Universal Corporation Reports Nine-Month Earnings

              Universal Corporation Reports Nine-Month Earnings

PR Newswire

RICHMOND, Va., Feb. 5, 2013

RICHMOND, Va., Feb.5, 2013 /PRNewswire/ --

HIGHLIGHTS

Nine Months
Diluted earnings per share of $3.75.
Segment operating income of $186 million, up 6% on shipment timing.
Uncommitted inventory levels reduced by $66 million.

Third Quarter
Segment operating income of $63 million, down $20 million from prior year.
Revenues up 1% to $680 million.
Uncommitted inventory levels remain very low.

George C. Freeman, III, Chairman, President, and Chief Executive Officer of
Universal Corporation (NYSE: UVV), reported that net income for the nine
months ended December 31, 2012, was $106.6 million, or $3.75 per diluted
share, compared with last year's net income of $66.3 million, or $2.34 per
diluted share for the same period. The comparison of the current and prior
year periods is affected by several unusual items, which are described below,
and amount to net pretax charges of $3.7 million ($0.05 per diluted share) for
the nine months ended December 31, 2012, and $38.6 million ($1.39 per diluted
share) for the same period last year. For the three months ended December 31,
2012, net income of $35.5 million, or $1.25 per diluted share, compared with
net income for the prior year's third quarter of $58.5 million, or $2.06 per
diluted share, which included unusual items amounting to a net pretax benefit
of $10.7 million ($0.25 per diluted share).

Segment operating income, which excludes those unusual items, was $185.9
million for the nine-month period, an increase of $11.3 million over the prior
year, as improved results in the Other Regions and Other Tobacco Operations
segments were partly offset by a decline in the North America segment.
Revenues increased by 1% to $1.8 billion for the first nine months of fiscal
year 2013, mostly as a result of higher volumes from carryover crop sales from
the prior year and accelerated shipments of current crop tobaccos. Segment
operating income declined by 24% to $63.3 million for the three months ended
December 31, 2012, compared with the prior year on lower volumes and margins
in all segments. Revenues increased for the quarter by 1% to $680 million on
those lower volumes at higher average prices.

The following table sets forth the unusual items included in reported results:

                                        Three Months Ended  Nine Months Ended
                                        December 31,        December 31,
(in millions, except per share amounts) 2012      2011      2012      2011
(Charges) and gains
Charge for European Commission fine in  $   —     $  —      $ —       $ (49.1)
Italy (1)
Restructuring costs (2)                 —         (0.4)     (3.7)     (10.2)
Gain on fire loss insurance settlement  —         —         —         9.6
in Europe (3)
Gain on sale of facility in Brazil (4)  —         11.1      —         11.1
Total effect on operating income        $   —     $  10.7   $ (3.7)   $ (38.6)
Total effect on net income              $   —     $  7.0    $ (1.5)   $ (39.4)
Total effect on diluted earnings per    $   —     $  0.25   $ (0.05)  $ (1.39)
share

    Fines and accumulated interest from the September 9, 2011, decision by the
(1) General Court of the European Union rejecting an Italian subsidiary's
    application to reinstate immunity related to infringements of European
    Union antitrust law in the Italian raw tobacco market.
    Restructuring charges,
    primarily related to
(2) workforce reductions in
    the United States,
    South America, Europe,
    and Africa.
    The fire loss insurance
    settlement related to a
(3) plant fire in Europe in
    2010. The operating
    assets have been
    replaced.
    Sale of land and
(4) storage buildings in
    Brazil in November
    2011.

Mr. Freeman stated, "I am very pleased with our results so far this year. The
hard work and depth of local market knowledge from our teams on the ground
around the world enabled us to deliver good results to our customers and
shareholders. Despite our success thus far, we still face challenges for the
remainder of the fiscal year. We anticipate lower shipments in the fourth
quarter. Last year, we began shipping tobacco later compared to the current
year, and crops were larger. These factors caused volumes to be skewed toward
the second half of last year. Larger volumes of uncommitted inventories were
also available for sale last year, and we have sold a significant amount of
those stocks. Our uncommitted stocks were only 10% of total inventory at
December 31, 2012, and remain at very low levels.

