Financial Information

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
IN THOUSANDS, UNLESS OTHERWISE SPECIFIED
SEP. 30, 2016DEC. 31, 2015
ASSETS:  
Current assets:  
Cash and cash equivalents $445,874 $240,368
Investment securities available for sale175,653 181,976
Accounts receivable - trade, net23,371 23,889
Inventories87,622 86,516
Income taxes receivable, net7,287 2,841
Restricted assets4,749 9,195
Other current assets39,169 38,954
Total current assets783,725 583,739
Property, plant and equipment, net77,887 75,632
Investments in real estate, net23,630 23,318
Long-term investments54,005 62,726
Investments in real estate ventures211,825 217,168
Restricted assets8,134 12,303
Goodwill and other intangible assets, net261,919 263,959
Prepaid pension costs21,628 20,650
Other assets21,977 21,120
Total assets $1,464,730 $1,280,615
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:  
Current liabilities:  
Current portion of notes payable and long-term debt $16,280 $8,919
Current payments due under the Master Settlement Agreement82,759 29,241
Current portion of employee benefits914 915
Income taxes payable, net - 96
Litigation accruals3,539 22,904
Other current liabilities113,865 154,217
Total current liabilities217,357 216,292
Notes payable, long-term debt and other obligations, less current portion1,121,433 856,108
Fair value of derivatives embedded within convertible debt120,820 144,042
Non-current employee benefits55,451 55,055
Deferred income taxes, net89,557 79,429
Payments due under the Master Settlement Agreement22,257 20,094
Litigation accruals23,225 24,718
Other liabilities13,227 7,038
Total liabilities1,663,327 1,402,776
Commitments and contingencies (Note 7)  
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,127,839,497 and 123,792,329 shares issued and outstanding12,784 12,379
Accumulated deficit(287,060)(210,113)
Accumulated other comprehensive loss(6,856)(8,313)
Total Vector Group Ltd. stockholders' deficiency(281,132)(206,047)
Non-controlling interest82,535 83,886
Total stockholders' deficiency(198,597)(122,161)
Total liabilities and stockholders' deficiency $1,464,730 $1,280,615
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)Nine Months EndedNine Months Ended
 September 30,September 30,
IN THOUSANDS, UNLESS OTHERWISE SPECIFIED20162015
Net cash provided by operating activities $121,443 $140,018
Cash flows from investing activities:  
Sale of investment securities81,235 161,029
Maturities of investment securities4,343 2,653
Purchase of investment securities(90,106)(162,845)
Proceeds from sale or liquidation of long-term investments1,000 1,288
Purchase of long-term investments(50)(10,000)
Investments in real estate ventures(23,358)(43,280)
Distributions from investments in real estate ventures23,041 11,205
Increase in cash surrender value of life insurance policies(451)(1,225)
Decrease (increase) in restricted assets8,615 (6,872)
Issuance of notes receivable - (4,410)
Proceeds from sale of fixed assets45 3
Capital expenditures(19,157)(7,859)
Repayments of notes receivable4,410 4,000
Pay downs of investment securities7,842 5,743
Proceeds from sale of preferred securities - 1,000
Investments in real estate, net(130)(12,512)
Net cash used in investing activities(2,721)(62,082)
Cash flows from financing activities:  
Proceeds from issuance of debt243,620 1,519
Deferred financing costs(6,600)(624)
Repayments of debt(4,698)(4,968)
Borrowings under revolver104,826 130,691
Repayments on revolver(94,644)(146,655)
Dividends and distributions on common stock(147,270)(139,430)
Contributions from non-controlling interest248 -
Distributions to non-controlling interest(9,508)(564)
Proceeds from exercise of Vector options398 1,321
Tax benefit of options exercised412 756
Net cash provided by (used in) financing activities86,784 (157,954)
Net increase (decrease) in cash and cash equivalents205,506 (80,018)
Cash and cash equivalents, beginning of period240,368 326,365
Cash and cash equivalents, end of period $445,874 $246,347
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)Three Months
Ended
Nine Months
Ended
 September 30,September 30,
IN THOUSANDS, UNLESS OTHERWISE SPECIFIED2016201520162015
Revenues    
Tobacco* $274,164 $264,170 $750,677 $747,145
Real estate184,936 185,563 527,448 478,841
E-Cigarettes4 201 52 881
Total Revenues459,104 449,934 1,278,177 1,226,867
     
Expenses:    
Cost of sales:    
Tobacco*186,343 174,418 491,688 506,315
Real estate117,089 121,078 331,784 309,306
E-Cigarettes10 421 23 1,518
Total cost of sales303,442 295,917 823,495 817,139
     
Operating, selling, administrative and general    
expenses86,298 79,352 250,048 233,449
Litigation settlement and judgment expense - 3,750 2,350 5,843
Restructuring charges - 1,548 41 1,548
Operating income69,364 69,367 202,243 168,888
     
Other income (expenses):    
Interest expense(37,365)(32,898)(104,454)(96,405)
Change in fair value of derivatives embedded within convertible debt6,112 7,044 23,222 18,760
Equity in earnings (losses) from real estate ventures1,022 (916)3,328 1,278
Equity in losses from investments(1,526)(1,103)(2,108)(2,654)
Gain (loss) on sale of investment securities available for sale142 (821)848 12,018
Impairment of investment securities available for sale(54)(12,211)(4,916)(12,211)
Other, net1,328 1,342 2,956 5,100
Income before provision for income taxes39,023 29,804 121,119 94,774
Income tax expense13,316 13,694 46,682 37,739
     
Net income25,707 16,110 74,437 57,035
     
Net income attributed to non-controlling interest(2,532)(3,644)(7,909)(5,741)
     
Net income attributed to Vector Group Ltd. $23,175 $12,466 $66,528 $51,294
     
Per basic common share:    
     
Net income applicable to common share attributed to Vector Group Ltd. $0.18 $0.10 $0.52 $0.40
     
Per diluted common share:    
     
Net income applicable to common share attributed to Vector Group Ltd. $0.18 $0.10 $0.52 $0.40
     
Dividends declared per share $0.38 $0.36 $1.14 $1.09
Date Filed Filing Description XBRL
May 12, 2014 10-Q quarterly report XBRL
Mar 3, 2014 10-K annual report XBRL
Oct 30, 2013 10-Q quarterly report XBRL
Aug 1, 2013 10-Q quarterly report XBRL
May 1, 2013 10-Q quarterly report XBRL
Feb 28, 2013 10-K annual report XBRL
Oct 31, 2012 10-Q quarterly report XBRL
Jul 31, 2012 10-Q quarterly report XBRL
May 3, 2012 10-Q quarterly report XBRL
Feb 24, 2012 10-K annual report XBRL
FirstPrevious
2
NextLast


Investor Relations Contact — US

Emily Deissler
edeissler@sardverb.com
212-687-8080

Investor Relations Contact — Europe

Conrad Harrington
charrington@sardverb.com
+44 (0)20 3178 8914