Vector Group Reports 2001 Fourth Quarter And Full Year Financial Results
Vector Group Reports 2001 Fourth Quarter And Full Year Financial Results
April 1, 2002 at 12:00 AM EST
Vector Group Reports 2001 Fourth Quarter and Full Year Financial Results
Full year 2001 revenues were $744.2 million, compared to $649.5 million for 2000. The 2000 results include $107.3 million of revenues from the Company’s former Russian tobacco business, Liggett-Ducat Ltd., sold in August 2000. The Company recorded operating income of $31.3 million for 2001, compared to operating income of $40.1 million for 2000. Net income for 2001 was $20.7 million, or $0.58 per diluted common share, compared to net income of $174.2 million, or $5.99 per diluted common share, for the 2000 period, which included a gain of $161.0 million (including the Company’s share of New Valley’s gain), net of income taxes and minority interests, from the sale of Liggett-Ducat.
Fourth quarter 2001 revenues were $225.1 million, compared to revenues of $145.2 million in the fourth quarter of 2000. The Company recorded an operating loss of $6.2 million in the 2001 fourth quarter compared to operating income of $17.7 million in the fourth quarter of 2000. Net loss in the 2001 fourth quarter was $1.1 million, or $0.03 per diluted common share, compared to net income of $13.7 million, or $0.47 per diluted common share in the 2000 fourth quarter.
For the three months and year ended December 31, 2001, Liggett Group Inc. had revenues of $216.6 million and $728.2 million, respectively, compared to $144.4 million and $539.1 million for the three months and year ended December 31, 2000, respectively. Liggett’s operating income before factory relocation, non-cash compensation and settlement expense was $30.0 million for the fourth quarter of 2001 and $116.5 million for 2001, compared to $21.5 million for the fourth quarter of 2000 and $73.0 million for full year 2000, respectively.
CONFERENCE CALL TO DISCUSS FOURTH QUARTER AND YEAR-END RESULTS
As previously announced, the Company will host a conference call and webcast on Tuesday, April 2, 2002 at 10:00 A.M. (EST) to discuss fourth-quarter and year-end results. Investors can access the call by dialing 877-692-2591 or via live webcast at www.vcall.com
A replay of the call will also be available shortly after the call ends on April 2, 2002 through April 9, 2002. To access the replay, dial 877-519-4471 and enter 3189166 as the conference ID number. The archived webcast will also be available at www.vcall.com for 30 days.
Vector Group is a holding company that indirectly owns Liggett Group Inc., Vector Tobacco Inc. and a controlling interest in New Valley Corporation.
