USA: Genesee Corporation Responds to Release of Confidential Income Projections
Genesee Corporation (Nasdaq: GENBB) advised investors to disregard all of the net income and pre-tax profit projections for its Genesee Brewing Company subsidiary that were referred to in an article in today's Milwaukee Journal-Sentinel. The Corporation is responding to a story that cited projections for Genesee Brewing Company that were provided in confidence to the owners of City Brewing Company in January and February to facilitate their efforts to obtain financing to acquire Genesee Brewing Company. The Corporation stated that the information that appeared in the article was taken out of context and that the income and profit projections are not meaningful, except in relation to the detailed assumptions and underlying analysis that supported them."The information reported in the Journal-Sentinel was prepared for internal use only and was not intended for public disclosure," said Mark W. Leunig, vice president and director of investor relations. "As a public company, we felt compelled to respond to avoid any misunderstanding regarding the progress we are making to improve Genesee Brewing Company's bottom line," said Mr. Leunig. "The full extent of our progress will be readily apparent in June when Genesee Corporation announces results for its fiscal year that ended last week."
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Diageo's Q4/FY 2016 results - Preview
- Wine consumption and its health effects
- Can craft breweries compete in lager arena?
- Time to take stock of Constellation's Corona
- The Coca-Cola Co's Q2/H1 2016 results - Preview
- Diageo names new TR head as Doug Bagley exits
- SABMiller puts brakes on A-B InBev integration
- AB InBev seeks single buyer for European beers
- Gruppo Campari trials Negroni pre-mix
- Scotch drop hits Edrington as FY profits fall
- Global RTD insights - market forecasts, product innovation and consumer trends
- Adultifying Soft Drinks; Capitalizing on rising adult demand for non-alcoholic beverages
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends