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Vector Group Reports First Quarter 2009 Financial Results 

Vector Group Ltd. (NYSE: VGR) today announced financial results for the first quarter ended March 31, 2009.

First quarter 2009 revenues were $121.2 million, compared to $132.2 million for 2008. The Company recorded operating income of $31.2 million for 2009, compared to operating income of $28.0 million for 2008. Net income for 2009 was $3.1 million, or $0.04 per diluted common share, compared to net income of $14.3 million, or $0.21 per diluted common share, for 2008. 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. Adjusting for these items, the Company's net income for 2009 would have been $5.7 million, or $0.08 per diluted common share. The results for 2008 included $12.0 million of pre-tax income from the Company's investment in the St. Regis hotel, which was sold in March 2008. Adjusting for this item, the Company's net income for 2008 would have been $7.2 million, or $0.11 per diluted common share.

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