Vector Group Reports Third Quarter 2008 Financial Results

MIAMI, Nov 10, 2008 (BUSINESS WIRE) -- Vector Group Ltd. today announced financial results for the three and nine months ended September 30, 2008.

Third quarter 2008 revenues were $145.6 million, compaRed to revenues of $136.1 million in the third quarter of 2007. The Company recorded operating income of $37.5 million in the 2008 third quarter, compaRed to operating income of $33.7 million in the third quarter of 2007. Net income for the 2008 third quarter was $14.8 million, or $0.21 per diluted common share, compaRed to net income of $15.1 million, or $0.22 per diluted common share, in the 2007 third quarter. The results for the three months ended September 30, 2008 included pre-tax impairment charges on a mortgage receivable of $4.0 million and long-term investments of $3.0 million. Adjusting for these charges, the Company's income for the 2008 third quarter would have been $19.0 million, or $0.27 per diluted common share. For the nine months ended September 30, 2008, revenues were $420.8 million, compaRed to $410.3 million for the first nine months of 2007. The Company recorded operating income of $99.9 million for the 2008 nine-month period, compaRed to operating income of $88.6 million for the 2007 period. Net income for the 2008 nine-month period was $48.3 million, or $0.70 per diluted common share, compaRed to net income of $59.6 million, or $0.87 per diluted common share, for the 2007 period. 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, and $7.0 million of pre-tax impairment charges. Adjusting for these items, the Company's net income for the first nine months of 2008 would have been $45.3 million, or $0.66 per diluted common share. The results for the nine months ended September 30, 2007 included a $19.6 million pre-tax gain associated with the Company's previously announced NASA litigation settlement and an $8.1 million pre-tax gain from the exchange of notes receivable from Ladenburg Thalmann Financial Services Inc., which had been previously written-off, for shares of Ladenburg common stock and approximately $1.7 million of accrued interest. Adjusting for these gains, the Company's income for the nine months ended September 30, 2007 would have been $43.2 million, or $0.63 per diluted common share. For the three and nine months ended September 30, 2008, the Company's conventional cigarette business, which includes Liggett Group Cigarettes and USA brand Cigarettes, had revenues of $144.8 million and $418.8 million, respectively, compaRed to $135.2 million and $407.3 million for the three and nine months ended September 30, 2007, respectively. Operating income was $45.9 million for the third quarter of 2008 and $127.0 million for the first nine months of 2008, compaRed to $40.4 million and $113.4 million for the three and nine months ended September 30, 2007, respectively.

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