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Standard Commercial Corporation Announces June 30, 2004 First Quarter Results 

Standard Commercial Corporation (NYSE: STW) today reported June 30, 2004 first quarter loss from continuing operations of $3.8 million, versus income from continuing operations of $8.9 million in the June 30, 2003 first quarter. On a per share basis, both basic and diluted loss from continuing operations were $0.28 versus earnings of $0.66 and $0.62 respectively for the quarter ended June 30, 2003. The loss from the discontinued wool business for the quarter was $1.0 million versus the prior year loss of $2.3 million. Net loss totaled $4.8 million ($0.35 per basic and diluted share) versus net income of $6.6 million ($0.49 per basic share and $0.47 per diluted share) in the corresponding prior year quarter.

Sales for the three months ended June 30, 2004 increased by 6.6% to $185.6 million from $174.1 million in the prior year period. The volume of tobacco sold during the current quarter increased by 5.3% over the prior year quarter. This was mainly due to increased shipments from Brazil, Turkey, Italy and India. Sales were lower for Kenya/Congo, Argentina, Thailand and Malawi than the prior year period primarily due to delays in shipments.

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