Unaudited Quarterly Financial Data

12 Months Ended

Mar. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

UNAUDITED QUARTERLY FINANCIAL DATA

Unaudited quarterly financial data for the fiscal years ended March 31, 2013 and 2012, is provided in the table below. Due to the seasonal nature of the Company's business, management believes it is generally more meaningful to focus on cumulative rather than quarterly results.

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year Ended March 31, 2013
Sales and other operating revenues	$	461,391	$	675,187		$	680,029	$	645,092
Gross profit	92,030		138,049			125,441		106,897
Net income	25,233		49,286			39,715		26,685
Net income attributable to Universal Corporation	23,125		47,981			35,542		26,102
Earnings available to Universal Corporation common shareholders after dividends on convertible perpetual preferred stock	19,413		44,268			31,830		22,389
Earnings per share attributable to Universal Corporation common shareholders:
Basic	0.83		1.89			1.36		0.96
Diluted	0.81		1.68			1.25		0.92
Cash dividends declared per share of convertible perpetual preferred stock	16.88		16.87			16.88		16.87
Cash dividends declared per share of common stock	0.49		0.49			0.50		0.50
Market price range of common stock:
High	47.40		51.10			52.25		58.36
Low	44.08		44.03			45.62		51.29
Fiscal Year Ended March 31, 2012
Sales and other operating revenues	$	479,465	$	641,026		$	672,420	$	653,966
Gross profit	94,358		119,426			147,105		111,103
Net income (loss)	17,322		(7,997		)	61,602		29,892
Net income (loss) attributable to Universal Corporation	15,888		(8,039		)	58,453		25,755
Earnings (loss) available to Universal Corporation common shareholders after dividends on convertible perpetual preferred stock	12,176		(11,752		)	54,741		22,042
Earnings (loss) per share attributable to Universal Corporation common shareholders:
Basic	0.52		(0.51		)	2.36		0.95
Diluted	0.52		(0.51		)	2.06		0.91
Cash dividends declared per share of convertible perpetual preferred stock	16.88		16.87			16.88		16.87
Cash dividends declared per share of common stock	0.48		0.48			0.49		0.49
Market price range of common stock:
High	45.72		41.48			47.38		48.60
Low	36.94		35.11			35.78		44.88

Note: Earnings per share amounts for each fiscal year may not equal the total of the four quarterly amounts due to differences in weighted-average outstanding shares for the respective periods and to the fact that the Company’s convertible perpetual preferred stock may be antidilutive for some periods.

Significant items included in the quarterly results were as follows:

• Second Quarter 2013 – restructuring costs of approximately $3.7 million primarily related to workforce reductions in the Company’s operations in Africa. The restructuring costs reduced net income attributable to Universal Corporation by $1.5 million and diluted earnings per share by $0.05.

• First Quarter 2012 – restructuring costs of 6.9 million that included approximately 3.8 million for employee termination benefits, primarily related to the Company’s U.S. operations, and 3.1 million of costs incurred to exit a supplier arrangement in Europe in response to market changes. The restructuring costs reduced net income attributable to Universal Corporation by $4.4 million and diluted earnings per share by $0.19. The Company also recorded a $9.6 million gain on insurance settlement proceeds to replace factory and equipment lost in a fire at a plant in Europe. The gain on insurance settlement proceeds increased net income attributable to Universal Corporation by $6.2 million and diluted earnings per share by $0.27.

• Second Quarter 2012 – restructuring costs of 3.0 million primarily related to voluntary and involuntary terminations in the Company’s operations in the U.S. and South America that reduced net income attributable to Universal Corporation by $1.9 million and diluted earnings per share by $0.08. In addition, the Company recorded a charge of 49.1 million to accrue a fine and accumulated interest imposed jointly on the Company and Deltafina, S.p.A. (“Deltafina”), its Italian subsidiary, by the European Commission related to tobacco buying practices in Italy. The charge reflected a September 2011 appeals court decision rejecting Deltafina’s application to reinstate its immunity in the case. The charge reduced net income attributable to Universal Corporation by $46.2 million and diluted earnings per share by $1.85. Deltafina has appealed the September 2011 appeals court decision to the next court level.

• Third Quarter 2012 – a gain of $11.1 million on the sale of land and buildings in Brazil that were most recently used for storage activities. The gain increased net income attributable to Universal Corporation by $7.2 million and diluted earnings per share by $0.25.

• Fourth Quarter 2012 – restructuring costs of approximately 1.4 million primarily related to voluntary and involuntary separations in various locations. The restructuring costs reduced net income attributable to Universal Corporation by $0.9 million and diluted earnings per share by $0.03.