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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended June 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 
VECTOR GROUP LTD.
(Exact name of registrant as specified in its charter)
Delaware
1-5759
65-0949535
(State or other jurisdiction of incorporation
Commission File Number
(I.R.S. Employer Identification No.)
incorporation or organization)
 
 
4400 Biscayne Boulevard
Miami, Florida 33137
305-579-8000
(Address, including zip code and telephone number, including area code,
of the principal executive offices)
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x Yes o No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
x Yes o No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
Yes x No
Securities Registered Pursuant to 12(b) of the Act:
Title of each class:
Trading
Name of each exchange
 
Symbol(s)
on which registered:
Common stock, par value $0.10 per share
VGR
New York Stock Exchange
At August 5, 2019, Vector Group Ltd. had 140,752,974 shares of common stock outstanding.
 




VECTOR GROUP LTD.

FORM 10-Q

TABLE OF CONTENTS

 
Page
PART I. FINANCIAL INFORMATION
 
 
 
Item 1. Vector Group Ltd. Condensed Consolidated Financial Statements (Unaudited):
 
 
 
Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018
 
 
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018
 
 
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018
 
 
Condensed Consolidated Statements of Stockholders' Deficiency for the three and six months ended June 30, 2019 and 2018
 
 
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018
 
 
Notes to Condensed Consolidated Financial Statements
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
 
Item 4. Controls and Procedures
 
 
PART II. OTHER INFORMATION
 
 
 
Item 1. Legal Proceedings
 
 
Item 1A. Risk Factors
 
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
 
Item 6. Exhibits
 
 
SIGNATURE


1

VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited

 
June 30,
2019
 
December 31,
2018
ASSETS:
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
323,861

 
$
584,581

Investment securities at fair value
135,100

 
131,569

Accounts receivable - trade, net
44,347

 
34,246

Inventories
96,934

 
90,997

Other current assets
38,251

 
30,828

Total current assets
638,493

 
872,221

Property, plant and equipment, net
84,262

 
86,736

Investments in real estate, net
27,212

 
26,220

Long-term investments (of which $53,175 and $54,628 were carried at fair value)
63,814

 
66,259

Investments in real estate ventures
144,766

 
141,105

Operating lease right of use assets
135,134

 

Goodwill and other intangible assets, net
266,082

 
266,611

Other assets
95,397

 
90,352

Total assets
$
1,455,160

 
$
1,549,504

LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
 
 
 
Current liabilities:
 
 
 
   Current portion of notes payable and long-term debt
$
250,659

 
$
256,134

   Current portion of fair value of derivatives embedded within convertible debt
17,287

 
6,635

 Current payments due under the Master Settlement Agreement
85,651

 
36,561

Income taxes payable, net
8,345

 
5,252

Current operating lease liability
20,339

 

Other current liabilities
175,786

 
180,338

Total current liabilities
558,067

 
484,920

Notes payable, long-term debt and other obligations, less current portion
1,180,151

 
1,386,697

Fair value of derivatives embedded within convertible debt

 
24,789

Non-current employee benefits
62,101

 
61,288

Deferred income taxes, net
41,465

 
37,411

Non-current operating lease liability
139,729

 

Payments due under the Master Settlement Agreement
17,275

 
16,383

Other liabilities
63,068

 
85,382

Total liabilities
2,061,856

 
2,096,870

Commitments and contingencies (Note 9)

 

Stockholders' deficiency:
 
 
 
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized

 

Common stock, par value $0.10 per share, 250,000,000 shares authorized,140,953,900 and 140,914,642 shares issued and outstanding
14,095

 
14,092

Accumulated deficit
(597,786
)
 
(542,169
)
Accumulated other comprehensive loss
(23,493
)
 
(19,982
)
Total Vector Group Ltd. stockholders' deficiency
(607,184
)
 
(548,059
)
Non-controlling interest
488

 
693

Total stockholders' deficiency
(606,696
)
 
(547,366
)
Total liabilities and stockholders' deficiency
$
1,455,160

 
$
1,549,504


The accompanying notes are an integral part of the condensed consolidated financial statements.

