8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):      May 10, 2007

VECTOR GROUP LTD.

(Exact Name of Registrant as Specified in Its Charter)

DELAWARE

(State or Other Jurisdiction of Incorporation)

1-5759	65-0949535
(Commission File Number)	(I.R.S. Employer Identification No.)

100 S.E. Second Street, Miami, Florida	33131
(Address of Principal Executive Offices)	(Zip Code)

(305) 579-8000

(Registrant’s Telephone Number, Including Area Code)

(Not Applicable)

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

     On May 10, 2007, Vector Group Ltd. announced its financial results for the three months ended March 31, 2007. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

     The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibit

     (c) Exhibit.

Exhibit No.	Exhibit
99.1	Press Release issued May 10, 2007

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

VECTOR GROUP LTD.
By:	/s/ J. Bryant Kirkland III
	J. Bryant Kirkland III
	Vice President and Chief Financial Officer

Date: May 10, 2007

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EX-99.1

Exhibit 99.1

VECTOR GROUP REPORTS FIRST QUARTER 2007 FINANCIAL RESULTS

____________________________

     MIAMI, FL, MAY 10, 2007 — Vector Group Ltd. (NYSE: VGR) today announced financial results for the first quarter ended March 31, 2007.

     First quarter 2007 revenues were $133.9 million, compared to revenues of $117.7 million for the first quarter of 2006. The Company recorded operating income of $25.7 million for the 2007 first quarter, compared to operating income of $20.2 million for the first quarter of 2006. Net income for the 2007 first quarter was $23.1 million, or $0.37 per diluted share, compared to $10.0 million, or $0.17 per diluted share, for the 2006 first quarter. The 2007 results included an approximate $19.6 million pre-tax gain related to the Company’s previously announced NASA settlement.

     For the three months ended March 31, 2007, the Company’s conventional cigarette business, which includes Liggett Group cigarettes and USA brand cigarettes, had revenues of $132.8 million, compared to $115.7 million for the three months ended March 31, 2006. Operating income was $35.5 million for the first quarter of 2007, compared to $30.4 million for the first quarter of 2006.

Conference Call To Discuss First Quarter 2007 Results

     As previously announced, the Company will host a conference call and webcast on Friday, May 11, 2007 at 11:00 A.M. (EDT) to discuss first quarter 2007 results. Investors can access the call by dialing 800-859-8150 and entering 85066940 as the conference ID number. The call will also be available via live webcast at www.vcall.com.

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     A replay of the call will also be available shortly after the call ends on May 11, 2007 through May 25, 2007. To access the replay, dial 877-656-8905 and enter 17421089 as the conference ID number. The archived webcast will also be available at www.vcall.com for 30 days.

     Vector Group is a holding company that indirectly owns Liggett Group LLC, Vector Tobacco Inc. and New Valley LLC. Additional information concerning the company is available on the company’s website, www.VectorGroupLtd.com.

[Financial Table Follows]

# # #

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VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited

	Three Months			Three Months
	Ended			Ended
	March 31, 2007			March 31, 2006
Revenues*	$	133,892		$	117,704
Expenses:
Cost of goods sold*		84,685			73,341
Operating, selling, administrative and general expenses		23,487			24,136
Operating income		25,720			20,227
Other income (expenses):
Interest and dividend income		1,856			1,781
Interest expense		(9,134	)		(8,277	)
Change in fair value of derivatives embedded within convertible debt		27			1,224
Loss on the sale of investments, net		—			(30	)
Provision for loss on investments		(1,158	)		—
Equity income from non-consolidated real estate businesses		2,410			3,735
Income from lawsuit settlement		20,000			—
Other, net		(5	)		46
Income before provision for income taxes		39,716			18,706
Income tax expense		16,589			8,693
Net income	$	23,127		$	10,013
Per basic common share:
Net income applicable to common shares	$	0.38		$	0.18
Per diluted common share:
Net income applicable to common shares	$	0.37		$	0.17
Cash distributions declared per share	$	0.40		$	0.38

* Revenues and Cost of goods sold include excise taxes of $44,485 and $40,118 for the three months ended March 31, 2007 and 2006, respectively.

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