RICHMOND, Va., Feb. 2,
2022 /PRNewswire/ -- George C. Freeman,
III, Chairman, President, and Chief Executive Officer of
Universal Corporation (NYSE:UVV), stated, "Our operations produced
solid results in the nine months ended December 31, 2021. We are especially pleased by
the strong results from our Ingredients Operations segment. That
segment is developing nicely and was bolstered by our acquisition
of Shank's Extracts, Inc. ("Shank's") on October 4, 2021. Shank's adds valuable
capabilities to the segment, including flavors and extracts, custom
packaging, bottling, and product development.
"We continued to experience the impact of tobacco shipment
timing on our results in the nine months and quarter ended
December 31, 2021. Tobacco shipments
through the nine months ended December 31,
2021, were lower, compared to the same period in fiscal year
2021, in part due to elevated tobacco shipments in the third
quarter of fiscal year 2021 related to earlier customer mandated
shipment timing. Logistical challenges due to continued limitations
in worldwide shipping availability stemming from the ongoing
COVID-19 pandemic also slowed tobacco shipments in the nine months
ended December 31, 2021. However,
despite the shipment timing variations and logistical challenges,
we believe that our tobacco business remains robust with strong
customer demand, and our uncommitted tobacco inventory levels
remain well within our target range.
"Our businesses have performed well managing global supply chain
constraints, particularly shipping availability. However, due to
continued lack of containers, trucks, and vessels in certain
geographies, we expect that some tobacco shipments from certain
origins will be pushed into fiscal year 2023.
"Inflationary pressures including higher freight and labor
expenses have driven up our costs in both our tobacco and
ingredients operations. We are also seeing higher raw materials
costs for both tobacco and ingredients products, and we have been
working diligently to build these increased costs into our product
costs and customer contracts. Despite rising prices, we believe
demand remains strong for both our tobacco and ingredients
products. While it is still very early, we are also forecasting
smaller crops in several key origins for fiscal year 2023.
"Sustainability has long been a core tenant of how we conduct
our business, and we work to clearly communicate our sustainability
goals and efforts. We published our fiscal year 2021 Sustainability
Report in December 2021, and it is
available on our website, www.universalcorp.com. We are excited
about our measurable sustainability goals and targets outlined in
the report and are committed to continue to build on our global
sustainability programs to reinforce the sustainability of our
supply chains."
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
Nine Months Ended
December 31,
|
|
Change
|
(in millions of
dollars, except per share data)
|
2021
|
|
2020
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
Consolidated
Results
|
|
|
|
|
|
|
|
Sales and other
operating revenue
|
$
|
1,456.6
|
|
|
$
|
1,365.8
|
|
|
$
|
90.9
|
|
|
7
|
%
|
Cost of goods
sold
|
$
|
1,170.0
|
|
|
$
|
1,103.7
|
|
|
$
|
66.3
|
|
|
6
|
%
|
Gross Profit
Margin
|
19.7
|
%
|
|
19.2
|
%
|
|
|
|
50 bps
|
Selling, general and
administrative expenses
|
$
|
175.5
|
|
|
$
|
161.2
|
|
|
$
|
14.4
|
|
|
9
|
%
|
Restructuring and
impairment costs
|
$
|
10.5
|
|
|
$
|
20.0
|
|
|
$
|
(9.5)
|
|
|
(48)
|
%
|
Operating income (as
reported)
|
$
|
103.2
|
|
|
$
|
85.1
|
|
|
$
|
18.1
|
|
|
21
|
%
|
Adjusted operating
income (non-GAAP)*
|
$
|
116.5
|
|
|
$
|
107.6
|
|
|
$
|
8.9
|
|
|
8
|
%
|
Diluted earnings per
share (as reported)
|
$
|
2.44
|
|
|
$
|
1.94
|
|
|
$
|
0.50
|
|
|
26
|
%
|
Adjusted diluted
earnings per share (non-GAAP)*
|
$
|
2.76
|
|
|
$
|
2.59
|
|
|
$
|
0.17
|
|
|
7
|
%
|
Segment
Results
|
|
|
|
|
|
|
|
Tobacco operations
sales and other operating revenues
|
$
|
1,268.6
|
|
|
$
|
1,278.8
|
|
|
$
|
(10.2)
|
|
|
(1)
|
%
|
Tobacco operations
operating income
|
$
|
105.6
|
|
|
$
|
107.7
|
|
|
$
|
(2.1)
|
|
|
(2)
|
%
|
Ingredients
operations sales and other operating revenues
|
$
|
188.0
|
|
|
$
|
86.9
|
|
|
$
|
101.1
|
|
|
116
|
%
|
Ingredient operations
operating income
|
$
|
10.6
|
|
|
$
|
(4.7)
|
|
|
$
|
15.3
|
|
|
325
|
%
|
|
*See Reconciliation
of Certain Non-GAAP Financial Measures in Other Items
below.
|
Net income for the nine months ended December 31, 2021, was $60.8 million, or $2.44 per diluted share, compared with
$48.0 million, or $1.94 per diluted share, for the nine months
ended December 31, 2020. Excluding
restructuring and impairment costs and certain other non-recurring
items, detailed in Other Items below, net income and diluted
earnings per share increased by $4.5
million and $0.17,
respectively, for the nine months ended December 31, 2021, compared to the nine months
ended December 31, 2020. Operating
income of $103.2 million for the nine
months ended December 31, 2021,
increased by $18.1 million, compared
to operating income of $85.1 million
for the nine months ended December 31,
2020. Adjusted operating income, detailed in Other Items
below, of $116.5 million increased by
$8.9 million for the nine months
ended December 31, 2021, compared to
adjusted operating income of $107.6
million for the nine months ended December 31, 2020.
