VECTOR GROUP LTD. AND SUBSIDIARIES
SELECT FINANCIAL DATA
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts) |
| | | | | | | | | | | | | | | |
| | Three Months Ended |
| | December 31, 2015 | | September 30, 2015 | | June 30, 2015 | | March 31, 2015 |
| | | | |
| | (Unaudited) |
| Revenues | | | | | | | |
| Tobacco* | $ | 270,616 |
| | $ | 264,170 |
| | $ | 254,890 |
| | $ | 228,085 |
|
| Real estate | 162,565 |
| | 185,563 |
| | 161,022 |
| | 132,256 |
|
| E-Cigarettes | (2,851 | ) | | 201 |
| | 261 |
| | 419 |
|
| Total revenues | 430,330 |
| | 449,934 |
| | 416,173 |
| | 360,760 |
|
| | | | | | | | |
| Expenses: | | | | | | | |
| Cost of sales: | | | | | | | |
| Tobacco* | 191,585 |
| | 174,418 |
| | 174,867 |
| | 157,030 |
|
| Real estate | 100,981 |
| | 121,078 |
| | 103,870 |
| | 84,358 |
|
| E-Cigarettes | 22 |
| | 421 |
| | 467 |
| | 630 |
|
| Total cost of sales | 292,588 |
| | 295,917 |
| | 279,204 |
| | 242,018 |
|
| | | | | | | | |
| Operating, selling, administrative and general expenses | 86,772 |
| | 79,352 |
| | 79,916 |
| | 74,181 |
|
| Litigation settlement and judgment expense | 14,229 |
| | 3,750 |
| | 1,250 |
| | 843 |
|
| Restructuring expense | 5,709 |
| | 1,548 |
| | — |
| | — |
|
| Operating income | 31,032 |
| | 69,367 |
| | 55,803 |
| | 43,718 |
|
| | | | | | | | |
| Other income (expenses): | | | | | | | |
| Interest expense | (24,286 | ) | | (32,898 | ) | | (31,761 | ) | | (31,746 | ) |
| Change in fair value of derivatives embedded within convertible debt | 5,695 |
| | 7,044 |
| | 5,256 |
| | 6,460 |
|
| Equity in earnings (losses) from real estate ventures | 723 |
| | (916 | ) | | 1,856 |
| | 338 |
|
| Equity in (losses) earnings from investments | (26 | ) | | (1,103 | ) | | (2,163 | ) | | 612 |
|
| (Loss) gain on sale of investment securities available for sale | (880 | ) | | (821 | ) | | (190 | ) | | 13,029 |
|
| Impairment of investment securities available for sale | (635 | ) | | (12,211 | ) | | — |
| | — |
|
| Other, net | 1,308 |
| | 1,342 |
| | 1,821 |
| | 1,937 |
|
| Income before provision for income taxes | 12,931 |
| | 29,804 |
| | 30,622 |
| | 34,348 |
|
| Income tax expense | 3,494 |
| | 13,694 |
| | 11,178 |
| | 12,867 |
|
| | | | | | | | |
| Net income | 9,437 |
| | 16,110 |
| | 19,444 |
| | 21,481 |
|
| | | | | | | | |
| Net income attributed to non-controlling interest | (1,533 | ) | | (3,644 | ) | | (1,837 | ) | | (260 | ) |
| | | | | | | | |
| Net income attributed to Vector Group Ltd. | $ | 7,904 |
| | $ | 12,466 |
| | $ | 17,607 |
| | $ | 21,221 |
|
| | | | | | | | |
| Per basic common share: | | | | | | | |
| | | | | | | | |
| Net income applicable to common shares attributed to Vector Group Ltd. | $ | 0.06 |
| | $ | 0.10 |
| | $ | 0.14 |
| | $ | 0.18 |
|
| | | | | | | | |
| Per diluted common share: | | | | | | | |
| | | | | | | | |
| Net income applicable to common shares attributed to Vector Group Ltd. | $ | 0.06 |
| | $ | 0.10 |
| | $ | 0.14 |
| | $ | 0.18 |
|
| | | | | | | | |
| Cash distributions declared per share | $ | 0.40 |
| | $ | 0.38 |
| | $ | 0.38 |
| | $ | 0.38 |
|
