Vector Group Reports First Quarter 2007 Financial Results
Vector Group Reports First Quarter 2007 Financial Results
May 10, 2007 at 12:00 AM EDT
VECTOR GROUP REPORTS FIRST QUARTER 2007 FINANCIAL RESULTS
MIAMI, FL, May 10, 2007 -- Vector Group Ltd. (NYSE: VGR) today announced financial results for the first quarter ended March 31, 2007.
First quarter 2007 revenues were $133.9 million, compared to revenues of $117.7 million for the first quarter of 2006. The Company recorded operating income of $25.7 million for the 2007 first quarter, compared to operating income of $20.2 million for the first quarter of 2006. Net income for the 2007 first quarter was $23.1 million, or $0.37 per diluted share, compared to $10.0 million, or $0.17 per diluted share, for the 2006 first quarter. The 2007 results included an approximate $19.6 million pre-tax gain related to the Company’s previously announced NASA settlement.
For the three months ended March 31, 2007, the Company’s conventional cigarette business, which includes Liggett Group cigarettes and USA brand cigarettes, had revenues of $132.8 million, compared to $115.7 million for the three months ended March 31, 2006. Operating income was $35.5 million for the first quarter of 2007, compared to $30.4 million for the first quarter of 2006.
Conference Call To Discuss First Quarter 2007 Results
As previously announced, the Company will host a conference call and webcast on Friday, May 11, 2007 at 11:00 A.M. (EDT) to discuss first quarter 2007 results. Investors can access the call by dialing 800-859-8150 and entering 85066940 as the conference ID number. The call will also be available via live webcast at www.vcall.com.
A replay of the call will also be available shortly after the call ends on May 11, 2007 through May 25, 2007. To access the replay, dial 877-656-8905 and enter 17421089 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 LLC, Vector Tobacco Inc. and New Valley LLC. Additional information concerning the company is available on the company’s website, www.VectorGroupLtd.com.
[Financial Table Follows]
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Contact:
Paul Caminiti/Brandy Bergman/Carrie Bloom
Sard Verbinnen & Co
212/687 - 8080
VECTOR GROUP REPORTS FIRST QUARTER 2007 FINANCIAL RESULTS
First quarter 2007 revenues were $133.9 million, compared to revenues of $117.7 million for the first quarter of 2006. The Company recorded operating income of $25.7 million for the 2007 first quarter, compared to operating income of $20.2 million for the first quarter of 2006. Net income for the 2007 first quarter was $23.1 million, or $0.37 per diluted share, compared to $10.0 million, or $0.17 per diluted share, for the 2006 first quarter. The 2007 results included an approximate $19.6 million pre-tax gain related to the Company’s previously announced NASA settlement.
For the three months ended March 31, 2007, the Company’s conventional cigarette business, which includes Liggett Group cigarettes and USA brand cigarettes, had revenues of $132.8 million, compared to $115.7 million for the three months ended March 31, 2006. Operating income was $35.5 million for the first quarter of 2007, compared to $30.4 million for the first quarter of 2006.
Conference Call To Discuss First Quarter 2007 Results
As previously announced, the Company will host a conference call and webcast on Friday, May 11, 2007 at 11:00 A.M. (EDT) to discuss first quarter 2007 results. Investors can access the call by dialing 800-859-8150 and entering 85066940 as the conference ID number. The call will also be available via live webcast at www.vcall.com.
A replay of the call will also be available shortly after the call ends on May 11, 2007 through May 25, 2007. To access the replay, dial 877-656-8905 and enter 17421089 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 LLC, Vector Tobacco Inc. and New Valley LLC. Additional information concerning the company is available on the company’s website, www.VectorGroupLtd.com.
[Financial Table Follows]
# # #
Contact:
Paul Caminiti/Brandy Bergman/Carrie Bloom
Sard Verbinnen & Co
212/687 - 8080