Net income for the quarter ended December
31, 2021, was $34.9 million,
or $1.40 per diluted share, compared
with $33.3 million, or $1.34 per diluted share, for the quarter ended
December 31, 2020.
Excluding restructuring and impairment costs and certain other
non-recurring items, detailed in Other Items below, net income and
diluted earnings per share decreased by $9.7
million and $0.39,
respectively, for the quarter ended December
31, 2021, compared to the quarter ended December 31, 2020. Operating income of
$62.8 million for the quarter ended
December 31, 2021, increased by
$2.6 million, compared to operating
income of $60.2 million for the
quarter ended December 31, 2020.
Adjusted operating income, detailed in Other Items below, of
$74.9 million decreased by
$10.4 million for the third quarter
of fiscal year 2022, compared to adjusted operating income of
$85.2 million for the third quarter
of fiscal year 2021.
Consolidated revenues increased by $90.9
million to $1.5 billion for
the nine months ended December 31,
2021, compared to the same period in fiscal year 2021, on
the addition of the businesses acquired in the Ingredients
Operations segment and a better product mix and higher sales prices
in the Tobacco Operations segment. In the quarter ended
December 31, 2021, consolidated
revenues decreased by $20.3 million
to $652.6 million, compared to the
quarter ended December 31, 2020, on
lower tobacco sales volumes offset in part by a better tobacco
product mix and higher tobacco sales prices as well as the
inclusion of the Shank's acquisition in the Ingredients Operations
segment.
TOBACCO OPERATIONS
Operating income for the Tobacco Operations segment decreased by
$2.1 million to $105.6 million and by $14.3 million to $69.8
million, respectively, for the nine months and quarter ended
December 31, 2021, compared to the
same periods in fiscal year 2021. Tobacco Operations segment
results declined largely due to tobacco shipment timing, partially
offset by a favorable product mix consisting of a higher percentage
of lamina tobacco as well as increased value-added services to
customers in the nine months and quarter ended December 31, 2021, compared to the nine months
and quarter ended December 31, 2020.
Africa sales volumes were lower in
the nine months and quarter ended December
31, 2021, compared to the same periods in fiscal year 2021,
on smaller burley crops as well as slower shipment timing. Sales
volumes for Brazil were lower in
the nine months ended December 31,
2021, compared to the same period in the prior year, when
high volumes of lower margin carryover tobaccos shipped. Vessel and
container availability has also been limited in Brazil in fiscal year 2022, which has slowed
shipments. In Asia, although
trading volumes were down on high freight costs, our operations saw
a more favorable product mix, as well as increased value-added
services for customers during the nine months and quarter ended
December 31, 2021, compared to the
same periods in the prior fiscal year. Our operations in
Europe experienced higher energy
costs in the quarter and nine months ended December 31, 2021, compared to the same periods
in the prior fiscal year. Selling, general, and administrative
expenses for the Tobacco Operations segment were higher in the nine
months and quarter ended December 31,
2021, compared to the nine months and quarter ended
December 31, 2020, primarily due to
unfavorable foreign currency exchange comparisons, mainly
remeasurement. Revenues for the Tobacco Operations segment of
$1.3 billion for the nine months and
$578.0 million for the quarter ended
December 31, 2021, were down
$10.2 million and $45.8 million, respectively, compared to the same
periods in the prior fiscal year, on lower sales volumes partially
offset by a more favorable product mix as well as higher sales
prices.
INGREDIENTS OPERATIONS
Operating income for the Ingredients Operations segment was
$10.6 million and $3.5 million, respectively, for the nine months
and quarter ended December 31, 2021,
compared to operating losses of $4.7
million and $2.5 million,
respectively, for the nine months and quarter ended December 31, 2020. Results for the segment
include our October 2020 acquisition
of Silva International, Inc. ("Silva") and our October 2021 acquisition of Shank's. For both the
nine months and quarter ended December 31,
2021, our Ingredients Operations saw strong volumes in both
human and pet food categories as well as some rebound in demand
from sectors that have been impacted by the ongoing COVID-19
pandemic. In addition, the segment saw strong sales of
organic-based products, certain dehydrated products, and flavors
and extracts. Selling, general, and administrative expenses for the
segment increased in the nine months and quarter ended December 31, 2021, compared to the same periods
in the prior fiscal year, on the addition of the acquired
businesses. Revenues for the Ingredients Operations segment
increased by $101.1 million to
$188.0 million and by $25.6 million to $74.6
million, respectively, for the nine months and quarter ended
December 31, 2021, compared to the
nine months and quarter ended December 31,
2020, primarily on the addition of the revenues for the
acquired businesses.
COVID-19 PANDEMIC IMPACT
On March 11, 2020, the World
Health Organization declared the coronavirus ("COVID-19") a
pandemic. Foreign governmental organizations and governmental
organizations in the United States
have taken various actions to combat the spread of COVID-19 and its
subsequent variants, including imposing stay-at-home orders,
closing "non-essential" businesses and their operations, and
restricting international travel. We continue to closely monitor
developments related to the ongoing COVID-19 pandemic and have
taken and continue to take steps intended to mitigate the potential
risks and impacts to us. It is paramount that our employees who
operate our businesses are safe and informed. We have assessed and
regularly update our existing business continuity plans for our
business in the context of this pandemic. For example, we have
taken precautions during the pandemic with regard to employee and
facility hygiene, imposed travel limitations on our employees,
implemented work-from-home procedures, and we continue to assess
and reevaluate protocols designed to protect our employees,
customers and the public.
