first quarter reflected a modest decline in sales of malt beverages, improved sales trends combined with our continuing efforts to improve efficiencies resulted in slightly higher earnings," said John Wehle, Jr., president and chief executive officer, Genesee Corp.

Analysts have added that they expect to see little or no growth in the company's market area.
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Title Annotation:Genesee Brewing Company Inc.
Publication:Modern Brewery Age
Date:Sep 11, 1989
Words:146
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