2



VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
   Tobacco*
$
294,501

 
$
274,833

 
$
551,257

 
$
541,949

   Real estate
243,931

 
206,655

 
408,099

 
368,505

       Total revenues
538,432

 
481,488

 
959,356

 
910,454

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 Cost of sales:
 
 
 
 
 
 
 
   Tobacco*
204,461

 
192,761

 
381,764

 
377,723

   Real estate
163,713

 
140,005

 
272,430

 
249,318

       Total cost of sales
368,174

 
332,766

 
654,194

 
627,041

 
 
 
 
 
 
 
 
Operating, selling, administrative and general expenses
93,359

 
86,336

 
185,673

 
175,412

Litigation settlement and judgment expense (income)
655

 
525

 
655

 
(1,944
)
Operating income
76,244

 
61,861

 
118,834

 
109,945

 
 
 
 
 
 
 
 
Other income (expenses):
 
 
 
 
 
 
 
Interest expense
(32,753
)
 
(48,421
)
 
(70,273
)
 
(94,368
)
Change in fair value of derivatives embedded within convertible debt
3,788

 
10,717

 
14,137

 
21,284

Equity in earnings (losses) from real estate ventures
6,391

 
(2,112
)
 
3,952

 
(8,672
)
Other, net
3,096

 
9,711

 
11,898

 
9,179

Income before provision for income taxes
56,766

 
31,756

 
78,548

 
37,368

Income tax expense
17,459

 
12,760

 
24,208

 
14,708

 
 
 
 
 
 
 
 
Net income
39,307

 
18,996

 
54,340

 
22,660

 
 
 
 
 
 
 
 
Net (income) loss attributed to non-controlling interest

 
(1,178
)
 
(80
)
 
2,369

 
 
 
 
 
 
 
 
Net income attributed to Vector Group Ltd.
$
39,307

 
$
17,818

 
$
54,260

 
$
25,029

 
 
 
 
 
 
 
 
Per basic common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares attributed to Vector Group Ltd.
$
0.27

 
$
0.12

 
$
0.36

 
$
0.15

 
 
 
 
 
 
 
 
Per diluted common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares attributed to Vector Group Ltd.
$
0.27

 
$
0.12

 
$
0.35

 
$
0.15

                                      

* Revenues and cost of sales include federal excise taxes of $119,943, $115,970, $224,576, and $228,771, respectively.


The accompanying notes are an integral part of the condensed consolidated financial statements.

3




VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
Unaudited
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
Net income
$
39,307

 
$
18,996

 
$
54,340

 
$
22,660

 
 
 
 
 
 
 
 
Net unrealized gains (losses) on investment securities available for sale:
 
 
 
 
 
 
 
Change in net unrealized gains (losses)
346

 
(230
)
 
723

 
(922
)
Net unrealized (gains) losses reclassified into net income
(4
)
 
229

 
(37
)
 
824

Net unrealized gains (losses) on investment securities available for sale
342

 
(1
)
 
686

 
(98
)
 
 
 
 
 


 
 
Net change in pension-related amounts
 
 
 
 
 
 
 
Amortization of loss
491

 
441

 
948

 
883

Net change in pension-related amounts
491

 
441

 
948

 
883

 
 
 
 
 
 
 
 
Other comprehensive income
833

 
440

 
1,634

 
785

 
 
 
 
 
 
 
 
Income tax effect on:
 
 
 
 
 
 
 
Change in net unrealized gains (losses) on investment securities
(94
)
 
63

 
(198
)
 
252

Net unrealized (gains) losses reclassified into net income on investment securities
1

 
(63
)
 
10

 
(226
)
Pension-related amounts
(135
)
 
(121
)
 
(260
)
 
(242
)
Income tax provision on other comprehensive income
(228
)
 
(121
)
 
(448
)
 
(216
)
 
 
 
 
 
 
 
 
Other comprehensive income, net of tax
605

 
319

 
1,186

 
569

 
 
 
 
 
 
 
 
Comprehensive income
39,912

 
19,315

 
55,526

 
23,229

 
 
 
 
 
 
 
 
Comprehensive loss (income) attributed to non-controlling interest

 
(1,178
)
 
(80
)
 
2,369

Comprehensive income attributed to Vector Group Ltd.
$
39,912

 
$
18,137

 
$
55,446

 
$
25,598


The accompanying notes are an integral part of the condensed consolidated financial statements.

