2014

Universal Corporation Reports Improved Annual Results


RICHMOND, Va., May 21, 2013 /PRNewswire/ --

HIGHLIGHTS

Fiscal Year 2013
Diluted earnings per share of $4.66.
Segment operating income up 4%, to $232.8 million.
Revenues flat at $2.5 billion.

Fourth Quarter
Diluted earnings per share of $0.92.
Segment operating income down $2.1 million.
Revenues down 1%, to $645.1 million.

George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced that net income for the fiscal year ended March 31, 2013, was $132.8 million, or $4.66 per diluted share, compared with last year's net income of $92.1 million, or $3.25 per diluted share.  The comparison of the current and prior fiscal year is affected by several unusual items, which are described below, amounting to net pretax charges of $4.1 million ($0.06 per diluted share), and $40.1 million ($1.42 per diluted share) for fiscal years 2013 and 2012, respectively.   Segment operating income for fiscal year 2013, which excludes those unusual items, was $232.8 million, up $9.2 million compared with the prior year, as improved performance in the Company's Other Regions and Other Tobacco Operations segments was partially offset by a decline in the North America segment.  Revenues for fiscal year 2013 of $2.5 billion were relatively flat compared with the previous year, on lower volumes at higher average prices.

For the fourth quarter of fiscal year 2013, net income was $26.1 million, or $0.92 per diluted share, compared to last year's net income of $25.8 million, or $0.91 per diluted share.  Segment operating income for the period was down $2.1 million compared with the prior year, as lower results in the Other Regions segment were partly offset by improvements in the North America and Other Tobacco Operations segments.  Revenues for the quarter of $645.1 million were down about 1% as reduced volumes, primarily in the Other Regions segment, were nearly offset by higher average leaf prices in many origins and higher revenues for the North America segment.

The following table sets forth the unusual items included in the annual results, none of which are included in segment results:



Fiscal Year Ended

March 31,



(in millions, except per share amounts)


2013



2012


(Charges) and gains







Charge for European Commission fine in Italy (1)


$



$

(49.1)


Restructuring costs (2)


(4.1)



(11.7)


Gain on fire loss insurance settlement in Europe (3)




9.6


Gain on sale of facility in Brazil (4)




11.1







Total effect on operating income


$

(4.1)



$

(40.1)







Total effect on net income


$

(1.8)



$

(40.3)







Total effect on diluted earnings per share


$

(0.06)



$

(1.42)


(1)   Fines and accumulated interest from the September 9, 2011, decision by the General Court of the European Union rejecting an Italian subsidiary's application to reinstate immunity related to infringements of European Union antitrust law in the Italian raw tobacco market.

(2)   Restructuring charges, primarily related to workforce reductions in the United States, South America, Europe, and Africa.

(3)   The fire loss insurance settlement related to a plant fire in Europe in 2010. The operating assets have been replaced.

(4)   Sale of land and storage buildings in Brazil in November 2011.

 

Mr. Freeman stated, "I am proud of the successful results that we achieved in fiscal year 2013. Despite smaller crops, rising leaf production costs, and margin pressures in most regions, we delivered better performance than we had anticipated at the beginning of the fiscal year.  Some of this success was attributable to the sale of previously uncommitted inventories and carryover shipments of the prior year's large African and South American crops.  In addition, we benefited from lower selling, general, and administrative costs.  Certain of these costs reductions were unpredictable - such as currency remeasurement and exchange gains - and may not be recurring, while others were a result of our targeted cost reduction and efficiency improvement efforts.  In fiscal year 2013, we also generated over $230 million in cash flow from our operations and returned nearly $70 million to our shareholders through a combination of dividends and share repurchases.  In addition to our financial achievements, our strong local management teams around the globe continued to advance our goal of providing compliant leaf, produced in a sustainable and competitive manner, to our customers.

"As we move into fiscal year 2014, we are seeing crop sizes increase in many of the key sourcing areas for flue-cured and burley tobacco in response to strong global leaf demand.  Sales activity has also been robust, especially for quality flavor flue-cured styles of tobacco.  Burley tobacco remains in high demand, and current year crop levels are not expected to meet global requirements.  At the same time, our uncommitted inventories are near historic lows, limiting our ability to glean additional volumes from this source.  In addition to the low uncommitted inventories, we will not have the benefit of carryover crop shipments which helped our results in the first and second quarters of fiscal year 2013.  While we look forward to another productive year, total volumes shipped may be lower in fiscal year 2014.

