RICHMOND, Va., May 22 /PRNewswire-FirstCall/ -- George C. Freeman, III, President and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced strong results for the fiscal year that ended on March 31, 2008, despite a decline in fourth quarter results that was due in large part to earlier shipments this year that benefited the first three fiscal quarters. Income from continuing operations and net income for the fourth quarter of fiscal year 2008, which ended on March 31, 2008, was $9.9 million, or $0.23 per diluted share. Last year's results from continuing operations for the same quarter were $21.1 million, or $0.65 per diluted share. Results were significantly lower than last year's fourth quarter because of timing differences, as several regions completed their annual shipments earlier than last year. Fourth quarter earnings for fiscal year 2008 included about $9.6 million ($0.21 per diluted share) in restructuring costs, that included employee separation expense and pension curtailment losses on certain small defined benefit plans. Last year's fourth quarter results included impairment charges of about $15.1 million ($0.17 per diluted share), primarily related to the Company's decision to end its direct involvement in its African flue-cured growing projects. Revenues declined by $37 million to $467 million principally due to the change in shipment timing. Net income for last year's quarter, which included discontinued operations, totaled $19.5 million, or $0.59 per diluted share.
For the fiscal year ended March 31, 2008, results from continuing operations showed a marked improvement over the prior year, reflecting better results in most reportable segments, reduced net interest cost, and a lower effective tax rate. Income from continuing operations was $119.3 million, or $3.71 per diluted share, including the effect of $12.9 million ($0.25 per diluted share) in restructuring costs recognized throughout the fiscal year. Those charges included employee separation costs related to rationalizing operations in or related to Africa and Canada, as well as the pension curtailment losses recognized in the fourth quarter. For fiscal year 2007, the Company reported income from continuing operations of $80.4 million, or $2.52 per diluted share, including restructuring and impairment charges of $31 million ($0.93 per diluted share), primarily related to the value of Company-managed farming operations in Africa and other long-lived assets. Revenues for fiscal year 2008 increased by 6%, to $2.1 billion. Net income for the fiscal year, which includes results from discontinued operations, was $119.2 million, or $3.70 per diluted share, compared to $44.4 million, or $1.13 per diluted share, last year.
Mr. Freeman noted, "We are very pleased with our performance in fiscal year 2008, despite the lower fourth quarter results. We had anticipated many of the factors that affected the quarter. As we noted throughout the year, our previous quarters reflected income from earlier shipments. When we entered fiscal year 2008, we knew that we would be facing headwinds from smaller African burley crops and the reduction of the crop size in Canada. In addition, we recognized that comparisons would be negatively affected by the one-time sales of old crop burley in the United States and a Brazilian tax recovery in fiscal year 2007. More importantly, we also knew that it would take time and hard work to restore our profitability to former levels in each region. I am very encouraged at the progress we have made. We have weathered the smaller burley crops in Malawi and Mozambique, and we have continued to reduce our net debt levels and strengthen our balance sheet, as our efforts to improve cash flow have been successful.
"There is plenty of hard work in front of us. In the coming year, flue-cured crops should be adequate to meet demand, but available inventory has reached historic lows. We expect burley crops to be larger, but overall supply is still below demand with dealer uncommitted inventories at extremely low levels. Inventories in our African operations are currently very low as well, so the carryover shipments that we saw in the early part of fiscal year 2008 will not take place in fiscal year 2009. Farmer leaf production costs, and therefore the prices we pay for green tobacco, are increasing with the price of most other agricultural products. So we will continue to face higher costs in most of the major producing areas of the world. The weak U.S. dollar continues to exacerbate this trend in many areas. Although a variety of external and macro-economic factors are currently challenging us, we will work to ensure that our customers get the tobacco that they need and to deliver strong results to our shareholders.
"I would also like to salute Allen King's many years of contribution to Universal's growth and prosperity. During his tenure at the head of the Company, we experienced great change through the consolidation of our competition and our customers, and our refocus on our core tobacco business. He led us through these changes, and as our annual results show, we are a stronger company today. We have been enriched by his leadership over the years and wish him well in retirement."
