Richmond, VA, Feb. 4 /PRNewswire-FirstCall/ -- HIGHLIGHTS Nine
Months Diluted earnings per share increased to $4.78 versus $3.78
last year. Revenues down 3% as pricing and mix reduce effect of
shipment delays. Operating income up 15%, to $215 million on lower
currency costs, partially offset by shipment delays. Quarter
Diluted earnings per share decreased to $1.54 versus $1.78 last
year. Shipment timing is primary factor reducing results. Revenues
lower by 5%, to $661 million. Operating income reduced by $8.5
million, to $69 million. George C. Freeman, III, Chairman,
President, and Chief Executive Officer of Universal Corporation
(NYSE:UVV), announced that net income for the nine months ended
December 31, 2009, was $142.0 million, or $4.78 per diluted share,
22% above last year's results of $116.0 million, or $3.78 per
diluted share. Last year's strong performance was overshadowed by
the recognition of $45 million in currency-related costs due to the
rapid strengthening of the U.S. dollar, and the current year has
benefited from a $42 million reduction in those costs. That benefit
was partially offset by delays in shipments from Africa and North
America this year. Those shipment delays also caused a 3% reduction
in revenues for the nine months and contributed to a modest decline
in third quarter results this year. For the third quarter of fiscal
year 2010, net income was about $45.7 million, or $1.54 per diluted
share, compared to last year's net income of $53.1 million, or
$1.78 per diluted share. Revenues for the quarter of about $661
million were down by 5%. Mr. Freeman stated, "Our operations
continue to perform well as we look at them over the crop cycle.
Timing differences are a normal part of our business whether caused
by farmer deliveries that affect inventory levels or by shipments
that affect both inventory and income recognition. This year is no
exception as both North American and African shipments have been
delayed. We currently expect the shipments to be substantially
completed by our fiscal year end. We are benefiting from continued
cost controls and global coordination, and we are pleased with our
performance so far this year. "Looking ahead to crops that will be
sold in fiscal year 2011, Brazilian crops are now expected to be
lower than originally estimated because of excess rainfall, while
dry conditions have reduced the Malawi burley crop. However, these
changes should not have a substantial effect on worldwide
production. In recent months, some of our customers have announced
that the combined impact of increased excise taxes and the
recessionary economy has reduced demand somewhat for tobacco
products in more developed markets. Although such decreases could
shift future demand for some types of leaf, we expect the overall
export markets will remain largely in balance because export
production appears stable and worldwide uncommitted dealer
inventories remain near historical December lows." FLUE-CURED AND
BURLEY LEAF TOBACCO OPERATIONS: Nine Months Operating income for
the flue-cured and burley tobacco operations, which comprise the
North America and Other Regions segments, increased by more than
14% to nearly $200 million for the first nine months of this fiscal
year, largely on lower currency-related costs. Revenues were down
by 4%, primarily due to shipment delays in North America and Africa
that were partly offset by higher sales from Asia and South
America. In North America, operating income increased by nearly $5
million as higher prices and improved experience with farmer
advances in some areas outweighed the effect of lower U.S.
shipments. Revenues for the North America unit declined on shipment
delays, lower sales of old crop leaf, and lower Canadian volumes.
Earnings for the Other Regions segment were up by nearly 14%,
primarily due to large currency-related costs in Brazil last year.
African volumes were substantially lower because the current crop
is being shipped later and because first quarter shipments of old
crop tobacco were lower this year. The later timing of current crop
shipments from Africa was due to customer delays, a late start to
the purchasing season, and logistical issues. In Europe, lower
margins and the effect of currency translation reduced reported
results. Volumes improved in Asia on increased trading business,
and currency effects were favorable in that region as well.
Revenues for Other Regions were nearly flat for the nine months as
lower volumes from the shipment delays in Africa were offset by
higher sales in Asia and South America. Third Quarter In the third
quarter of fiscal year 2010, operating income for flue-cured and
burley operations was $66 million, 10% lower than the same period
last year. Revenues for the group, at $604 million, were lower due
to the decrease in volumes caused by the delayed shipments from
North America and Africa. Sales increases in South America offset
part of the reduction from shipment timing. Despite lower volumes,
operating income for the North America segment was flat, largely
reflecting additional processing business and improved margins in
some areas. Results for the Other Regions segment were down 15%,
primarily due to lower African volumes. Although results benefited
from the absence of currency losses in Brazil this year, the
benefit was reduced by several other factors in the quarter,
including higher pension settlement costs and higher provisions
against direct and guaranteed farmer loans in Brazil. Revenues for
the Other Regions segment revenue increased by 4% in the quarter
compared to last year as the effect of African shipment delays was
mitigated by higher volumes in Asia, coupled with higher prices in
some areas to recover increased costs of green tobacco. OTHER
TOBACCO OPERATIONS: The Other Tobacco Operations segment performed
well during the first nine months of fiscal year 2010 with a 27%
improvement in operating income compared to last year. The dark
tobacco group benefited from a better currency environment and
improvements related to mix of business, which more than offset
slightly lower volumes and costs of rationalizing their U.S.
operations. Despite a decrease in overall volumes, the oriental
tobacco joint venture earnings increased by $4 million for the nine
months due to a better sales mix and cost savings, as well as lower
interest and currency costs. The latter factors also benefited the
third quarter, driving segment performance up 17% for that period.