"We remain committed to being a leader in our industry and are excited about the future.  Universal plays a vital role with respect to the global supply of tobacco, and we have a solid balance sheet that allows us to capitalize on opportunities to grow our business. We champion programs to address critical industry issues such as the elimination of child labor and the eradication of illicit trade in tobacco products.  We partner with our suppliers to enhance their production, ensure compliant leaf, and to support their communities, and we provide solutions for our contracted farmers through the efforts of our large team of agronomists and field technicians worldwide. We also actively work with our longstanding customers to balance tobacco production with their continued strong demand."

FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:

Fiscal Year 2013

For the fiscal year ended March 31, 2013, operating income for the flue-cured and burley leaf tobacco operations, which includes the North America and Other Regions segments, of $212.3 million, was nearly flat compared to the prior year's results of $210.7 million.  The slight increase reflected improved operating results for the year in the Other Regions segment, which was mostly offset by reduced earnings in the North America segment.  Sales volumes for fiscal year 2013 reflected the smaller current crops as well as additional volumes from carryover shipments from last year's large crops.  Those carryover crops, mainly from South America and Africa, primarily were shipped in the first half of this year.  Revenues for the group were flat, compared with the prior year, at $2.2 billion

Operating income for the Other Regions segment of $192.6 million was up 7%, compared to $180.7 million for the previous year.  Benefits from significant reductions in selling, general, and administrative expenses outweighed the effects of lower volumes and margins in most origins. The selling, general, and administrative expense reductions were largely attributable to a decline in provisions for farmer bad debts, net currency remeasurement and exchange benefits in Africa, South America and Asia, and lower customer claims in comparison with the prior year.   Revenues for the segment of $1.9 billion were relatively flat, on lower overall volumes at higher average prices mostly due to higher green leaf costs. 

Operating income for the North America segment declined by $10.3 million to $19.7 million for fiscal year 2013, compared with the previous year.  Despite higher overall sales volumes and increased processing business, the earnings decline was influenced by lower margins on higher green leaf costs and higher overhead allocations.  Revenues for the segment of $334.7 million were up 7% on those higher sales and processing volumes.

Fourth Quarter

Operating income for the quarter ended March 31, 2013, for flue-cured and burley leaf tobacco operations, was $34.5 million compared with $40.1 million for the fourth fiscal quarter of the previous year.  Earnings improvement in the North America segment for the quarter was more than offset by the earnings decline for the Other Regions segment.  Revenues for the group declined slightly to $539.8 million from last year's $548.3 million level on lower overall volumes.

Operating earnings for the quarter in the Other Regions segment were down 28% to $24.5 million.    Results were heavily influenced by Africa volumes, which were down substantially in comparison with last year's large crops and shipments in the fourth quarter.  Selling, general, and administrative expenses for the Other Regions segment were down for the quarter due primarily to reduced provisions for farmer bad debts and reduced overheads from cost savings initiatives, offset by unfavorable currency remeasurement and exchange comparisons to the same period last year. Revenues for the Other Regions segment were down about 13% to $410.5 million as the effects of the lower Africa volumes outweighed volume increases in most other origins.

Operating earnings for the North America segment of $10.0 million in the fourth fiscal quarter were up $3.8 million compared with the same period last year.  This improvement was driven by higher volumes from the larger U.S. crop, higher processing volumes, and the completion of delayed shipments in Central America.  Revenues for this segment for the fourth quarter were up 65% to $129.3 million on those increased volumes as well as higher green leaf prices.

OTHER TOBACCO OPERATIONS:

In the Other Tobacco Operations segment, operating income for fiscal year 2013 improved by $7.6 million to $20.5 million, on a favorable product mix due in part to stronger wrapper sales in the dark tobacco operations from recovery of the Indonesian crop shortages.  The results for the oriental joint venture also improved on better margins, as well as lower operating expenses due to a stronger U.S. dollar and overhead cost reductions.  Similarly, the segment operating results for the fourth quarter increased by $3.6 million to $12.4 million primarily driven by the dark tobacco business improvements. 

Revenues for this segment for fiscal year 2013 increased by about 7%, to $255.1 million, mainly due to increased wrapper volume in the dark tobacco operations.  Revenues for the quarter of $105.3 million were flat, as higher dark tobacco revenues were offset by a decrease in sales due to the timing of shipments of oriental tobaccos to the United States compared with the same period in the previous year.