Results for Reportable Operating Segments
Flue-cured and burley operations earned $11.7 million in the fourth fiscal quarter, compared to last year's performance of $38.4 million. Operating income for the North America segment improved by $3 million, or 22%, despite the absence of sales of old crop burley that benefited the prior year. The improvement reflected higher volumes shipped and processed during the period. These factors also caused a 20% increase in North American revenues over last year, to $114 million. The Other Regions segment reported a loss of $4 million for the quarter, primarily due to lower volumes. Shipments of the smaller African crops were completed earlier in fiscal year 2008 than last year as were shipments of South American, European, and Asian tobaccos. In addition, South American operations realized a $6 million gain on the sale of surplus timberland and an $8 million reduction of a valuation allowance for a Brazilian VAT tax. Those two benefits more than compensated for the $12 million incremental effect of an additional bad debt provision for farmer receivables there. Although African operations benefited from lower charges for farmer bad debts and inventory valuation, fourth quarter volumes were substantially lower as most of the shipments of this year's smaller crops from Mozambique and Malawi were completed earlier in the year. The Company also accrued an $8 million charge for an obligation established by recent Malawi court rulings that require employers to provide severance benefits in addition to company-sponsored pension benefits in employment termination situations. Revenues for the Other Regions segment were $239 million, which represented a decrease of $58 million related primarily to shipment timing.
For the year ended March 31, 2008, flue-cured and burley operations earned $178 million, up $6 million from last year. Results of the North America segment declined by $6 million, reflecting the absence of last year's sales of old crop burley and gains on asset sales. The effect of those one-time items was partially offset by higher volumes and margins from normal operations in fiscal year 2008. North America revenues decreased by $13 million, or 4%, primarily due to last year's U.S. old crop burley sales. Normal operating volumes in the United States increased over last year. The results of the Other Regions segment increased by $12 million, primarily due to increased volumes shipped from Europe and Asia, as well as the recognition of previously deferred income on volumes supplied to the Special Services group. However, in Africa the smaller crops in Malawi and Mozambique not only reduced volumes but also increased purchasing and processing unit costs in that region, outweighing the benefits of lower charges for farmer bad debts and inventory valuation this year. The $8 million charge for statutory severance benefits in Malawi also reduced results in this segment. Finally, South American results continued to be strong as currency transaction and remeasurement gains mitigated the higher green tobacco and operating costs caused by the weak U.S. dollar. During the year, the gain on the sale of timberland and the benefit from the reduction of the valuation allowance against recoverable Brazilian VAT taxes provided positive comparisons in the region. However, $8 million in additional bad debt provisions against farmer receivables this year and the absence of last year's $8.5 million benefit from the resolution of a revenue tax case more than offset those items. Total provisions for farmer bad debts for Africa and South America last year were $32 million and inventory valuation adjustments were $13 million. Current year amounts were $22 million and $3 million, respectively. Revenues of the Other Regions segment for the year increased by 7%, primarily due to higher sales prices in South America and Europe, where the Company experienced increased farmer prices and strong local currencies, and higher volumes in Europe and Asia.
The Other Tobacco Operations segment also showed substantial improvement for the fiscal year, but declined in the fourth quarter. The fiscal year improvement was due to the acceleration of shipments by the Special Services group to wind down most of its business that is being absorbed by regional operations. Dark tobacco operations were down only slightly in the quarter, but their comparison for the year was affected by higher volumes last year due to shipment timing and very strong Indonesian wrapper sales. Results for the oriental tobacco joint venture declined for both the quarter and the year, primarily due to significant currency remeasurement losses related to assets denominated in Turkish lira and U.S. dollars. The venture's functional currency is the euro, and both currencies weakened against the euro this year. Revenues for this segment increased by $2.0 million in the quarter and $59 million in the fiscal year as the Special Services group shipments occurred in the second and third quarters.
Interest income for the year increased by $6.3 million to $17 million on larger average balances invested, which more than offset the effect of falling interest rates. Interest expense fell by nearly $12 million to $42 million due to the full year impact of debt reduction completed in fiscal year 2007 and lower interest rates.
