EXHIBIT 99.1
Selected Financial Data
The following table sets forth our summary condensed consolidated financial data for the periods presented below and our earnings per share as adjusted for the stock dividends described below. The summary condensed consolidated financial data as of June 30, 2018 have been derived from our unaudited condensed consolidated financial statements. Our unaudited condensed consolidated financial statements include only normal and recurring adjustments, necessary to state fairly the data included therein.
The per-share amounts shown below have been retroactively adjusted to reflect the 5% stock dividend which was paid on September 27, 2018 to stockholders of record on September 18, 2018 (see note (2) below).
Our historical results are not necessarily indicative of the results of operations for future periods, and our results of operations for the six-month period ended June 30, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018. You should read the following summary condensed consolidated financial data in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and related notes included in our Quarterly Report on Form 10-Q for the period ended June 30, 2018.
|
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, | |
| | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | |
| Statement of Operations Data: | | | | | | | | | | |
| Total revenues (1) | $ | 1,807,476 |
| | $ | 1,690,949 |
| | $ | 1,657,197 |
| | $ | 1,591,315 |
| | $ | 1,079,921 |
| |
| Operating income (3) | 235,648 |
| | 234,505 |
| | 205,936 |
| | 211,561 |
| | 111,305 |
| |
| Net income attributed to Vector Group Ltd. | 84,572 |
| | 71,127 |
| | 59,198 |
| | 36,856 |
| | 37,300 |
| (4) |
| Per basic common share (2) | | | | | | | | | | |
| Net income attributed to Vector Group Ltd. applicable to common shares | $ | 0.56 |
| | $ | 0.50 |
| | $ | 0.42 |
| | $ | 0.29 |
| | $ | 0.31 |
| |
| Per diluted common share (2) | | | | | | | | | | |
| Net income attributed to Vector Group Ltd. applicable to common shares | $ | 0.56 |
| | $ | 0.50 |
| | $ | 0.42 |
| | $ | 0.29 |
| | $ | 0.31 |
| |
| | | | | | | | | | | |
| Cash distributions declared per common share (2) | $ | 1.47 |
| | $ | 1.40 |
| | $ | 1.33 |
| | $ | 1.27 |
| | $ | 1.21 |
| |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, | | December 31, | | December 31, | | December 31, | | December 31, | | December 31, |
| | 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
| Balance Sheet Data: | | | | | | | | | | | |
| Current assets | $ | 629,012 |
| | $ | 613,709 |
| | $ | 705,463 |
| | $ | 583,739 |
| | $ | 751,397 |
| | $ | 484,388 |
|
| Total assets | 1,333,911 |
| | 1,328,278 |
| | 1,404,035 |
| | 1,280,615 |
| | 1,389,042 |
| | 1,089,965 |
|
| Current liabilities | 464,107 |
| | 204,639 |
| | 196,148 |
| | 216,292 |
| | 212,424 |
| | 359,376 |
|
| Notes payable, embedded derivatives, long-term debt and other obligations, less current portion | 1,089,222 |
| | 1,270,657 |
| | 1,245,275 |
| | 1,000,150 |
| | 995,001 |
| | 607,872 |
|
| Noncurrent employee benefits, deferred income taxes and other long-term liabilities | 209,301 |
| | 184,742 |
| | 215,884 |
| | 186,334 |
| | 202,297 |
| | 173,322 |
|
| Stockholders' deficiency | (428,719 | ) | | (331,760 | ) | | (253,272 | ) | | (122,161 | ) | | (20,680 | ) | | (50,605 | ) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Six Months Ended |
| | June 30, 2018 | | March 31, 2018 | | December 31, 2017 | | September 30, 2017 | | June 30, 2017 | | March 31, 2017 | | June 30,
2018 | | June 30,
2017 |
| Statement of Operations Data: | | | | | | | | | | | | | | | |
| Total revenues (5) | $ | 481,488 |
| | $ | 428,966 |
| | $ | 435,654 |
| | $ | 484,625 |
| | $ | 471,989 |
| | $ | 415,208 |
| | $ | 910,454 |
| | $ | 887,197 |
|
| Operating income | 61,861 |
| | 48,084 |
| | 48,204 |
| | 59,723 |
| | 74,300 |
| | 53,421 |
| | 109,945 |
| | 127,721 |
|
| Net income (loss) attributed to Vector Group Ltd. | 17,818 |
| | 7,211 |
| | 42,724 |
| | 19,264 |
| | 26,811 |
| | (4,227 | ) | | 25,029 |
| | 22,584 |
|
| Per basic common share (2) | | | | | | | | | | | | | | | |
| Net income (loss) attributed to Vector Group Ltd. applicable to common shares | $ | 0.12 |
| | $ | 0.04 |
| | $ | 0.30 |
| | $ | 0.13 |
| | $ | 0.18 |
| | $ | (0.04 | ) | | $ | 0.15 |
| | $ | 0.14 |
|
| Per diluted common share (2) | | | | | | | | | | | | | | | |
| Net income (loss) attributed to Vector Group Ltd. applicable to common shares | $ | 0.12 |
| | $ | 0.04 |
| | $ | 0.26 |
| | $ | 0.13 |
| | $ | 0.18 |
| | $ | (0.04 | ) | | $ | 0.15 |
| | $ | 0.14 |
|
| | | | | | | | | | | | | | | | |
| Cash distributions declared per common share (2) | $ | 0.38 |
| | $ | 0.38 |
| | $ | 0.38 |
| | $ | 0.36 |
| | $ | 0.36 |
| | $ | 0.36 |
| | $ | 0.76 |
| | $ | 0.73 |
|
______________________________
| |
| (1) | Revenues include excise taxes of $460,561, $425,980, $439,647, $446,086, and $456,703, respectively. |
| |
| (2) | Per share computations include the impact of 5% stock dividends on September 27, 2018, September 28, 2017, September 29, 2016, September 29, 2015, September 26, 2014, and September 27, 2013, respectively. |
| |
| (3) | Operating income includes $2,721, $4,364, $1,419 and $11,823 of income from MSA Settlements for the years ended December 31, 2017, 2015, 2014, and 2013, respectively and $247 of expense from MSA Settlements for the year ended December 31, 2016; and $6,591, $20,000, $20,072, $2,475 and $88,106 of litigation judgment and settlement expense for the years ended December 31, 2017, 2016, 2015, 2014, and 2013, respectively; and $41 and $1,819 of restructuring charges for the years ended December 31, 2016 and 2015, respectively. |
| |
| (4) | Net income attributed to Vector Group Ltd. includes a gain of $36,140, net of taxes, to account for the difference between the carrying value and the fair value of the previously held 50% interest in Douglas Elliman. |
| |
| (5) | Revenues include excise taxes of $115,970, $112,801, $109,086, $126,912, $115,194, $109,368, $228,771, and $224,562, respectively. |
