Protracted litigation in the first quarter, the company received a favorable ruling from $ 81.6 mil

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Search for: Archives March 2014 February 2014 January autentisch 2014 December autentisch 2013 November 2013 October 2013 September 2013 August 2013 July 2013 Featured U.S. Regulation Changes cigarettes Speed: The introduction of the new EU directive by guobingwang March 20, 2014
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Universal president, chairman and CEO George C. Freeman III announced that as of June 30, 2013 in the first quarter of fiscal 2014 net income of $ 58.3 million, earnings per diluted share of $ 2.05. Include the operating results of $ 81.6 million pre-tax income (after-tax income of $ 53.1 million, diluted earnings autentisch per share $ 1.98), which is the company's subsidiaries that operate in Brazil last year excise tax tax credits to get a favorable outcome events. Also this one-off autentisch gain (further described below) will first quarter net income over last year's $ 23.1 million decreased $ 17.9 million, diluted earnings per share were $ 0.81. As expected, the first quarter of fiscal year carryover tobacco shipments is much lower, due to the March 31, 2013, the fiscal year 2013 transportation tobacco less complete. In contrast, last year's first quarter autentisch smoking greatly benefit from carryover shipments African tobacco giant. Leave the informal sector projects operating results decreased $ 37.8 million, reflecting the carryover rejected this year in tobacco shipments in Africa, the company faces other areas of sector reforms and unfavorable currency exchange rate changes. The results of the company's business in North America and other regions partially offset by growth in performance. Due to lower numbers, average prices in the first quarter of fiscal 2014 total revenue of $ 433.5 million, a decrease of $ 27.9 million.
Protracted litigation in the first quarter, the company received a favorable ruling from $ 81.6 million, autentisch denied the lawsuit against autentisch the Brazilian government claims that the company has produced in previous years a tax credit for consumer rights unique challenge. The outcome of the proceedings be entitled to receive the Universal previously had denied tax credit payments to consumers who are entitled to receive the tax credit since the beginning of the credit interest (by June 30, 2013 exchange rate of total about $ 104 million). Any party to be exhausted autentisch all avenues of appeal, now an opportunity for global companies to avail all excise tax credit for five years to offset how much future federal tax obligations. After attorneys' fees and interest portion of the tax credit is deducted from the payment of certain federal tax after