We continue to work with our suppliers to mitigate the impacts
to our supply chain due to the ongoing pandemic. To date, we have
not experienced a material impact to our supply chain, although the
ongoing COVID-19 pandemic resulted in delays in certain operations
during fiscal year 2021. Since March
2020, we have at times also experienced increased volatility
in foreign currency exchange rates, which we believe is in part
related to the continued uncertainties from COVID-19, as well as
actions taken by governments and central banks in response to
COVID-19. We are currently seeing and monitoring some logistical
constraints around worldwide vessel and container availability and
increased costs stemming from the ongoing COVID-19 pandemic.
We believe we currently have sufficient liquidity to meet our
current obligations and our business operations remain
fundamentally unchanged other than shipping delays, which could
continue to impact quarterly comparisons. This is, however, a
rapidly evolving situation, and we cannot predict the extent,
resurgence, or duration of the ongoing COVID-19 pandemic, the
effects of it on the global, national or local economy, including
the impacts on our ability to access capital, or its effects on our
business, financial position, results of operations, and cash
flows. We continue to monitor developments affecting our employees,
customers and operations. We will take additional steps and
reevaluate current protocols to address the spread of COVID-19 and
its impacts, as necessary, and remain thankful for the hard work of
our employees and the continued support of our customers, growers,
and other partners during these challenging times.
OTHER ITEMS
Cost of goods sold in the nine months ended December 31, 2021, increased by 6% to
$1.2 billion and decreased by 2% to
$521.2 million in the quarter ended
December 31, 2021, compared with the
same periods in the prior fiscal year, as a result of the
acquisitions in our Ingredients Operations segment as well as
variances in volumes and product mix in the Tobacco Operations
segment. Selling, general, and administrative costs for the nine
months and quarter ended December 31,
2021, increased by $14.4
million to $175.5 million and
by $0.9 million to $60.3 million, respectively, compared to the same
periods in the prior fiscal year, on additional costs from the
acquisitions in the Ingredients Operations segment as well as
unfavorable foreign currency comparisons, mainly remeasurement,
partially offset by lower compensation costs in the Tobacco
Operations segment. Unfavorable foreign currency comparisons were
approximately $11.5 million and
$5.0 million, respectively, in the
nine months and quarter ended December 31,
2021, compared to the same periods in the prior year.
Interest expense for the nine months and quarter ended December 31, 2021, increased by $1.7 million to $20.8
million and by $0.7 million to
$7.5 million, respectively, largely
on higher average debt balances and interest rates.
For the nine months and quarter ended December 31, 2021, the Company's effective tax
rate on pre-tax income was 21.0% and 23.4% respectively. In the
nine months ended December 31, 2021,
the Company recognized a $1.7 million
income tax benefit related to a final tax ruling at a foreign
subsidiary and a $1.2 million benefit
in the third fiscal quarter of 2022 due to finalizing the prior
year U.S. tax return. Without these income tax benefits, the
adjusted effective tax rate for the nine months and quarter ended
December 31, 2021, would have been
24.2% and 25.5%, respectively.
For the nine months and quarter ended December 31, 2020, our consolidated effective tax
rate was 18.6% and 26.5%, respectively. For the nine months ended
December 31, 2020, income tax expense
included a $4.4 million benefit for
final tax regulations regarding the treatment of dividends paid by
foreign subsidiaries and a $2.9
million benefit in the third fiscal quarter of 2021 due to
amending and finalizing prior year U.S. tax returns. Without these
income tax benefits, the consolidated effective tax rate for the
nine months and quarter ended December 31,
2020, would have been approximately 29.3% and 31.7%,
respectively.
Reconciliation of Certain Non-GAAP Financial Measures
The following tables set forth certain non-recurring items
included in reported results to reconcile adjusted operating income
to consolidated operating income and adjusted net income to net
income attributable to Universal Corporation:
Adjusted Operating
Income Reconciliation
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
December 31,
|
(in
thousands)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
As Reported:
Consolidated operating income
|
$
|
62,773
|
|
|
$
|
60,186
|
|
|
$
|
103,191
|
|
|
$
|
85,065
|
|
Purchase accounting
adjustment (1)
|
3,057
|
|
|
2,800
|
|
|
3,057
|
|
|
2,800
|
|
Transaction costs for
acquisitions(2)
|
597
|
|
|
2,252
|
|
|
2,310
|
|
|
3,915
|
|
Restructuring and
impairment costs(3)
|
8,433
|
|
|
19,979
|
|
|
10,457
|
|
|
19,979
|
|
Fair value adjustment
to contingent consideration for FruitSmart
acquisition(4)
|
—
|
|
|
—
|
|
|
(2,532)
|
|
|
(4,173)
|
|
Adjusted operating
income
|
$
|
74,860
|
|
|
$
|
85,217
|
|
|
$
|
116,483
|
|
|
$
|
107,586
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income and Diluted Earnings Per Share
|
|
|
|
|
|
|
|
(in thousands and
reported net of income taxes)
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
As Reported: Net
income available to Universal Corporation
|
$
|
34,940
|
|
|
$
|
33,273
|
|
|
$
|
60,807
|
|
|
$
|
48,049
|
|
Purchase accounting
adjustment (1)
|
2,415
|
|
|
2,800
|
|
|
2,415
|
|
|
2,800
|
|
Transaction costs for
acquisitions(2)
|
482
|
|
|
2,252
|
|
|
2,195
|
|
|
3,915
|
|
Restructuring and
impairment costs(3)
|
6,874
|
|
|
16,100
|
|
|
7,879
|
|
|
16,100
|
|
Fair value adjustment
to contingent consideration for FruitSmart
acquisition(4)
|
—
|
|
|
—
|
|
|
(2,532)
|
|
|
(4,173)
|
|
Interest (income)
expense related to tax matters at foreign subsidiaries
|
—
|
|
|
—
|
|
|
(470)
|
|
|
1,849
|
|
Income tax benefit on
a final tax ruling (fiscal year 2022) and dividends paid from
foreign subsidiaries (fiscal year 2021)(5)
|
—
|
|
|
—
|
|
|
(1,686)
|
|
|
(4,421)
|
|
|
|
|
|
|
|
|
|
Adjusted net income
available to Universal Corporation
|
$
|
44,711
|
|
|
$
|
54,425
|
|
|
$
|
68,608
|
|
|
$
|
64,119
|
|
|
|
|
|
|
|
|
|
As reported: Diluted
earnings per share
|
$
|
1.40
|
|
|
$
|
1.34
|
|
|
$
|
2.44
|
|
|
$
|
1.94
|
|
As adjusted: Diluted
earnings per share
|
$
|
1.80
|
|
|
$
|
2.19
|
|
|
$
|
2.76
|
|
|
$
|
2.59
|
|
|
|
(1)
|
The Company
recognized an increase in cost of goods sold in the third quarters
of fiscal year 2022 and 2021, relating to the expensing of fair
value adjustments to inventory associated with the acquisition
accounting for Shank's (effective October 4, 2021) and Silva
(effective October 1, 2020). The adjustment related to the Silva
acquisition is not deductible for U.S. income tax
purposes.