"On a positive note, sales of uncommitted inventories, smaller crops, and
earlier shipments in the current year have reduced our working capital
requirements and provided strong cash generation through the third quarter of
fiscal year 2013. We returned more than $50 million to shareholders in the
nine months ended December 31, 2012 through dividends and share repurchases
and have a strong balance sheet position to support the requirements of the
upcoming crop cycle. Our improved financial position will serve us well, as we
expect to return to more normal crop sizes in the next fiscal year."

FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:

Nine Months

Operating income for the flue-cured and burley tobacco operations, which
include the North America and Other Regions segments, increased by 4.2% to
$177.8 million for the nine months ended December 31, 2012, as improved
results in the Other Regions segment were partially offset by a decline in the
North America segment. Revenues for the group of about $1.7 billion were
relatively flat compared with the previous year. Earnings for the Other
Regions segment were $168.1 million for the nine months ended December 31,
2012, an increase of about 15% compared with earnings of $146.7 million for
the comparable prior year period. The improvement was driven primarily by
higher sales volumes in South America and Africa, mainly as a result of
carryover shipments from last year's large crops, as well as accelerated
shipment timing this year compared to slower deliveries last year. Those
results were partly offset by decreased earnings in Europe because of the
absence of last year's insurance recoveries, lower results in some origins due
to the timing of shipments, and unfavorable exchange rates. Selling, general,
and administrative expenses for the segment were reduced, mostly due to
currency remeasurement and exchange gains and lower provisions for suppliers.
Revenues for the Other Regions segment were up by about 3% to $1.5 billion,
reflecting increased overall leaf volumes, offset in part by lower average
prices on carryover shipments of African tobaccos.

Operating income for the North America segment decreased by $14.1 million to
$9.8 million, mainly due to lower shipment volumes and fewer carryover and old
crop sales in the current period. Similarly, revenues for this segment were
down by 13% to $205.4 million on those volume declines, offset in part by
higher tobacco processing volumes.

Third Quarter

Operating income for the flue-cured and burley tobacco operations decreased by
$18.1 million to $64.5 million for the third quarter of fiscal year 2013,
compared to the same period last year on lower volumes and margins in most
origins. Revenues for the group of $637.4 million were flat versus the prior
year, on decreased volumes at higher average prices. Operating income for the
Other Regions segment was down by 15% to $59.3 million compared with the prior
year. Although South America's results benefited from higher shipments of
carryover crops in Brazil, that improvement was more than offset by lower
results in Africa from reduced volumes and higher unit costs due to the
smaller crops, as well as a less favorable product mix. Selling, general, and
administrative expenses for the Other Regions segment were down for the
quarter due primarily to lower provisions for suppliers and favorable currency
remeasurement and exchange comparisons to the same period last year. In
addition, segment results were reduced by the absence of $6.3 million in
dividend income from unconsolidated subsidiaries recorded in the third quarter
of fiscal year 2012. Revenues for the Other Regions segment increased by 4% to
$551.9 million as higher average prices outweighed lower volumes.

Operating income for the North America segment was $5.2 million, down by $8.0
million, on reduced volumes, fewer domestic old crop sales due to depleted
inventories, and product mix. Those factors also decreased revenues for this
segment, which declined by 22% to $85.5 million.

OTHER TOBACCO OPERATIONS:

The Other Tobacco Operations segment operating income increased by $4.0
million to $8.1 million for the nine months ended December 31, 2012, compared
with the same period for the previous fiscal year. Results for the dark
tobacco business improved for both the quarter and the nine months, due in
part to recovery from the Indonesian crop shortages affecting last year's
comparable results. Results for the oriental joint venture also improved for
the nine-month period versus the prior year on lower operating expenses due to
the effects of a stronger U.S. dollar. Operating income for the segment for
the third quarter of fiscal year 2013 was a loss of $1.3 million, down $2.1
million compared with the prior year, as benefits from a favorable product mix
for the dark tobacco business were outweighed by volume reductions for the
oriental joint venture due to earlier shipments this fiscal year. Revenues for
this segment increased for the nine months ended December 31, 2012, by 12%, to
$149.8 million, and for the third fiscal quarter by 28% to $42.6 million. The
increases in both periods reflected the higher sales for the dark tobacco
business but were largely attributable to the timing of shipments of oriental
tobaccos into the United States.

