Vector Group Reports First Quarter 2008 Financial Results
Vector Group Reports First Quarter 2008 Financial Results
May 12, 2008 at 12:00 AM EDT
First quarter 2008 revenues were $132.2 million, compared to $133.9 million for 2007. The Company recorded operating income of $28.0 million for 2008, compared to operating income of $25.7 million for 2007. Net income for 2008 was $14.3 million, or $0.22 per diluted common share, compared to net income of $23.1 million, or $0.35 per diluted common share, for 2007. The results for 2008 included $12.0 million of pre-tax income from the Company’s investment in the St. Regis hotel, which was sold in March 2008. Adjusting for this item, the Company’s net income for 2008 would have been $7.2 million, or $0.11 per diluted common share. The results for 2007 included a $19.6 million pre-tax gain associated with the Company’s NASA litigation settlement. Adjusting for this gain, the Company’s net income for 2007 would have been $11.5 million, or $0.18 per diluted common share.
For the three months ended March 31, 2008, the Company’s conventional cigarette business, which includes Liggett Group cigarettes and USA brand cigarettes, had revenues of $131.6 million, compared to $132.8 million for the three months ended March 31, 2007. Operating income was $37.3 million for the first quarter 2008, compared to $35.5 million for the first quarter of 2007.
Conference Call to Discuss First Quarter 2008 Results
As previously announced, the Company will host a conference call and webcast on Tuesday, May 13, 2008 at 11:00 A.M. (ET) to discuss first quarter 2008 results. Investors can access the call by dialing 800-859-8150 and entering 81074708 as the conference ID number. The call will also be available via live webcast at www.vcall.com. Webcast participants should allot extra time before the webcast begins to register.
A replay of the call will be available shortly after the call ends on May 13, 2008 through May 27, 2008. To access the replay, dial 877-656-8905 and enter 81074708 as the conference ID number. The archived webcast will also be available at www.vcall.com for 30 days.
Vector Group is a holding company that indirectly owns Liggett Group LLC, Vector Tobacco Inc. and New Valley LLC. Additional information concerning the company is available on the company’s website, www.VectorGroupLtd.com.
[Financial Table Follows]
# # #
Contact:
Paul Caminiti/Carrie Bloom/Jonathan Doorley
Sard Verbinnen & Co
212/687 - 8080