OTHER ITEMS:

Cost of goods sold of $2.0 billion was up about 1% for the year ended March 31, 2013, and declined by about 1% for the fourth quarter, compared with the prior year.  The changes reflected higher green leaf costs and were consistent with comparable changes in sales revenues for the relevant periods. Selling, general, and administrative costs declined by $16.3 million for the year and $1.8 million for the fourth quarter, compared to the previous year.  The full year decline was driven mainly by benefits from currency remeasurement and exchange gains in the Other Regions segment, a reduction in provisions for farmer bad debts, and lower customer claims.  The decrease in the fourth quarter reflected a combination of lower provisions for farmer bad debts, reduced overhead expenses, and unfavorable variances on currency remeasurement and exchange gains.

Interest expense was down $0.8 million to $22.0 million for the full year and $1.2 million to $4.2 million for the fourth quarter ended March 31, 2013, compared with the same periods in the previous year, primarily due to lower average borrowing levels as a result of reduced working capital requirements this year. The consolidated effective income tax rates on pretax earnings were approximately 32% and 38% for the fiscal years ended March 31, 2013 and 2012, respectively.  Last year's rate was higher because the Company did not record an income tax benefit on the non-deductible fine portion of the charge for the European Commission fine and interest in Italy. Without that item, the effective income tax rate would have been approximately 29%. The effective income tax rate for the quarter ended March 31, 2013, was 37% compared with 29% for the same period last year. The prior year's rate for the quarter was reduced by recoveries of state income taxes.  The rates in all periods, excluding adjustments, were lower than the 35% federal statutory rate because of the effect of changes in exchange rates on deferred income tax assets and liabilities, as well as lower effective rates on income from certain foreign subsidiaries.

In September 2011, the Company announced that the General Court of the European Union issued a decision rejecting the appeal of Deltafina, S.p.A, its Italian subsidiary. That appeal related to the European Commission's revocation of Deltafina's immunity from a fine of €30 million (about $41 million on September 9, 2011) assessed against Deltafina and Universal jointly for actions in connection with Deltafina's purchase and processing of tobacco in the Italian raw tobacco market between 1995 and 2002.  Deltafina appealed the decision of the General Court to the European Court of Justice.  Effective with the September 9, 2011 General Court decision, the Company recorded a charge for the full amount of the fine (€30 million) plus accumulated interest (€5.9 million). The charge totaled $49.1 million at the exchange rate in effect on the date of the General Court decision.  The appeal process is expected to be concluded during fiscal year 2014.

During the first quarter of fiscal year 2012, an insurance settlement was received for replacement cost recovery on the factory and equipment destroyed in a fire at the Company's sheet tobacco operations in Europe in 2010.  The settlement generated a gain of $9.6 million. In the third quarter of fiscal year 2012, the Company sold land and storage buildings in Brazil in exchange for other property and $9.4 million in cash.  The transaction resulted in a gain of $11.1 million.  Both of these gains are reported in other income in the consolidated statements of income.

Additional information

Amounts included in the previous discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries.

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; government regulation; product taxation; industry consolidation and evolution; 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, 2012, 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, 2012.

At 5:30 p.m. (Eastern Time) on May 21, 2013, 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 through August 5, 2013.  A taped replay of the call will be available through June 4, 2013, by dialing (855) 859-2056.  The confirmation number to access the replay is 73216156.

Headquartered in Richmond, Virginia, Universal Corporation is the leading global leaf tobacco supplier and conducts business in more than 30 countries.  Its revenues for the fiscal year ended March 31, 2013, were $2.5 billion. For more information on Universal Corporation, visit its website at www.universalcorp.com.

 

UNIVERSAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in thousands of dollars, except per share data)

 



Three Months Ended

March 31,


Fiscal Year Ended

March 31,



2013


2012


2013


2012






Sales and other operating revenues


$

645,092



$

653,966



$

2,461,699



$

2,446,877


Costs and expenses









Cost of goods sold


538,195



542,863



1,999,282



1,974,885


Selling, general and administrative expenses


65,889



67,654



235,295



251,639


Other income








(20,703)


Restructuring costs


426



1,441



4,113



11,661


Charge for European Commission fine in Italy








49,091


Operating income


40,582



42,008



223,009



180,304


Equity in pretax earnings of unconsolidated affiliates


5,827



5,459



5,635



3,195


Interest income


244



74



654



1,314


Interest expense


4,235



5,462



22,013



22,835


Income before income taxes and other items


42,418



42,079



207,285



161,978


Income taxes


15,733



12,187



66,366



61,159


Net income


26,685



29,892



140,919



100,819


Less:  net income attributable to noncontrolling interests in subsidiaries


(583)



(4,137)



(8,169)



(8,762)


Net income attributable to Universal Corporation


26,102



25,755



132,750



92,057


Dividends on Universal Corporation convertible perpetual preferred stock


(3,713)



(3,713)



(14,850)



(14,850)


Earnings available to Universal Corporation common shareholders


$

22,389



$

22,042



$

117,900



$

77,207











Earnings per share attributable to Universal Corporation common

shareholders:









Basic


$

0.96



$

0.95



$

5.05



$

3.32


Diluted


$

0.92



$

0.91



$

4.66



$

3.25


See accompanying notes.

