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UNIVERSAL CORP. ANNOUNCES RESULTS

    RICHMOND, Va., Aug. 5 /PRNewswire/ -- Henry H. Harrell, chairman and chief executive officer of Universal Corporation (NYSE: UVV), announced today the unaudited results for the fiscal year ended June 30, 1993. Earnings were $80.2 million in fiscal year 1993 compared to $70.7 million in 1992, an increase of 13.4 percent.  Earnings per share were $2.39 vs. $2.15 for 1992 after giving effect to the sale of 2.7 million additional shares of common stock in March 1993.  Gross revenues in fiscal year 1993 were $3.047 billion compared to $2.989 billion in 1992.
    Results of U.S. tobacco operations were up slightly in 1993 vs. 1992 due to increased processing efficiencies and shipments delayed to the first quarter of 1993.  The total volume of tobacco bought and processed was down compared to last year.  The majority of this decrease was in burley tobacco where orders were down almost 15 percent.
    International tobacco operations had an outstanding year and represented the major part of the increase over last year's earnings. Brazil and Africa were largely responsible for this improvement while sales of the European affiliates lagged.  Overall results from dark tobacco operations were up slightly.
    The lumber and building products division performed well despite the continuing recession in Europe with operating results at approximately the same level for both years.  In the 1993 fiscal year a gain was realized on the sale of a domestic flatboard subsidiary.
    Agri-products earnings were up significantly which reflected improved results in the principal segments and the sale of the unprofitable peanut shelling operation.
    The board of directors fixed the voting record date of September 7th for the annual meeting of shareholders on Oct. 25, 1993.  The board declared a dividend of 22 cents per share on the common stock payable Nov. 8, 1993, to shareholders of record on Oct. 12, 1993.
                       UNIVERSAL CORPORATION
                           (Unaudited)
                                           Fourth Quarter Ended
                                                 June 30,
    (In Millions)                           1993           1992
    Sales and Other Operating Revenues      $496           $478
    Net Income                               2.1            2.8
    Earnings Per Share                       0.06           0.08
    Average Shares Outstanding              35.630         32.862
                                                  Year Ended
                                                   June 30,
    (In Millions)                           1993           1992
    Sales and Other Operating Revenues      $3,047        $2,989
    Net Income                                80.2          70.7
    Earnings Per Share                        2.39          2.15
    Average Shares Outstanding              33.598        32.822
    -0-             08/05/93
    CONTACT:  O. Kemp Dozier of Universal Corporation, 804-359-9311
    (UVV) CO:  UNIVERSAL CORPORATION IN:  TOB SU:  ERN ST:  VA


-- DC029 -- X317 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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