The consolidated effective income tax rates for continuing operations for the three and twelve months ended March 31, 2008, were approximately 12% and 35%, respectively. The rate for the quarter is substantially lower than the 35% U.S. marginal corporate tax rate due primarily to a change in the Company's U.S. tax position due to higher U.S. income and a lower effective tax rate in Brazil, principally due to a prolonged period of strengthening of the local currency combined with sales of old crop inventories. Last year's rates were much higher than the statutory rate at 54% and 45% for the quarter and fiscal year, respectively. The higher rate was primarily due to excess foreign taxes in countries where the tax rate exceeds the U.S. tax rate, low tax benefits provided on a foreign subsidiary with an operating loss, high state income taxes due to improved earnings in the United States, and a limited income tax benefit provided on losses in Zambia.
The loss from discontinued operations in the fiscal year 2008 was inconsequential. For the fiscal year ended March 31, 2007, the loss from discontinued operations was $36 million, or $1.39 per diluted share. Results from discontinued operations for that year reflected the operating results and estimated effects of selling the Company's non-tobacco businesses, the largest part of which occurred in the second fiscal quarter of fiscal year 2007. During that quarter, Universal completed the sale of the non-tobacco businesses managed by its wholly owned subsidiary, Deli Universal Inc. The Company's financial statements now report the results and financial position of those businesses as discontinued operations for all periods.
This information includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding earnings and expectations for its performance are forward-looking statements based upon management's current knowledge and assumptions about future events, including anticipated levels of demand for and supply of its products and services; costs incurred in providing these products and services; timing of shipments to customers; changes in market structure; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2007 and in other documents the Company files with the Securities and Exchange Commission. This information should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2007.
At 5:00 p.m. (Eastern Time) today, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time. A replay of the webcast will be available at that site for three months. A taped replay of the call will also be available until August 4, 2008 by dialing (800) 642-1687. The confirmation number to access the replay is 48653749.
Headquartered in Richmond, Virginia, Universal Corporation is one of the world's leading tobacco merchants and processors and conducts business in more than 35 countries. Its revenues from continuing operations for the fiscal year ended March 31, 2008, were $2.1 billion. For more information on Universal Corporation, visit its web site at http://www.universalcorp.com.
UNIVERSAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands of dollars, except per share data) Three Months Ended Fiscal Year Ended March 31, March 31, 2008 2007 2008 2007 (Unaudited) (Unaudited) Sales and other operating revenues $467,181 $504,485 $2,145,822 $2,007,272 Costs and expenses Cost of goods sold 390,972 416,229 1,715,724 1,563,522 Selling, general and administrative expenses 60,125 44,632 225,670 249,269 Restructuring and impairment costs 9,611 15,082 12,915 30,890 Operating income 6,473 28,542 191,513 163,591 Equity in pretax earnings of unconsolidated affiliates 6,269 8,933 13,500 14,235 Interest income 3,861 3,657 17,178 10,845 Interest expense 9,634 11,833 41,908 53,794 Income before income taxes and other items 6,969 29,299 180,283 134,877 Income taxes 862 15,923 63,799 61,126 Minority interests, net of income taxes (3,791) (7,745) (2,817) (6,660) Income from continuing operations 9,898 21,121 119,301 80,411 Loss from discontinued operations, net of income taxes - (1,605) (145) (36,059) Net income $9,898 $19,516 $119,156 $44,352 Dividends on convertible perpetual preferred stock (3,713) (3,712) (14,850) (14,685) Earnings available to common shareholders $6,185 $15,804 $104,306 $29,667 Earnings (loss) per common share: Basic: From continuing operations $0.23 $0.66 $3.83 $2.53 From discontinued operations - (0.06) (0.01) (1.39) Net income $0.23 $0.60 $3.82 $1.14 Diluted: From continuing operations $0.23 $0.65 $3.71 $2.52 From discontinued operations - (0.06) (0.01) (1.39) Net income $0.23 $0.59 $3.70 $1.13 See accompanying notes. UNIVERSAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of dollars) March 31, March 31, 2008 2007 (Unaudited) ASSETS Current assets Cash and cash equivalents $186,070 $358,236 Short-term investments 58,889 - Accounts receivable, net 231,107 261,106 Advances to suppliers, net 149,376 113,396 Accounts receivable - unconsolidated affiliates 43,718 37,290 Inventories - at lower of cost or market: Tobacco 602,945 595,901 Other 42,562 40,577 Prepaid income taxes 17,696 8,760 Deferred income taxes 22,737 25,182 Other current assets 61,960 62,480 Current assets of discontinued operations - 42,437 Total current assets 1,417,060 1,545,365 Property, plant and equipment Land 16,460 16,640 Buildings 254,737 241,410 Machinery and equipment 519,695 512,586 790,892 770,636 Less accumulated depreciation (456,059) (410,478) 334,833 360,158 Other assets Goodwill and other intangibles 106,647 104,284 Investments in unconsolidated affiliates 116,185 104,316 Deferred income taxes 49,632 81,003 Other noncurrent assets 109,755 133,696 382,219 423,299 Total assets $2,134,112 $2,328,822 See accompanying notes. UNIVERSAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of dollars) March 31, March 31, 2008 2007 (Unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Notes payable and overdrafts $126,229 $131,159 Accounts payable and accrued expenses 210,354 220,181 Accounts payable-unconsolidated affiliates 10,343 644 Customer advances and deposits 21,030 133,608 Accrued compensation 25,484 18,519 Income taxes payable 8,886 11,549 Current portion of long-term obligations - 164,000 Current liabilities of discontinued operations - 13,314 Total current liabilities 402,326 692,974 Long-term obligations 402,942 398,952 Pensions and other postretirement benefits 88,278 100,004 Other long-term liabilities 84,958 70,528 Deferred income taxes 36,795 29,809 Total liabilities 1,015,299 1,292,267 Minority interests 3,182 5,822 Shareholders' equity Series B 6.75% Convertible Perpetual Preferred Stock, no par value, 5,000,000 shares authorized, 219,999 shares issued and outstanding (220,000 at March 31, 2007) 213,023 213,024 Common stock, no par value, 100,000,000 shares authorized, 27,162,150 shares issued and outstanding (25,948,599 at March 31, 2007) 206,436 176,453 Retained earnings 711,655 682,232 Accumulated other comprehensive loss (15,483) (40,976) Total shareholders' equity 1,115,631 1,030,733 Total liabilities and shareholders' equity $2,134,112 $2,328,822 See accompanying notes. UNIVERSAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars) Fiscal Year Ended March 31, 2008 2007 (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS: Net income $119,156 $44,352 Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: Net loss (income) from discontinued operations 145 36,059 Depreciation 41,383 46,423 Amortization 1,857 1,882 Provisions for losses on advances to suppliers 22,323 31,822 Restructuring and impairment costs 12,915 30,890 Other, net 7,593 (1,546) Changes in operating assets and liabilities, net (114,800) 56,052 Net cash provided by operating activities of continuing operations 90,572 245,934 CASH FLOWS FROM INVESTING ACTIVITIES OF CONTINUING OPERATIONS: Purchase of property, plant and equipment (27,704) (25,178) Purchase of short-term investments (58,889) - Proceeds from sale of businesses, less cash of businesses sold 26,556 385,545 Proceeds from sale of property, plant, and equipment and other 23,206 7,302 Other 12,846 - Net cash provided (used) by investing activities of continuing operations (23,985) 367,669 CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS: Repayment of short-term debt, net (19,957) (140,406) Repayment of long-term debt (164,000) (208,530) Issuance of convertible perpetual preferred stock, net of issuance costs - 19,478 Issuance of common stock 24,372 50,958 Repurchase of common stock (16,700) - Dividends paid on convertible perpetual preferred stock (14,850) (14,685) Dividends paid on common stock (48,602) (45,423) Other (981) (1,067) Net cash used by financing activities of continuing operations (240,718) (339,675) Net cash provided by continuing operations (174,131) 273,928 CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations 6,495 50,477 Net