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UNIVERSAL CORPORATION REPORTS SECOND QUARTER EARNINGS

 RICHMOND, Va., Feb. 4 /PRNewswire/ -- Universal Corporation (NYSE: UVV) reported today that earnings for the second quarter ended Dec. 31, 1992, were $35.2 million or $1.08 per share compared to $28.9 million or 89 cents per share reported in last year's second quarter, an increase of about 21 percent. For the six months ended Dec. 31, 1992, earnings were $59 million or $1.80 per share compared to $49 million or $1.50 per share. Gross revenues increased to $888 million in the quarter from $874 million in the comparable fiscal 1992 quarter. For the six months, gross revenues were $1.7 billion compared to $1.6 billion in fiscal 1992.
 Domestic tobacco earnings were slightly above those of last year's second quarter with improved results in sales offset by some decline in processing profits. For the six months, aided by customer mandated timing of shipments which fell in the first quarter, domestic tobacco operations contributed significantly to the total increase in earnings. For the full season, although flue-cured volumes will be near last year's, burley purchases and processing are expected to be down from last yee to continued growth from the Brazilian compani es. African and European operations, in aggregate, produced similar results to those of last year. For the six months, foreign tobacco earnings were also very strong even though extensive floods in Mexico adversely affected this year's first quarter. A return to a normal situation in Mexico is expected for the coming crop. Overall, improved results are anticipated for the full fiscal year from foreign tobacco.
 Earnings from dark tobacco were lower in this second quarter compared to last year due to the timing of shipments. For the six months, dark tobacco results were up because of increased business, acceleration of shipments in the first quarter and a return to full processing operations of facilities which were out of service for factory improvements during the first quarter last year.
 Results from agri-products for the quarter were above those of last year and continue to be up for the six months. Operating earnings from the lumber and building products business increased for the quarter and for the six months due to improved margins.
 While little change in the current difficult economic climate in Holland is anticipated during the remainder of the year, earnings from lumber should equal or exceed those of last year.
 Due diligence regarding the previously announced proposed acquisition of the international tobacco dealer and processor, Casalee Group S.A. is proceeding at this time. This acquisition would strengthen the company's position in several of the most important non-U.S.-tobacco-producing countries.
 The board of directors of Universal Corporation at a meeting held today, took the following actions:
 -- Declared that a regular quarterly dividend of 22 cents per
 share on the common stock of the company be made payable
 May 10, 1993, to common shareholders of record at the close of
 business on April 12, 1993.
 UNIVERSAL CORPORATION
 (UNAUDITED)
 CONSOLIDATED STATEMENTS OF INCOME
 THREE MONTHS ENDED DEC. 31, 1992 AND 1991
 (In thousands of dollars)
 Second Quarter Ended
 Dec. 31,
 1992 1991
 Sales and Other Operating Revenues $888,294 $874,243
 Costs and Expenses
 Cost of Goods Sold 768,672 764,137
 Selling, General & Administrative
 Expenses 55,791 56,662
 Interest 12,319 12,142
 Total 836,782 832,941
 Income Before Income Taxes
 and Other Items 51,512 41,302
 Income Taxes 17,288 14,042
 Minority Interests 106 173
 Income From Consolidated Operations 34,118 27,087
 Equity of Unconsolidated Affiliates 1,131 1,839
 Net Income $35,249 $28,926
 Per Common Share:
 Net Income $1.08 $0.89
 Dividend Declared $0.22 $0.20
 UNIVERSAL CORPORATION
 (UNAUDITED)
 CONSOLIDATED STATEMENTS OF INCOME
 SIX MONTHS ENDED DEC. 31, 1992 AND 1991
 (In thousands of dollars)
 Six Months Ended
 Dec. 31,
 1992 1991
 Sales and Other Operating Revenues $1,714,875 $1,569,639
 Costs and Expenses
 Cost of Goods Sold 1,475,262 1,357,221
 Selling, General & Administrative
 Expenses 126,490 115,563
 Interest 24,610 24,807
 Total 1,626,362 1,497,591
 Income Before Income Taxes and
 Other Items 88,513 72,048
 Income Taxes 30,705 24,496
 Minority Interest 165 (22)
 Income From Consolidated Operations 57,643 47,574
 Equity of Unconsolidated Affiliates 1,382 1,461
 Net Income $ 59,025 $ 49,035
 Per Common Share:
 Net Income $1.80 $1.50
 Dividend Declared $0.42 $0.39
 Average Shares Outstanding 32,865,543 32,782,358
 Note: The results of operations for the six-month period ended Dec. 31, 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- 2/4/93
 /CONTACT: O. Kemp Dozier of Universal Corporation, 804-359-9311/
 (UVV)


CO: Universal Corporation ST: Virginia IN: TOB SU: ERN DIV

DC -- DC032 -- 3156 02/04/93 16:11 EST
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