OTHER ITEMS:

Cost of goods sold increased by about 2% to $1.5 billion for the nine months
ended December 31, 2012, consistent with higher revenues for the period, and
was up about 6%, to $554.6 million, for the third quarter of fiscal year 2013
due to higher unit costs on reduced volumes in some origins. Selling, general,
and administrative costs declined by $14.6 million for the nine-month period
and by $3.8 million in the third fiscal quarter, compared with the respective
prior periods. The decrease for the quarter was mainly due to lower provisions
for suppliers, while the nine-month period also included favorable comparisons
from currency remeasurement and exchange gains, partially offset by higher
compensation and benefit accruals and the previous year's reversal of
non-income tax provisions due to a favorable tax ruling in South America.

Interest expense for the nine months ended December 31, 2012, of $17.8 million
was relatively flat compared to the prior year. Interest expense for the third
quarter decreased about 8% to $5.7 million mostly due to reduced average debt
levels in the current fiscal year. The consolidated effective income tax rate
for both the quarter and nine months ended December 31, 2012, was
approximately 31%. The effective income tax rates for the quarter and nine
months ended December 31, 2011, were approximately 30% and 41%, respectively.
The nine-month rate in the prior period was significantly higher than normal
because the Company did not record an income tax benefit on the non-deductible
fine portion of the charge for the European Commission fine and interest in
Italy. Without that item, the effective income tax rate would have been
approximately 29%. The rates in all periods were lower than the 35% federal
statutory rate because of the effect of changes in exchange rates on deferred
income tax assets and liabilities as well as lower effective rates on income
from certain foreign subsidiaries.

In September 2011, the Company announced that the General Court of the
European Union issued a decision rejecting the appeal of Deltafina, S.p.A, its
Italian subsidiary. That appeal related to the European Commission's
revocation of Deltafina's immunity from a fine of €30 million (about $41
million on September 9, 2011) assessed against Deltafina and Universal jointly
for actions in connection with Deltafina's purchase and processing of tobacco
in the Italian raw tobacco market between 1995 and 2002. Deltafina has
appealed the decision of the General Court to the European Court of Justice.
Effective with the September 9, 2011 General Court decision, the Company
recorded a charge for the full amount of the fine (€30 million) plus
accumulated interest (€5.9 million). The charge totaled $49.1 million at the
exchange rate in effect on the date of the General Court decision. The appeal
process is likely to be concluded within fifteen months.

During the first quarter of fiscal year 2012, an insurance settlement was
received for replacement cost recovery on the factory and equipment destroyed
in a fire at the Company's sheet tobacco operations in Europe in 2010. The
settlement generated a gain of $9.6 million. In the third quarter of fiscal
year 2012, the Company sold land and storage buildings in Brazil in exchange
for other property and $9.4 million in cash. The transaction resulted in a
gain of $11.1 million. Both of these gains are reported in other income in the
consolidated statements of income.

Additional information

Amounts included in the previous discussion are attributable to Universal
Corporation and exclude earnings related to non-controlling interests in
subsidiaries.

This information includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. The Company cautions
readers that any statements contained herein regarding earnings and
expectations for its performance are forward-looking statements based upon
management's current knowledge and assumptions about future events, including
anticipated levels of demand for and supply of its products and services;
costs incurred in providing these products and services; timing of shipments
to customers; changes in market structure; government regulation; product
taxation; industry consolidation and evolution; and general economic,
political, market, and weather conditions. Actual results, therefore, could
vary from those expected. A further list and description of these risks,
uncertainties, and other factors can be found in the Company's Annual Report
on Form 10-K for the fiscal year ended March 31, 2012, and in other documents
the Company files with the Securities and Exchange Commission. This
information should be read in conjunction with the Annual Report on Form 10-K
for the year ended March 31, 2012.

At 5:00 p.m. (Eastern Time) on February 5, 2013, the Company will host a
conference call to discuss these results. Those wishing to listen to the call
may do so by visiting www.universalcorp.com at that time. A replay of the
webcast will be available at that site through May 5, 2013. A taped replay of
the call will be available through February 19, 2013, by dialing (855)
859-2056. The confirmation number to access the replay is 96220109.

