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Allen B. King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced that income from continuing operations for the third quarter of fiscal year 2008, which ended on December 31, 2007, increased by 42% to $50.8 million, or $1.56 per diluted share. In the same quarter last year, continuing operations earned $35.8 million, or $1.17 per diluted share. For fiscal year 2008, the third quarter's results reflected higher earnings in the Other Regions segment of the flue-cured and burley operations, as well as Other Tobacco Operations.
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Allen B. King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced today that the Company's Board of Directors declared a quarterly dividend of forty-five cents ($0.45) per share on the common shares of the Company, payable May 12, 2008, to common shareholders of record at the close of business on April 14, 2008.
Universal Corporation (NYSE: UVV) will webcast its conference call on February 7, 2008, following the release of its results for the third quarter of fiscal year 2008 after market close on that date. The conference call will begin at 5:00 p.m. Eastern Time and will be hosted by Karen M. L. Whelan, Vice President and Treasurer.
Hartwell H. Roper, Vice President and Chief Financial Officer of Universal Corporation (NYSE: UVV), has announced his plans to retire effective August 31, 2008. The Board of Directors has elected David C. Moore, currently Vice President and Chief Administrative Officer, to succeed Mr. Roper as Chief Financial Officer as of September 1, 2008.
Mr. Moore has been with Universal since 1978, and began his career in the areas of finance and international operations. He served the company in assignments of increasing complexity and responsibility, which included oversight of the company's European offices from 1999 to 2005, and became Vice President and Chief Administrative Officer of Universal Corporation in April 2006.
Universal Corporation (NYSE: UVV) will host a live audio webcast of the Company's New York presentation to investors at http://www.universalcorp.com on Wednesday, November 14, 2007. The webcast will air a presentation by George C. Freeman
THE trade ministry is investigating Uganda Leaf Tobacco Company Ltd for engaging in marketing malpractices.
The ministry is furious that the firm contravened the Tobacco Control and Marketing Regulation 1996 by buying tobacco leaf in Kibaale district from farmers sponsored by Continental Tobacco (U) Ltd, a rival company.
"This office has received allegations suggestive of the fact that your company has been involved in marketing malpractices by buying tobacco from farmers in Kibaale district where you have only been introduced to conduct feasibility studies but have not been issued a Tobacco Buyers' Certificate.
"It is further alleged that in Kyebando Unit, you bought tobacco at night without issuing receipts.
Allen B. King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced that income from continuing operations for the second quarter of fiscal year 2008, which ended on September 30, 2007, increased by 9% to $40.5 million, or $1.25 per diluted share. Last year, continuing operations earned $37.2 million, or $1.21 per diluted share, in the same quarter. The quarter's results reflected improvements primarily in Africa due to lower provisions for farmer receivables and lower inventory valuation adjustments, which in aggregate declined by $27 million in that region. That improvement was offset in part by lower margins due to smaller crops that caused higher purchase prices for leaf and higher unit processing and agronomic costs. Earnings also benefited from significantly lower net interest expense. Net income for the quarter, including results from discontinued operations, was $39.8 million, or $1.23 per diluted share, compared to $3.1 million, or $0.09 per diluted share last year.
Allen B. King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced that income from operations for the first quarter of fiscal year 2008, which ended on June 30, 2007, was $18.2 million, or $0.52 per diluted share. That performance represented a significant improvement over last year's results, which reflected a loss of $13.7 million, or $0.67 per diluted share, from continuing operations.
Allen B. King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV), said today, "We are pleased with our first quarter performance as reported yesterday, and are confident in the long-term future of the Company. We know of no reason for the recent unusual activity in the Company's stock."
RICHMOND, Va., Aug. 7 /PRNewswire-FirstCall/ -- Allen B, King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV), has announced his plans to retire as Chief Executive Officer of the Corporation effective March 31, 2008.
Universal Corporation's Board of Directors has elected George C. Freeman, III, currently President, to succeed Mr. King as Chief Executive Officer as of April 1, 2008. Mr. King will continue to serve as Chairman of the Board until his current term ends in August 2008.
Allen B. King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced today that the Company's Board of Directors declared a quarterly dividend of forty-four cents ($.44) per share on the common shares of the Company, payable November 12, 2007, to common shareholders of record at the close of business on October 9, 2007.
In addition, the Board of Directors declared a quarterly dividend of $16.875 per share on the Series B 6.75% Convertible Perpetual Preferred Stock
"I do believe the wheel is turning and sanity will prevail at some stage," Mr Swales said. "I speak to various Zanu PF moderates and all of them advise us to be patient, there will be change, this thing can't continue."
Mr Swales believes Mr Mugabe's regime is nearing the end, that an economy battered by inflation reported to have hit 13,000 per cent in June and where supplies of even basic foods such as maize flour and cooking oil have dried up, must surely soon collapse altogether.
"I might not get my farm back but when the dust settles I might get another farm. Maybe I'll buy a farm from someone who doesn't want to come back to Zimbabwe. I have to hope I can survive that long and wait out old Bob."
Back in 2002, Mr Swales and his family were forcibly evicted from their 1,976-acre farm in Darwendale, 50 miles north east of Harare, by a mob of "war veterans". The chance to move over the border to Chimoio, in Mozambique, was too good to turn down.
Like many of those now returning to Zimbabwe, Mr Swales was on a scheme sponsored by tobacco companies such as Universal Leaf Tobacco. The companies provided start-up capital and seasonal loans.
Universal Corp.'s results improved in the fiscal third quarter on stronger income from its tobacco operations and lower restructuring costs.
The Richmond-based tobacco leaf company reported profit of $24.1 million, or 79 cents per share, in the three-month period that ended Dec. 31, compared with a loss of $5.7 million, or 22 cents per share, in the same period in 2005.
Universal has announced plans to sell its remaining non-tobacco businesses.
Allen B. King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced today that the Company's Board of Directors has declared a quarterly dividend of forty-four cents ($.44) per share on the common shares of the Company, payable May 14, 2007, to common shareholders of record at the close of business on April 9, 2007.
Allen B. King, Chairman and Chief Executive Officer of Universal Corporation (NYSE: UVV) announced a significant improvement in third quarter earnings, noting that income from continuing operations for the quarter ended December 31, 2006, was $35.8 million, or $1.17 per diluted share, compared to a loss of $349 thousand, or $0.01 per diluted share, last year. Income from continuing operations in the current period included about $3.5 million in impairment costs ($0.07 per diluted share) related to the value of long-lived assets. Income from continuing operations in fiscal year 2006 included $24 million in restructuring and impairment costs ($0.60 per diluted share) related to the closure of the Company's Danville, Virginia, factory. Results were significantly improved over last year's third quarter due to improved results in all reportable segments as well as reduced restructuring and impairment costs. Revenues in the quarter were $516 million, up 8.4% from the same period last year. Net income for the quarter, which includes results from discontinued operations, was $24.1 million, or $0.79 per diluted share, compared to a net loss of $5.7 million, or $0.22 per diluted share, last year.