For the three and nine months ended September 30, 2012, the Company's tobacco business had revenues of $272.8 million and $807.0 million, respectively, compared to $289.0 million and $840.6 million for the three and nine months ended September 30, 2011, respectively. Operating income was $48.1 million for the third quarter of 2012 and $130.2 million for the first nine months of 2012, compared to $42.9 million and $121.5 million for the three and nine months ended September 30, 2011, respectively.
Conference Call to Discuss Third Quarter 2012 Results
As previously announced, the Company will host a conference call and webcast on Thursday, November 1, 2012 at 11:00 A.M. (ET) to discuss third quarter 2012 results. Investors can access the call by dialing 800-859-8150 and entering 88977771 as the conference ID number. The call will also be available via live webcast at www.investorcalendar.com. Webcast participants should allot extra time before the webcast begins to register.
A replay of the call will be available shortly after the call ends on November 1, 2012 through November 15, 2012. To access the replay, dial 877-656-8905 and enter 88977771 as the conference ID number. The archived webcast will also be available at www.investorcalendar.com for 30 days.Vector Group is a holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC. Additional information concerning the company is available on the company's website, www.VectorGroupLtd.com.
|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,|
|Cost of goods sold*||203,749||227,863||615,682||664,113|
|Operating, selling, administrative and general expenses||25,841||23,277||73,734||69,142|
|Other income (expenses):|
|Change in fair value of derivatives embedded within convertible debt||6,040||4,386||(21,020||)||13,248|
|Acceleration of interest expense related to debt conversion||(7,072||)||—||(14,960||)||(1,217||)|
|Equity income from non-consolidated real estate businesses||12,874||6,496||20,969||17,597|
|Equity (loss) income on long-term investments||124||(1,699||)||(1,205||)||(1,090||)|
|Gain on sale of investment securities available for sale||1,640||6,017||1,640||20,558|
|Gain on liquidation of long-term investments||—||2,221||—||25,832|
|Gain on sales of townhomes||—||10||—||3,722|
|Income before provision for income taxes||31,234||30,000||25,180||110,868|
|Income tax expense||13,302||12,451||11,043||43,645|
|Per basic common share:|
|Net income applicable to common shares||$||0.21||$||0.21||$||0.17||$||0.80|
|Per diluted common share:|
|Net income applicable to common shares||$||0.21||$||0.20||$||0.16||$||0.78|
|Cash distributions and dividends declared per share||$||0.38||$||0.36||$||1.14||$||1.09|
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