Headquartered in Richmond, Virginia, Universal Corporation is the leading
global leaf tobacco supplier and conducts business in more than 30 countries.
Its revenues for the fiscal year ended March 31, 2012, were $2.4 billion. For
more information on Universal Corporation, visit its web site at
www.universalcorp.com.

UNIVERSAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in thousands of dollars, except per share data)
                                Three Months Ended    Nine Months Ended
                                December 31,          December 31,
                                2012       2011       2012         2011
                                (Unaudited)           (Unaudited)
Sales and other operating       $ 680,029  $ 672,420  $ 1,816,607  $ 1,792,911
revenues
Costs and expenses
Cost of goods sold              554,588    525,315    1,461,087    1,432,022
Selling, general and            60,928     64,747     169,406      183,985
administrative expenses
Other income                    —          (11,111)   —            (20,703)
Restructuring costs             —          399        3,687        10,220
Charge for European Commission  —          —          —            49,091
fine in Italy
Operating income                64,513     93,070     182,427      138,296
Equity in pretax earnings
(loss) of unconsolidated        (1,241)    1,072      (192)        (2,264)
affiliates
Interest income                 183        519        410          1,240
Interest expense                5,670      6,175      17,778       17,373
Income before income taxes and  57,785     88,486     164,867      119,899
other items
Income taxes                    18,070     26,884     50,633       48,972
Net income                      39,715     61,602     114,234      70,927
Less: net income attributable
to noncontrolling interests in  (4,173)    (3,149)    (7,586)      (4,625)
subsidiaries
Net income attributable to      35,542     58,453     106,648      66,302
Universal Corporation
Dividends on Universal
Corporation convertible         (3,712)    (3,712)    (11,137)     (11,137)
perpetual preferred stock
Earnings available to Universal $ 31,830   $ 54,741   $ 95,511     $ 55,165
Corporation common shareholders
Earnings per share attributable
to Universal Corporation common
shareholders:
Basic                           $ 1.36     $ 2.36     $ 4.09       $ 2.38
Diluted                         $ 1.25     $ 2.06     $ 3.75       $ 2.34
See accompanying notes.



UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)
                                       December 31,  December 31,  March 31,
                                       2012          2011          2012
                                       (Unaudited)   (Unaudited)
ASSETS
Current assets
Cash and cash equivalents              $  341,572    $  152,368    $ 261,699
Accounts receivable, net               351,655       406,541       390,790
Advances to suppliers, net             118,380       94,732        135,317
Accounts receivable—unconsolidated     5,673         912           7,370
affiliates
Inventories—at lower of cost or
market:
Tobacco                                742,895       862,991       682,095
Other                                  60,067        57,261        53,197
Prepaid income taxes                   15,734        13,661        20,819
Deferred income taxes                  36,591        52,766        51,025
Other current assets                   68,999        71,121        88,317
Total current assets                   1,741,566     1,712,353     1,690,629
Property, plant and equipment
Land                                   17,151        16,976        17,087
Buildings                              232,780       225,010       228,982
Machinery and equipment                553,383       531,183       537,031
                                       803,314       773,169       783,100
Less accumulated depreciation          (509,913)     (469,414)     (479,908)
                                       293,401       303,755       303,192
Other assets
Goodwill and other intangibles         99,118        99,293        99,266
Investments in unconsolidated          92,775        84,306        93,312
affiliates
Deferred income taxes                  21,227        13,683        23,634
Other noncurrent assets                52,638        56,249        56,886
                                       265,758       253,531       273,098
Total assets                           $  2,300,725  $  2,269,639  $ 2,266,919
See accompanying notes.