 

 

 

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)

 



March 31,


March 31,



2013


2012






ASSETS





Current assets





Cash and cash equivalents


$

367,864



$

261,699


Accounts receivable, net


401,747



390,790


Advances to suppliers, net


132,100



135,317


Accounts receivable—unconsolidated affiliates


555



7,370


Inventories—at lower of cost or market:





Tobacco


623,377



682,095


Other


57,745



53,197


Prepaid income taxes


6,245



20,819


Deferred income taxes


32,127



51,025


Other current assets


124,213



88,317


Total current assets


1,745,973



1,690,629







Property, plant and equipment





Land


17,125



17,087


Buildings


234,694



228,982


Machinery and equipment


545,478



537,031




797,297



783,100


Less: accumulated depreciation


(509,829)



(479,908)




287,468



303,192


Other assets





Goodwill and other intangibles


99,048



99,266


Investments in unconsolidated affiliates


94,405



93,312


Deferred income taxes


23,783



23,634


Other noncurrent assets


55,478



56,886




272,714



273,098







Total assets


$

2,306,155



$

2,266,919











 

See accompanying notes.

 

 

 

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)

 



March 31,


March 31,



2013


2012






LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities





Notes payable and overdrafts


$

105,318



$

128,016


Accounts payable and accrued expenses


225,648



187,790


Accounts payable—unconsolidated affiliates


4,739



295


Customer advances and deposits


24,914



16,832


Accrued compensation


36,694



30,659


Income taxes payable


14,034



12,866


Current portion of long-term obligations


211,250



16,250


Total current liabilities


622,597



392,708







Long-term obligations


181,250



392,500


Pensions and other postretirement benefits


135,629



140,529


Other long-term liabilities


36,838



90,609


Deferred income taxes


42,184



44,583


Total liabilities


1,018,498



1,060,929







Shareholders' equity





Universal Corporation:





Preferred stock:





Series A Junior Participating Preferred Stock, no par value,

  500,000 shares authorized, none issued or outstanding





Series B 6.75% Convertible Perpetual Preferred Stock,

  no par value, 220,000 shares authorized, 219,999 shares 

  issued and outstanding (219,999 at March 31, 2012)


213,023



213,023


Common stock, no par value, 100,000,000 shares authorized,

  23,343,973 shares issued and outstanding (23,257,175 at

  March 31, 2012)


202,579



196,135


Retained earnings


918,509



854,654


Accumulated other comprehensive loss


(75,540)



(80,361)


Total Universal Corporation shareholders' equity


1,258,571



1,183,451


Noncontrolling interests in subsidiaries


29,086



22,539


Total shareholders' equity


1,287,657



1,205,990







Total liabilities and shareholders' equity


$

2,306,155



$

2,266,919











 

See accompanying notes.

 

UNIVERSAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of dollars)

 




Fiscal Year Ended March 31,




2013



2012


CASH FLOWS FROM OPERATING ACTIVITIES:





Net income


$

140,919



$

100,819


Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation


43,408



42,158


Amortization


1,708



1,708


Provision for losses on advances and guaranteed loans to suppliers


1,623



11,930


Inventory write-downs


1,523



8,324


Stock-based compensation expense


6,171



5,987


Foreign currency remeasurement loss (gain), net


(10,579)



2,253


Deferred income taxes


11,794



6,770


Equity in net loss (income) of unconsolidated affiliates, net of dividends


(4,966)



14,658


Gain on fire loss insurance settlement




(9,592)


Gain on sales of property in Brazil




(11,111)


Restructuring costs


4,113



11,661


Charge for European Commission fine in Italy




49,091


Other, net


(1,174)



1,719


Changes in operating assets and liabilities, net


39,926



(36,589)


Net cash provided by operating activities


234,466



199,786







CASH FLOWS FROM INVESTING ACTIVITIES:





Purchase of property, plant and equipment


(30,783)



(38,174)


Proceeds from sale of property, plant and equipment


3,534



18,366


Proceeds from fire loss insurance settlement




9,933


Other


1,004




Net cash used by investing activities


(26,245)



