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, 2019 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, 2019 to stockholders of record on September 17, 2019 (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, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019. 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, 2019.
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| | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2018 | | 2017 | | 2016 | | 2015 | | 2014 |
| Statement of Operations Data: | | | | | | | | | |
| Total revenues (1) | $ | 1,870,262 |
| | $ | 1,807,476 |
| | $ | 1,690,949 |
| | $ | 1,657,197 |
| | $ | 1,591,315 |
|
| Operating income (2) | 224,049 |
| | 235,648 |
| | 234,505 |
| | 205,936 |
| | 211,561 |
|
| Net income attributed to Vector Group Ltd. | 58,105 |
| | 84,572 |
| | 71,127 |
| | 59,198 |
| | 36,856 |
|
| Per basic common share (3) | | | | | | | | | |
| Net income attributed to Vector Group Ltd. applicable to common shares | $ | 0.35 |
| | $ | 0.54 |
| | $ | 0.48 |
| | $ | 0.40 |
| | $ | 0.27 |
|
| Per diluted common share (3) | | | | | | | | | |
| Net income attributed to Vector Group Ltd. applicable to common shares | $ | 0.35 |
| | $ | 0.54 |
| | $ | 0.48 |
| | $ | 0.40 |
| | $ | 0.27 |
|
| | | | | | | | | | |
| Cash distributions declared per common share (3) | $ | 1.47 |
| | $ | 1.40 |
| | $ | 1.33 |
| | $ | 1.27 |
| | $ | 1.21 |
|
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| | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, | | December 31, | | December 31, | | December 31, | | December 31, | | December 31, |
| | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | | 2014 |
| Balance Sheet Data: | | | | | | | | | | | |
| Current assets | $ | 638,493 |
| | $ | 872,221 |
| | $ | 613,709 |
| | $ | 705,463 |
| | $ | 583,739 |
| | $ | 751,397 |
|
| Total assets | 1,455,160 |
| | 1,549,504 |
| | 1,328,278 |
| | 1,404,035 |
| | 1,280,615 |
| | 1,389,042 |
|
| Current liabilities | 558,067 |
| | 484,920 |
| | 204,639 |
| | 196,148 |
| | 216,292 |
| | 212,424 |
|
| Notes payable, embedded derivatives, long-term debt and other obligations, less current portion | 1,180,151 |
| | 1,411,486 |
| | 1,270,657 |
| | 1,245,275 |
| | 1,000,150 |
| | 995,001 |
|
| Noncurrent employee benefits, deferred income taxes and other long-term liabilities | 323,638 |
| | 200,464 |
| | 184,742 |
| | 215,884 |
| | 186,334 |
| | 202,297 |
|
| Stockholders' deficiency | (606,696 | ) | | (547,366 | ) | | (331,760 | ) | | (253,272 | ) | | (122,161 | ) | | (20,680 | ) |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Six Months Ended |
| | June 30, 2019 | | March 31, 2019 | | December 31, 2018 | | September 30, 2018 | | June 30, 2018 | | March 31, 2018 | | June 30,
2019 | | June 30,
2018 |
| Statement of Operations Data: | | | | | | | | | | | | | | | |
| Total revenues (4) | $ | 538,432 |
| | $ | 420,924 |
| | $ | 445,939 |
| | $ | 513,869 |
| | $ | 481,488 |
| | $ | 428,966 |
| | $ | 959,356 |
| | $ | 910,454 |
|
| Operating income (5) | 76,244 |
| | 42,590 |
| | 48,086 |
| | 66,018 |
| | 61,861 |
| | 48,084 |
| | 118,834 |
| | 109,945 |
|
| Net income attributed to Vector Group Ltd. | 39,307 |
| | 14,953 |
| | 21,074 |
| | 12,002 |
| | 17,818 |
| | 7,211 |
| | 54,260 |
| | 25,029 |
|
| Per basic common share (3) | | | | | | | | | | | | | | | |
| Net income attributed to Vector Group Ltd. applicable to common shares | $ | 0.25 |
| | $ | 0.09 |
| | $ | 0.13 |
| | $ | 0.07 |
| | $ | 0.11 |
| | $ | 0.04 |
| | $ | 0.34 |
| | $ | 0.15 |
|
| Per diluted common share (3) | | | | | | | | | | | | | | | |
| Net income attributed to Vector Group Ltd. applicable to common shares | $ | 0.25 |
| | $ | 0.08 |
| | $ | 0.13 |
| | $ | 0.07 |
| | $ | 0.11 |
| | $ | 0.04 |
| | $ | 0.33 |
| | $ | 0.15 |
|
| | | | | | | | | | | | | | | | |
| Cash distributions declared per common share (3) | $ | 0.38 |
| | $ | 0.38 |
| | $ | 0.38 |
| | $ | 0.36 |
| | $ | 0.36 |
| | $ | 0.36 |
| | $ | 0.76 |
| | $ | 0.73 |
|
______________________________
| |
| (1) | Revenues include excise taxes of $469,836, $460,561, $425,980, $439,647, and $446,086, respectively. |
| |
| (2) | Operating income includes $6,298, $2,721, $4,364, and $1,419 of income from MSA Settlements for the years ended December 31, 2018, 2017, 2015, and 2014, respectively and $247 of expense from MSA Settlements for the year ended December 31, 2016; and $1,784 of litigation judgment and settlement income for the year ended December 31, 2018, and $6,591, $20,000, $20,072, and $2,475 of litigation judgment and settlement expense for the years ended December 31, 2017, 2016, 2015, and 2014, respectively; and $41 and $1,819 of restructuring charges for the years ended December 31, 2016 and 2015, respectively. |
| |
| (3) | Per share computations include the impact of 5% stock dividends on September 27, 2019, September 27, 2018, September 28, 2017, September 29, 2016, September 29, 2015, and September 26, 2014, respectively. |
| |
| (4) | Revenues include excise taxes of $119,943, $104,633, $110,637, $130,428, $115,970, $112,801, $224,576, and $228,771, respectively. |
| |
| (5) | Operating income includes $2,808, $3,490 and $6,298 of income from MSA Settlements for the three months ended June 30, 2018 and March 31, 2018, and for the six months ended June 30, 2018, respectively; $655, $160, $525 and $655 of litigation settlement and judgment expense for the three months ended June 30, 2019, December 31, 2018, and June 30, 2018, and for the six months ended June 30, 2019, respectively; $2,469 and $1,944 of litigation settlement and judgment income for the three months ended March 31, 2018 and six months ended June 30, 2018, respectively. |