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)
                                       December 31,  December 31,  March 31,
                                       2012          2011          2012
                                       (Unaudited)   (Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Notes payable and overdrafts           $  87,423     $  130,165    $ 128,016
Accounts payable and accrued expenses  164,831       199,408       187,790
Accounts payable—unconsolidated        54            7,207         295
affiliates
Customer advances and deposits         60,537        45,061        16,832
Accrued compensation                   25,870        20,638        30,659
Income taxes payable                   18,727        12,085        12,866
Current portion of long-term           210,000       15,000        16,250
obligations
Total current liabilities              567,442       429,564       392,708
Long-term obligations                  185,000       395,000       392,500
Pensions and other postretirement      139,105       95,656        140,529
benefits
Other long-term liabilities            86,938        87,147        90,609
Deferred income taxes                  45,791        50,941        44,583
Total liabilities                      1,024,276     1,058,308     1,060,929
Shareholders' equity
Universal Corporation:
Preferred stock:
Series A Junior Participating
Preferred Stock, no par value, 500,000 —             —             —
shares authorized, none issued or
outstanding
Series B 6.75% Convertible Perpetual
Preferred Stock, no par value, 220,000
shares authorized, 219,999 shares      213,023       213,023       213,023
issued and outstanding (219,999 at
December 31, 2011 and March 31, 2012)
Common stock, no par value,
100,000,000 shares authorized,
23,324,880 shares issued and           197,805       194,806       196,135
outstanding (23,245,254 at December
31, 2011, and 23,257,175 at March 31,
2012)
Retained earnings                      910,454       844,150       854,654
Accumulated other comprehensive loss   (73,305)      (58,880)      (80,361)
Total Universal Corporation            1,247,977     1,193,099     1,183,451
shareholders' equity
Noncontrolling interests in            28,472        18,232        22,539
subsidiaries
Total shareholders' equity             1,276,449     1,211,331     1,205,990
Total liabilities and shareholders'    $  2,300,725  $  2,269,639  $ 2,266,919
equity
See accompanying notes.



UNIVERSAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of dollars)
                                                Nine Months Ended December 31,
                                                2012             2011
                                                (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                      $    114,234     $   70,927
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation                                    32,418           31,496
Amortization                                    1,278            1,277
Provision for losses on advances and guaranteed 2,834            10,432
loans to suppliers
Foreign currency remeasurement loss (gain), net (10,433)         4,812
Equity in net loss (income) of unconsolidated   (181)            18,769
affiliates, net of dividends
Gain on fire loss insurance settlement          —                (9,592)
Gain on sales of property in Brazil             —                (11,111)
Restructuring costs                             3,687            10,220
Charge for European Commission fine in Italy    —                49,091
Other, net                                      13,467           16,289
Changes in operating assets and liabilities,    44,405           (132,623)
net
Net cash provided by operating activities       201,709          59,987
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment       (23,596)         (30,251)
Proceeds from sale of property, plant and       3,363            18,650
equipment
Proceeds from fire loss insurance settlement    —                9,933
Other                                           1,004            —
Net cash used by investing activities           (19,229)         (1,668)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance (repayment) of short-term debt, net    (36,878)         (11,336)
Issuance of long-term obligations               —                100,000
Repayment of long-term obligations              (13,750)         (95,000)
Dividends paid to noncontrolling interests      (1,945)          (94)
Issuance of common stock                        493              134
Repurchase of common stock                      (5,053)          (4,004)
Dividends paid on convertible perpetual         (11,137)         (11,137)
preferred stock
Dividends paid on common stock                  (34,334)         (33,320)
Proceeds from termination of interest rate swap —                13,388
agreements
Other                                           —                (3,539)
Net cash used by financing activities           (102,604)        (44,908)
Effect of exchange rate changes on cash         (3)              (2,050)
Net increase in cash and cash equivalents       79,873           11,361
Cash and cash equivalents at beginning of year  261,699          141,007
Cash and cash equivalents at end of period      $    341,572     $   152,368
See accompanying notes.



NOTE 1. BASIS OF PRESENTATION

Universal Corporation, with its subsidiaries ("Universal" or the "Company"),
is the leading global leaf tobacco supplier. Because of the seasonal nature of
the Company's business, the results of operations for any fiscal quarter will
not necessarily be indicative of results to be expected for other quarters or
a full fiscal year. All adjustments necessary to state fairly the results for
the period have been included and were of a normal recurring nature. Certain
amounts in prior year statements have been reclassified to conform to the
current year presentation. These financial statements should be read in
conjunction with the financial statements and notes thereto included in the
Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2012.

