Printer Friendly

UNIVERSAL CORPORATION ANNOUNCES EARNINGS

 UNIVERSAL CORPORATION ANNOUNCES EARNINGS
 RICHMOND, Va., Aug. 6 /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, 1992. Earnings were $70.7 million or $2.15 per share in fiscal year 1992 compared to $56.3 million or $1.72 per share from continuing operations in 1991. Net income for 1991 was $20.2 million or $.62 per share after an extraordinary item, loss from discontinued operations and a 2 for 1 stock split. Gross revenues in fiscal year 1992 were $3.0 billion compared to $2.9 billion in 1991.
 Sales results of U.S. tobacco operations were down slightly in 1992 versus 1991 due to special sales in 1991 and some shipments delayed to the first quarter of 1993. The total volume of tobacco bought and processed was up compared to last year. The majority of this increase was in burley tobacco where the larger crop size allowed the Company to fill orders and increase market share.
 International tobacco operations had an outstanding year and represented the bulk of the increase over last year's earnings. Brazil was largely responsible for this improvement, benefiting from a more stable economic environment, increased sales opportunities, and the positive impact of the first full year's inclusion of Gebrueder Kulenkampff's results. Earnings from the European affiliates were also very good where management capitalized on trading opportunities and new demand from Eastern Europe. Operations in Africa continued to produce strong results, maintaining market share in larger crops.
 The lumber and building products division performed well despite the continuing recession in Europe. While sales were below 1991, gross margins increased without loss of market share, leading to a level of profitability better than budget but below last year's results.
 There was further improvement in the agri-products segment, primarily due to increased volume and profitability in the tea operations. During 1992 the Company successfully divested peanut shelling operations and discontinued vegetable oil trading activities, both of which negatively impacted 1991 results.
 The Board of Directors fixed the voting record date of September 4th for the annual meeting of shareholders on October 27, 1992. The Board declared a dividend of twenty cents ($.20) per share on the common stock payable November 9, 1992 to shareholders of record on October 13, 1992.
 Year Ending (Unaudited)
 (Amounts in Millions) 6/30/92 6/30/91
 Income from continuing operations $70.7 $56.3
 Income (Loss) from discontinued
 operations - (32.3)
 Extraordinary item - ( 3.8)
 Net Income $70.7 $20.2
 Per Common Share
 Income from continuing operations $2.15 $1.72
 Income (Loss) from discontinued
 operations - (0.98)
 Extraordinary item - (0.12)
 $2.15 $0.62
 -0- 8/6/92
 /CONTACT: O. Kemp Dozier, Universal Corporation, 804-359-9311/
 (UVV) CO: Universal Corporation ST: Virginia IN: TOB SU: ERN


CM -- CH011 -- 7606 08/06/92 12:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 6, 1992
Words:484
Previous Article:GM ANNOUNCES PERSONNEL APPOINTMENTS
Next Article:INTEGON CORPORATION DECLARES DIVIDEND
Topics:


Related Articles
UNIVERSAL CORPORATION ANNOUNCES EARNINGS; DECLARES DIVIDEND
UNIVERSAL CORP. ANNOUNCES RESULTS
UNIVERSAL CORPORATION CITES TIMING AS CAUSE OF LOWER FIRST QUARTER EARNINGS
UNIVERSAL CORPORATION ANNOUNCES EARNINGS
UNIVERSAL CORPORATION
UNIVERSAL CORPORATION EARNINGS EXPECTATIONS UP
Universal Corporation Announces Significant Increase in Earnings
Universal Corporation Posts Record Earnings
Universal Corporation Expects Strong Second Quarter
Universal Corporation Earnings Up Again

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters