Heileman reports positive 1990 results.
President and chief operating officer of G. Heileman Brewing Co. Murray Cutbush recently announced the first quarter 1990 financial results for the company were on plan and 65-percent ahead of last year's first fiscal quarter.
The president explained that these results are a significant turning point and provide confidence in the soundness of the company's long-term strategy.
"Last year was a different 12 months because of the significant changes and investments that had to be made," Cutbush said. "They're now behind us and we are beginning to see the results in very positive financial and operational advances."
Cutbush also announced a plan agreement, favorably modifying Heileman's debt service. Late in November the company obtained waivers to the revolving credit agreement and increasing rate note indenture for the period extending through June 30, 1990.
These arrangements will allow Heileman the required flexibility to achieve its operating goals and improve its overall financial position, Cutbush noted.
The Milwaukee-based brewer also hopes that program changes implemented in 1989 will begin to have a positive effect on the company. Those changes included: operating at a break-even level in fiscal 1989 before considering debt services; the price increases begun in 1989 will have a full year impact in fiscal 1990; during the 18-month period ending June 30 and the closing of three Heileman breweries eliminated excess capacity and fixed costs.
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|Title Annotation:||G. Heileman Brewing Co.|
|Publication:||Modern Brewery Age|
|Date:||Dec 4, 1989|
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