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SEAGRAM ANNOUNCES THIRD QUARTER EARNINGS

 MONTREAL, Dec. 2 ~PRNewswire~ -- The Seagram Company Ltd. (NYSE: VO) today reported net income of $178 million, or 47 cents per share, in the quarter ended Oct. 31, 1992, as compared with $193 million, or 51 cents per share, for the third quarter of 1991.
 For the nine months ended Oct. 31, 1992, net income was $497 million, or $1.32 per share, as compared to $530 million, or $1.40 per share, in the prior year.
 Sales in the third quarter declined 3.7 percent to $1.45 billion, as a result of the lost revenue from spirits brands divested in the fourth quarter of 1991. Sales from continuing operations were essentially unchanged.
 Operating income for the quarter was $198 million, as compared with $206 million last year. The divested brands contributed $18 million in operating income in the 1991 quarter.
 Edgar Bronfman, Jr., Seagram's president and chief operating officer, stated: "We continue to expect that our operating income for the full year will exceed the $760 million we reported in 1991." Commenting on the third quarter results, Mr. Bronfman noted that, "The Spirits And Wine Group showed relatively flat operating results from continuing operations as a result of difficult economic conditions in a number of our key markets as well as our investment in increased advertising spending behind our core brands. Our Tropicana subsidiary posted gains in both sales and profits as its flagship Tropicana Pure Premium brand performed strongly and benefits were realized from cost savings."
 Third quarter and nine month results reflect reductions of $10 million and $64 million, respectively, in the unremitted earnings of E.I. du Pont de Ni-7urs and Company.
 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.
 (U.S. dollars in millions, except shares and per share data)
 Unaudited
 Periods ended Three Months Nine Months
 Oct. 31 1992 1991 1992 1991
 Sales and other income $1,445 $1,501 $4,094 $4,281
 Operating income before
 restructuring charge 198 206 524 520
 Restructuring Charge -- -- -- (29)
 Operating Income 198 206 524 491
 Dividend income from E.I. du Pont
 de Nemours and Company 73 69 214 207
 Interest expense (84) (83) (245) (248)
 Provision for income taxes (50) (50) (117) (105)
 Income from beverage operations
 and Du Pont dividends 137 142 376 345
 Equity in unremitted Du Pont
 earnings 41 51 121 185
 Net income $178 $193 $497 $530
 Earnings per share:
 Income from beverage operations
 and Du Pont dividends $0.36 $0.37 $1.00 $0.91
 Equity in unremitted
 Du Pont earnings 0.11 0.14 0.32 0.49
 Net income $0.47 $0.51 $1.32 $1.40
 Excise taxes included
 in sales $215 $251 $571 $705
 Average common shares
 outstand. (thousands)(A) 375,277 380,420 376,182 378,087
 Shares outstanding at end
 of period (thousands)(A) 375,268 380,778 -- --
 (A) Reflects four-for-one share split effective June 1, 1992.
 -0- 12~2~92
 ~CONTACT: Chris Tofalli of The Seagram Company Ltd., 212-572-1118~
 (VO)


CO: The Seagram Company Ltd. ST: Ontario IN: FOD SU: ERN

SM -- NY004 -- 2749 12~02~92 08:31 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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