|
(2)
|
The Company incurred
selling, general, and administrative expenses for due diligence and
other transaction costs associated with the acquisitions of Shank's
and Silva. A portion of these costs is not deductible for U.S.
income tax purposes..
|
(3)
|
Restructuring and
impairment costs are included in Consolidated operating income in
the consolidated statements of income, but excluded for purposes of
Adjusted operating income, Adjusted net income available to
Universal Corporation, and Adjusted diluted earnings per share. See
Note 4 for additional information.
|
(4)
|
The Company reversed
the contingent consideration liability for the FruitSmart
acquisition, as a result of certain performance metrics that did
not meet the required threshold stipulated in the purchase
agreement.
|
(5)
|
The Company
recognized tax benefits related to a favorable final income tax
ruling at a foreign subsidiary (fiscal year 2022) and final U.S.
tax regulations on certain dividends paid by foreign subsidiaries
(fiscal year 2021).
|
Additional information
Amounts described as net income (loss) and earnings (loss) per
diluted share in the previous discussion are attributable to
Universal Corporation and exclude earnings related to
non-controlling interests in subsidiaries. Adjusted operating
income (loss), adjusted net income (loss) attributable to Universal
Corporation, adjusted diluted earnings (loss) per share, and the
total for segment operating income (loss) referred to in this
discussion are non-GAAP financial measures. These measures are not
financial measures calculated in accordance with GAAP and should
not be considered as substitutes for operating income (loss), net
income (loss) attributable to Universal Corporation, diluted
earnings (loss) per share, cash from operating activities or any
other operating or financial performance measure calculated in
accordance with GAAP, and may not be comparable to similarly-titled
measures reported by other companies. A reconciliation of adjusted
operating income (loss) to consolidated operating (income),
adjusted net income (loss) attributable to Universal Corporation to
consolidated net income (loss) attributable to Universal
Corporation and adjusted diluted earnings (loss) per share to
diluted earnings (loss) per share are provided in Other Items
above. In addition, we have provided a reconciliation of the total
for segment operating income (loss) to consolidated operating
income (loss) in Note 3 "Segment Information" to the consolidated
financial statements. Management evaluates the consolidated Company
and segment performance excluding certain significant charges or
credits. We believe these non-GAAP financial measures, which
exclude items that we believe are not indicative of our core
operating results, provide investors with important information
that is useful in understanding our business results and
trends.
This release 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 financial condition, results of operation, and future
business plans, operations, opportunities, and prospects for its
performance are forward-looking statements based upon management's
current knowledge and assumptions about future events, and involve
risks and uncertainties that could cause actual results,
performance, or achievements to be materially different from any
anticipated results, prospects, performance, or achievements
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, impacts of the
ongoing COVID-19 pandemic; success in pursuing strategic
investments or acquisitions and integration of new businesses and
the impact of these new businesses on future results; product
purchased not meeting quality and quantity requirements; reliance
on a few large customers; its ability to maintain effective
information technology systems and safeguard confidential
information; 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 and other stakeholder
expectations; product taxation; industry consolidation and
evolution; changes in exchange rates and interest rates; impacts of
regulation and litigation on its customers; industry-specific risks
related to its plant-based ingredient businesses; exposure to
certain regulatory and financial risks related to climate change;
changes in estimates and assumptions underlying its critical
accounting policies; the promulgation and adoption of new
accounting standards, new government regulations and interpretation
of existing standards and regulations; 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, 2021, 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 years ended March 31, 2021. The Company cautions investors
not to place undue reliance on any forward-looking statements as
these statements speak only as of the date when made, and it
undertakes no obligation to update any forward-looking statements
made.
At 5:00 p.m. (Eastern Time) on
February 2, 2022, 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 2, 2022. A taped replay
of the call will be available through February 15, 2022, by dialing (866) 813-9403. The
confirmation number to access the replay is 603209.
Universal Corporation (NYSE: UVV), headquartered in Richmond, Virginia, is a global
business-to-business agri-products supplier to consumer product
manufacturers, operating in over 30 countries on five continents.
