North Carolina | 1-32258 | 20-0546644 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
ITEM 2.02 Results of Operations and Financial Condition | ||||||||
ITEM 9.01 Financial Statements and Exhibits | ||||||||
SIGNATURE | ||||||||
INDEX TO EXHIBITS | ||||||||
EX-99.1 |
ITEM 2.02 | Results of Operations and Financial Condition. |
ITEM 9.01 | Financial Statements and Exhibits. |
Number | Exhibit | |
99.1
|
Earnings Release of Reynolds American Inc., dated July 22, 2011. |
REYNOLDS AMERICAN INC. |
||||
By: | /s/ Frederick W. Smothers | |||
Name: | Frederick W. Smothers | |||
Title: | Senior Vice President and Chief Accounting Officer |
|||
Contact:
|
Investor Relations: | Media: | RAI 2011-14 | |||
Morris Moore | Jane Seccombe | |||||
(336) 741-3116 | (336) 741-5068 |
| Adjusted EPS: Second quarter at $0.67, up 1.5 percent; first half at $1.26, up 4.1 percent |
| Excludes special items* |
| Reported EPS: Second quarter at $0.52, down 10.3 percent; first half at $1.12, up 55.6 percent |
| Includes EPS charge of $0.15 for Scott lawsuit |
| R.J. Reynolds increases growth-brands market share |
| Camel and Pall Mall at 16.3 percent |
| American Snuff posts strong volume, share and margin growth |
| Grizzly share at 27.4 percent |
| RAI tightens 2011 guidance: Adjusted EPS range of $2.62 to $2.70 vs. $2.60 to $2.70 |
| Excludes implementation costs related to plant closings and tax items, charge for Scott lawsuit and any potential impact from the Engle progeny cases |
* | Special items include 2011 implementation costs related to plant closings and tax items, and charge for the Scott lawsuit. Items in 2010 include charges related to plant closings, single sales-force implementation, changes in federal health-care laws and Canadian governments settlements. |
1
For the Three Months | For the Six Months | |||||||||||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||||||||||
% | % | |||||||||||||||||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||
Net sales |
$ | 2,267 | $ | 2,245 | 1.0 | % | $ | 4,258 | $ | 4,231 | 0.6 | % | ||||||||||||
Operating income |
||||||||||||||||||||||||
Reported (GAAP) |
$ | 541 | $ | 620 | (12.7 | )% | $ | 1,118 | $ | 1,190 | (6.1 | )% | ||||||||||||
Adjusted (Non-GAAP) |
683 | 675 | 1.2 | % | 1,272 | 1,245 | 2.2 | % | ||||||||||||||||
Net income |
||||||||||||||||||||||||
Reported (GAAP) |
$ | 304 | $ | 341 | (10.9 | )% | $ | 657 | $ | 423 | 55.3 | % | ||||||||||||
Adjusted (Non-GAAP) |
394 | 385 | 2.3 | % | 738 | 710 | 3.9 | % | ||||||||||||||||
Net income per diluted share |
||||||||||||||||||||||||
Reported (GAAP) |
$ | 0.52 | $ | 0.58 | (10.3 | )% | $ | 1.12 | $ | 0.72 | 55.6 | % | ||||||||||||
Adjusted (Non-GAAP) |
0.67 | 0.66 | 1.5 | % | 1.26 | 1.21 | 4.1 | % |
2
| Increased growth-brands market share at R.J. Reynolds; | ||
| Strong volume, share and margin growth at American Snuff; and | ||
| Continued progress in the development of smokeless tobacco innovations. |
3
4
5
6
Reynolds American will webcast a conference call to discuss second-quarter 2011 results at 9:00 a.m. Eastern Time on Friday, July 22, 2011. The call will be available live online on a listen-only basis. To register for the call, please go to http://www.reynoldsamerican.com/events.cfm. A replay of the call will be available on the site. Investors, analysts and members of the news media can also listen to the live call by phone, by dialing (877) 390-5533 (toll free) or (678) 894-3969 (international). Remarks made during the conference call will be current at the time of the call and will not be updated to reflect subsequent material developments. Although news media representatives will not be permitted to ask questions during the call, they are welcome to monitor the remarks on a listen-only basis. Following the call, media representatives may direct inquiries to Jane Seccombe at (336) 741-5068. |
| the substantial and increasing taxation and regulation of tobacco products, including the 2009 federal excise-tax increases, and the regulation of tobacco products by the U.S. Food and Drug Administration (FDA); | ||
| the possibility that the FDA will issue a regulation prohibiting menthol as a flavor in cigarettes or prohibit mint or wintergreen as a flavor in smokeless tobacco products; | ||
| decreased sales resulting from the future issuance of corrective communications required by the order in the U.S. Department of Justice case on five subjects, including smoking and health and addiction; | ||
| various legal actions, proceedings and claims relating to the sale, distribution, manufacture, development, advertising, marketing and claimed health effects of tobacco products that are pending or may be instituted against RAI or its subsidiaries; |
7
| the potential difficulty of obtaining bonds as a result of litigation outcomes and the challenges to the Florida bond statute applicable to the Engle Progeny cases; | ||
| the substantial payment obligations with respect to cigarette sales, and the substantial limitations on the advertising and marketing of cigarettes (and of R.J. Reynolds smoke-free tobacco products) under the State Settlement Agreements; | ||
| the continuing decline in volume in the U.S. cigarette industry and RAIs dependence on the U.S. cigarette industry; | ||
| concentration of a material amount of sales with a single customer or distributor; | ||
| competition from other manufacturers, including industry consolidations or any new entrants in the marketplace; | ||
| increased promotional activities by competitors, including deep-discount cigarette brands; | ||
| the success or failure of new product innovations and acquisitions; | ||
| the responsiveness of both the trade and consumers to new products, marketing strategies and promotional programs; | ||
| the ability to achieve efficiencies in the businesses of RAIs operating companies, including outsourcing functions and expansion of R.J. Reynolds field trade-marketing organization, without negatively affecting financial or operating results; | ||
| the reliance on a limited number of suppliers for certain raw materials; | ||
| the cost of tobacco leaf and other raw materials and other commodities used in products; | ||
| the effect of market conditions on interest-rate risk, foreign currency exchange-rate risk and the return on corporate cash; | ||
| changes in the financial position or strength of lenders participating in RAIs credit facility; | ||
| the impairment of goodwill and other intangible assets, including trademarks; | ||
| the effect of market conditions on the performance of pension assets or any adverse effects of any new legislation or regulations changing pension expense accounting or required pension funding levels; | ||
| the substantial amount of RAI debt; | ||
| the credit rating of RAI and its securities; |
8
| any restrictive covenants imposed under RAIs debt agreements; | ||
| the possibility of natural or man-made disasters or other disruptions that may adversely affect manufacturing and other facilities; | ||
| the significant ownership interest of Brown & Williamson Holdings, Inc., RAIs largest shareholder, in RAI and the rights of B&W under the governance agreement between the companies; and | ||
| the expiration of the standstill provisions of the governance agreement. |
| R.J. Reynolds Tobacco Company is the second-largest U.S. tobacco company. The companys brands include many of the best-selling cigarettes in the U.S.: Camel, Pall Mall, Winston, Kool, Doral and Salem. | ||
| American Snuff Company, LLC is the nations second-largest manufacturer of smokeless tobacco products. Its leading brands are Grizzly, Kodiak and Levi Garrett. | ||
| Santa Fe Natural Tobacco Company, Inc. manufactures Natural American Spirit cigarettes and other additive-free tobacco products, and manages and markets other super-premium brands. | ||
| Niconovum AB markets innovative nicotine replacement therapy products in Sweden and Denmark under the Zonnic brand name. |
9
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales, external |
$ | 2,128 | $ | 2,137 | $ | 4,015 | $ | 3,995 | ||||||||
Net sales, related party |
139 | 108 | 243 | 236 | ||||||||||||
Net sales |
2,267 | 2,245 | 4,258 | 4,231 | ||||||||||||
Cost of products sold |
1,215 | 1,183 | 2,276 | 2,253 | ||||||||||||
Selling, general and administrative expenses |
505 | 398 | 852 | 737 | ||||||||||||
Amortization expense |
6 | 6 | 12 | 13 | ||||||||||||
Asset impairment and exit charges |
| 38 | | 38 | ||||||||||||
Operating income |
541 | 620 | 1,118 | 1,190 | ||||||||||||
Interest and debt expense |
55 | 61 | 110 | 121 | ||||||||||||
Interest income |
(3 | ) | (2 | ) | (6 | ) | (6 | ) | ||||||||
Other expense, net |
| 10 | | 12 | ||||||||||||
Income from continuing operations before income taxes |
489 | 551 | 1,014 | 1,063 | ||||||||||||
Provision for income taxes |
185 | 210 | 357 | 424 | ||||||||||||
Income from continuing operations |
304 | 341 | 657 | 639 | ||||||||||||
Losses from discontinued operations, net of tax |
| | | (216 | ) | |||||||||||
Net income |
$ | 304 | $ | 341 | $ | 657 | $ | 423 | ||||||||
Basic net income per share: |
||||||||||||||||
Income from continuing operations |
$ | 0.52 | $ | 0.58 | $ | 1.13 | $ | 1.10 | ||||||||
Losses from discontinued operations |
| | | (0.37 | ) | |||||||||||
Net income |
$ | 0.52 | $ | 0.58 | $ | 1.13 | $ | 0.73 | ||||||||
Diluted net income per share: |
||||||||||||||||
Income from continuing operations |
$ | 0.52 | $ | 0.58 | $ | 1.12 | $ | 1.09 | ||||||||
Losses from discontinued operations |
| | | (0.37 | ) | |||||||||||
Net income |
$ | 0.52 | $ | 0.58 | $ | 1.12 | $ | 0.72 | ||||||||
Basic weighted average shares, in thousands |
582,902 | 583,016 | 582,953 | 582,940 | ||||||||||||
Diluted weighted average shares, in thousands |
585,874 | 584,565 | 585,761 | 584,452 | ||||||||||||
Segment data: |
||||||||||||||||
Net sales: |
||||||||||||||||
RJR Tobacco |
$ | 1,956 | $ | 1,942 | $ | 3,651 | $ | 3,662 | ||||||||
American Snuff |
153 | 182 | 320 | 343 | ||||||||||||
All Other |
158 | 121 | 287 | 226 | ||||||||||||
$ | 2,267 | $ | 2,245 | $ | 4,258 | $ | 4,231 | |||||||||
Operating income: |
||||||||||||||||
RJR Tobacco |
$ | 420 | $ | 541 | $ | 883 | $ | 1,011 | ||||||||
American Snuff |
81 | 74 | 166 | 158 | ||||||||||||
All Other |
68 | 28 | 113 | 58 | ||||||||||||
Corporate |
(28 | ) | (23 | ) | (44 | ) | (37 | ) | ||||||||
$ | 541 | $ | 620 | $ | 1,118 | $ | 1,190 | |||||||||
Supplemental information: |
||||||||||||||||
Excise tax expense |
$ | 1,092 | $ | 1,132 | $ | 2,066 | $ | 2,149 | ||||||||
Master Settlement Agreement and other state settlement expense |
$ | 647 | $ | 650 | $ | 1,222 | $ | 1,237 | ||||||||
Federal tobacco buyout expense |
$ | 58 | $ | 61 | $ | 118 | $ | 122 | ||||||||
FDA fees |
$ | 30 | $ | 14 | $ | 60 | $ | 30 |
Three Months Ended June 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Operating | Net | Diluted | Operating | Net | Diluted | |||||||||||||||||||
Income | Income | EPS | Income | Income | EPS | |||||||||||||||||||
GAAP results |
$ | 541 | $ | 304 | $ | 0.52 | $ | 620 | $ | 341 | $ | 0.58 | ||||||||||||
The GAAP results include the following: |
||||||||||||||||||||||||
Implementation costs included in cost of products sold and
selling, general and administrative expenses |
3 | 2 | | 17 | 11 | 0.02 | ||||||||||||||||||
Scott lawsuit |
139 | 88 | 0.15 | | | | ||||||||||||||||||
Asset impairment and exit charges |
| | | 38 | 33 | 0.06 | ||||||||||||||||||
Total adjustments |
142 | 90 | 0.15 | 55 | 44 | 0.08 | ||||||||||||||||||
Adjusted results |
$ | 683 | $ | 394 | $ | 0.67 | $ | 675 | $ | 385 | $ | 0.66 | ||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Operating | Net | Diluted | Operating | Net | Diluted | |||||||||||||||||||
Income | Income | EPS | Income | Income | EPS | |||||||||||||||||||
GAAP results |
$ | 1,118 | $ | 657 | $ | 1.12 | $ | 1,190 | $ | 423 | $ | 0.72 | ||||||||||||
The GAAP results include the following: |
||||||||||||||||||||||||
Implementation costs included in cost of products sold and
selling, general and administrative expenses |
15 | 9 | 0.01 | 17 | 11 | 0.02 | ||||||||||||||||||
Scott lawsuit |
139 | 88 | 0.15 | | | | ||||||||||||||||||
Tax items |
| (16 | ) | (0.02 | ) | | | | ||||||||||||||||
Asset impairment and exit charges |
| | | 38 | 33 | 0.06 | ||||||||||||||||||
Health-care subsidy tax charge |
| | | | 27 | 0.04 | ||||||||||||||||||
Loss on discontinued operations |
| | | | 216 | 0.37 | ||||||||||||||||||
Total adjustments |
154 | 81 | 0.14 | 55 | 287 | 0.49 | ||||||||||||||||||
Adjusted results |
$ | 1,272 | $ | 738 | $ | 1.26 | $ | 1,245 | $ | 710 | $ | 1.21 | ||||||||||||
June 30, | Dec. 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Cash and cash equivalents |
$ | 1,338 | $ | 2,195 | ||||
Other current assets |
2,456 | 2,607 | ||||||
Trademarks and other intangible assets, net |
2,666 | 2,675 | ||||||
Goodwill |
8,011 | 8,010 | ||||||
Other noncurrent assets |
1,534 | 1,591 | ||||||
$ | 16,005 | $ | 17,078 | |||||
Liabilities and shareholders equity |
||||||||
Tobacco settlement accruals |
$ | 1,754 | $ | 2,589 | ||||
Other current liabilities |
1,866 | 1,783 | ||||||
Long-term debt (less current maturities) |
3,218 | 3,701 | ||||||
Deferred income taxes, net |
656 | 518 | ||||||
Long-term retirement benefits (less current portion) |
1,590 | 1,668 | ||||||
Other noncurrent liabilities |
270 | 309 | ||||||
Shareholders equity |
6,651 | 6,510 | ||||||
$ | 16,005 | $ | 17,078 | |||||
Three Months Ended June 30, | ||||||||||||||||
2011 | 2010 | |||||||||||||||
R.J. Reynolds | American Snuff | R.J. Reynolds | American Snuff | |||||||||||||
GAAP operating income |
$ | 420 | $ | 81 | $ | 541 | $ | 74 | ||||||||
The GAAP results include the following: |
||||||||||||||||
Implementation costs included in cost of products sold and
selling, general and administrative expenses (1) |
3 | | 3 | 11 | ||||||||||||
Scott lawsuit |
139 | | | | ||||||||||||
Asset impairment and exit charges (2) |
| | 24 | | ||||||||||||
Total adjustments |
142 | | 27 | 11 | ||||||||||||
Adjusted operating income |
$ | 562 | $ | 81 | $ | 568 | $ | 85 | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2011 | 2010 | |||||||||||||||
R.J. Reynolds | American Snuff | R.J. Reynolds | American Snuff | |||||||||||||
GAAP operating income |
$ | 883 | $ | 166 | $ | 1,011 | $ | 158 | ||||||||
The GAAP results include the following: |
||||||||||||||||
Implementation costs included in cost of products sold and selling, general and administrative expenses (1) |
11 | 2 | 3 | 11 | ||||||||||||
Scott lawsuit |
139 | | | | ||||||||||||
Asset impairment and exit charges (2) |
| | 24 | | ||||||||||||
Total adjustments |
150 | 2 | 27 | 11 | ||||||||||||
Adjusted operating income |
$ | 1,033 | $ | 168 | $ | 1,038 | $ | 169 | ||||||||
(1) | For the three and six months ended June 30, 2011, RAI and its operating companies recorded aggregate implementation costs of $3 million and $15 million, respectively, including $2 million year-to-date, in non-reportable operating segments, related to plant closings and and other implementation costs. For the three and six months ended June 30, 2010, RAI and its operating companies recorded such costs of $17 million, including $3 million in non-reportable operating segments. | |
(2) | RAI and its operating companies recorded aggregate asset impairment and exit charges of $38 million in the second quarter of 2010, including $14 million in non-reportable operating segments. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | Change | June 30, | Change | |||||||||||||||||||||||||||||
2011 | 2010 | Units | % | 2011 | 2010 | Units | % | |||||||||||||||||||||||||
Camel (filter styles) |
5.6 | 5.8 | (0.2 | ) | -3.0 | % | 10.4 | 10.6 | (0.2 | ) | -1.6 | % | ||||||||||||||||||||
Pall Mall |
5.7 | 5.0 | 0.7 | 15.0 | % | 10.8 | 9.4 | 1.5 | 15.4 | % | ||||||||||||||||||||||
Total growth brands |
11.4 | 10.8 | 0.6 | 5.3 | % | 21.2 | 19.9 | 1.3 | 6.4 | % | ||||||||||||||||||||||
Total support brands |
7.2 | 8.3 | (1.1 | ) | -13.5 | % | 13.8 | 16.0 | (2.2 | ) | -13.7 | % | ||||||||||||||||||||
Total non-support brands |
0.8 | 1.2 | (0.4 | ) | -29.3 | % | 1.6 | 2.6 | (0.9 | ) | -36.6 | % | ||||||||||||||||||||
Total R.J. Reynolds domestic |
19.4 | 20.3 | (0.9 | ) | -4.4 | % | 36.6 | 38.5 | (1.9 | ) | -4.8 | % | ||||||||||||||||||||
Total R.J. Reynolds exc P/L |
19.3 | 20.0 | (0.7 | ) | -3.6 | % | 36.5 | 37.7 | (1.3 | ) | -3.3 | % | ||||||||||||||||||||
. | . | |||||||||||||||||||||||||||||||
Total premium |
11.0 | 11.9 | (0.8 | ) | -7.1 | % | 20.7 | 22.2 | (1.5 | ) | -6.7 | % | ||||||||||||||||||||
Total value |
8.4 | 8.4 | (0.1 | ) | -0.6 | % | 15.9 | 16.3 | (0.4 | ) | -2.2 | % | ||||||||||||||||||||
Premium/total mix |
56.9 | % | 58.6 | % | 56.5 | % | 57.7 | % | ||||||||||||||||||||||||
Industry |
77.4 | 78.4 | (1.0 | ) | -1.3 | % | 147.0 | 150.5 | (3.4 | ) | -2.3 | % | ||||||||||||||||||||
Premium |
55.3 | 55.3 | 0.0 | 0.1 | % | 104.3 | 106.2 | (1.9 | ) | -1.8 | % | |||||||||||||||||||||
Value |
22.1 | 23.2 | (1.0 | ) | -4.5 | % | 42.7 | 44.3 | (1.5 | ) | -3.4 | % | ||||||||||||||||||||
Premium/total mix |
71.4 | % | 70.5 | % | 70.9 | % | 70.6 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2011* | 2010 | Change | 2011* | 2010 | Change | |||||||||||||||||||
Camel (filter styles) |
7.8 | % | 7.8 | % | | 7.8 | % | 7.5 | % | 0.3 | ||||||||||||||
Pall Mall |
8.5 | % | 7.0 | % | 1.5 | 8.5 | % | 6.8 | % | 1.7 | ||||||||||||||
Total growth brands |
16.3 | % | 14.8 | % | 1.5 | 16.3 | % | 14.2 | % | 2.1 | ||||||||||||||
Total support brands |
10.0 | % | 11.3 | % | (1.3 | ) | 10.2 | % | 11.6 | % | (1.4 | ) | ||||||||||||
Total non-support brands |
1.1 | % | 1.8 | % | (0.7 | ) | 1.1 | % | 2.1 | % | (1.0 | ) | ||||||||||||
Total R.J. Reynolds domestic |
27.4 | % | 27.9 | % | (0.5 | ) | 27.6 | % | 27.9 | % | (0.3 | ) | ||||||||||||
Total R.J. Reynolds exc P/L |
27.3 | % | 27.3 | % | | 27.5 | % | 27.1 | % | 0.4 |
* | Estimated | |
Amounts are rounded on an individual basis and, accordingly, may not sum in the aggregate. | ||
R.J. Reynolds support brands include Winston, Doral, Kool, Salem, Misty and Capri. | ||
Industry volume data based on information from Management Science Associates, Inc. | ||
Retail shares of market are as reported by Information Resources Inc./Capstone. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | Change | June 30, | Change | |||||||||||||||||||||||||||||
2011 | 2010 | Units | % | 2011 | 2010 | Units | % | |||||||||||||||||||||||||
Kodiak |
11.6 | 11.6 | | -0.1 | % | 22.8 | 23.5 | (0.7 | ) | -3.0 | % | |||||||||||||||||||||
Grizzly |
88.2 | 84.2 | 4.0 | 4.7 | % | 173.2 | 156.8 | 16.4 | 10.4 | % | ||||||||||||||||||||||
Other |
0.8 | 1.3 | (0.5 | ) | -35.2 | % | 1.6 | 2.5 | (0.9 | ) | -34.2 | % | ||||||||||||||||||||
Total moist snuff cans |
100.6 | 97.1 | 3.5 | 3.6 | % | 197.6 | 182.8 | 14.8 | 8.1 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||
Kodiak |
3.7 | % | 3.9 | % | (0.2 | ) | 3.7 | % | 3.9 | % | (0.2 | ) | ||||||||||||
Grizzly |
27.4 | % | 25.5 | % | 1.9 | 27.2 | % | 25.5 | % | 1.7 | ||||||||||||||
Other |
0.2 | % | 0.3 | % | (0.1 | ) | 0.3 | % | 0.4 | % | (0.1 | ) | ||||||||||||
Total retail share of market |
31.3 | % | 29.7 | % | 1.5 | 31.2 | % | 29.8 | % | 1.4 |
Amounts are rounded on an individual basis and, accordingly, may not sum in the aggregate. | ||
Retail share of market for moist snuff based on A.C. Nielsen Monthly Retail Off-Take data. |
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