American Brands Inc. reported record 1988 profit...

American Brands Inc. reported record 1988 profit of $580 million, up 11% from a year ago. Revenue rose to $12 billion, up 19%. The Old Greenwich, Conn., firm, which is a holding company with businesses in tobacco, distilled spirits and life insurance, attributed the results to broad strength in all operations, as well as the favorable impact of an aggressive restructuring.