(9,875)







CASH FLOWS FROM FINANCING ACTIVITIES:





Repayment of short-term debt, net


(18,374)



(17,388)


Issuance of long-term obligations




100,000


Repayment of long-term obligations


(16,250)



(96,250)


Dividends paid to noncontrolling interests


(1,957)



(103)


Issuance of common stock


3,949



134


Repurchase of common stock


(8,481)



(4,004)


Dividends paid on convertible perpetual preferred stock


(14,850)



(14,850)


Dividends paid on common stock


(45,996)



(44,711)


Proceeds from termination of interest rate swap agreements




13,388


Debt issuance cost and other




(3,539)


Net cash used by financing activities


(101,959)



(67,323)







Effect of exchange rate changes on cash


(97)



(1,896)


Net increase in cash and cash equivalents


106,165



120,692


Cash and cash equivalents at beginning of year


261,699



141,007


Cash and cash equivalents at end of year


$

367,864



$

261,699











 

See accompanying notes.


NOTE 1. BASIS OF PRESENTATION

Universal Corporation, with its subsidiaries ("Universal" or the "Company"), is the leading global leaf tobacco supplier. 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. These financial statements 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, 2012.

NOTE 2.   EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:



Three Months Ended

March 31,


Fiscal Year Ended

March 31,

(in thousands, except per share data)


2013


2012


2013


2012










Basic Earnings Per Share









Numerator for basic earnings per share









Net income attributable to Universal Corporation


$

26,102



$

25,755



$

132,750



$

92,057


Less:  Dividends on convertible perpetual preferred stock


(3,713)



(3,713)



(14,850)



(14,850)


Earnings available to Universal Corporation common shareholders for

  calculation of basic earnings per share


$

22,389



$

22,042



$

117,900



$

77,207











 Denominator for basic earnings per share









Weighted average shares outstanding


23,336



23,251



23,355



23,228











 Basic earnings per share


$

0.96



$

0.95



$

5.05



$

3.32











Diluted Earnings Per Share









Numerator for diluted earnings per share









Earnings available to Universal Corporation common shareholders


$

22,389



$

22,042



$

117,900



$

77,207


Add:  Dividends on convertible perpetual preferred stock (if conversion

  assumed)


3,713



3,713



14,850



14,850


Earnings available to Universal Corporation common shareholders for

  calculation of diluted earnings per share


$

26,102



$

25,755



$

132,750



$

92,057











Denominator for diluted earnings per share









Weighted average shares outstanding


23,336



23,251



23,355



23,228


Effect of dilutive securities (if conversion or exercise assumed)









Convertible perpetual preferred stock


4,806



4,782



4,797



4,772


Employee share-based awards


361



397



326



339


Denominator for diluted earnings per share


28,503



28,430



28,478



28,339











Diluted earnings per share


$

0.92



$

0.91



$

4.66



$

3.25


 

NOTE 3. SEGMENT INFORMATION

The principal approach used by management to evaluate the Company's performance is by geographic region, although the dark air-cured and oriental tobacco businesses are each 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 the 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

March 31,


Fiscal Year Ended

March 31,

(in thousands of dollars)


2013


2012


2013


2012










SALES AND OTHER OPERATING REVENUES









Flue-cured and burley leaf tobacco operations:









North America


$

129,299



$

78,147



$

334,676



$

314,248


Other regions (1)


410,463



470,113



1,871,880



1,893,388


Subtotal


539,762



548,260



2,206,556



2,207,636


Other tobacco operations (2)


105,330



105,706



255,143



239,241


Consolidated sales and other operating revenues


$

645,092



$

653,966



$

2,461,699



$

2,446,877











OPERATING INCOME









Flue-cured and burley leaf tobacco operations:









North America


$

9,976



$

6,173



$

19,740



$

30,037


Other regions (1)


24,488



33,938



192,556



180,670


Subtotal


34,464



40,111



212,296



210,707


Other tobacco operations (2)


12,371



8,797



20,461



12,841


Segment operating income


46,835



48,908



232,757



223,548


Deduct: Equity in pretax earnings of unconsolidated affiliates(3)


(5,827)



(5,459)



(5,635)



(3,195)


Restructuring costs(4)


(426)



(1,441)



(4,113)



(11,661)


Charge for European fine in Italy(4)








(49,091)


Add: Other income (4)








20,703


Consolidated operating income


$

40,582



$

42,008



$

223,009



$

180,304


 

(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. Sales and other operating revenues for this reportable segment include limited amounts for Oriental 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 is 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



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