NOTE 2. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings
per share:

                                       Three Months Ended  Nine Months Ended
                                       December 31,        December 31,
(in thousands, except per share data)  2012      2011      2012       2011
Basic Earnings Per Share
Numerator for basic earnings per share
Net income attributable to Universal   $ 35,542  $ 58,453  $ 106,648  $ 66,302
Corporation
Less: Dividends on convertible         (3,712)   (3,712)   (11,137)   (11,137)
perpetual preferred stock
Earnings available to Universal
Corporation common shareholders for    31,830    54,741    95,511     55,165
calculation of basic earnings per
share
Denominator for basic earnings per
share
Weighted average shares outstanding    23,406    23,238    23,361     23,220
Basic earnings per share               $ 1.36    $ 2.36    $ 4.09     $ 2.38
Diluted Earnings Per Share
Numerator for diluted earnings per
share
Earnings available to Universal        $ 31,830  $ 54,741  $ 95,511   $ 55,165
Corporation common shareholders
Add: Dividends on convertible
perpetual preferred stock (if          3,712     3,712     11,137     11,137
conversion assumed)
Earnings available to Universal
Corporation common shareholders for    35,542    58,453    106,648    66,302
calculation of diluted earnings per
share
Denominator for diluted earnings per
share
Weighted average shares outstanding    23,406    23,238    23,361     23,220
Effect of dilutive securities (if
conversion or exercise assumed)
Convertible perpetual preferred stock  4,800     4,775     4,794      4,769
Employee share-based awards            311       368       315        320
Denominator for diluted earnings per   28,517    28,381    28,470     28,309
share
Diluted earnings per share             $ 1.25    $ 2.06    $ 3.75     $ 2.34



NOTE 3. SEGMENT INFORMATION

The principal approach used by management to evaluate the Company's
performance is by geographic region, although the dark air-cured and oriental
tobacco businesses are each evaluated on the basis of their worldwide
operations. The Company evaluates the performance of its segments based on
operating income after allocated overhead expenses (excluding significant
non-recurring charges or credits), plus equity in the pretax earnings of
unconsolidated affiliates.

Operating results for the Company's reportable segments for each period
presented in the consolidated statements of income were as follows:

                                Three Months Ended    Nine Months Ended
                                December 31,          December 31,
(in thousands of dollars)       2012       2011       2012         2011
SALES AND OTHER OPERATING
REVENUES
Flue-cured and burley leaf
tobacco operations:
North America                   $ 85,521   $ 109,743  $ 205,377    $ 236,101
Other regions ^ (1)             551,903    529,476    1,461,417    1,423,275
Subtotal                        637,424    639,219    1,666,794    1,659,376
Other tobacco operations ^ (2)  42,605     33,201     149,813      133,535
Consolidated sales and other    $ 680,029  $ 672,420  $ 1,816,607  $ 1,792,911
operating revenues
OPERATING INCOME
Flue-cured and burley leaf
tobacco operations:
North America                   $ 5,235    $ 13,234   $ 9,764      $ 23,864
Other regions ^ (1)             59,292     69,382     168,068      146,732
Subtotal                        64,527     82,616     177,832      170,596
Other tobacco operations ^ (2)  (1,255)    814        8,090        4,044
Segment operating income        63,272     83,430     185,922      174,640
Deduct: Equity in pretax
(earnings) loss of              1,241      (1,072)    192          2,264
unconsolidated affiliates ^(3)
Restructuring costs ^(4)        —          (399)      (3,687)      (10,220)
Charge for European Commission  —          —          —            (49,091)
fine in Italy ^(4)
Add: Other income ^ (4)         —          11,111     —            20,703
Consolidated operating income   $ 64,513   $ 93,070   $ 182,427    $ 138,296

(1) Includes South America, Africa, Europe, and Asia regions, as well as
    inter-region eliminations.
    Includes Dark Air-Cured, Special Services, and Oriental, as well as
    inter-company eliminations. Sales and other operating revenues for this
(2) reportable segment include limited amounts for Oriental because its
    financial results consist principally of equity in the pretax earnings of
    an unconsolidated affiliate.
(3) Item is included in segment operating income, but is not included in
    consolidated operating income.
(4) Item is not included in segment operating income, but is included in
    consolidated operating income.



SOURCE Universal Corporation

Website: http://www.universalcorp.com
Contact: Candace C. Formacek, +1-804-359-9311, Fax: +1-804-254-3584,
investor@universalleaf.com
 
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