Dark tobacco business results lagged the prior year primarily due
to some one-time sales last year and shipment timing differences,
which also reduced revenues for the quarter. The facility upgrade
and expansion in Lancaster, Pennsylvania, was near completion in
December, and the factory is now operating. Segment revenues were
higher in both the quarter and the nine months ended December 31,
2009, as higher volumes of oriental leaf in each period were sold
through the consolidated group. OTHER ITEMS: Selling, general, and
administrative costs decreased by about $13 million, or 14%, in the
quarter and $21 million, or 9%, in the nine months ended December
31, 2009, compared to the same periods last year. The reductions
were primarily due to lower currency remeasurement and exchange
losses, which were down $25 million for the quarter and $42 million
for the nine months, offset partially by higher pension settlement
costs and an increase in provisions on direct and guaranteed farmer
loans in Brazil. Compared to last year, interest expense was about
$6 million lower in the quarter and $9 million lower in the
nine-month period primarily because of lower average borrowings
combined with lower average interest rates. The consolidated
effective income tax rates on pre-tax earnings for the quarter and
nine months ended December 31, 2009, were approximately 32% and
31%, respectively. During both the second and third quarters,
management reversed income taxes previously provided for uncertain
tax positions because the statutes of limitations expired for the
related tax years in the applicable tax jurisdictions. In addition,
forecast current year earnings of subsidiaries in the African
region have resulted in the recognition of foreign tax credits on
historical unremitted earnings. The favorable impact of these items
was partially offset by additional U.S. taxes provided for certain
foreign income taxes that are not eligible as foreign tax credits
when the related earnings are repatriated in future periods. The
effect of these items reduced the consolidated effective tax rate
below the 35% U.S. statutory rate for the quarter and nine months.
The consolidated effective income tax rates for the quarter and
nine months ended December 31, 2008, were approximately 26% and
30%, respectively. During the quarter ended December 31, 2008,
management reversed income taxes previously provided for uncertain
tax positions due to the expiration of the related statute of
limitations. In addition, changes in Universal's overall tax
position allowed the Company to utilize foreign tax credit
carryforwards and reverse a valuation allowance that had previously
been recorded on those carryforwards. The effect of these items
reduced the consolidated effective tax rate below the 35% U.S.
statutory rate for both the quarter and the nine months. Additional
information Amounts included in the previous discussion are
attributable to Universal Corporation and exclude earnings related
to non-controlling interests in subsidiaries. This information
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
earnings and expectations for its performance are forward-looking
statements based upon management's current knowledge and
assumptions about future events, including 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; 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, 2009, 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 year ended March 31, 2009. At 5:00 p.m. (Eastern Time) on
February 4, 2010, the Company will host a conference call to
discuss these results. Those wishing to listen to the call may do
so by visiting http://www.universalcorp.com/ at that time. A replay
of the webcast will be available at that site for three months. A
taped replay of the call will also be available through February
25, 2010, by dialing (800) 642-1687. The confirmation number to
access the replay is 54399037. Headquartered in Richmond, Virginia,
Universal Corporation is the world's leading leaf tobacco merchant
and processor and conducts business in more than 30 countries. Its
revenues for the fiscal year ended March 31, 2009, were $2.6
billion. For more information on Universal Corporation, visit its
web site at http://www.universalcorp.com/. UNIVERSAL CORPORATION
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND RETAINED
EARNINGS (In thousands of dollars, except per share data) Three
Months Ended Nine Months Ended December 31, December 31,
----------- ----------- 2009 2008 2009 2008 ---- ---- ---- ----
(Unaudited) (Unaudited) Sales and other operating revenues 661,205
$699,144 $1,925,235 $1,991,021 Costs and expenses Cost of goods
sold 516,541 533,176 1,493,864 1,566,876 Selling, general and
administrative expenses 75,719 88,556 216,789 237,351 ------ ------
------- ------- Operating income 68,945 77,412 214,582 186,794
