0000059440-18-000032.txt : 20180807 0000059440-18-000032.hdr.sgml : 20180807 20180807164822 ACCESSION NUMBER: 0000059440-18-000032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 104 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180807 DATE AS OF CHANGE: 20180807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VECTOR GROUP LTD CENTRAL INDEX KEY: 0000059440 STANDARD INDUSTRIAL CLASSIFICATION: CIGARETTES [2111] IRS NUMBER: 650949535 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05759 FILM NUMBER: 18998757 BUSINESS ADDRESS: STREET 1: 4400 BISCAYNE BOULEVARD STREET 2: 10TH FLOOR CITY: MIAMI STATE: FL ZIP: 33137 BUSINESS PHONE: 3055798000 MAIL ADDRESS: STREET 1: 4400 BISCAYNE BOULEVARD STREET 2: 10TH FLOOR CITY: MIAMI STATE: FL ZIP: 33137 FORMER COMPANY: FORMER CONFORMED NAME: BROOKE GROUP LTD DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: LIGGETT GROUP INC DATE OF NAME CHANGE: 19900815 FORMER COMPANY: FORMER CONFORMED NAME: LIGGETT & MYERS INC DATE OF NAME CHANGE: 19760602 10-Q 1 a2018q210q.htm 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended June 30, 2018
 

VECTOR GROUP LTD.
(Exact name of registrant as specified in its charter)

Delaware
1-5759
65-0949535
(State or other jurisdiction of incorporation
Commission File Number
(I.R.S. Employer Identification No.)
incorporation or organization)
 
 

4400 Biscayne Boulevard
Miami, Florida 33137
305-579-8000
(Address, including zip code and telephone number, including area code,
of the principal executive offices)

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
x Yes o No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
x Large accelerated filer
o  Accelerated filer
o  Non-accelerated filer
o  Smaller reporting company
o  Emerging Growth Company
 
 
(Do not check if a smaller reporting company)
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
o Yes x No

At August 3, 2018, Vector Group Ltd. had 134,204,971 shares of common stock outstanding.
 




VECTOR GROUP LTD.

FORM 10-Q

TABLE OF CONTENTS

 
Page
PART I. FINANCIAL INFORMATION
 
 
 
Item 1. Vector Group Ltd. Condensed Consolidated Financial Statements (Unaudited):
 
 
 
Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017
 
 
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017
 
 
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017
 
 
Condensed Consolidated Statements of Stockholders' Deficiency for the six months ended June 30, 2018
 
 
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017
 
 
Notes to Condensed Consolidated Financial Statements
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
 
Item 4. Controls and Procedures
 
 
PART II. OTHER INFORMATION
 
 
 
Item 1. Legal Proceedings
 
 
Item 1A. Risk Factors
 
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
 
Item 6. Exhibits
 
 
SIGNATURE


1

VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited

 
June 30,
2018
 
December 31,
2017
ASSETS:
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
322,414

 
$
301,353

Investment securities at fair value
145,226

 
150,489

Accounts receivable - trade, net
30,836

 
29,481

Inventories
86,176

 
89,790

Income taxes receivable, net
9,126

 
11,217

Restricted assets
5,135

 
10,258

Other current assets
30,099

 
21,121

Total current assets
629,012

 
613,709

Property, plant and equipment, net
85,833

 
85,516

Investments in real estate, net
24,781

 
23,952

Long-term investments ($72,524 and $0 carried at fair value)
93,536

 
81,291

Investments in real estate ventures
151,364

 
188,131

Restricted assets
6,356

 
3,488

Goodwill and other intangible assets, net
267,455

 
267,708

Prepaid pension costs
28,458

 
27,697

Other assets
47,116

 
36,786

Total assets
$
1,333,911

 
$
1,328,278

LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
 
 
 
Current liabilities:
 
 
 
   Current portion of notes payable and long-term debt
$
214,641

 
$
33,820

   Current portion of fair value of derivatives embedded within convertible debt
18,930

 

 Current payments due under the Master Settlement Agreement
81,144

 
12,384

   Current portion of employee benefits
952

 
952

Income taxes payable, net
137

 
100

Litigation accruals
772

 
260

Other current liabilities
147,531

 
157,123

Total current liabilities
464,107

 
204,639

Notes payable, long-term debt and other obligations, less current portion
1,053,023

 
1,194,244

Fair value of derivatives embedded within convertible debt
36,199

 
76,413

Non-current employee benefits
62,526

 
62,242

Deferred income taxes, net
56,637

 
58,801

Payments due under the Master Settlement Agreement
16,423

 
21,479

Litigation accruals
20,670

 
19,840

Other liabilities
53,045

 
22,380

Total liabilities
1,762,630

 
1,660,038

Commitments and contingencies (Note 8)

