Universal Swings to Loss

Tobacco outfit Universal(UVV Quote) swung to a loss in the first quarter, hurt by impairment charges.

The company lost $2.3 million, or 23 cents a share, in the quarter, compared with a profit of $11.8 million, or 46 cents a share, a year earlier. The results included a charge of $17.2 million, or 67 cents a share, related to a share impairment charge on long- lived assets used in tobacco growing projects in Zambia and a share valuation allowance on deferred tax assets.

Revenue increased 9.7% from a year ago to $943.2 million. Revenue from the tobacco business increased 13.2% to $447.6 million and in lumber and building products it grew 17.6% to $285.9 million. Revenue from agri-products sales fell 5.4% to $209.7 million. ...