Tag: Vector Group

  • Vector Approves Douglas Elliman Spinoff

    Vector Approves Douglas Elliman Spinoff

    Photo: AliFuat

    Vector Group’s board of directors has approved the spin-off of Douglas Elliman, which is expected to be completed in late December.

    Upon completion of the spin-off, Vector Group will operate the tobacco segment of its business, which includes the manufacture and sale of cigarettes in the United States through Vector Group’s subsidiaries Liggett Group and Vector Tobacco, while also continuing to own interests in numerous properties and real estate projects across the United States.

    Douglas Elliman will own and operate the real estate services and property technology investment business currently owned and operated by Vector Group through its subsidiary New Valley and will be capitalized with approximately $200 million in net cash and cash equivalents.

    “The board’s approval of the spin-off paves the way for us to establish Douglas Elliman as an independent publicly traded company in the coming weeks,” said Howard M. Lorber, president and CEO of Vector Group and chairman, president and CEO of Douglas Elliman, in a statement. “We are confident this separation is in the best interests of Vector Group, Douglas Elliman, our stockholders and all our stakeholders.”

    The distribution is expected to take place on Dec. 29, 2021, to holders of Vector Group common stock of record as of the close of business on Dec. 20, 2021, the record date for the distribution.

  • Vector Reports Third-Quarter Results

    Vector Reports Third-Quarter Results

    Image: Paulista

    The tobacco business’ performance reflects Vector’s advantages in the deep discount segment, says CEO.

    Vector Group reported consolidated revenues of $652.65 million for the third quarter of 2021, up 19 percent over those of the 2020 third quarter. Reported net income increased $10.8 million to $48.9 million. Adjusted net income was $52.6 million, $14.3 million more than in the prior year period.

    “Vector had another outstanding quarter, achieving all-time high quarterly revenues and significantly increased operating income,” said Howard M. Lorber, president and CEO of Vector Group, in a statement.

    “We are excited by the continued strong performance of our tobacco business, which validates our market strategy and reflects the competitive advantages we have in the deep discount segment. Our Douglas Elliman subsidiary also delivered record revenues up 70 percent during the quarter compared to the year ago period, and closed sales volume was up 62 percent over the same time frame. Combined with expense reductions, Douglas Elliman achieved record quarterly adjusted EBITDA during the third quarter.”

    In a press release, Vector Group announced that Douglas Elliman plans to file a Form 10 registration statement with the Securities and Exchange Commission in connection with its intended spin-off into a standalone publicly traded company.

  • Wilson White Joins Vector Group Board

    Wilson White Joins Vector Group Board

    Photo: tadamichi

    Vector Group has appointed technology industry veteran Wilson L. White to its board of directors, effective immediately. White currently serves as senior director of government affairs and public policy at Google. With White’s appointment, Vector Group’s board expands to 10 directors.

    “With many years of experience in the technology industry, including government relations and legal expertise, Wilson brings to the board a unique skillset that will further strengthen Vector Group’s commitment to staying at the forefront of our business’ rapidly evolving digital environment,” said Howard M. Lorber, president and CEO of Vector Group, in a statement. “Wilson is a results-oriented leader and collaborator, and we are thrilled to welcome him to our board of directors.”

    “I am honored to join Vector Group’s board of directors and look forward to working with this talented team to advance the company’s goals for the benefit of all of its stakeholders,” said White.

    In his current role at Google, White is responsible for managing a global team focused on advising senior product leadership on government affairs and public policy for the company’s core business units as well as developing and executing external advocacy initiatives on artificial intelligence, privacy and security, competition and other issue areas.

    Prior to assuming this role in 2013, White served as a patent litigation attorney on Google’s legal team and was previously a patent litigator for the intellectual property practice of Kilpatrick Townsend & Stockton.

  • Vector Group Reports Strong Earnings

    Vector Group Reports Strong Earnings

    Photo: MIND AND I

    Vector Group announced financial results for the three months ended March 31, 2021.

    “Vector achieved strong earnings performance in the first quarter in our tobacco and real estate businesses, a testament to our team’s hard work and our commitment to creating long-term stockholder value,” said Howard M. Lorber, president and CEO of Vector Group, in a statement.