4



VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY
(Dollars in Thousands, Except Share Amounts)
Unaudited
 
Vector Group Ltd. Stockholders' Deficiency
 
 
 
 
 
Additional Paid-In
 
 
 
Accumulated
Other Comprehensive
 
Non-controlling
 
 
 
Common Stock
 
 
Accumulated
 
 
 
 
 
Shares
 
Amount
 
Capital
 
Deficit
 
Loss
 
Interest
 
Total
Balance as of April 1, 2019
140,899,065

 
$
14,090

 
$

 
$
(580,581
)
 
$
(24,098
)
 
$
488

 
$
(590,101
)
Net income

 

 

 
39,307

 

 

 
39,307

Total other comprehensive income

 

 

 

 
605

 

 
605

Distributions and dividends on common stock ($0.40 per share)

 

 
(2,285
)
 
(56,512
)
 

 

 
(58,797
)
Restricted stock grant
60,000

 
6

 
(6
)
 

 

 

 

Surrender of shares in connection with restricted stock vesting
(5,165
)
 
(1
)
 
(47
)
 

 

 

 
(48
)
Stock-based compensation

 

 
2,338

 

 

 

 
2,338

Balance as of June 30, 2019
140,953,900

 
$
14,095

 
$

 
$
(597,786
)
 
$
(23,493
)
 
$
488

 
$
(606,696
)

 
Vector Group Ltd. Stockholders' Deficiency
 
 
 
 
 
Additional Paid-In
 
 
 
Accumulated
Other Comprehensive
 
Non-controlling
 
 
 
Common Stock
 
 
Accumulated
 
 
 
 
 
Shares
 
Amount
 
Capital
 
Deficit
 
Loss
 
Interest
 
Total
Balance as of April 1, 2018
134,365,424

 
$
13,437

 
$

 
$
(459,996
)
 
$
(18,357
)
 
$
70,697

 
$
(394,219
)
Net income

 

 

 
17,818

 

 
1,178

 
18,996

Total other comprehensive income

 

 

 

 
319

 

 
319

Distributions and dividends on common stock ($0.38 per share)

 

 
(2,453
)
 
(53,459
)
 

 

 
(55,912
)
Restricted stock grant
31,666

 
3

 
(3
)
 

 

 

 

Effect of stock dividend*
6,719,855

 
672

 

 
(672
)
 

 

 

Stock-based compensation

 

 
2,456

 

 

 

 
2,456

Distributions to non-controlling interest

 

 

 

 

 
(359
)
 
(359
)
Balance as of June 30, 2018
141,116,945

 
$
14,112

 
$

 
$
(496,309
)
 
$
(18,038
)
 
$
71,516

 
$
(428,719
)
                        
*    Represents the effect of the September 27, 2018 stock dividend on the second quarter 2018 common-stock activity.

The accompanying notes are an integral part of the condensed consolidated financial statements.

5





 
Vector Group Ltd. Stockholders' Deficiency
 
 
 
 
 
 
Additional Paid-In
 
 
 
Accumulated
Other Comprehensive
 
Non-controlling
 
 
 
Common Stock
 
 
Accumulated
 
 
 
 
 
Shares
 
Amount
 
Capital
 
Deficit
 
Loss
 
Interest
 
Total
Balance as of January 1, 2019
140,914,642

 
$
14,092

 
$

 
$
(542,169
)
 
$
(19,982
)
 
$
693

 
$
(547,366
)
Impact of adoption of new accounting standards

 

 

 
3,147

 
(4,697
)
 

 
(1,550
)
Net income

 

 

 
54,260

 

 
80

 
54,340

Total other comprehensive income

 

 

 

 
1,186

 

 
1,186

Distributions and dividends on common stock ($0.80 per share)

 

 
(4,550
)
 
(113,024
)
 

 

 
(117,574
)
Restricted stock grant
60,000

 
6

 
(6
)