Lorillard’s president and CEO, Murray S. Kessler, and CFO, David H. Taylor, are due to participate in the Morgan Stanley Global Consumer & Retail Conference inNew York,NY, from 14.10 hours to 14.45 hours Eastern Time on November 13.
Their presentation will be webcast at the Investor Relations section of www.lorillard.com.
The presentation will be available in an archived format for 30 days following the event.
Universal Corporation’s net income for the first half of fiscal year 2013, which ended on September 30, was $71.1 million, or $2.50 per diluted share: significantly higher than its net income during the first half of last year, $7.8 million, or $0.02 per diluted share.
The comparison of the current and prior year six-month periods is affected by several unusual items, which amount to net pre-tax charges of $3.7 million ($0.05 per diluted share) for the first six months of fiscal year 2013, and $49.3 million ($1.90 per diluted share) for the same period of last year.
Meanwhile, for the three months ended September 30, net income of $48.0 million, or $1.68 per diluted share, which included restructuring costs totaling $3.7 million ($0.05 per diluted share), compared with a net loss for the second quarter of last year of $8.0 million, or $0.51 per diluted share, which included unusual items amounting to a net pre-tax charge of $52.1 million ($1.93 per diluted share).
“Our results have been good for the first half of the fiscal year, but they were heavily influenced by the effects of shipment timing,” said chairman, president and CEO, George C. Freeman, III.
“We saw carryover sales from last year’s large African crops in this fiscal year’s first quarter and accelerated shipments fromSouth Americaand other origins in the second quarter.
“During the same period last fiscal year, shipments began later inBrazilandAfricadue to a slow start to the season caused by oversupplied markets.
“Although production of flue-cured and Burley tobacco outside ofChinais down, our leaf volumes shipped during the first six months are comparable to last year’s levels. Our uncommitted stocks have also been reduced to very low levels, and we do not anticipate shipment volumes in the second half of the fiscal year to be equivalent to those of the previous fiscal year.
“Beyond that caveat, I am pleased with the recovery in leaf tobacco and with our company’s performance in these transitional markets.
“Looking forward, we expect market conditions to improve, and we are anticipating larger crops in several key origins where production has not met demand this year.
“Our continued successful management of our cash flow and uncommitted inventories has allowed us to maintain our strong balance sheet and financial flexibility, which we view as a competitive advantage. It also enables us to continue rewarding our shareholders, as we have done with our 42nd consecutive annual dividend increase announced today.”
Alliance One International has reported net income for the second quarter ended September 30 at $18.4 million, or $0.21 per basic share, which compares with a net loss of $3.7 million, or $0.04 per basic share during the second quarter of last year. For the six months to the end of September, the company reported a net loss of $12.4 million, or $0.14 per basic share, compared with a net loss of $2.4 million or $0.03 per basic share for the first six months of last year.
“Fiscal year 2013 is on track to meet our expectations,” said CEO, Mark W. Kehaya. “Revenue for the quarter and first six months increased by $61.9 million and $58.1 respectively, to $576.4 million and $934.2 million versus last year.
“Additionally, for the quarter, income before taxes and other items significantly improved compared to the prior year from $11.2 million to $21.2 million, as we continue to see the positive impact of our efficiency improvements and devaluation of a number of foreign currencies versus the US dollar.
“We expect the full effect of the devaluation experienced over the year will more than offset derivative foreign currency hedge losses of $13.0 million realized in the first quarter and $13.3 million through the first six months of this fiscal year.
“Global supply has shifted to undersupply in flavor quality flue-cured and Burley leaf varieties and is moving towards equilibrium in other styles based on solid global demand and reduced crop sizes in a number of important regions.
“As a result, our global inventories decreased $52.1 million versus last year to $1,009.7 million and our uncommitted inventory is inside of the higher end of our target range and is expected to decrease significantly by fiscal year end.
“Our continued emphasis on investment in factory improvements, grower sustainability, social responsibility and farmer agronomy programs is providing required support to our customers’ global initiatives that are intertwined with their volume and quality requirements.
“Focus on our customer’s immediate requirements and our ability to address their longer term needs in a cost effective manner should provide a strong platform to enhance long term shareholder value.”
Brazil recorded a 50 per cent decrease in smoking prevalence between 1989 and 2010, according to the findings of a new study published in PLOS Medicine.
The study was conducted by researchers fromGeorgetownLombardiComprehensiveCancerCenterand the Brazilian National Cancer Institute.
The fall in smoking prevalence was ascribed toBrazil’s strong tobacco control policies, which included the imposition of high cigarette prices, smoke-free air laws and marketing restrictions.
It was said to have contributed to an estimated 420,000 ‘lives saved during that time period’.