    “Our Liggett subsidiary continues to successfully execute its market strategy, and our Douglas Elliman real estate business saw continued and robust closed sales activity.”

    The company reported consolidated revenues of $543.8 million, up 19.6 percent compared to the prior year period. Reported net income was $32 million. Adjusted net income was $45.3 million. Reported operating income was $90.2 million, up $95.1 million over the prior year period.

    Tobacco segment operating income was $81.6 million, up 18 percent over the prior year period.

    Adjusted EBITDA was $94.3 million, up 57 percent. Tobacco segment adjusted EBITDA was $80.6 million, up 13 percent.

  • Vector Group Reports Financial Results

    Vector Group Reports Financial Results

    Photo: Steve Buissinne from Pixabay

    Vector Group reported revenues of $554.6 million in the fourth quarter of 2020 compared to revenues of $439.6 million in the fourth quarter of 2019. The company recorded operating income of $87.3 million in the fourth quarter of 2020 compared to operating income of $45.6 million in the fourth quarter of 2019. Net income attributed to Vector Group for the fourth quarter of 2020 was $32.3 million compared to net income of $10.7 million in the fourth quarter of 2019.

    For the year ended Dec. 31, 2020, revenues were $2 billion compared to revenues of $1.9 billion for the year ended Dec. 31, 2019. The company recorded operating income of $245.1 million for 2020 compared to operating income of $231.1 million for 2019. Net income attributed to Vector Group for 2020 was $92.9 million compared to net income of $101 million for 2019.

    For the fourth quarter of 2020, the tobacco segment had revenues of $286.1 million compared to $260.3 million for the fourth quarter of 2019. For the full year of 2020, the tobacco segment had revenues of $1.21 billion compared to $1.12 billion for 2019.

    Operating income from the tobacco segment was $79.7 million and $319.5 million for the three months and the full year 2020, respectively, compared to $60 million and $261.6 million for the three months and year ended Dec. 31, 2019, respectively.

    “Vector Group’s strong fourth quarter results reflect our ongoing commitment to creating long-term stockholder value,” said Howard M. Lorber, president and CEO of Vector Group, in a statement. “We are pleased that both our tobacco and real estate segments reported significant increases in operating income this quarter, including record operating income at Liggett, which is well into the income growth phase of its Eagle 20’s brand strategy.”

  • Vector Names Lampen Chief Operating Officer

    Vector Names Lampen Chief Operating Officer

    Photo: Jakub Jirsák | Dreamstime

    Vector Group has appointed its current Executive Vice President Richard J. Lampen to the additional position of chief operating officer (COO) and to serve as a member of the board of directors, effective immediately.

    “On behalf of the board and management team, we are pleased to announce Dick’s new roles at Vector Group,” said Howard M. Lorber, president and chief executive officer of Vector Group, in a statement. “With his broad executive experience and deep operational understanding of the company, having served in a variety of senior leadership roles for Vector Group and its affiliates for more than 25 years, Dick is a valuable addition to our board and a natural fit to be COO.”

    “I am honored and delighted to work alongside Howard and the rest of our very talented team as we continue serving our dedicated employees, partners and investors,” said Lampen. “I look forward to advancing Vector Group’s goals on behalf of all of our stakeholders.”

    Lampen served as president and chief executive officer of Ladenburg Thalmann Financial Services from September 2006 to February 2020, and as chairman from September 2018 until February 2020, when the company was successfully sold for $1.3 billion to Advisor Group, a portfolio company of Reverence Capital Partners. From October 2008 until October 2019, Lampen served as president and chief executive officer and was a member of the board of directors of Castle Brands prior to its acquisition by Pernod Ricard. Vector Group held an approximate 10 percent interest in Ladenburg Thalmann Financial Services and an approximate 8 percent equity interest in Castle Brands.

    Before joining Vector Group in 1995, Lampen was a managing director at Salomon Brothers and a partner at law firm Steel Hector & Davis in Miami, Florida. Lampen received a Bachelor of Arts degree from Johns Hopkins University and a Juris Doctorate from Columbia Law School.