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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 September 30, 2018
 

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.
x Large accelerated filer
o  Accelerated filer
o  Non-accelerated filer
o  Smaller reporting company
o  Emerging Growth Company
 
 
(Do not check if a smaller reporting 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.
o Yes x No

At November 2, 2018, Vector Group Ltd. had 140,914,642 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 September 30, 2018 and December 31, 2017
 
 
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017
 
 
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2018 and 2017
 
 
Condensed Consolidated Statements of Stockholders' Deficiency for the nine months ended September 30, 2018
 
 
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017
 
 
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

 
September 30,
2018
 
December 31,
2017
ASSETS:
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
363,719

 
$
301,353

Investment securities at fair value
135,246

 
150,489

Accounts receivable - trade, net
27,918

 
29,481

Inventories
84,293

 
89,790

Income taxes receivable, net

 
11,217

Restricted assets
4,821

 
10,258

Other current assets
45,671

 
21,121

Total current assets
661,668

 
613,709

Property, plant and equipment, net
86,325

 
85,516

Investments in real estate, net
25,198

 
23,952

Long-term investments (of which $58,787 and $0 were carried at fair value)
76,452

 
81,291

Investments in real estate ventures
142,988

 
188,131

Restricted assets
6,296

 
3,488

Goodwill and other intangible assets, net
267,033

 
267,708

Prepaid pension costs
28,838

 
27,697

Other assets
52,076

 
36,786

Total assets
$
1,346,874

 
$
1,328,278

LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
 
 
 
Current liabilities:
 
 
 
   Current portion of notes payable and long-term debt
$
234,756

 
$
33,820

   Current portion of fair value of derivatives embedded within convertible debt
12,851

 

 Current payments due under the Master Settlement Agreement
129,795

 
12,384

   Current portion of employee benefits
952

 
952

Income taxes payable, net
5,079

 
100

Litigation accruals
254

 
260

Other current liabilities
140,409

 
157,123

Total current liabilities
524,096

 
204,639

Notes payable, long-term debt and other obligations, less current portion
1,058,372

 
1,194,244

Fair value of derivatives embedded within convertible debt
32,273

 
76,413

Non-current employee benefits
62,659

 
62,242

Deferred income taxes, net
51,587

 
58,801

Payments due under the Master Settlement Agreement
16,383

 
21,479

Litigation accruals
21,224

 
19,840

Other liabilities
52,730

 
22,380

Total liabilities
1,819,324

 
1,660,038

Commitments and contingencies (Note 8)

 

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,140,914,642 and 134,365,424 shares issued and outstanding
14,092

 
13,437

Accumulated deficit
(541,202
)
 
(414,785
)
Accumulated other comprehensive loss
(17,720
)
 
(12,571
)
Total Vector Group Ltd. stockholders' deficiency
(544,830
)
 
(413,919
)
Non-controlling interest
72,380

 
82,159

Total stockholders' deficiency
(472,450
)
 
(331,760
)
Total liabilities and stockholders' deficiency
$
1,346,874

 
$
1,328,278


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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
   Tobacco*
$
302,009

 
$
294,245

 
$
843,958

 
$
823,876

   Real estate
211,860

 
190,860

 
580,365

 
548,426

   Corporate and Other

 
(480
)
 

 
(480
)
       Total revenues
513,869

 
484,625

 
1,424,323

 
1,371,822

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 Cost of sales:
 
 
 
 
 
 
 
   Tobacco*
219,769

 
207,800

 
597,492

 
570,461

   Real estate
140,533

 
130,316

 
389,851

 
358,472

       Total cost of sales
360,302

 
338,116

 
987,343

 
928,933

 
 
 
 
 
 
 
 
Operating, selling, administrative and general expenses
87,549

 
82,682

 
262,961

 
249,654

Litigation settlement and judgment expense (income)

 
4,104

 
(1,944
)
 
5,791

Operating income
66,018

 
59,723

 
175,963

 
187,444

 
 
 
 
 
 
 
 
Other income (expenses):
 
 
 
 
 
 
 
Interest expense
(51,084
)
 
(43,234
)
 
(145,452
)
 
(136,146
)
Loss on extinguishment of debt

 

 

 
(34,110
)
Change in fair value of derivatives embedded within convertible debt
10,005

 
9,437

 
31,289

 
26,142

Equity in earnings (losses) from real estate ventures
294

 
(47
)
 
(8,378
)
 
26,357

Equity in earnings (losses) from investments
3,230

 
(303
)
 
9,205

 
(2,823
)
Net loss recognized on equity securities
(797
)
 

 
(306
)
 

Other, net
2,048

 
1,374

 
4,761

 
3,452

Income before provision for income taxes
29,714

 
26,950

 
67,082

 
70,316

Income tax expense
14,686

 
6,472

 
29,394

 
22,517

 
 
 
 
 
 
 
 
Net income
15,028

 
20,478

 
37,688

 
47,799

 
 
 
 
 
 
 
 
Net income attributed to non-controlling interest
(3,026
)
 