cash used by investing activities of discontinued operations (17) (9,589) Net cash used by financing activities of discontinued operations (4,957) (23,068) Net cash provided by discontinued operations 1,521 17,820 Effect of exchange rate changes on cash 205 95 Net increase (decrease) in cash and cash equivalents (172,405) 291,843 Cash and cash equivalents of continuing operations at beginning of year 358,236 62,486 Cash and cash equivalents of discontinued operations at beginning of year 239 4,146 Less: Cash and cash equivalents of discontinued operations at end of year - 239 Cash and cash equivalents at end of year $186,070 $358,236 Significant non-cash items from investing activities of continuing operations for the year ended March 31, 2007, included the buyer's assumption of $153,560 of notes payable and overdrafts with the sale of businesses. See accompanying notes. NOTE 1. BASIS OF PRESENTATION
Universal Corporation, with its subsidiaries ("Universal" or the "Company"), is one of the world's leading leaf tobacco merchants and processors. The Company previously had operations in lumber and building products and in agri-products. The lumber and building products businesses, along with a portion of the agri-products operations, were sold on September 1, 2006. In December 2006, the Company adopted a plan to sell the remaining agri-products operations. One of those agri-products businesses was sold in January 2007, another was sold in May 2007, and the assets of the remaining business were sold in October 2007. The lumber and building products operations and the agri-products operations are reported as discontinued operations for all periods in the accompanying financial statements.
Because of the seasonal nature of the Company's business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. Certain amounts in prior year statements have been reclassified to conform to the current year presentation. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2007. The Company expects to file its Annual Report on Form 10-K for the fiscal year ended March 31, 2008, on or before May 30, 2008.
NOTE 2. GUARANTEES AND OTHER CONTINGENT LIABILITIES
Guarantees of bank loans to growers for crop financing and construction of curing barns or other tobacco producing assets are industry practice in Brazil and support the farmers' production of tobacco there. At March 31, 2008, the Company's total exposure under guarantees issued by its operating subsidiary in Brazil for banking facilities of farmers in that country was approximately $218 million. About 70% of these guarantees expire within one year, and nearly all of the remainder expire within five years. The subsidiary withholds payments due to the farmers on delivery of tobacco and forwards those payments to the third-party banks. Failure of farmers to deliver sufficient quantities of tobacco to the subsidiary to cover their obligations to third-party banks could result in a liability for the subsidiary under the related guarantee; however, in that case, the subsidiary would have recourse against the farmers. The maximum potential amount of future payments that the Company's subsidiary could be required to make as of March 31, 2008, was the face amount, $218 million, plus any unpaid accrued interest ($203 million plus unpaid accrued interest as of March 31, 2007). The fair value liability recorded for the guarantees was approximately $13 million and $10 million at March 31, 2008 and 2007, respectively. In addition to these guarantees, the Company has other contingent liabilities totaling approximately $59 million, primarily related to a bank guarantee that bonds an appeal of a 2006 fine in the European Union.
Various subsidiaries of the Company are involved in litigation incidental to their business activities. While the outcome of these matters cannot be predicted with certainty, management is vigorously defending the claims and does not currently expect that any of them will have a material adverse effect on the Company's financial position. However, should one or more of these matters be resolved in a manner adverse to management's current expectation, the effect on the Company's results of operations for a particular fiscal reporting period could be material.
NOTE 3. EARNINGS PER SHARE
The following table sets forth the computation of earnings per share for the three months and fiscal years ended March 31, 2008 and 2007.