Equity in pretax earnings of unconsolidated affiliates 7,783 5,259
17,029 12,792 Interest income 130 195 926 1,562 Interest expense
5,438 11,435 20,287 29,214 ----- ------ ------ ------ Income before
income taxes and other items 71,420 71,431 212,250 171,934 Income
taxes 22,946 18,638 65,300 52,034 ------ ------ ------ ------ Net
income 48,474 52,793 146,950 119,900 Less: net (income) loss
attributable to noncontrolling interests in subsidiaries (2,778)
291 (4,994) (3,923) ------ --- ------ ------ Net income
attributable to Universal Corporation 45,696 53,084 141,956 115,977
Dividends on Universal Corporation convertible perpetual preferred
stock (3,712) (3,712) (11,137) (11,137) ------ ------ -------
------- Earnings available to Universal Corporation common
shareholders $41,984 $49,372 $130,819 $104,840 ======= =======
======== ======== Earnings per share attributable to Universal
Corporation common shareholders: Basic $1.70 $1.98 $5.27 $4.07
===== ===== ===== ===== Diluted $1.54 $1.78 $4.78 $3.78 ===== =====
===== ===== See accompanying notes. UNIVERSAL CORPORATION AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of dollars)
December December March 31, 31, 31, 2009 2008 2009 --------
-------- ---- (Unaudited) (Unaudited) ASSETS Current Cash and cash
equivalents $164,170 $87,971 $212,626 Short-term investments -
5,939 - Accounts receivable, net 255,847 342,595 263,383 Advances
to suppliers, net 134,209 170,440 214,282 Accounts receivable -
unconsolidated affiliates 26,550 35,234 20,371 Inventories - at
lower of cost or market: Tobacco 770,708 613,597 586,136 Other
50,716 67,000 60,712 Prepaid income taxes 14,632 20,270 13,181
Deferred income taxes 48,711 36,799 68,264 Other current assets
64,234 65,630 64,964 ------ ------ ------ Total current assets
1,529,777 1,445,475 1,503,919 Property, plant and equipment Land
16,147 15,978 15,773 Buildings 259,912 252,846 251,875 Machinery
and equipment 535,278 503,993 492,214 ------- ------- -------
811,337 772,817 759,862 Less accumulated depreciation -483,349
-453,288 -447,575 -------- -------- -------- 327,988 319,529
312,287 Other assets Goodwill and other intangibles 106,000 106,137
106,097 Investments in unconsolidated affiliates 124,503 110,166
103,987 Deferred income taxes 13,961 35,562 17,376 Other noncurrent
assets 122,057 97,020 94,510 ------- ------ ------ 366,521 348,885
321,970 ------- ------- ------- Total assets $2,224,286 $2,113,889
$2,138,176 ========= ========= ========= See accompanying notes.
UNIVERSAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(In thousands of dollars) December December March 31, 31, 31, 2009
2008 2009 -------- -------- ---- (Unaudited) (Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY Current Notes payable and
overdrafts $151,252 $140,677 $168,608 Accounts payable and accrued
expenses 196,126 208,805 236,837 Accounts payable - unconsolidated
affiliates 17,398 28,880 19,191 Customer advances and deposits
38,032 27,344 14,162 Accrued compensation 25,143 16,646 24,710
Income taxes payable 11,753 10,087 6,867 Current portion of
long-term obligations 15,000 79,500 79,500 ------ ------ ------
Total current liabilities 454,704 511,939 549,875 Long-term
obligations 414,222 333,943 331,808 Pensions and other
postretirement benefits 90,662 86,609 91,248 Other long-term
liabilities 71,607 76,586 79,159 Deferred income taxes 41,608
54,156 52,842 ------ ------ ------ Total liabilities 1,072,803
1,063,233 1,104,932 Shareholders' equity Universal Corporation:
Preferred stock: Series A Junior Participating Preferred Stock, no
par value, 500,000 shares authorized, none issued or outstanding -
- - Series B 6.75% Convertible Perpetual Preferred Stock, no par
value, 5,000,000 shares authorized, 219,999 shares issued and
outstanding (219,999 at December 31, 2008, and March 31, 2009)
213,023 213,023 213,023 Common stock, no par value, 100,000,000
shares authorized, 24,617,987 shares issued and outstanding
(24,987,055 at December 31, 2008, and 24,999,127 at March 31, 2009)
195,679 193,020 194,037 Retained earnings 770,103 688,015 686,960
Accumulated other comprehensive loss (36,084) (50,263) (64,547)
------- ------- ------- Total Universal Corporation shareholders'
equity 1,142,721 1,043,795 1,029,473 Noncontrolling interests in
subsidiaries 8,762 6,861 3,771 ----- ----- ----- Total
shareholders' equity 1,151,483 1,050,656 1,033,244 ---------
--------- --------- Total liabilities and shareholders' equity
$2,224,286 $2,113,889 $2,138,176 ========= ========= ========= See
accompanying notes. UNIVERSAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars)
Nine Months Ended December 31, ------------ 2009 2008 ---- ----
(Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income
$146,950 $119,900 Adjustments to reconcile net income to net cash