A report on the study is at: http://www.eurekalert.org/pub_releases/2012-11/gumc-stc103112.php.
Anti-tobacco campaigners in Thailand have urged the government to speed up the implementation of tougher tobacco regulations, according to a story in the Bangkok Post.
In April, the government added elements of the World Health Organization’s Framework Convention on Tobacco Control (FCTC) to its existing tobacco laws, but critics say implementation of the regulations is lacking.
Dr. Hathai Chitanon, president of the Thailand Health Promotion Institution, said the present tobacco control laws had proved to be ineffective. “The smoking rate has been climbing,” he added.
A study by the Tobacco Control Research and Knowledge Management Centre found thatThailand’s smoking rate had increased from 20.7 per cent in 2009 to 21.4 per cent last year.
Vintage, rare and mature cigars worth an estimated £250,000 are expected to be sold during C.Gars Ltd’s seventh auction at Boisdale CanaryWharf, London, on November 26.
In announcing the auction, which will include also cigar-related lots, managing director, Mitchell Orchant, said the global downturn and global smoking bans hadn’t affected C.Gars’ shop, website or auction cigar sales one bit. “Quite the reverse,” he added.
“As usual, dedicated wealthy cigar smokers will be flying in to Londonto bid thousands of pounds for some of the finest and most sought-after tubes of premium tobacco in the world.”
The November 26 auction will feature around 260 lots, including a wide range of pre-Cuban-embargoHavanas.
“For the first time at auction will be 40 lots comprising the private collection of a respected collector and connoisseur,” said Orchant.
“They were purchased from Christie’s from 2001-2004 and have since been stored in a temperature- and humidity-controlled, custom-built, state-of-the-art humidor. They are now stored at Davidoff inGenevaand on sale to the highest bidder.
“If you want to bid for the entire 40 lots it will set you back over £70,000. We might even throw in an ashtray,” said Orchant.
Author and speaker Nick ‘Gunny Pop’ Popaditch – ‘The Cigar Marine’ – is launching a line of cigars with a portion of the proceeds going to support the Injured Marine Semper Fi Fund and honor his fellow military men and women.
In recognition of the Marine Corps’ birthday, Popaditch will unveil his new cigar line at a special event held from 18.00 hours on November 10 at Art of Cigars in El Dorado Hills, California.
The first two premium hand-rolled cigars to be released under the Cigar Marine line are The Gunny, a double-wrapped Torpedo, and The Tanker, a mild cigar with spiced rum.
The cigars have been designed and are being distributed by Art of Cigars, in co-operation with Popaditch’s publisher, Savas Beatie.
“I am excited to stand behind a product that allows cigar smokers to celebrate in true Marine Corps style, and even more so to support a great organization that helps so many injured Marines and their families,” said Popaditch, whose goal is to raise one million dollars for the Semper Fi Fund.
More information is at: http://thecigarmarine.eventbrite.com.
The Altria Group is due to host a webcast of its business presentation at the annual Morgan Stanley Global Consumer & Retail Conference inNew York Citystarting about 09.10 hours Eastern Time on November 13.
The webcast, which will be in listen-only mode, will feature a presentation by, chairman and CEO, Marty Barrington.
Pre-event registration is necessary at altria.com.
An archived copy of the webcast will be available at the same address until December 31.
Philip Morris International is due to host a live audio webcast at www.pmi.com of a presentation by, and a question-and-answer session with, chairman and CEO, Louis Camilleri, at the Morgan Stanley Global Consumer & Retail Conference starting about 12.00 hours Eastern Time on November 13.
The webcast, which will be in listen-only mode, will provide live audio of the entire PMI session.
An archived copy of the webcast will be available until 17.00 hours on December 12 at www.pmi.com, where presentation slides and the script will also be available.
EU plans to put graphic health warnings on cigarette packs and ban vending machines are opposed by the Dutch health minister, Edith Schippers, according to an Expatica.com story quoting an RTL news report.
The European Commission is due imminently to come forward with proposed revisions to the tobacco products directive, though the timing has been thrown into question by the resignation last month of John Dalli from his position as European Commissioner responsible for health and consumer affairs.
Schippers has already said she sees nothing in the plans. “The Netherlandsis critical of placing photographs on packets’, RTL quoted her as saying.
And she added that proposals to ban cigarette vending machines in cafés and clubs would be too much of a burden for the sector.
The anti-tobacco lobby group, Stivoro, described the minister’s position as incomprehensible.
“TheNetherlandswould appear to let commercial interests prevail above the interests of public health,” an unnamed spokesman was quoted as saying.
Stivoro said earlier this month that the number of smokers in theNetherlandswill have risen to 26.2 per cent of the adult population (those over 18) by the end of this year, up from 25.0 per cent in 2011.