 

Stockholders' deficiency:
 
 
 
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized

 

Common stock, par value $0.10 per share, 250,000,000 shares authorized,134,397,090 and 134,365,424 shares issued and outstanding
13,440

 
13,437

Accumulated deficit
(495,637
)
 
(414,785
)
Accumulated other comprehensive loss
(18,038
)
 
(12,571
)
Total Vector Group Ltd. stockholders' deficiency
(500,235
)
 
(413,919
)
Non-controlling interest
71,516

 
82,159

Total stockholders' deficiency
(428,719
)
 
(331,760
)
Total liabilities and stockholders' deficiency
$
1,333,911

 
$
1,328,278


The accompanying notes are an integral part of the condensed consolidated financial statements.

2



VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
   Tobacco*
$
274,833

 
$
272,177

 
$
541,949

 
$
529,631

   Real estate
206,655

 
199,812

 
368,505

 
357,566

       Total revenues
481,488

 
471,989

 
910,454

 
887,197

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 Cost of sales:
 
 
 
 
 
 
 
   Tobacco*
192,761

 
186,907

 
377,723

 
362,661

   Real estate
140,005

 
127,987

 
249,318

 
228,156

       Total cost of sales
332,766

 
314,894

 
627,041

 
590,817

 
 
 
 
 
 
 
 
Operating, selling, administrative and general expenses
86,336

 
82,693

 
175,412

 
166,972

Litigation settlement and judgment expense (income)
525

 
102

 
(1,944
)
 
1,687

Operating income
61,861

 
74,300

 
109,945

 
127,721

 
 
 
 
 
 
 
 
Other income (expenses):
 
 
 
 
 
 
 
Interest expense
(48,421
)
 
(46,691
)
 
(94,368
)
 
(92,912
)
Loss on extinguishment of debt

 

 

 
(34,110
)
Change in fair value of derivatives embedded within convertible debt
10,717

 
8,134

 
21,284

 
16,705

Equity in (losses) earnings from real estate ventures
(2,112
)
 
15,291

 
(8,672
)
 
26,404

Equity in earnings (losses) from investments
4,813

 
(1,459
)
 
5,975

 
(2,520
)
Net gain recognized on equity securities
3,236

 

 
491

 

Other, net
1,662

 
798

 
2,713

 
2,078

Income before provision for income taxes
31,756

 
50,373

 
37,368

 
43,366

Income tax expense
12,760

 
18,827

 
14,708

 
16,045

 
 
 
 
 
 
 
 
Net income
18,996

 
31,546

 
22,660

 
27,321

 
 
 
 
 
 
 
 
Net (income) loss attributed to non-controlling interest
(1,178
)
 
(4,735
)
 
2,369

 
(4,737
)
 
 
 
 
 
 
 
 
Net income attributed to Vector Group Ltd.
$
17,818

 
$
26,811

 
$
25,029

 
$
22,584

 
 
 
 
 
 
 
 
Per basic common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares attributed to Vector Group Ltd.
$
0.12

 
$
0.19

 
$
0.16

 
$
0.15

 
 
 
 
 
 
 
 
Per diluted common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares attributed to Vector Group Ltd.
$
0.12

 
$
0.19

 
$
0.16

 
$
0.15

 
 
 
 
 
 
 
 
Dividends declared per share
$
0.40

 
$
0.38

 
$
0.80

 
$
0.76

                                      

* Revenues and cost of sales include federal excise taxes of $115,970, $115,194, $228,771 and $224,562, respectively.


The accompanying notes are an integral part of the condensed consolidated financial statements.

3




VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
Unaudited
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
Net income
$
18,996

 
$
31,546

 
$
22,660

 
$
27,321

 
 
 
 
 
 
 
 
Net unrealized losses on investment securities available for sale:
 
 
 
 
 
 
 
Change in net unrealized losses
(230
)
 
(3,043
)
 
(922
)
 
(3,219
)
Net unrealized losses (gains) reclassified into net income
229

 
50

 
824

 
(61
)
Net unrealized losses on investment securities available for sale
(1
)
 
(2,993
)
 
(98
)
 
(3,280
)
 
 
 
 
 


 
 
Net change in forward contracts

 
1

 

 
2

 
 
 
 
 
 
 
 
Net change in pension-related amounts
 
 
 
 
 
 
 
Amortization of loss
441

 
489

 
883

 
977

Net change in pension-related amounts
441

 
489

 
883

 
977

 
 
 
 
 
 
 
 
Other comprehensive income (loss)
440

 
(2,503
)
 