We strive to be the supplier of choice for our customers by
leveraging our farmer base, our commitment to a sustainable supply
chain, and our ability to provide high-quality, customized,
traceable, value-added agri-products essential for our customers'
requirements. We find innovative solutions to serve our customers
and have been meeting their agri-product needs for more than 100
years. Our principal focus since our founding in 1918 has been
tobacco, and we are the leading global leaf tobacco supplier.
Through our plant-based ingredients platform, we provide a variety
of value-added manufacturing processes to produce high-quality,
specialty vegetable- and fruit-based ingredients as well as
flavorings and extracts for the food and beverage end markets. For
more information, visit www.universalcorp.com.
UNIVERSAL
CORPORATION
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(in thousands of
dollars, except per share data)
|
|
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Sales and other
operating revenues
|
|
$
|
652,644
|
|
|
$
|
672,931
|
|
|
$
|
1,456,628
|
|
|
$
|
1,365,767
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
521,171
|
|
|
533,431
|
|
|
1,169,999
|
|
|
1,103,744
|
|
Selling, general and
administrative expenses
|
|
60,267
|
|
|
59,335
|
|
|
175,513
|
|
|
161,152
|
|
Other
income
|
|
—
|
|
|
—
|
|
|
(2,532)
|
|
|
(4,173)
|
|
Restructuring and
impairment costs
|
|
8,433
|
|
|
19,979
|
|
|
10,457
|
|
|
19,979
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
62,773
|
|
|
60,186
|
|
|
103,191
|
|
|
85,065
|
|
Equity in pretax
earnings (loss) of unconsolidated affiliates
|
|
2,084
|
|
|
1,506
|
|
|
5,056
|
|
|
2,089
|
|
Other non-operating
income (expense)
|
|
56
|
|
|
30
|
|
|
158
|
|
|
(8)
|
|
Interest
income
|
|
209
|
|
|
2
|
|
|
799
|
|
|
262
|
|
Interest
expense
|
|
7,462
|
|
|
6,735
|
|
|
20,800
|
|
|
19,140
|
|
Income before income
taxes and other items
|
|
57,660
|
|
|
54,989
|
|
|
88,404
|
|
|
68,268
|
|
Income
taxes
|
|
13,505
|
|
|
14,548
|
|
|
18,582
|
|
|
12,678
|
|
Net income
|
|
44,155
|
|
|
40,441
|
|
|
69,822
|
|
|
55,590
|
|
Less: net loss
(income) attributable to noncontrolling interests in
subsidiaries
|
|
(9,215)
|
|
|
(7,168)
|
|
|
(9,015)
|
|
|
(7,541)
|
|
Net income
attributable to Universal Corporation
|
|
$
|
34,940
|
|
|
$
|
33,273
|
|
|
$
|
60,807
|
|
|
$
|
48,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.41
|
|
|
$
|
1.35
|
|
|
$
|
2.46
|
|
|
$
|
1.95
|
|
Diluted
|
|
$
|
1.40
|
|
|
$
|
1.34
|
|
|
$
|
2.44
|
|
|
$
|
1.94
|
|
UNIVERSAL
CORPORATION
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands of
dollars)
|
|
|
|
December
31,
|
|
December
31,
|
|
March
31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
99,305
|
|
|
$
|
95,405
|
|
|
$
|
197,221
|
|
Accounts receivable,
net
|
|
400,132
|
|
|
354,676
|
|
|
367,482
|
|
Advances to
suppliers, net
|
|
126,830
|
|
|
102,795
|
|
|
121,618
|
|
Accounts
receivable—unconsolidated affiliates
|
|
1,909
|
|
|
6,197
|
|
|
584
|
|
Inventories—at lower
of cost or net realizable value:
|
|
|
|
|
|
|
Tobacco
|
|
855,587
|
|
|
814,287
|
|
|
640,653
|
|
Other
|
|
161,704
|
|
|
144,333
|
|
|
145,965
|
|
Prepaid income
taxes
|
|
23,590
|
|
|
18,174
|
|
|
15,029
|
|
|
|
|
|
|
|
|
Other current
assets
|
|
76,255
|
|
|
68,928
|
|
|
66,806
|
|
Total current
assets
|
|
1,745,312
|
|
|
1,604,795
|
|
|
1,555,358
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
|
|
|
|
Land
|
|
24,752
|
|
|
22,499
|
|
|
22,400
|
|
Buildings
|
|
296,642
|
|
|
268,377
|
|
|
284,430
|
|
Machinery and
equipment
|
|
662,504
|
|
|
662,854
|
|
|
658,826
|
|
|
|
983,898
|
|
|
953,730
|
|
|
965,656
|
|
Less accumulated
depreciation
|
|
(636,042)
|
|
|
(621,928)
|
|
|
(616,146)
|
|
|
|
347,856
|
|
|
331,802
|
|
|
349,510
|
|
Other
assets
|
|
|
|
|
|
|
Operating lease
right-of-use assets
|
|
34,139
|
|
|
34,717
|
|
|
31,230
|
|
Goodwill,
net
|
|
214,023
|
|
|
180,655
|
|
|
173,051
|
|
Other intangibles,
net
|
|
95,790
|
|
|
74,710
|
|
|
72,304
|
|
Investments in
unconsolidated affiliates
|
|
81,040
|
|
|
85,610
|
|
|
84,218
|
|
Deferred income
taxes
|
|
15,676
|
|
|
22,281
|
|
|
12,149
|
|
Pension
asset
|
|
13,495
|
|
|
—
|
|
|
11,950
|
|
Other noncurrent
assets
|
|
46,197
|
|
|
54,071
|
|
|
52,154
|
|
|
|
500,360
|
|
|
452,044
|
|
|
437,056
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
2,593,528
|
|
|
$
|
2,388,641
|
|
|
$
|
2,341,924
|
|
UNIVERSAL
CORPORATION
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands of
dollars)
|
|
|
|
December
31,
|
|
December
31,
|
|
March
31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Notes payable and
overdrafts
|
|
$
|
252,609
|
|
|
$
|
129,603
|
|
|
$
|
101,294
|
|
Accounts payable and
accrued expenses
|
|
221,374
|
|
|
156,421
|
|
|
139,484
|
|
Accounts
payable—unconsolidated affiliates
|
|
8,788
|
|
|
7,416
|
|
|
1,282
|
|
Customer advances and
deposits
|
|
26,341
|
|
|
14,498
|
