USA: Genesee Corporation Announces First Quarter Results

The Corporation has previously announced that it is in the process of selling
its brewing and equipment leasing businesses. Given these circumstances, the
Corporation has reported these business segments as discontinued operations.
The Corporation also previously announced that it has entered into a letter
of intent to sell all of the outstanding stock of Ontario Foods, Inc., which
represents the Corporation’s Foods Division, to Ralcorp Holdings, Inc. Under
accounting rules governing the reporting of discontinued operations, results
for the Foods Division cannot be included as part of discontinued operations.
Therefore, the Foods Division and the Corporate segment, which operates primarily
as the Corporation’s treasury function, are reported as continuing operations.

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