Lorillard Declares 3-for-1 Stock Split
GREENSBORO, N.C., Nov. 13, 2012
GREENSBORO, N.C., Nov. 13, 2012 /PRNewswire/ --Lorillard, Inc. (NYSE: LO),
the third largest manufacturer of cigarettes in the United States, announced
today that its Board of Directors has declared a three-for-one split of
Lorillard common stock. The stock split will be effected in the form of a 200%
"Since becoming an independent publicly traded company in 2008, Lorillard has
consistently grown its business and financial results, and those results have
largely been reflected by a higher stock price," stated Murray S. Kessler,
Chairman, President and Chief Executive Officer of Lorillard. "Today's
announcement demonstrates the Board of Directors' continued confidence in the
Company's brands and strategic direction, along with our ongoing commitment of
creating value for Lorillard shareholders."
Lorillard shareholders of record at the close of business on December 14,
2012, will receive two additional shares of Lorillard stock for each share
then owned. These additional shares will be distributed beginning January 15,
About Lorillard, Inc.
Lorillard, Inc. (NYSE: LO), through its Lorillard Tobacco Company subsidiary,
is the third largest manufacturer of cigarettes in the United States. Founded
in 1760, Lorillard is the oldest continuously operating tobacco company in the
U.S. Newport, Lorillard's flagship premium cigarette brand, is the top
selling menthol and second largest selling cigarette in the U.S. In addition
to Newport, the Lorillard product line has four additional cigarette brand
families marketed under the Kent, True, Maverick and Old Gold brand names.
These five brands include 39 different product offerings which vary in price,
taste, flavor, length and packaging. Lorillard, through its LOEC, Inc.
subsidiary, is also the leading electronic cigarette company in the U.S,
marketed under the blu eCigs brand. Newport, Kent, True, Maverick, Old Gold
and blu eCigs are the registered trademarks of Lorillard and its
subsidiaries. Lorillard maintains its headquarters and manufactures all of
its traditional cigarette products in Greensboro, North Carolina.
Certain statements made in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995, or
the Reform Act. Forward-looking statements include, without limitation, any
statement that may project, indicate or imply future results, events,
performance or achievements, and may contain the words "expect," "intend,"
"plan," "anticipate," "estimate," "believe," "may," "will be," "will
continue," "will likely result" and similar expressions. In addition, any
statement that may be provided by management concerning future financial
performance (including future revenues, earnings or growth rates), ongoing
business strategies or prospects and possible actions by Lorillard, Inc. are
also forward-looking statements as defined by the Reform Act.
Forward-looking statements are based on current expectations and projections
about future events and are inherently subject to a variety of risks and
uncertainties, many of which are beyond our control, that could cause actual
results to differ materially from those anticipated or projected. Information
describing factors that could cause actual results to differ materially from
those in forward-looking statements is available in Lorillard, Inc.'s filings
with the Securities and Exchange Commission (the "SEC"), including but not
limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
These filings are available from the SEC over the Internet or in hard copy,
and are available on our website at www.lorillard.com. Forward-looking
statements speak only as of the time they are made, and we expressly disclaim
any obligation or undertaking to update these statements to reflect any change
in expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
SOURCE Lorillard, Inc.
Contact: Bob Bannon, Investor Relations, +1-336-335-7665
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