Three Months Ended Fiscal Year Ended March 31, March 31, 2008 2007 2008 2007 (In thousands, except per share data) Basic Earnings (Loss) Per Share Numerator for basic earnings (loss) per share From continuing operations: Income from continuing operations $9,898 $21,121 $119,301 $80,411 Less: Dividends on convertible perpetual preferred stock (3,713) (3,712) (14,850) (14,685) Earnings available to common shareholders from continuing operations 6,185 17,409 104,451 65,726 From discontinued operations: Earnings (loss) available to common shareholders from discontinued operations - (1,605) (145) (36,059) Net income available to common shareholders $6,185 $15,804 $104,306 $29,667 Denominator for basic earnings (loss) per share Weighted average shares outstanding 27,196 26,427 27,263 25,935 Basic earnings (loss) per share: From continuing operations $0.23 $0.66 $3.83 $2.53 From discontinued operations - (0.06) (0.01) (1.39) Net income per share $0.23 $0.60 $3.82 $1.14 Diluted Earnings (Loss) Per Share Numerator for diluted earnings (loss) per share From continuing operations: Earnings available to common shareholders from continuing operations $6,185 $17,409 $104,451 $65,726 Add: Dividends on convertible perpetual preferred stock (if conversion assumed) - - 14,850 - Earnings (loss) available to common shareholders from continuing operations for calculation of diluted earnings (loss) per share 6,185 17,409 119,301 65,726 From discontinued operations: Earnings (loss) available to common shareholders from discontinued operations - (1,605) (145) (36,059) Net income available to common shareholders $6,185 $15,804 $119,156 $29,667 Denominator for diluted earnings (loss) per share: Weighted average shares outstanding 27,196 26,427 27,263 25,935 Effect of dilutive securities (if conversion or exercise assumed) Convertible perpetual preferred stock - - 4,711 - Employee share-based awards 204 254 212 115 Denominator for diluted earnings (loss) per share 27,400 26,681 32,186 26,050 Diluted earnings (loss) per share: From continuing operations $0.23 $0.65 $3.71 $2.52 From discontinued operations - (0.06) (0.01) (1.39) Net income per share $0.23 $0.59 $3.70 $1.13 NOTE 4. SEGMENT INFORMATION
The principal approach used by management to evaluate the Company's performance is by geographic region, although some components of the business are evaluated on the basis of their worldwide operations. The Company evaluates the performance of its segments based on operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in pretax earnings of unconsolidated affiliates.
Operating results for the Company's reportable segments for each period presented in the consolidated statements of income were as follows:
Three Months Ended Fiscal Year Ended March 31, March 31, 2008 2007 2008 2007 (in thousands of dollars) SALES AND OTHER OPERATING REVENUES Flue-cured and burley leaf tobacco operations: North America $114,166 $95,437 $336,170 $348,926 Other regions (1) 238,956 297,294 1,485,304 1,393,223 Subtotal 353,122 392,731 1,821,474 1,742,149 Other tobacco operations (2) 114,059 111,754 324,348 265,123 Consolidated sales and other operating revenues $467,181 $504,485 $2,145,822 $2,007,272 OPERATING INCOME (LOSS) Flue-cured and burley leaf tobacco operations: North America $16,015 $13,107 $34,379 $40,276 Other regions (1) (4,339) 25,321 143,589 131,841 Subtotal 11,676 38,428 177,968 172,117 Other tobacco operations (2) 10,677 14,129 39,960 36,599 Segment operating income 22,353 52,557 217,928 208,716 Less: Equity in pretax earnings of unconsolidated affiliates (3) 6,269 8,933 13,500 14,235 Restructuring and impairment costs (4) 9,611 15,082 12,915 30,890 Consolidated operating income $6,473 $28,542 $191,513 $163,591 (1) Includes South America, Africa, Europe, and Asia regions, as well as inter-region eliminations. (2) Includes Dark Air-Cured, Special Services and Oriental, as well as inter-company eliminations. Oriental does not contribute significantly to the reported amounts for sales and other operating revenues because its financial results consist principally of equity in the pretax earnings of an unconsolidated affiliate. (3) Item is included in segment operating income, but not included in consolidated operating income. (4) Item is not included in segment operating income, but is included in consolidated operating income.
SOURCE Universal Corporation -0- 05/22/2008 /CONTACT: Karen M. L. Whelan, +1-804-359-9311, Fax, +1-804-254-3594, email@example.com/ /Web site: http://www.universalcorp.com / (UVV)