VECTOR GROUP LTD - FORM 8-K - EX-99.3 - EXHIBIT 99.3

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EX-99.2 - EXHIBIT 99.2 - VECTOR GROUP LTD	projectzoominvestorprese.htm
EX-99.1 - EXHIBIT 99.1 - VECTOR GROUP LTD	vgr-2014613xex991sfdnongaap.htm
8-K - 8-K - VECTOR GROUP LTD	vgr-2014613x8ksfd.htm

EXHIBIT 99.3

Selected Financial Data

The following table sets forth our summary condensed consolidated financial data for the periods presented below. The summary condensed consolidated financial data as of March 31, 2014 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.

As a result of the acquisition of an additional 20.59% interest in Douglas Elliman on December 13, 2013, we were required to disclose real estate revenues and costs separately on the face of our condensed consolidated statements of operations rather than reflect the net results as was reported previously. Effective for the quarterly period ended March 31, 2014, we revised prior periods to present our revenues and costs of other consolidated real estate investments, the result of which were previously netted against operating, selling, administrative and general expenses. The revisions on our condensed consolidated statements of operations for the three months ended December 31, 2013, September 30, 2013, June 30, 2013 and March 31, 2013 as well as the annual periods ended December 31, 2013, 2012, 2011 and 2010 are presented in Exhibit 99.3. The prior period financial statements are not materially misstated and we have concluded the revisions are not material to any previously issued financial statements and will be revised in future filings. In addition, the condensed consolidated statements of operations presented in this Exhibit 99.3 have been recast to conform to the current year separate presentation of tobacco, real estate,and other operations.

Our historical results are not necessarily indicative of the results of operations for future periods, and our results of operations for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. 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 June 19, 2014 and in our Quarterly Report on Form 10-Q for the period ended March 31, 2014.



	Year Ended December 31,
	2013							2012
	As Previously Reported		Revision			As Revised		As Previously Reported		Revision			As Revised
Revenues	$	1,056,200	$	(1,056,200	)	$	—	$	1,084,546	$	(1,084,546	)	$	—
Tobacco revenues	—		1,014,341			1,014,341		—		1,084,546			1,084,546
Real estate revenues	—		65,580			65,580		—		10,987			10,987
Total revenue	1,056,200		23,721			1,079,921		1,084,546		10,987			1,095,533

Cost of Sales	747,186		(747,186		)	—		823,452		(823,452		)	—
Tobacco cost of sales	—		729,393			729,393		—		823,452			823,452
Real estate cost of sales	—		37,638			37,638		—		8,876			8,876
Total cost of sales	747,186		19,845			767,031		823,452		8,876			832,328

Operating, selling, administrative and general expenses	$	108,872	$	3,876		$	112,748	$	106,161	$	2,111		$	108,272



	Year Ended December 31,
	2011							2010
	As Previously Reported		Revision			As Revised		As Previously Reported		Revision			As Revised
Revenues	$	1,133,380	$	(1,133,380	)	$	—	$	1,063,289	$	(1,063,289	)	$	—
Tobacco revenues	—		1,133,380			1,133,380		—		1,063,289			1,063,289
Real estate revenues	—		4,266			4,266		—		3,257			3,257
Total revenue	1,133,380		4,266			1,137,646		1,063,289		3,257			1,066,546

Cost of Sales	892,883		(892,883		)	—		845,106		(845,106		)	—
Tobacco cost of sales	—		892,883			892,883		—		845,106			845,106
Real estate cost of sales	—		3,547			3,547		—		2,752			2,752
Total cost of sales	892,883		3,547			896,430		845,106		2,752			847,858

Operating, selling, administrative and general expenses	$	97,176	$	719		$	97,895	$	90,709	$	505		$	91,214



	For the Three Months Ended
	December 31, 2013							September 30, 2013
	As Previously Reported		Revision			As Revised		As Previously Reported		Revision			As Revised
Revenues	$	295,162	$	(295,162	)	$	—	$	271,516	$	(271,516	)	$	—
Tobacco revenues	—		253,303			253,303		—		271,516			271,516
Real estate revenues	—		46,282			46,282		—		6,425			6,425
Total revenue	295,162		4,423			299,585		271,516		6,425			277,941

Cost of Sales	198,809		(198,809		)	—		194,991		(194,991		)	—
Tobacco cost of sales	—		181,016			181,016		—		194,991			194,991
Real estate cost of sales	—		21,558			21,558		—		5,844			5,844
Total cost of sales	198,809		3,765			202,574		194,991		5,844			200,835