|
|
8,765
|
|
Accrued
compensation
|
|
18,803
|
|
|
22,744
|
|
|
29,918
|
|
Income taxes
payable
|
|
10,742
|
|
|
6,650
|
|
|
4,516
|
|
Current portion of
operating lease liabilities
|
|
9,128
|
|
|
9,014
|
|
|
7,898
|
|
Current portion of
long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
Total current
liabilities
|
|
547,785
|
|
|
346,346
|
|
|
293,157
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
518,547
|
|
|
518,047
|
|
|
518,172
|
|
Pensions and other
postretirement benefits
|
|
52,624
|
|
|
66,764
|
|
|
57,637
|
|
Long-term operating
lease liabilities
|
|
22,612
|
|
|
22,709
|
|
|
19,725
|
|
Other long-term
liabilities
|
|
49,235
|
|
|
71,346
|
|
|
59,814
|
|
Deferred income
taxes
|
|
43,483
|
|
|
46,414
|
|
|
44,994
|
|
Total
liabilities
|
|
1,234,286
|
|
|
1,071,626
|
|
|
993,499
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Universal
Corporation:
|
|
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
|
|
Series A Junior
Participating Preferred Stock, no par value, 500,000 shares
authorized, none issued or outstanding
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
Common stock, no par
value, 100,000,000 shares authorized 24,607,384 shares issued and
outstanding at December 31, 2021 (24,514,867 at
December 31, 2020 and 24,514,867 at March 31,
2021)
|
|
330,306
|
|
|
325,350
|
|
|
326,673
|
|
Retained
earnings
|
|
1,090,110
|
|
|
1,067,437
|
|
|
1,087,663
|
|
Accumulated other
comprehensive loss
|
|
(104,412)
|
|
|
(122,262)
|
|
|
(107,037)
|
|
Total Universal
Corporation shareholders' equity
|
|
1,316,004
|
|
|
1,270,525
|
|
|
1,307,299
|
|
Noncontrolling
interests in subsidiaries
|
|
43,238
|
|
|
46,490
|
|
|
41,126
|
|
Total shareholders'
equity
|
|
1,359,242
|
|
|
1,317,015
|
|
|
1,348,425
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,593,528
|
|
|
$
|
2,388,641
|
|
|
$
|
2,341,924
|
|
UNIVERSAL
CORPORATION
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in thousands of
dollars)
|
|
|
|
Nine Months Ended
December 31,
|
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
|
$
|
69,822
|
|
|
$
|
55,590
|
|
Adjustments to
reconcile net income to net cash used by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
39,110
|
|
|
32,626
|
|
|
|
|
|
|
Net provision for
losses (recoveries) on advances to suppliers
|
|
2,864
|
|
|
2,753
|
|
Foreign currency
remeasurement (gain) loss, net
|
|
6,829
|
|
|
(8,823)
|
|
Foreign currency
exchange contracts
|
|
1,980
|
|
|
(7,723)
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
impairment costs
|
|
10,457
|
|
|
19,979
|
|
Restructuring
payments
|
|
(3,787)
|
|
|
(5,179)
|
|
Change in estimated
fair value of contingent consideration for FruitSmart
acquisition
|
|
(2,532)
|
|
|
(4,173)
|
|
Other, net
|
|
1,814
|
|
|
5,260
|
|
Changes in operating
assets and liabilities, net
|
|
(178,133)
|
|
|
(51,687)
|
|
Net cash provided
(used) by operating activities
|
|
(51,576)
|
|
|
38,623
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(39,831)
|
|
|
(33,794)
|
|
Purchase of business,
net of cash held by the business
|
|
(102,462)
|
|
|
(161,095)
|
|
Proceeds from sale of
property, plant and equipment
|
|
12,609
|
|
|
4,086
|
|
Other
|
|
—
|
|
|
(800)
|
|
Net cash used by
investing activities
|
|
(129,684)
|
|
|
(191,603)
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Issuance of
short-term debt, net
|
|
151,413
|
|
|
57,207
|
|
Issuance of long-term
debt
|
|
—
|
|
|
150,000
|
|
|
|
|
|
|
Dividends paid to
noncontrolling interests
|
|
(6,733)
|
|
|
(3,695)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on
common stock
|
|
(57,241)
|
|
|
(56,301)
|
|
Other
|
|
(3,264)
|
|
|
(1,949)
|
|
Net cash provided
(used) by financing activities
|
|
84,175
|
|
|
145,262
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash, restricted cash and cash
equivalents
|
|
(831)
|
|
|
1,693
|
|
Net decrease in cash,
restricted cash and cash equivalents
|
|
(97,916)
|
|
|
(6,025)
|
|
Cash, restricted cash
and cash equivalents at beginning of year
|
|
203,221
|
|
|
107,430
|
|
|
|
|
|
|
Cash, restricted
cash and cash equivalents at end of period
|
|
$
|
105,305
|
|
|
$
|
101,405
|
|
|
|
|
|
|
Supplemental
Information:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
99,305
|
|
|
$
|
95,405
|
|
Restricted cash
(Other noncurrent assets)
|
|
6,000
|
|
|
6,000
|
|
Total cash,
restricted cash and cash equivalents
|
|
$
|
105,305
|
|
|
$
|
101,405
|
|
NOTE 1. BASIS OF PRESENTATION
Universal Corporation, which together with its subsidiaries is
referred to herein as "Universal" or the "Company," is a global
business-to-business agri-products supplier to consumer product
manufacturers. The Company is the leading global leaf tobacco
supplier and provides high-quality plant-based ingredients to food
and beverage end markets. 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. 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, 2021.
