Brooke Group Reports 1999 Fourth Quarter and Full Year Financial Results.Business Editors MIAMI--(BUSINESS WIRE)--March 30, 2000 Brooke Brooke , Rupert 1887-1915. British poet known for his war poetry suffused with a romantic patriotic quality. Noun 1. Brooke - English lyric poet (1887-1915) Rupert Brooke Group Ltd. (NYSE NYSE See: New York Stock Exchange : BGL BGL The pre-July 1999 ISO 4217 currency code for Bulgarian Lev. ) today reported financial results for the 1999 fourth quarter and the full year ended December December: see month. 31, 1999. Full year 1999 revenues were $567.0 million compared to revenues of $444.6 million in 1998. The 1999 results included the operations of New Valley Corporation commencing June June: see month. 1, 1999 when New Valley became a consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: subsidiary of the company. The company recorded operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $72.0 million in 1999, compared to operating income of $71.6 million in 1998 which included a $14.9 million reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of prior accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. for settlement changes. Net income in 1999 was $235.7 million, or $8.80 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share, which included a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of $294.1 million in connection with the closing of the Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. Morris brand transaction on May 24, 1999. This compared to net income in 1998 of $27.4 million, or $1.05 per diluted common share, which included a tax benefit of $59.6 million. For the year ended December 31, 1999, Liggett Group Liggett Tobacco, formerly known as Liggett & Myers Tobacco Company is the 4th largest tobacco company in the United States. Its headquarters are located in Durham, North Carolina. Its CEO is Bennett S. LeBow. Inc., the company's U.S. tobacco business had revenues of $422.7 million, compared to $347.1 million for the year ended December 31, 1998. Liggett's operating income before restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , non-cash stock-based and settlement expense was $78.6 million for 1999, compared to $39.9 million for 1998. Fourth quarter 1999 revenues were $192.5 million compared to revenues of $140.3 million in the 1998 quarter. The company recorded operating income of $16.9 million in the fourth quarter of 1999, compared to operating income of $38.0 million in the 1998 period which included a $16.8 million reversal of prior accruals for settlement charges. Net income was $6.2 million, or $.23 per diluted common share, in the 1999 fourth quarter. This compared to net income of $68.8 million, or $2.43 per diluted common share, in the 1998 period which included a tax benefit of $58.5 million. Brooke Group is a holding company which owns Liggett Group Inc. and controlling interests controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Liggett-Ducat Ltd. and New Valley Corporation.
BROOKE GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Three Months Ended
December 31, Year Ended December 31,
1999 1998 1999 1998
---- ---- ---- ----
Revenues:
Tobacco(a) $ 169,201 $ 140,299 $ 522,807 $ 444,566
Broker-dealer
transactions 22,265 40,852
Real estate
leasing 1,056 3,386
------- ------- ------- -------
Total revenues 192,522 140,299 567,045 444,566
Expenses:
Cost of
goods sold(a) 60,867 60,574 189,865 200,996
Operating,
selling,
administrative
and general
expenses 115,808 58,544 306,228 186,904
Settlement
charges (1,051) (16,809) (1,051) (14,928)
------- ------- ------- -------
Operating income 16,898 37,990 72,003 71,594
Other income
(expenses):
Interest and
dividend income 1,601 844 2,840 1,169
Interest expense (11,178) (19,143) (54,378) (79,704)
Equity in
loss of affiliate (1,209) (8,334) (11,315) (28,717)
Recognition
of deferred gain
on sale of assets 7,050
Loss in
joint venture (13,032) (12,082)
Gain on
sale of
investments,
net 263 741
Sale of assets 4,203 3,950 12,172 5,975
Gain on
brand transaction (20) 294,078
Other, net (541) (4,946) 1,966 (5,711)
------- ------- ------- -------
(Loss)income
from continuing
operations
before provision
(benefit) for
income taxes
and minority
interests (3,015) 10,361 313,075 (35,394)
(Benefit)
provision for
income taxes (3,698) (58,478) 82,458 (59,613)
Minority
interests 5,803 5,467
------- ------- ------- -------
Income from
continuing
operations 6,486 68,839 236,084 24,219
------- ------- ------- -------
Gain on
disposal of
discontinued
operations 1,249 3,208
Loss on
extraordinary
items (250) (1,660)
------- ------- ------- -------
Net income $ 6,236 $ 68,839 $ 235,673 $ 27,427
======= ======= ======= =======
Per basic
common share:
Income from
continuing
operations $ 0.29 $ 3.13 $ 10.74 $ 1.13
======= ======= ======= =======
Gain from
discontinued
operations $ 0.06 $ 0.15
======= =======
Loss from
extraordinary
items $ (0.01) $ (0.08)
======= =======
Net income
applicable to
common shares $ 0.28 $ 3.13 $ 10.72 $ 1.28
======= ======= ======= =======
Basic weighted
average
common shares
outstanding 21,989,782 21,990,917 21,989,782 21,446,255
========== ========== ========== ==========
Per diluted
common share:
Income from
continuing
operations $ 0.24 $ 2.43 $ 8.81 $ 0.93
======= ======= ======= =======
Gain from
discontinued
operations $ 0.05 $ 0.12
======= =======
Loss from
extraordinary
items $ (0.01) $ (0.06)
======= =======
Net income
applicable to
common shares $ 0.23 $ 2.43 $ 8.80 $ 1.05
======= ======= ======= =======
Diluted
weighted
average
common shares
outstanding 26,560,999 28,362,372 26,811,273 26,034,912
========== ========== ========== ==========
(a) Revenues and Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold include excise taxes excise taxes, governmental levies on specific goods produced and consumed inside a country. They differ from tariffs, which usually apply only to foreign-made goods, and from sales taxes, which typically apply to all commodities other than those specifically exempted. of $20,569 and $22,024 for the three months ended December 31, 1999 and 1998, respectively, and $66,698 and $82,613 for the years ended December 31, 1999 and 1998, respectively. |
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