VECTOR GROUP LTD - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - April 1, 2016

Attached files

file filename
8-K - 8-K - VECTOR GROUP LTDa2016-fs8xk.htm
EX-99.2 - EXHIBIT 99.2 - VECTOR GROUP LTDa2015q4statements-e.htm
EX-99.5 - EXHIBIT 99.5 - VECTOR GROUP LTDnewvalleyfactsheet1april.htm
EX-99.3 - EXHIBIT 99.3 - VECTOR GROUP LTDvgrinvestorpresentationa.htm
EX-99.4 - EXHIBIT 99.4 - VECTOR GROUP LTDvectorgroupfactsheet1apr.htm


VECTOR GROUP LTD. AND SUBSIDIARIES
SELECT FINANCIAL DATA
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
 
Three Months Ended
 
December 31, 2015
 
September 30, 2015
 
June 30,
2015
 
March 31, 2015
 
 
 
 
 
(Unaudited)
Revenues
 
 
 
 
 
 
 
   Tobacco*
$
270,616

 
$
264,170

 
$
254,890

 
$
228,085

   Real estate
162,565

 
185,563

 
161,022

 
132,256

   E-Cigarettes
(2,851
)
 
201

 
261

 
419

          Total revenues
430,330

 
449,934

 
416,173

 
360,760

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
   Cost of sales:
 
 
 
 
 
 
 
     Tobacco*
191,585

 
174,418

 
174,867

 
157,030

     Real estate
100,981

 
121,078

 
103,870

 
84,358

     E-Cigarettes
22

 
421

 
467

 
630

        Total cost of sales
292,588

 
295,917

 
279,204

 
242,018

 
 
 
 
 
 
 
 
Operating, selling, administrative and general expenses
86,772

 
79,352

 
79,916

 
74,181

Litigation settlement and judgment expense
14,229

 
3,750

 
1,250

 
843

Restructuring expense
5,709

 
1,548

 
—

 
—

Operating income
31,032

 
69,367

 
55,803

 
43,718

 
 
 
 
 
 
 
 
Other income (expenses):
 
 
 
 
 
 
 
Interest expense
(24,286
)
 
(32,898
)
 
(31,761
)
 
(31,746
)
Change in fair value of derivatives embedded within convertible debt
5,695

 
7,044

 
5,256

 
6,460

Equity in earnings (losses) from real estate ventures
723

 
(916
)
 
1,856

 
338

Equity in (losses) earnings from investments
(26
)
 
(1,103
)
 
(2,163
)
 
612

(Loss) gain on sale of investment securities available for sale
(880
)
 
(821
)
 
(190
)
 
13,029

Impairment of investment securities available for sale
(635
)
 
(12,211
)
 
—

 
—

Other, net
1,308

 
1,342

 
1,821

 
1,937

Income before provision for income taxes
12,931

 
29,804

 
30,622

 
34,348

Income tax expense
3,494

 
13,694

 
11,178

 
12,867

 
 
 
 
 
 
 
 
Net income
9,437

 
16,110

 
19,444

 
21,481

 
 
 
 
 
 
 
 
Net income attributed to non-controlling interest
(1,533
)
 
(3,644
)
 
(1,837
)
 
(260
)
 
 
 
 
 
 
 
 
Net income attributed to Vector Group Ltd.
$
7,904

 
$
12,466

 
$
17,607

 
$
21,221

 
 
 
 
 
 
 
 
Per basic common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares attributed to Vector Group Ltd.
$
0.06

 
$
0.10

 
$
0.14

 
$
0.18

 
 
 
 
 
 
 
 
Per diluted common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares attributed to Vector Group Ltd.
$
0.06

 
$
0.10

 
$
0.14

 
$
0.18

 
 
 
 
 
 
 
 
Cash distributions declared per share
$
0.40

 
$
0.38

 
$
0.38

 
$
0.38

* Revenues and Cost of goods sold include excise taxes of $118,342, $112,773, $108,912 and $97,359 respectively.



Stock widget

Investing forum

VECTOR GROUP LTD Reports