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Vector Group Reports Third Quarter 2012 Financial Results

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,
2012     2011 2012     2011
 
Revenues* $ 272,783 $ 288,995 $ 806,983 $ 840,553
 
Expenses:
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  
Operating income 43,193 37,855 117,567 107,298
 
Other income (expenses):
Interest expense (25,906 ) (25,421 ) (78,667 ) (75,431 )
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
Other, net 341   135   856   351  
 

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  
 

Net income

$ 17,932   $ 17,549   $ 14,137   $ 67,223  
 
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  

_________________________

* Revenues and Cost of goods sold include excise taxes of $126,389, $141,473, $379,281 and $412,041, respectively.

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