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UNIVERSAL CORPORATION ANNOUNCES EARNINGS; DECLARES DIVIDEND

 UNIVERSAL CORPORATION ANNOUNCES EARNINGS; DECLARES DIVIDEND
 RICHMOND, Va., Feb. 7 /PRNewswire/ -- Universal Corporation (NYSE: UVV) announced today that earnings for the second quarter ended Dec. 31, 1991 were $28.9 million or $.89 per share compared to $26.2 million or $.80 per share from continuing operations last year. Net income for last year's second quarter was $19.3 million, reflecting an extraordinary writeoff of $3.8 million receivable for Iraqi Tobacco Monopoly and a $3.1 million loss from subsequently discontinued title insurance operations. As previously reported, the company spun off its title insurance subsidiary effective Oct. 1, 1991. For the six months ended Dec. 31, 1991 income from continuing operations was $49 million or $1.50 per share, compared to $35.2 million or $1.07 per share last year. All per share amounts reflect the two-for-one stock split declared by the company's board of directors at its December meeting.
 Gross revenues decreased slightly to $874 million in the quarter from $915 million a year ago. For the six-months, gross revenues were comparable at $1.6 billion in both 1991 and 1990.
 Foreign tobacco earnings from Brazil showed considerable improvement in the quarter and were enhanced by the inclusion of Gebruder Kulenkampff's strong earnings, also from Brazil. Generally, other foreign tobacco results were slightly down for the quarter primarily due to the timing of sales and shipments.
 Domestic tobacco earnings were lower for the quarter and six-months principally due to lower volumes in flue-cured tobacco and somewhat reduced export shipments. The burley crop is larger than last year's crop. Burley purchases and processing will be up over last year. The total amount of U.S. flue-cured and burley tobacco bought and processed in fiscal year 1992 should exceed that of fiscal year 1991.
 For the quarter, agri-product results were down compared to those of last year. For the six-months, agri-product earnings improved primarily due to better results from peanut operations.
 Lumber and building product earnings in the quarter were slightly down from last year. Results for the six-months were also down, reflecting the recession in Europe which is expected to continue over the remainder of this fiscal year.
 Much of the earnings improvement expected for the year has been realized in this six-month period. Lumber and building products remain under recessionary pressure, and agri-products results can still be affected by market conditions in the remainder of the year. In addition, the performance of foreign tobacco operations was unusually strong in last year's fourth quarter.
 The board of directors of Universal Corporation at a meeting held today, took the following actions:
 Declared that a regular quarterly dividend of twenty cents ($.20)
 per share on the common stock of the company be made payable May
 11, 1992 to common shareholders of record at the close of business
 on April 13, 1992.
 UNIVERSAL CORPORATION
 (UNAUDITED)
 CONSOLIDATED STATEMENTS OF INCOME
 SIX MONTHS ENDED DEC. 31, 1991 AND 1990
 Second Quarter Ended
 Dec. 31,
 1991 1990
 (In thousands of dollars)
 Sales and Other Operating Revenue $874,243 $915,270
 Costs and Expenses
 Cost of Goods Sold 764,137 806,469
 Selling, General and Administrative
 Expenses 56,662 58,699
 Interest 12,142 16,076
 832,941 881,244
 Income Before Income Taxes 41,302 34,026
 Income Taxes 14,042 10,074
 Minority Interests 173 (40)
 Income From Consolidated Operations 27,087 23,992
 Equity in Net Income of Unconsolidated
 Affiliates 1,839 2,203
 Income From Continuing Operations
 Before Extraordinary Item 28,926 26,195
 Loss From Discontinued Operations (3,058)
 Extraordinary Item (3,800)
 Net Income $28,926 $19,337
 Per Common Share
 Income From Continuing Operations
 Before Extraordinary Item $.89 $.80
 Loss From Discontinued Operations (.09)
 Extraordinary Item (.12)
 Net Income $.89 $.59
 Cash Dividends Declared $.20 $.19
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 SIX MONTHS ENDED DEC. 31, 1991 AND 1990
 Six Months Ended
 Dec. 31,
 1991 1990
 (In thousands of dollars)
 Sales and Other Operating Revenues $1,569,639 $1,559,603
 Cost and Expenses
 Cost of Goods Sold 1,357,221 1,382,872
 Selling, General & Administrative
 Expenses 115,563 103,170
 Interest 24,807 28,929
 1,497,591 1,514,971
 Income Before Income Taxes 72,048 44,632
 Income Taxes 24,496 11,247
 Minority Interests (22) (61)
 Income From Consolidated Operations 47,574 33,446
 Equity in Net Income of Unconsolidated
 Affiliates 1,461 1,763
 Income From Continuing Operations
 Before Extraordinary Item 49,035 35,209
 Loss From Discontinued Operations (5,014)
 Extraordinary Item (3,800)
 Net Income $49,035 $26,395
 Per Common Share
 Income From Continuing Operations
 Before Extraordinary Item $1.50 $1.07
 Loss From Discontinued Operations (.15)
 Extraordinary Item (.12)
 Net Income $1.50 $.80
 Cash Dividends Declared $ .39 .375
 Average Common Shares Outstanding 32,782,358 32,807,516
 NOTE: The results of operations for the six-month period ended Dec. 31, 1991 are not necessarily indicative of results to be expected for the year ending June 30, 1992. All adjustments necessary to fairly state the results for such period have been included and are of a normal recurring nature.
 -0- 2/7/92
 /CONTACT: O. Kemp Dozier, Universal Corporation, 804-254-3720/
 (UVV) CO: Universal Corporation ST: Virginia IN: TOB SU: ERN


CM-JZ -- CH004 -- 7686 02/07/92 10:43 EST
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Date:Feb 7, 1992
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