Printer Friendly

SEAGRAM ANNOUNCES AN INCREASE IN INCOME FROM BEVERAGE OPERATIONS AND DU PONT DIVIDENDS

 SEAGRAM ANNOUNCES AN INCREASE IN INCOME FROM
 BEVERAGE OPERATIONS AND DU PONT DIVIDENDS
 MONTREAL, June 3 /PRNewswire/ -- The Seagram Company Ltd. (NYSE: VO) today announced that income from beverage operations and Du Pont dividends in the three months ended April 30, 1992, totaled $120 million, an increase of 4.3 percent over the $115 million posted in last year's first quarter.
 Operating income was $166 million in 1992, up $1 million from last year's first quarter. Net income fell to $167 million from $188 million, as a result of a decline in the unremitted earnings of E.I. du Pont de Nemours and Company.
 Income per share was $.44 in the three months ended April 30, 1992, as compared with $.50 in the prior year, after giving effect to the 4-for-1 split of Seagram's common stock which became effective on June 1.
 Sales revenues declined to $1.24 billion in the three months ended April 30, 1992, from $1.40 billion in the comparable 1991 period. Edgar Bronfman Jr., president and chief operating officer of Seagram, noted that the prior period included $77 million of revenues from brands divested in 1991, while foreign exchange translation and an accounting reclassification were responsible for an additional $34 million of the decline.
 Bronfman added that the company's spirits and wine operations posted improved operating income despite the lost contribution of the divested brands and difficult economic conditions in North America, Western Europe, Japan and Brazil. "Our continued margin improvement is a tribute to the success of our restructuring efforts and our increased focus on premium and core brands," he observed.
 The Seagram Beverage Group benefitted from strong performances by Tropicana Pure Premium orange juice and Tropicana Twister. Tropicana's operating income was negatively impacted by further investment in international expansion as well as reduced sales volume of other Tropicana products.
 The Seagram Company Ltd. is a leading global producer and marketer of distilled spirits, wines, fruit juices, coolers, and mixers, and sells its brands in more than 150 countries. Seagram manages its worldwide beverage operations through two major business units -- the Seagram Spirits and Wine Group and the Seagram Beverage Group -- and two U.S.-based specialized, premium wine operations, the Seagram Classics Wine Company and Seagram Chateau & Estate Wines Company. Subsidiaries and affiliates in 32 countries comprise the largest distribution system in the spirits and wine industry.
 THE SEAGRAM COMPANY LTD.
 (Unaudited; U.S. dollars in millions,
 except shares and per share data)
 Three months ended April 30 1992 1991
 Sales and other income $1,238 $1,397
 Operating income 166 165
 Dividend income from E.I. du Pont
 de Nemours and Company 69 69
 Interest expense (80) (84)
 Provision for income taxes (35) (35)
 Income from beverage operations
 and Du Pont dividends 120 115
 Equity in unremitted Du Pont earnings 47 73
 Net income $ 167 $ 188
 Earnings per share (A):
 Income from beverage operations
 and Du Pont dividends $.32 $.31
 Equity in unremitted Du Pont earnings 12 .19
 Net income $.44 $.50
 Excise taxes included in sales $ 167 $ 226
 Average common shares
 outstanding (thousands) (A) 377,527 375,860
 Shares outstanding at end
 of period (thousands) (A) 376,869 376,462
 (A) -- Reflects four-for-one share split effective June 1, 1992.
 -0- 6/3/92
 /CONTACT: Chris Tofalli of Seagram, 212-572-1118/
 (VO) CO: The Seagram Company Ltd. ST: Quebec IN: FOD SU: ERN


GK -- NY033 -- 6294 06/03/92 11:44 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 3, 1992
Words:569
Previous Article:DELL COMPUTER TO FACTORY-INSTALL NETWARE ON ITS SERVERS AND WORKSTATIONS
Next Article:ELECTROMAGNETIC SCIENCES ANNOUNCES RECEIPT OF CONTRACT FOR SPACE STATION SOLID STATE POWER AMPLIFIERS (SSPA)
Topics:


Related Articles
SEAGRAM ANNOUNCES RECORD SALES AND OPERATING INCOME; PROPOSES 4-1 STOCK SPLIT, DIVIDEND INCREASE
JOSEPH E. SEAGRAM & SONS ANNOUNCES MANAGEMENT REORGANIZATION OF ITS TECHNOLOGY OPERATIONS
SEAGRAM SHAREHOLDERS APPROVE FOUR-FOR-ONE SHARE SPLIT; BOARD APPROVES 12 PERCENT DIVIDEND INCREASE
SEAGRAM BEVERAGE COMPANY APPOINTS MARSHALL HAGEN AS A VICE PRESIDENT
SEAGRAM REPORTS HIGHER SECOND QUARTER OPERATING INCOME AND NET INCOME
SEAGRAM ANNOUNCES THIRD QUARTER EARNINGS
SEAGRAM ADOPTS FINANCIAL ACCOUNTING STANDARDS 106 AND 109
SEAGRAM REPORTS 10 PERCENT INCOME GAIN
SEAGRAM BUYS 5.7 PERCENT OF TIME WARNER FOR INVESTMENT PURPOSES
SEAGRAM ESTABLISHES WHOLLY OWNED SALES, MARKETING AND DISTRIBUTION OPERATION IN THE PHILIPPINES

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters