EX-99.1 2 vgr-2019q2xex991.htm EXHIBIT 99.1 Exhibit


EXHIBIT 99.1
Selected Financial Data
The following table sets forth our summary condensed consolidated financial data for the periods presented below and our earnings per share as adjusted for the stock dividends described below. The summary condensed consolidated financial data as of June 30, 2019 have been derived from our unaudited condensed consolidated financial statements. Our unaudited condensed consolidated financial statements include only normal and recurring adjustments, necessary to state fairly the data included therein.
The per-share amounts shown below have been retroactively adjusted to reflect the 5% stock dividend which was paid on September 27, 2019 to stockholders of record on September 17, 2019 (see note (2) below).
Our historical results are not necessarily indicative of the results of operations for future periods, and our results of operations for the six-month period ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019. You should read the following summary condensed consolidated financial data in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and related notes included in our Quarterly Report on Form 10-Q for the period ended June 30, 2019.

 
Year Ended December 31,
 
2018
 
2017
 
2016
 
2015
 
2014
Statement of Operations Data:
 
 
 
 
 
 
 
 
 
Total revenues (1)
$
1,870,262

 
$
1,807,476

 
$
1,690,949

 
$
1,657,197

 
$
1,591,315

Operating income (2)
224,049

 
235,648

 
234,505

 
205,936

 
211,561

Net income attributed to Vector Group Ltd.
58,105

 
84,572

 
71,127

 
59,198

 
36,856

Per basic common share (3)
 
 
 
 
 
 
 
 
 
Net income attributed to Vector Group Ltd. applicable to common shares
$
0.35

 
$
0.54

 
$
0.48

 
$
0.40

 
$
0.27

Per diluted common share (3)
 
 
 
 
 
 
 
 
 
Net income attributed to Vector Group Ltd. applicable to common shares
$
0.35

 
$
0.54

 
$
0.48

 
$
0.40

 
$
0.27

 
 
 
 
 
 
 
 
 
 
Cash distributions declared per common share (3)
$
1.47

 
$
1.40

 
$
1.33

 
$
1.27

 
$
1.21



 
June 30,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
2019
 
2018
 
2017
 
2016
 
2015
 
2014
Balance Sheet Data:
 
 
 
 
 
 
 
 
 
 
 
Current assets
$
638,493

 
$
872,221

 
$
613,709

 
$
705,463

 
$
583,739

 
$
751,397

Total assets
1,455,160

 
1,549,504

 
1,328,278

 
1,404,035

 
1,280,615

 
1,389,042

Current liabilities
558,067

 
484,920

 
204,639

 
196,148

 
216,292

 
212,424

Notes payable, embedded derivatives, long-term debt and other obligations, less current portion
1,180,151

 
1,411,486

 
1,270,657

 
1,245,275

 
1,000,150

 
995,001

Noncurrent employee benefits, deferred income taxes and other long-term liabilities
323,638

 
200,464

 
184,742

 
215,884

 
186,334

 
202,297

Stockholders' deficiency
(606,696
)
 
(547,366
)
 
(331,760
)
 
(253,272
)
 
(122,161
)
 
(20,680
)






 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
June 30,
2019
 
June 30,
2018
Statement of Operations Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues (4)
$
538,432

 
$
420,924

 
$
445,939

 
$
513,869

 
$
481,488

 
$
428,966

 
$
959,356

 
$
910,454

Operating income (5)
76,244

 
42,590

 
48,086

 
66,018

 
61,861

 
48,084

 
118,834

 
109,945

Net income attributed to Vector Group Ltd.
39,307

 
14,953

 
21,074

 
12,002

 
17,818

 
7,211

 
54,260

 
25,029

Per basic common share (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributed to Vector Group Ltd. applicable to common shares
$
0.25

 
$
0.09

 
$
0.13

 
$
0.07

 
$
0.11

 
$
0.04

 
$
0.34

 
$
0.15

Per diluted common share (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributed to Vector Group Ltd. applicable to common shares
$
0.25

 
$
0.08

 
$
0.13

 
$
0.07

 
$
0.11

 
$
0.04

 
$
0.33

 
$
0.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash distributions declared per common share (3)
$
0.38

 
$
0.38

 
$
0.38

 
$
0.36

 
$
0.36

 
$
0.36

 
$
0.76

 
$
0.73

______________________________ 
(1)
Revenues include excise taxes of $469,836, $460,561, $425,980, $439,647, and $446,086, respectively.
(2)
Operating income includes $6,298, $2,721, $4,364, and $1,419 of income from MSA Settlements for the years ended December 31, 2018, 2017, 2015, and 2014, respectively and $247 of expense from MSA Settlements for the year ended December 31, 2016; and $1,784 of litigation judgment and settlement income for the year ended December 31, 2018, and $6,591, $20,000, $20,072, and $2,475 of litigation judgment and settlement expense for the years ended December 31, 2017, 2016, 2015, and 2014, respectively; and $41 and $1,819 of restructuring charges for the years ended December 31, 2016 and 2015, respectively.
(3)
Per share computations include the impact of 5% stock dividends on September 27, 2019, September 27, 2018, September 28, 2017, September 29, 2016, September 29, 2015, and September 26, 2014, respectively.
(4)
Revenues include excise taxes of $119,943, $104,633, $110,637, $130,428, $115,970, $112,801, $224,576, and $228,771, respectively.
(5)
Operating income includes $2,808, $3,490 and $6,298 of income from MSA Settlements for the three months ended June 30, 2018 and March 31, 2018, and for the six months ended June 30, 2018, respectively; $655, $160, $525 and $655 of litigation settlement and judgment expense for the three months ended June 30, 2019, December 31, 2018, and June 30, 2018, and for the six months ended June 30, 2019, respectively; $2,469 and $1,944 of litigation settlement and judgment income for the three months ended March 31, 2018 and six months ended June 30, 2018, respectively.