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Jump to full article: RTTNews.com, 2009-05-11
Author: RTT Staff Writer
Intro: Monday, cigarette manufacturer Vector Group Ltd. (VGR: News ) reported a decline in the first-quarter net income from the year-ago period primarily due to higher other expenses that reflect an impairment charge, higher interest expense, lower interest and dividend income, and an equity loss from non-consolidated real estate businesses.
The Miami, Florida-based company reported a first-quarter net income of $3.1 million or $0.04 per share, down from $14.31 million or $0.21 per share in the corresponding quarter last year.
The results for 2009 included a one-time pre-tax gain of $5.0 million related to an exercise of an option from the 1999 brand transaction with Philip Morris, pre-tax impairment charges of $8.5 million on real estate investments and $1.0 million of restructuring charges.
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