Altria Holds Annual Meeting of Shareholders
*Altria announces Annual Meeting voting results
*Altria reaffirms 2013 full-year guidance for reported and adjusted diluted
earnings per share
*Altria declares regular quarterly dividend of $0.44 per common share
RICHMOND, Va. -- May 16, 2013
Altria Group, Inc. (Altria) (NYSE: MO) held its Annual Meeting of Shareholders
(Annual Meeting) today. Altria's Chairman and Chief Executive Officer, Marty
Barrington, updated shareholders on Altria's continuing progress against its
corporate Mission, which enables Altria to deliver superior returns to
Voting Results for Altria's 2013 Annual Meeting
At today's Annual Meeting, Altria's shareholders elected to a one-year term
each of the 11 nominees for director named in Altria's proxy statement;
ratified the selection of PricewaterhouseCoopers LLP as Altria's independent
registered public accounting firm for the fiscal year ending December 31,
2013; approved, on an advisory basis, the compensation of Altria's named
executive officers; and defeated one shareholder proposal. Final voting
results will be reported on a Current Report on Form 8-K.
2013 Full-Year Guidance
Altria reaffirms its 2013 full-year guidance for reported diluted earnings per
share (EPS) to be in the range of $2.49 to $2.55. The forecast reflects the
impact of Philip Morris USA Inc.'s (PM USA) previously announced settlement of
the non-participating manufacturer (NPM) adjustment disputes with certain
states as well as estimated SABMiller plc (SABMiller) special items.
Altria reaffirms its guidance for 2013 full-year adjusted diluted EPS, which
excludes the special items shown in the table below, to be in the range of
$2.35 to $2.41, representing a growth rate of 6% to 9% from an adjusted
diluted EPS base of $2.21 in 2012.
The factors described in the Forward-Looking and Cautionary Statements section
of this release represent continuing risks to this forecast. Reconciliations
of full-year adjusted to reported diluted EPS are shown in the table below.
Altria's Full-Year Earnings Per Share Guidance Excluding Special Items
2013 Guidance 2012 Change
Reported diluted $2.49 to $ 2.06 21%to24%
Loss on early
extinguishment of — 0.28
NPM Adjustment (0.15 ) —
exit and — 0.01
SABMiller special 0.01 (0.08 )
PMCC leveraged — (0.03 )
Tax items* — (0.03 )
Adjusted diluted $2.35to $ 2.21 6%to9%
* Excludes the tax impact of the Philip Morris Capital Corporation (PMCC)
leveraged lease benefit.
Regular Quarterly Dividend
Following today's Annual Meeting, Altria's Board of Directors declared a
regular quarterly dividend of $0.44 per common share, payable on July 10,
2013, to shareholders of record as of June 14, 2013. The ex-dividend date is
June 12, 2013.
Remarks and Presentation
A copy of Mr. Barrington's prepared remarks and business presentation
(including reconciliations of GAAP financial measures to non-GAAP financial
measures) and a replay of the audio webcast of Altria's Annual Meeting are
available on altria.com.
Altria directly or indirectly owns 100% of each of PM USA, U.S. Smokeless
Tobacco Company LLC (USSTC), John Middleton Co. (Middleton), Ste. Michelle
Wine Estates Ltd. (Ste. Michelle) and PMCC. Altria holds a continuing economic
and voting interest in SABMiller.
The brand portfolios of Altria's tobacco operating companies include such
well-known names as Marlboro, Copenhagen, Skoal and Black & Mild. Ste.
Michelle produces and markets premium wines sold under various labels,
including Chateau Ste. Michelle, Columbia Crest, 14 Hands and Stag's Leap Wine
Cellars, and it exclusively distributes and markets Antinori, Champagne
Nicolas Feuillatte and Villa Maria Estate products in the United States.
Trademarks and service marks related to Altria referenced in this release are
the property of, or licensed by, Altria or its subsidiaries. More information
about Altria is available at altria.com.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and other
forward-looking statements that involve a number of risks and uncertainties
and are made pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995.
Important factors that may cause actual results and outcomes to differ
materially from those contained in the projections and forward-looking
statements included in this press release are described in Altria's publicly
filed reports, including its Annual Report on Form 10-K for the year ended
December 31, 2012 and its Quarterly Report on Form 10-Q for the period ended
March 31, 2013.
These factors include the following: Altria's tobacco businesses (including PM
USA, USSTC and Middleton) being subject to significant competition; changes in
adult consumer preferences and demand for their products; fluctuations in raw
material availability, quality and cost; reliance on key facilities and
suppliers; reliance on critical information systems, many of which are managed
by third-party service providers; fluctuations in levels of customer
inventories; the effects of global, national and local economic and market
conditions; changes to income tax laws; federal, state and local legislative
activity, including actual and potential federal and state excise tax
increases; increasing marketing and regulatory restrictions; the effects of
price increases related to excise tax increases and concluded tobacco
litigation settlements on trade inventories, consumption rates and consumer
preferences within price segments; health concerns relating to the use of
tobacco products and exposure to environmental tobacco smoke; privately
imposed smoking restrictions; and, from time to time, governmental
Furthermore, the results of Altria's tobacco businesses are dependent upon
their continued ability to promote brand equity successfully; to anticipate
and respond to evolving adult consumer preferences; to develop new product
technologies and markets within and potentially outside the United States; to
broaden brand portfolios in order to compete effectively; and to improve
Altria and its tobacco businesses are also subject to federal, state and local
government regulation, including broad-based regulation of PM USA and USSTC by
the U.S. Food and Drug Administration. Altria and its subsidiaries continue to
be subject to litigation, including risks associated with adverse jury and
judicial determinations, courts reaching conclusions at variance with the
companies' understanding of applicable law, bonding requirements in the
limited number of jurisdictions that do not limit the dollar amount of appeal
bonds and certain challenges to bond cap statutes.
Altria cautions that the foregoing list of important factors is not complete
and does not undertake to update any forward-looking statements that it may
make except as required by applicable law. All subsequent written and oral
forward-looking statements attributable to Altria or any person acting on its
behalf are expressly qualified in their entirety by the cautionary statements
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