Operating, selling, administrative and general expenses	$	34,175	$	658		$	34,833	$	25,897	$	581		$	26,478



	For the Three Months Ended
	June 30, 2013							March 31, 2013
	As Previously Reported		Revision			As Revised		As Previously Reported		Revision			As Revised
Revenues	$	249,120	$	(249,120	)	$	—	$	240,402	$	(240,402	)	$	—
Tobacco revenues	—		249,120			249,120		—		240,402			240,402
Real estate revenues	—		7,106			7,106		—		5,767			5,767
Total revenue	249,120		7,106			256,226		240,402		5,767			246,169

Cost of Sales	180,430		(180,430		)	—		172,956		(172,956		)	—
Tobacco cost of sales	—		180,430			180,430		—		172,956			172,956
Real estate cost of sales	—		6,015			6,015		—		4,221			4,221
Total cost of sales	180,430		6,015			186,445		172,956		4,221			177,177

Operating, selling, administrative and general expenses	$	24,450	$	1,091		$	25,541	$	24,350	$	1,546		$	25,896



	Year Ended December 31,
	2013		2012		2011		2010
Statement of Operations Data:
Revenues:
Tobacco (1)	$	1,014,341	$	1,084,546	$	1,133,380	$	1,063,289
Real estate	65,580		10,987		4,266		3,257
E-Cigarettes	—		—		—		—
Total revenues	1,079,921		1,095,533		1,137,646		1,066,546

Expenses:
Cost of sales:
Tobacco (1)	729,393		823,452		892,883		845,106
Real estate	37,638		8,876		3,547		2,752
E-Cigarettes	—		—		—		—
Total cost of sales	767,031		832,328		896,430		847,858

Operating, selling, administrative and general expenses	112,748		108,272		97,895		91,214
Litigation judgment expense	88,106		—		—		16,161
Operating income	112,036		154,933		143,321		111,313

Net income attributed to Vector Group Ltd.	38,944		30,622		75,020		54,084
Per basic common share (3)
Net income attributed to Vector Group Ltd. applicable to common shares	$	0.41	$	0.34	$	0.85	$	0.62
Per diluted common share (3)
Net income attributed to Vector Group Ltd. applicable to common shares	$	0.41	$	0.34	$	0.84	$	0.61

Cash distributions declared per common share (3)	$	1.54	$	1.47	$	1.40	$	1.33



	For the Three Months Ended
	March 31, 2014		December 31, 2013		September 30, 2013			June 30, 2013		March 31, 2013
Statement of Operations Data:
Revenues:
Tobacco (2)	$	233,392	$	253,303	$	271,516		$	249,120	$	240,402
Real estate	108,044		46,282		6,425			7,106		5,767
E-Cigarettes	5,800		—		—			—		—
Total revenues	347,236		299,585		277,941			256,226		246,169

Expenses:
Cost of sales:
Tobacco (2)	168,166		181,016		194,991			180,430		172,956
Real estate	67,324		21,558		5,844			6,015		4,221
E-Cigarettes	3,547		—		—			—		—
Total cost of sales	239,037		202,574		200,835			186,445		177,177

Operating, selling, administrative and general expenses	65,477		34,833		26,478			25,541		25,896
Litigation judgment expense	—		193		87,913			—		—
Operating income (loss)	42,722		61,985		(37,285		)	44,240		43,096

Net income (loss) attributable to Vector Group Ltd.	2,580		64,005		(36,891		)	13,511		(1,681		)
Per basic common share (3)
Net income (loss) attributable to Vector Group Ltd.	$	0.03	$	0.67	$	(0.40	)	$	0.14	$	(0.02	)
Per diluted common share (3)
Net income (loss) attributable to Vector Group Ltd.	$	0.03	$	0.61	$	(0.40	)	$	0.14	$	(0.02	)

Cash distributions declared per common share (3)	$	0.40	$	0.40	$	0.38		$	0.38	$	0.38

^{______________________________}


(1)	Revenues and cost of sales include excise taxes of $456,703, $508,027, $552,965, and $538,328, respectively.


(2)	Revenues include excise taxes of $102,413, $113,409, $121,787, $112,596, and $108,911, respectively.


(3)	Per share computations include the impact of 5% stock dividends on September 27, 2013, September 28, 2012, September 29, 2011, and September 29, 2010.

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