Universal Q1 Net Income Falls

(RTTNews) - Universal Corp. (UVV) said Thursday that net income for the first quarter was $0.7 million, or a loss of $0.13 per share, compared to net income of $58.3 million or $2.05 per share for the year-ago quarter.

Results for the year-ago quarter included a gain of $53.1 million after tax, or $1.98 per share, which resulted from the favorable outcome of litigation in Brazil related to excise tax credits. Results for the latest quarter include an income tax benefit of $8.0 million, or $0.34 per share, arising from a subsidiary's payment of a portion of a fine following the unsuccessful appeal of a long-running court case.

Sales and other operating revenues for the first quarter fell 37% to $271.47 million from $433.53 million a year ago.