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UNIVERSAL CORPORATION ANNOUNCES EARNINGS

 UNIVERSAL CORPORATION ANNOUNCES EARNINGS
 RICHMOND, Va., May 7 /PRNewswire/ -- Universal Corporation


(NYSE: UVV) announced today that earnings for the third quarter ended March 31, 1992, were $18.8 million or $.57 per share compared to $17.4 million or $.54 per share from continuing operations last year, an increase in earnings of 8 percent. Net income for last year's third quarter was $12.0 million, reflecting a $5.4 million loss from subsequently discontinued title insurance operations. As previously reported, the company spun off its title insurance subsidiary effective October 1, 1991. For the nine months ended March 31, 1992 income from continuing operations was $67.8 million or $2.07 per share compared to $52.6 million or $1.61 per share last year.
 Gross revenues increased to $942 million in the quarter from $828 million a year ago. For the nine months, gross revenues were $2.5 billion compared to $2.4 billion in 1991.
 Foreign tobacco earnings were comparable in the quarter, with strong results from the Brazilian operations. For the nine months, the greatly improved results from Brazil accounted for the significant improvement in foreign tobacco earnings. A higher proportion of this year's shipments by other foreign operations were made in the first half of the current fiscal year.
 Domestic tobacco earnings were up in the quarter principally due to a significant increase in the volume of burley tobacco processed. This increase was attributable to a larger burley crop in fiscal 1992 which enabled the company to fill orders and to increase market share. For the nine months ended March 31, despite improved earnings from market and processing operations, domestic tobacco results were lower compared with fiscal year 1991 which included earnings from non-recurring sales.
 The company recently contracted to sell its peanut shelling operations located in Blakely, Ga. The transaction will not materially affect the current year's operating results. For the current quarter and nine-month period, agri-products results were up primarily due to improved results from the aforementioned peanut operations. Non-peanut agri-product results for both periods were comparable year to year with improved tea results and some decline in rubber and sunflower seeds.
 Lumber and building product operations results for the quarter were up slightly over last year. The improvement was a result of an increase in softwood margins and new product sales such as plastic sheets and fiber board products. For the nine months, earnings are down slightly as the improvements were not enough to offset a poor market for bulk hardwood exports.
 UNIVERSAL CORPORATION
 (UNAUDITED)
 CONSOLIDATED STATEMENTS OF INCOME
 NINE MONTHS ENDED MARCH 31, 1992 & 1991
 Third Quarter Ended
 March 31
 1992 1991
 (In Thousands of Dollars)
 Sales & Other Operating Revenues $941,548 $828,092
 Costs & Expenses
 Cost of Goods Sold 839,775 734,853
 Selling, General & Administrative
 Expenses 59,229 54,360
 Interest 12,698 16,973
 911,702 806,186
 Income Before Income Taxes &
 Other Items 29,846 21,906
 Income Taxes 11,951 6,799
 Minority Interest 868 423
 Income From Consolidated Operations 17,027 14,684
 Equity in Net Income of
 Unconsolidated Affiliates 1,768 2,727
 Income from Continuing Operations 18,795 17,411
 Loss from Discontinued Operations (5,393)
 Net Income $18,795 $12,018
 Per Common Share
 Income from Continuing Operations $0.57 $0.54
 Loss from Discontinued Operations (0.17)
 Net Income $0.57 $0.37
 Cash Dividends Declared $0.20 $0.19
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 NINE MONTHS ENDED MARCH 31, 1992 & 1991
 Nine Months Ended
 March 31
 1991 1992
 (in Thousands of Dollars)
 Sales and Other Operating Revenues $2,511,187 $2,387,695
 Cost and Expenses:
 Cost of Goods Sold 2,196,996 2,117,725
 Selling, General & Administrative
 Expenses 174,792 157,530
 Interest 37,505 45,902
 Total 2,409,293 2,321,157
 Income Before Income Taxes
 and Other Items 101,894 66,538
 Income Taxes 36,447 18,046
 Minority Interest 846 362
 Income from Consolidated Operations 64,601 48,130
 Equity in Net Income of
 Unconsolidated Affiliates 3,229 4,490
 Income from Continuing Operations
 Before Extraordinary Item 67,830 52,620
 Loss from Discontinued Operations --- (10,407)
 Extraordinary Item --- (3,800)
 Net Income $ 67,830 $ 38,413
 Per Common Share:
 Income from Continuing Operations
 Before Extraordinary Item $ 2.07 $ 1.61
 Loss from Discontinued Operations --- (0.32)
 Extraordinary Item --- (0.12)
 Net Income $ 2.07 $ 1.17
 Cash Dividends Declared $ 0.59 $ 0.565
 Average Common Shares Outstanding 32,808,855 32,797,320
 Note: The results of operations for the nine-month period ended March 31 are not necessarily indicative of results to be expected for the year ending June 30. All adjustments necessary to fairly state the results for such period have been included and are of a normal recurring nature.
 -0- 5/7/92
 /CONTACT: O. Kemp Dozier of Universal Corporation, 804-254-3720/
 (UVV) CO: Universal Corporation ST: North Carolina IN: TOB SU: ERN


CM -- CH005 -- 7618 05/07/92 12:16 EDT
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