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Universal Corporation Announces Strong Third Quarter Results 

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.

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