NOTE 2. EARNINGS PER SHARE
The following table sets forth the computation of basic and
diluted earnings per share:
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
(in thousands,
except share and per share data) (Unaudited)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
|
|
|
|
|
|
|
Numerator for
basic earnings per share
|
|
|
|
|
|
|
|
|
Net income
attributable to Universal Corporation
|
|
$
|
34,940
|
|
|
$
|
33,273
|
|
|
$
|
60,807
|
|
|
$
|
48,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for
basic earnings per share
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
24,792,108
|
|
|
24,677,122
|
|
|
24,761,290
|
|
|
24,646,342
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
1.41
|
|
|
$
|
1.35
|
|
|
$
|
2.46
|
|
|
$
|
1.95
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
Per Share
|
|
|
|
|
|
|
|
|
Numerator for
diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Universal Corporation
|
|
$
|
34,940
|
|
|
$
|
33,273
|
|
|
$
|
60,807
|
|
|
$
|
48,049
|
|
|
|
|
|
|
|
|
|
|
Denominator for
diluted earnings per share:
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
24,792,108
|
|
|
24,677,122
|
|
|
24,761,290
|
|
|
24,646,342
|
|
Effect of dilutive
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee and outside
director share-based awards
|
|
156,983
|
|
|
141,796
|
|
|
151,354
|
|
|
118,097
|
|
Denominator for
diluted earnings per share
|
|
24,949,091
|
|
|
24,818,918
|
|
|
24,912,644
|
|
|
24,764,439
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share
|
|
$
|
1.40
|
|
|
$
|
1.34
|
|
|
$
|
2.44
|
|
|
$
|
1.94
|
|
NOTE 3. SEGMENT INFORMATION
As a result of recent acquisitions of plant-based ingredients
companies, during the three months ended December 31, 2020 management evaluated the
Company's global business activities, including product and service
offerings to its customers, as well as senior management's
operational and financial responsibilities. This assessment
included an analysis of how its chief operating decision maker
measures business performance and allocates resources. As a result
of this analysis, senior management determined the Company conducts
operations across two reportable operating segments, Tobacco
Operations and Ingredients Operations.
The Tobacco Operations segment activities involve selecting,
procuring, processing, packing, storing, shipping, and financing
leaf tobacco for sale to, or for the account of, manufacturers of
consumer tobacco products throughout the world. Through various
operating subsidiaries located in tobacco-growing countries around
the world and significant ownership interests in unconsolidated
affiliates, the Company processes and/or sells flue-cured and
burley tobaccos, dark air-cured tobaccos, and oriental tobaccos.
Flue-cured, burley, and oriental tobaccos are used principally in
the manufacture of cigarettes, and dark air-cured tobaccos are used
mainly in the manufacture of cigars, pipe tobacco, and smokeless
tobacco products. Some of these tobacco types are also increasingly
used in the manufacture of non-combustible tobacco products that
are intended to provide consumers with an alternative to
traditional combustible products. The Tobacco Operations segment
also provides physical and chemical product testing and smoke
testing for tobacco customers. A substantial portion of the
Company's Tobacco Operations' revenues are derived from sales to a
limited number of large, multinational cigarette and cigar
manufacturers.
The Ingredients Operations segment provides its customers with a
broad variety of plant-based ingredients for both human and pet
consumption. The Ingredients Operations segment utilizes a variety
of value-added manufacturing processes converting raw materials
into a wide spectrum of fruit and vegetable juices, concentrates,
dehydrated products, flavors, and extracts. Customers for the
Ingredients Operations segment include large multinational food and
beverage companies, smaller independent manufacturers, and retail
organizations. FruitSmart, Silva, and Shank's are the primary
operations for the Ingredients Operations segment. FruitSmart
manufactures fruit and vegetable juices, purees, concentrates,
essences, fibers, seeds, seed oils, and seed powders. Silva is
primarily a dehydrated product manufacturer of fruit and vegetable
based flakes, dices, granules, powders, and blends. Shank's
manufactures flavors and extracts and also offers bottling and
custom packaging for customers. In fiscal year 2021, the Company
announced the wind-down of CIFI, a greenfield operation that
primarily manufactured both dehydrated and liquid sweet potato
products.
