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Genesee sales improve in third quarter.

Genesse Corp. announced consolidated sales and earnings for the third quarter and nine months ended January 31.

Third quarter gross sales improved to $39.4 million compared to gross sales of $36.6 for the same period in the previous fiscal year. Nine month gross sales were reported at $124.7 million--an increase of $4.9 million from fiscal 1989. The corporation also reported net earnings increased to $1.73 million during the period, up from $739,000 a year before. Similarly, net earnings through the third quarter was up nearly $2 million to $4.63 million.

Genesee Corp. officials noted that increased sales revenues from its Genesee Brewing Co. subsidiary contributed significantly to the improved sales for the quarter. The increase in the brewer's revenue was primarily attributed to increases implemented in response to federal and state excise tax increases that took effect during the past year. Officials explained that, even with these increases, Genesee Brewing Co.'s brands generally maintained or improved their price competitive position in most markets.

In response to distributor and consumer interest, the brewer expanded distribution of Koch's Golden Anniversary beer and introduced Koch's Golden Anniversary Light. Officials noted that this expansion allowed the company to offer an award-winning product in the popular-price category.

"We are confident that our products offer us a competitive advantage in these times of economic uncertainty as consumers increasingly look for value and quality in their purchasing decisions," said Genesee Corp.'s president and chief executive officer, John Wehle, Jr.

"We have made great strides in reversing sales trends and reducing costs in our core brewing business, and we have diversified our business beyond brewing so that our performance is not totally dependent on a single industry," Wehle continued. "We must continue the momentum we have achieved as we confront the challenges that lie ahead."
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Title Annotation:Genesee Corp.
Publication:Modern Brewery Age
Date:Mar 25, 1991
Words:306
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