UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 1, 2013
VECTOR GROUP LTD. |
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE |
(State or Other Jurisdiction of Incorporation) |
1-5759 | 65-0949535 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
4400 Biscayne Boulevard, Miami, Florida | 33137 | |
(Address of Principal Executive Offices) | (Zip Code) | |
(305) 579-8000 |
(Registrant’s Telephone Number, Including Area Code) |
(Not Applicable) |
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 8.01. Other Events
On September 3, 2013, our Board of Directors declared a 5% stock dividend to stockholders of record as of September 16, 2013. The stock dividend was paid on September 27, 2013. We are filing updated Selected Financial Data to reflect the stock dividend.
Item 9.01. Condensed Consolidated Financial Statements and Exhibit
(c) | Exhibit. |
Exhibit No. | Exhibit | |
99.1 | Selected Financial Data adjusted to reflect 5% stock dividend paid September 27, 2013 to stockholders of record on September 16, 2013. | |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VECTOR GROUP LTD. | ||
By: | /s/ J. Bryant Kirkland III | |
J. Bryant Kirkland III | ||
Vice President, Treasurer and Chief Financial Officer | ||
Date: November 1, 2013
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EXHIBIT 99.1
Selected Financial Data
The following table sets forth our summary condensed consolidated financial data for the periods presented below and our earnings per share as adjusted for the stock dividends described below. The summary condensed consolidated financial data as of September 30, 2013 have been derived from our unaudited condensed consolidated financial statements. Our unaudited condensed consolidated financial statements include only normal and recurring adjustments, necessary to state fairly the data included therein.
The per share amounts shown below have been retroactively adjusted to reflect the 5% stock dividend which was paid on September 27, 2013 to stockholders of record on September 16, 2013 (see note (3) below).
Our historical results are not necessarily indicative of the results of operations for future periods, and our results of operations for the nine-month period ended September 30, 2013 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2013. You should read the following summary condensed consolidated financial data in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and related notes included in our Current Report on Form 8-K filed on November 1, 2013 and in our Quarterly Report on Form 10-Q for the period ended September 30, 2013.
Year Ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Revenue (1) | $ | 1,084,546 | $ | 1,133,380 | $ | 1,063,289 | $ | 801,494 | $ | 565,186 | |||||||||
Net income | 30,622 | 75,020 | 54,084 | 24,806 | 60,504 | ||||||||||||||
Per basic common share (3) | |||||||||||||||||||
Net income applicable to common shares | $ | 0.34 | $ | 0.85 | $ | 0.62 | $ | 0.28 | $ | 0.70 | |||||||||
Per diluted common share (3) | |||||||||||||||||||
Net income applicable to common shares | $ | 0.34 | $ | 0.84 | $ | 0.61 | $ | 0.28 | $ | 0.63 | |||||||||
Cash distributions declared per common share (3) | $ | 1.47 | $ | 1.40 | $ | 1.33 | $ | 1.27 | $ | 1.21 | |||||||||
September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||
Current assets | $ | 586,477 | $ | 639,056 | $ | 509,741 | $ | 526,763 | $ | 389,208 | $ | 355,283 | ||||||||||||
Total assets | 1,120,955 | 1,086,731 | 927,768 | 949,595 | 735,542 | 717,712 | ||||||||||||||||||
Current liabilities | 269,780 | 195,159 | 315,198 | 226,872 | 149,008 | 296,159 | ||||||||||||||||||
Notes payable, embedded derivatives, long-term debt and other obligations, less current portion | 811,007 | 759,074 | 542,371 | 647,064 | 487,936 | 287,546 | ||||||||||||||||||
Noncurrent employee benefits, deferred income taxes and other long-term liabilities | 232,744 | 211,750 | 159,229 | 121,893 | 103,280 | 100,402 | ||||||||||||||||||
Stockholders' (deficiency) equity | (192,576 | ) | (79,252 | ) | (89,030 | ) | (46,234 | ) | (4,682 | ) | 33,605 | |||||||||||||
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For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | June 30, 2013 | June 30, 2012 | March 31, 2013 | March 31, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||||||||||||||
Revenue (2) | $ | 271,516 | $ | 272,783 | $ | 249,120 | $ | 276,594 | $ | 240,402 | $ | 257,606 | $ | 761,038 | $ | 806,983 | |||||||||||||||
Net (loss) income | (36,891 | ) | 17,932 | 13,511 | 3,895 | (1,681 | ) | (7,690 | ) | (25,061 | ) | 14,137 | |||||||||||||||||||
Per basic common share (3) | |||||||||||||||||||||||||||||||
Net (loss) income applicable to common shares | $ | (0.40 | ) | $ | 0.20 | $ | 0.14 | $ | 0.04 | $ | (0.02 | ) | $ | (0.09 | ) | $ | (0.27 | ) | $ | 0.16 | |||||||||||
Per diluted common share (3) | |||||||||||||||||||||||||||||||
Net (loss) income applicable to common shares | $ | (0.40 | ) | $ | 0.20 | $ | 0.14 | $ | 0.04 | $ | (0.02 | ) | $ | (0.09 | ) | $ | (0.27 | ) | $ | 0.16 | |||||||||||
Cash distributions declared per common share (3) | $ | 0.38 | $ | 0.36 | $ | 0.38 | $ | 0.36 | $ | 0.38 | $ | 0.36 | $ | 1.14 | $ | 1.09 | |||||||||||||||
______________________________
(1) | Revenues include excise taxes of $508,027, $552,965, $538,328, $377,771, and $168,170, respectively. |
(2) | Revenues include excise taxes of $121,787, $126,389, $112,596, $130,967, $108,911, $121,925, $343,294 and $379,281, respectively. |
(3) | Per share computations include the impact of 5% stock dividends on September 27, 2013, September 28, 2012, September 29, 2011, September 29, 2010, September 29, 2009 and September 29, 2008. |
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