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UNIVERSAL CORPORATION ANNOUNCES EARNINGS

 UNIVERSAL CORPORATION ANNOUNCES EARNINGS
 RICHMOND, Va., Oct. 27 /PRNewswire/ -- At the Annual Meeting of


Stockholders of Universal Corporation (NYSE: UVV) held today, Henry H. Harrell, Chairman and Chief Executive Officer, reported a record first quarter. Earnings increased 18 percent to $23.7 million or $.72 per share compared to $20.1 million or $.61 per share reported in last year's first quarter. Gross revenues for the fiscal 1993 quarter were $826 million versus $695 million in the comparable fiscal 1992 quarter.
 Domestic tobacco operations contributed significantly to the increase in the first quarter earnings. The volume of U.S. flue-cured tobacco bought, shipped and processed was somewhat greater than that of last year's first quarter. Additionally, as anticipated in earlier reports, a number of shipments were delayed until the first quarter to adjust to customer delivery needs. Domestic flue-cured and burley production is expected to be similar to that of last year, and another good year for domestic operations in fiscal year 1993 is anticipated.
 Foreign tobacco results for the first quarter were mixed. Previously reported floods in Mexico adversely affected last year's fourth quarter and this year's first quarter, although a return to normal operations in Mexico is expected for the balance of the year. Earnings in Brazil were up due to higher volumes, bettering last year's record first quarter. This trend should continue for the current year. Dark tobacco results improved significantly because of increased business, a one-time acceleration of shipments to meet customer needs and a return to full operation of processing facilities out of service for factory improvements during the first quarter last year.
 Agri-products activities continued to improve in all segments. Sunflower earnings were up as market conditions improved in response to expectation of tightened supplies resulting from an early frost in the northern U.S. Tea prices firmed as droughts in producing areas have yielded supplies below demand. Rubber and coffee operations improved on increased volumes despite uncertainties in both markets. First quarter earnings also benefitted from the disposal of peanut operations in the fourth quarter of last year.
 Operating earnings from the lumber and building products business increased as sales were maintained at last year's levels and efficiencies were achieved. While little change in the current difficult economic climate in Holland is anticipated during the remainder of the year, the improvements that were instituted should result in further earnings growth in the months ahead.
 UNIVERSAL CORPORATION
 (UNAUDITED)
 CONSOLIDATED STATEMENTS OF INCOME
 THREE MONTHS ENDED SEPTEMBER 30, 1992 AND 1991
 FIRST QUARTER ENDED
 SEPT. 30
 1992 1991
 (IN THOUSANDS OF DOLLARS)
 Sales and Other Operating
 Revenues $826,581 $695,396
 Costs and Expenses
 Cost of Goods Sold 706,590 593,084
 Selling, General &
 Administrative Expenses 70,699 58,901
 Interest 12,291 12,665
 789,580 664,650
 Income Before Income Taxes
 and Other Items 37,001 30,746
 Income Taxes 13,417 10,454
 Minority Interests 59 (195)
 Income From Consolidated Operations 23,525 20,487
 Equity of Unconsolidated Affiliates
 Net Income $23,776 $20,109
 Per Common Share:
 Net Income $.72 $.61
 Dividend Declared $.20 $.19
 Average Shares Outstanding 32,862,958 32,777,648
 NOTE: The results of operations for the three-month period ended Sept. 30, 1992 are not necessarily indicative of results to be expected for the year ending June 30, 1993. All adjustments necessary to fairly state the results for such period have been included and are of a normal recurring nature.
 -0- 10/27/92
 /CONTACT: O. Kemp Dozier of Universal Corporation, 804-359-9311/
 (UVV) CO: Universal Corporation ST: Virginia IN: TOB SU: ERN


MM-CM -- CH007 -- 5521 10/27/92 14:35 EST
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Date:Oct 27, 1992
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