(1,214
)
 
(657
)
 
(5,951
)
 
 
 
 
 
 
 
 
Net income attributed to Vector Group Ltd.
$
12,002

 
$
19,264

 
$
37,031

 
$
41,848

 
 
 
 
 
 
 
 
Per basic common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares attributed to Vector Group Ltd.
$
0.07

 
$
0.13

 
$
0.23

 
$
0.27

 
 
 
 
 
 
 
 
Per diluted common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares attributed to Vector Group Ltd.
$
0.07

 
$
0.13

 
$
0.23

 
$
0.27

 
 
 
 
 
 
 
 
Dividends declared per share
$
0.38

 
$
0.36

 
$
1.14

 
$
1.09

                                      

* Revenues and cost of sales include federal excise taxes of $130,428, $126,912, $359,199 and $351,474, 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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
Net income
$
15,028

 
$
20,478

 
$
37,688

 
$
47,799

 
 
 
 
 
 
 
 
Net unrealized (losses) gains on investment securities available for sale:
 
 
 
 
 
 
 
Change in net unrealized (losses) gains
(168
)
 
638

 
(1,090
)
 
(2,581
)
Net unrealized losses (gains) reclassified into net income
165

 
(43
)
 
989

 
(104
)
Net unrealized (losses) gains on investment securities available for sale
(3
)
 
595

 
(101
)
 
(2,685
)
 
 
 
 
 


 
 
Net change in forward contracts

 

 

 
2

 
 
 
 
 
 
 
 
Net change in pension-related amounts
 
 
 
 
 
 
 
Amortization of loss
441

 
489

 
1,324

 
1,466

Net change in pension-related amounts
441

 
489

 
1,324

 
1,466

 
 
 
 
 
 
 
 
Other comprehensive income (loss)
438

 
1,084

 
1,223

 
(1,217
)
 
 
 
 
 
 
 
 
Income tax effect on:
 
 
 
 
 
 
 
Change in net unrealized (losses) gains on investment securities
47

 
(258
)
 
299

 
1,053

Net unrealized losses (gains) reclassified into net income on investment securities
(46
)
 
17

 
(272
)
 
42

Pension-related amounts
(121
)
 
(199
)
 
(363
)
 
(595
)
Income tax (provision) benefit on other comprehensive income (loss)
(120
)
 
(440
)
 
(336
)
 
500

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
318

 
644

 
887

 
(717
)
 
 
 
 
 
 
 
 
Comprehensive income
15,346

 
21,122

 
38,575

 
47,082

 
 
 
 
 
 
 
 
Comprehensive income attributed to non-controlling interest
(3,026
)
 
(1,214
)
 
(657
)
 
(5,951
)
Comprehensive income attributed to Vector Group Ltd.
$
12,320

 
$
19,908

 
$
37,918

 
$
41,131


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 January 1, 2018
134,365,424

 
$
13,437

 
$

 
$
(414,785
)
 
$
(12,571
)
 
$
82,159

 
$
(331,760
)
Impact of adoption of new accounting standards

 

 

 
1,094

 
(6,036
)
 
(7,915
)
 
(12,857
)
Net income

 

 

 
37,031

 

 
657

 
37,688

Total other comprehensive income

 

 

 

 
887

 

 
887

Total comprehensive income

 

 

 

 

 

 
38,575

Distributions and dividends on common stock

 

 
(3,785
)
 
(163,871
)
 

 

 
(167,656
)
Restricted stock grant
31,666

 
3

 
(3
)
 

 

 

 

Surrender of shares in connection with restricted stock vesting
(192,119
)
 
(19
)
 
(3,637
)
 

 

 

 
(3,656
)
Effect of stock dividend
6,709,671

 
671

 

 
(671
)
 

 

 

Stock-based compensation

 

 
7,425

 

 

 

 
7,425

Distributions to non-controlling interest

 

 

 

 

 
(2,521
)
 
(2,521
)
Balance as of September 30, 2018
140,914,642

 
$
14,092

 
$

 
$
(541,202
)
 
$
(17,720
)
 
$
72,380

 
$
(472,450
)


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

5



VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Unaudited

 
Nine Months Ended
 
Nine Months Ended
 
September 30,
2018
 
September 30,
2017
Net cash provided by operating activities
$
209,808

 
$
206,443

Cash flows from investing activities:
 
 
 
Sale of investment securities
14,895

 
23,066

Maturities of investment securities
16,899

 
94,858

Purchase of investment securities
(22,516
)
 
(120,362
)
Proceeds from sale or liquidation of long-term investments

 
966

Purchase of long-term investments

 
(26,500
)
Investments in real estate ventures
(6,132
)
 
(20,830
)
Distributions from investments in real estate ventures
37,819

 
23,338

Increase in cash surrender value of life insurance policies
(806
)
 
(831
)
Decrease in restricted assets
254

 
2,112

Issuance of notes receivable

 
(1,633
)
Proceeds from sale of fixed assets

 
75

Capital expenditures