The Company currently evaluates the performance of its segments
based on operating income after allocated overhead expenses, 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 and
comprehensive income were as follows:
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
(in thousands of
dollars)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
SALES AND OTHER
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
Tobacco Operations
|
|
$
|
578,002
|
|
|
$
|
623,852
|
|
|
$
|
1,268,610
|
|
|
$
|
1,278,844
|
|
Ingredients Operations
|
|
74,642
|
|
|
49,079
|
|
|
188,018
|
|
|
86,923
|
|
Consolidated sales
and other operating revenues
|
|
$
|
652,644
|
|
|
$
|
672,931
|
|
|
$
|
1,456,628
|
|
|
$
|
1,365,767
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
Tobacco Operations
|
|
$
|
69,796
|
|
|
$
|
84,122
|
|
|
$
|
105,599
|
|
|
$
|
107,658
|
|
Ingredients Operations
|
|
3,494
|
|
|
(2,451)
|
|
|
10,573
|
|
|
(4,698)
|
|
Segment operating
income
|
|
73,290
|
|
|
81,671
|
|
|
116,172
|
|
|
102,960
|
|
Deduct: Equity in
pretax (earnings) loss of unconsolidated affiliates (1)
|
|
(2,084)
|
|
|
(1,506)
|
|
|
(5,056)
|
|
|
(2,089)
|
|
Restructuring
and impairment costs (2)
|
|
(8,433)
|
|
|
(19,979)
|
|
|
(10,457)
|
|
|
(19,979)
|
|
|
|
|
|
|
|
|
|
|
Add: Other income
(loss)(3)
|
|
—
|
|
|
—
|
|
|
2,532
|
|
|
4,173
|
|
Consolidated
operating income
|
|
$
|
62,773
|
|
|
$
|
60,186
|
|
|
$
|
103,191
|
|
|
$
|
85,065
|
|
|
|
(1)
|
Equity in pretax
earnings (loss) of unconsolidated affiliates is included in segment
operating income (Tobacco Operations), but is reported below
consolidated operating income and excluded from that total in the
consolidated statements of income and comprehensive
income.
|
(2)
|
Restructuring and
impairment costs are excluded from segment operating income, but
are included in consolidated operating income in the consolidated
statements of income and comprehensive income.
|
(3)
|
Other income
represents the reversal of a portion of the contingent
consideration liability associated with the acquisition of
FruitSmart.
|
NOTE 4. RESTRUCTURING AND IMPAIRMENT COSTS
Universal continually reviews its business for opportunities to
realize efficiencies, reduce costs, and realign its operations in
response to business changes. Restructuring and impairment costs
are periodically incurred in connection with those activities.
Tobacco Operations
As a result of efforts to exit the idled tobacco operations in
Tanzania, the Company reevaluated
the carrying values of property, plant, and equipment associated
with the Tanzania operations.
During the three months ended December 31, 2021, the Company
determined the carrying value exceeded the estimated fair value of
those assets and recognized a $9.4
million impairment charge.
During the three and nine months ended December 31, 2021,
the Company also incurred $0.6
million and $2.2 million of
termination costs for the Tobacco Operations segment,
respectively.
During the three and nine months ended December 31, 2020,
the Company incurred $2.6 million of
termination and impairment costs associated with restructuring of
tobacco buying and administrative operations in Africa, as well as a $0.9 million charge for the liquidation of an
idled service entity in Tanzania,
and $0.4 million of termination costs
in North America.
Ingredients Operations
During the nine months ended December 31, 2020, the Company
committed to a plan to wind-down its subsidiary, Carolina
Innovative Food Ingredients, Inc. ("CIFI"), a sweet potato
processing operation located in Nashville, North Carolina. The CIFI operation
was a start-up project initially undertaken by the Company in
fiscal year 2015. The decision to wind down CIFI was consistent
with the Company's capital allocation strategy to focus on
delivering shareholder value through building and enhancing a
plant-based ingredients platform, which includes integrating and
exploring the synergies of recently acquired businesses. The
Company determined that CIFI was not a strategic fit for the
platform's long-term objectives. CIFI's single-product focused
processing facility and ongoing international pricing pressures,
among other factors, created challenges that proved insurmountable.
As a result of the decision to wind down the CIFI operations, the
Company paid termination benefits totaling approximately
$0.6 million to employees whose
permanent positions were eliminated. In addition to the termination
costs, the Company recognized various other costs associated with
the wind-down of the CIFI facility. These costs include impairments
of property, plant, and equipment (including the factory building),
as well as inventory and supply write-downs. The total
restructuring and impairment charge for the nine months ended
December 31, 2020 for the CIFI operations wind-down was
$16.1 million.
During the nine months ended December 31, 2021, the Company
recognized $1.2 million of net gains
on the sale of the remaining property, plant, and equipment
associated with the wind-down of the CIFI operations that was
announced in fiscal year 2021.
A summary of the restructuring and impairment costs recorded for
the three and nine months ended December 31, 2021 and
December 31, 2020 were as follows:
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
(in
thousands)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Restructuring
costs:
|
|
|
|
|
|
|
|
Employee
termination benefits
|
$
|
627
|
|
|
$
|
2,625
|
|
|
$
|
2,174
|
|
|
$
|
2,625
|
|
Other
|
—
|
|
|
1,766
|
|
|
(24)
|
|
|
1,766
|
|
Total restructuring
costs
|
627
|
|
|
4,391
|
|
|
2,150
|
|
|
4,391
|
|
Impairment
costs:
|
|
|
|
|
|
|
|
Property,
plant and equipment
|
7,806
|
|
|
13,886
|
|
|
8,307
|
|
|
13,886
|
|
Inventory
|
—
|
|
|
1,702
|
|
|
—
|
|
|
1,702
|
|
Total impairment
costs
|
7,806
|
|
|
15,588
|
|
|
8,307
|
|
|
15,588
|
|
Total
restructuring and impairment costs
|
$
|
8,433
|
|
|
$
|
19,979
|
|
|
$
|
10,457
|
|
|
$
|
19,979
|
|
###
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SOURCE Universal Corporation