NOTE 16. UNAUDITED QUARTERLY FINANCIAL DATA

Unaudited quarterly financial data for the fiscal years ended March 31, 2011 and 2010, 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, 2011
Sales and other operating revenues	$	538,916	$	664,188	$	688,208	$	680,215
Gross profit		102,237		133,274		154,044		118,778
Net income		24,418		53,783		57,585		28,764
Net income attributable to Universal Corporation		25,320		51,831		52,298		27,116
Earnings available to Universal Corporation common shareholders
after dividends on convertible perpetual preferred stock		21,608		48,118		48,586		23,403
Earnings per share attributable to Universal Corporation
common shareholders:
Basic		0.89		2.00		2.05		1.00
Diluted		0.87		1.78		1.82		0.95
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		0.47		0.47		0.48		0.48
Market price range of common stock:
High		55.92		44.82		43.34		43.72
Low		38.38		35.44		37.05		37.74

Fiscal Year Ended March 31, 2010
Sales and other operating revenues	$	616,112	$	647,918	$	661,205	$	566,503
Gross profit		139,364		147,343		144,664		110,894
Net income		43,804		54,672		48,474		23,395
Net income attributable to Universal Corporation		43,745		52,515		45,696		26,441
Earnings available to Universal Corporation common shareholders
after dividends on convertible perpetual preferred stock		40,033		48,802		41,984		22,728
Earnings per share attributable to Universal Corporation
common shareholders:
Basic		1.60		1.97		1.70		0.93
Diluted		1.47		1.77		1.54		0.90
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		0.46		0.46		0.47		0.47
Market price range of common stock:
High		38.29		44.02		49.48		55.19
Low		29.27		33.46		41.27		45.36

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:

First Quarter 2011 – restructuring costs of $0.9 million associated with voluntary early retirement offers aimed at reducing costs in the Company's U.S. operations. The restructuring costs reduced net income attributable to Universal Corporation by approximately $0.6 million and diluted earnings per share by $0.02.

Second Quarter 2011 – a $7.4 million reversal of a portion of a charge recorded in fiscal year 2005 to accrue a fine imposed by the European Commission on Deltafina, S.p.A., the Company's subsidiary in Italy, related to tobacco buying practices in Spain. The reversal reflected a favorable court decision in Deltafina's appeal of the fine and increased net income attributable to Universal Corporation by $4.8 million and diluted earnings per share by $0.17. The Company also recorded restructuring costs of approximately $2.0 million primarily related to voluntary early retirement offers in the Company's U.S. operations and voluntary and involuntary separations in various other locations. The restructuring costs reduced net income attributable to Universal Corporation by $1.3 million and diluted earnings per share by $0.05.

Third Quarter 2011 – a $19.4 million gain on the assignment of farmer contracts and sale of related assets in Brazil to an operating subsidiary of one of the Company's major customers. The gain increased net income attributable to Universal Corporation by $12.6 million and diluted earnings per share by $0.44. The Company also recorded restructuring and impairment costs totaling $11.0 million during the quarter. Those costs primarily related to a decision to close the Company's leaf tobacco processing operations in Canada and sell the assets of the operations, but they also included costs associated with initiatives to restructure and downsize activities at various other locations. The restructuring and impairment costs reduced net income attributable to Universal Corporation by $7.5 million and diluted earnings per share by $0.26.

Fourth Quarter 2011 – restructuring and impairment costs totaling $7.5 million. The restructuring costs included pension curtailment and settlement charges related to the termination of a defined benefit pension plan with the closing of the operations in Canada, as well as costs associated with voluntary early retirement offers in the Company's U.S. operations and voluntary and involuntary separations in various other locations. The restructuring and impairment costs reduced net income attributable to Universal Corporation by $4.8 million and diluted earnings per share by $0.17.