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SEAGRAM REPORTS 10 PERCENT INCOME GAIN

 NEW YORK, March 17 /PRNewswire/ -- The Seagram Company Ltd. (NYSE: VO) today announced that, excluding the effects of accounting changes and non-recurring items, income per share from beverage operations and dividends from E.I. du Pont de Nemours and Company increased ten percent to $1.48 in the year ended Jan. 31, 1993, from $1.35 recorded in the prior year. On the same basis, net income per share rose from $1.71 to $1.80.
 Underlying operating income increased to $776 million from $760 million in the prior year, and included a contribution of $696 million from The Seagram Spirits And Wine Group, as compared with $670 million in 1991. Edgar Bronfman, Jr., Seagram's president and chief operating officer, noted that "The fact that our spirits and wine operations could post a 4 percent increase despite the lost contribution of the U.S. brands sold last year and difficult economic conditions in Japan, Brazil and most of Europe, demonstrates the strength of our core brand franchises, the skill and dedication of our people and the diversity of our operations. This gain translates to a 14 percent increase from continuing operations."
 The operating income of Tropicana Products, Inc., before accounting changes, rose from $81 to $91 million in the current year. If the amortization of goodwill is also excluded, Tropicana recorded operating income in the United States of $133 million as compared with $117 million in 1991, representing a 14 percent increase from domestic operations. Tropicana's investment in international expansion rose from $12 million to $18 million as operations grew in Canada, France, the United Kingdom and Japan, and preparations were made for introductions in other markets. "I am particularly pleased by Tropicana's growth," Mr. Bronfman noted, "and we expect to show further substantial progress in 1993."
 Seagram's net sales in 1992 aggregated $6.1 billion, as compared with $6.3 billion in 1991. If excise taxes are excluded from revenues, the decline was less than one percent and was attributable to the U.S. brand sale.
 After reflecting the cumulative effect of changes in U.S. accounting principles as well as non-recurring items affecting unremitted earnings of Du Pont, Seagram posted a net loss of $900 million, or $2.38 per share, for United States reporting purposes. Under Canadian accounting rules which require that the retroactive effect of the accounting changes be charged directly to shareholders' equity and not reflected in the income statement, Seagram reported net income of $474 million or $1.26 per share. In the previous fiscal year, when Seagram's results reflected the sale of seven United States spirits brands as well as a stronger performance by Du Pont, net income was $727 million or $1.92 per share.
 The cumulative effect of the accounting changes aggregated $1.374 billion or $3.64 per share, of which $1.179 billion or $3.13 per share represented Seagram's proportionate share of the provisions taken by Du Pont. In addition, current-year operating income was reduced by $14 million as a result of the adoption of FAS 106, relating to postretirement medical benefits. Of this $14 million charge, $7 million was applicable to spirits and wine operations and $5 million to Tropicana.
 Seagram's share of Du Pont's 1992 earnings included a $17 million extraordinary charge arising from the early extinguishment of debt. Du Pont has previously announced that, in addition to the effects of the accounting changes, its 1992 net income also included 69 cents per share of non-recurring charges, as compared to 49 cents in 1991.
 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 34 countries comprise the largest distribution system in the spirits and wine industry.
 A financial summary is attached for the fiscal year and the fourth quarter ended Jan. 31, 1993.
 THE SEAGRAM COMPANY LTD.
 (U.S. dollars in millions, except shares and per share data)
 Periods ended Three Months Fiscal Years
 Jan. 31 1993 1992 1993 1992
 Sales and other income $2,007 $2,064 $6,101 $6,345
 Operating income 252 240 776 760
 Dividend income from E.I. du Pont
 de Nemours and Company. 72 69 286 276
 324 309 1,062 1,036
 Interest expense (81) (86) (326) (334)
 Income before income taxes and
 unremitted Du Pont earnings 243 223 736 702
 Provision for income taxes (65) (74) (180) (189)
 Income from beverage operations
 and Du Pont dividends 178 149 556 513
 Equity in unremitted Du Pont
 earnings (loss) (32) (17) 121 134
 Net Income before non-recurring/
 extraordinary items and
 accounting changes 146 132 677 647
 Non-recurring/extraordinary
 items and accounting changes (100) 65 (1,577) 80
 Net income $46 $197 $(900) $727
 Earnings per share: (A)
 Income from beverage operations
 and Du Pont dividends $0.47 $0.39 $1.48 $1.35
 Equity in unremitted
 Du Pont earnings (loss) (0.08) (0.04) 0.32 0.36
 Net income before non-recurring/
 extraordinary items and
 accounting changes 0.39 0.35 1.80 1.71
 Non-recurring/extraordinary
 items and accounting changes (0.27) 0.17 (4.18) 0.21
 Net income $0.12 $0.52 $(2.38) $1.92
 Average common shares
 outstanding (thousands)(A) 375,947 381,068 375,871 378,839
 Shares outstanding at end
 of period (thousands)(A) 373,690 379,480 373,690 379,480
 Excise taxes $317 $362 $887 $1,067
 (A) -- Reflects four-for-one stock split effective June 1, 1992
 -0- 03/17/93
 /CONTACT: Chris Tofalli of The Seagram Company Ltd., 212-572-1118/
 (VO)


CO: The Seagram Company Ltd. ST: New York IN: FOD SU:

AH -- NY046 -- 7022 03/17/93 12:02 EST
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Date:Mar 17, 1993
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