785

 
(2,301
)
 
 
 
 
 
 
 
 
Income tax effect on:
 
 
 
 
 
 
 
Change in net unrealized losses on investment securities
63

 
1,235

 
252

 
1,311

Net unrealized losses (gains) reclassified into net income on investment securities
(63
)
 
(20
)
 
(226
)
 
25

Forward contracts

 
1

 

 

Pension-related amounts
(121
)
 
(198
)
 
(242
)
 
(396
)
Income tax (provision) benefit on other comprehensive income (loss)
(121
)
 
1,018

 
(216
)
 
940

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
319

 
(1,485
)
 
569

 
(1,361
)
 
 
 
 
 
 
 
 
Comprehensive income
19,315

 
30,061

 
23,229

 
25,960

 
 
 
 
 
 
 
 
Comprehensive (income) loss attributed to non-controlling interest
(1,178
)
 
(4,735
)
 
2,369

 
(4,737
)
Comprehensive income attributed to Vector Group Ltd.
$
18,137

 
$
25,326

 
$
25,598

 
$
21,223


The accompanying notes are an integral part of the condensed consolidated financial statements.

4



VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY
(Dollars in Thousands, Except Share Amounts)
Unaudited


 
Vector Group Ltd. Stockholders' Deficiency
 
 
 
 
 
 
Additional Paid-In
 
 
 
Accumulated
Other Comprehensive
 
Non-controlling
 
 
 
Common Stock
 
 
Accumulated
 
 
 
 
 
Shares
 
Amount
 
Capital
 
Deficit
 
Loss
 
Interest
 
Total
Balance as of January 1, 2018
134,365,424

 
$
13,437

 
$

 
$
(414,785
)
 
$
(12,571
)
 
$
82,159

 
$
(331,760
)
Impact of adoption of new accounting standards

 

 

 
1,094

 
(6,036
)
 
(7,915
)
 
(12,857
)
Net income

 

 

 
25,029

 

 
(2,369
)
 
22,660

Total other comprehensive income

 

 

 

 
569

 

 
569

Total comprehensive income

 

 

 

 

 

 
23,229

Distributions and dividends on common stock

 

 
(4,837
)
 
(106,975
)
 

 

 
(111,812
)
Restricted stock grant
31,666

 
3

 
(3
)
 

 

 

 

Stock-based compensation

 

 
4,840

 

 

 

 
4,840

Distributions to non-controlling interest

 

 

 

 

 
(359
)
 
(359
)
Balance as of June 30, 2018
134,397,090

 
$
13,440

 
$

 
$
(495,637
)
 
$
(18,038
)
 
$
71,516

 
$
(428,719
)


The accompanying notes are an integral part of the condensed consolidated financial statements.

5



VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Unaudited

 
Six Months Ended
 
Six Months Ended
 
June 30,
2018
 
June 30,
2017
Net cash provided by operating activities
$
122,426

 
$
117,611

Cash flows from investing activities:
 
 
 
Sale of investment securities
2,647

 
22,396

Maturities of investment securities
10,598

 
93,368

Purchase of investment securities
(12,402
)
 
(109,891
)
Proceeds from sale or liquidation of long-term investments

 
466

Purchase of long-term investments

 
(26,000
)
Investments in real estate ventures
(4,343
)
 
(8,454
)
Distributions from investments in real estate ventures
27,134

 
23,338

Increase in cash surrender value of life insurance policies
(809
)
 
(854
)
Decrease in restricted assets
262

 
2,545

Issuance of notes receivable

 
(1,500
)
Proceeds from sale of fixed assets

 
75

Capital expenditures
(8,616
)
 
(8,346
)
Repayments of notes receivable
32

 

Acquisition of a business
(403
)
 

Pay downs of investment securities
928

 
1,620

Investments in real estate, net
(1,009
)
 
(205
)
Net cash provided by (used in) investing activities
14,019

 
(11,442
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of debt

 
850,020

Deferred financing costs

 
(19,200
)
Repayments of debt
(987
)
 
(836,145
)
Borrowings under revolver
134,310

 
110,979

Repayments on revolver
(137,877
)
 
(129,479
)
Dividends and distributions on common stock
(112,462
)
 
(104,750
)
Distributions to non-controlling interest
(359
)
 
(165
)
Proceeds from issuance of Vector common stock

 
43,230

Net cash used in financing activities
(117,375
)
 
(85,510
)
Net increase in cash, cash equivalents and restricted cash
19,070

 
20,659

Cash, cash equivalents and restricted cash, beginning of period
310,937

 
398,578

Cash, cash equivalents and restricted cash, end of period