provided (used) by operating activities: Depreciation 30,888 31,651
Amortization 1,791 736 Provisions for losses on advances and
guaranteed loans to suppliers 19,148 14,427 Remeasurement loss
(gain), net 7,219 42,432 Other, net (2,841) 27,325 Changes in
operating assets and liabilities, net (148,345) (243,274) --------
-------- Net cash provided (used) by operating activities 54,810
(6,803) ------ ------ CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (42,923) (28,900)
Purchases of short-term investments - (9,658) Maturities and sales
of short-term investments - 62,833 Proceeds from sale of property,
plant and equipment, and other 3,356 14,530 ----- ------ Net cash
provided (used) by investing activities (39,567) 38,805 -------
------ CASH FLOWS FROM FINANCING ACTIVITIES: Issuance (repayment)
of short-term debt, net (23,935) 28,288 Issuance of long-term
obligations 99,208 - Repayment of long-term obligations (79,500) -
Dividends paid to noncontrolling interests (105) (105) Issuance of
common stock 205 37 Repurchase of common stock (15,342) (111,072)
Dividends paid on convertible perpetual preferred stock (11,137)
(11,137) Dividends paid on common stock (34,315) (34,623) Other
(943) - ---- --- Net cash used by financing activities (65,864)
(128,612) ------- -------- Effect of exchange rate changes on cash
2,165 (1,489) ----- ------ Net decrease in cash and cash
equivalents (48,456) (98,099) Cash and cash equivalents at
beginning of year 212,626 186,070 ------- ------- Cash and cash
equivalents at end of period $164,170 $87,971 ======= ====== See
accompanying notes. NOTE 1. BASIS OF PRESENTATION Universal
Corporation, with its subsidiaries ("Universal" or the "Company"),
is the world's leading leaf tobacco merchant and processor. 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. Certain amounts in prior year statements have been
reclassified to conform to the current year presentation. As part
of the process of preparing its financial statements, the Company
performed an evaluation of subsequent events occurring from
December 31, 2009, the date of the consolidated balance sheet
included in this report, through February 5, 2010, the date its
financial statements were issued. This Form 10-Q 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, 2009. NOTE 2. ACCOUNTING PRONOUNCEMENTS
Effective April 1, 2009, Universal adopted FASB Statement of
Financial Accounting Standards No. 160, "Noncontrolling Interests
in Consolidated Financial Statements - an amendment of ARB No. 51"
("SFAS 160"). SFAS 160, which is now set forth in Topic 810 of the
Codification, requires that noncontrolling interests in
subsidiaries that are included in a company's consolidated
financial statements, commonly referred to as "minority interests,"
be reported as a component of shareholders' equity in the balance
sheet. It also requires that a company's consolidated net income
and comprehensive income include the amounts attributable to both
the company's interest and the noncontrolling interest in the
subsidiary, identified separately in the financial statements.
Finally, the new guidance requires certain disclosures about
noncontrolling interests in the consolidated financial statements.
Adoption of this guidance did not have a material impact on the
Company's financial statements. NOTE 3. GUARANTEES AND OTHER
CONTINGENT LIABILITIES Guarantees of bank loans to growers for crop
financing and construction of curing barns or other tobacco
producing assets are industry practice in Brazil and support the
farmers' production of tobacco there. At December 31, 2009, the
Company's total exposure under guarantees issued by its operating
subsidiary in Brazil for banking facilities of farmers in that
country was approximately $129 million ($155 million face amount
including unpaid accrued interest, less $26 million recorded for
the fair value of the guarantees). About 80% of these guarantees
expire within one year, and all of the remainder expire within five
years. The subsidiary withholds payments due to the farmers on
delivery of tobacco and forwards those payments to the third-party
banks. Failure of farmers to deliver sufficient quantities of
tobacco to the subsidiary to cover their obligations to the
third-party banks could result in a liability for the subsidiary
under the related guarantees; however, in that case, the subsidiary
would have recourse against the farmers. The maximum potential
amount of future payments that the Company's subsidiary could be
required to make at December 31, 2009, was the face amount, $155
million including unpaid accrued interest ($133 million as of
December 31, 2008, and $139 million at March 31, 2009). The fair
value of the guarantees was a liability of approximately $26
million at December 31, 2009 ($26 million at December 31, 2008, and
$35 million at March 31, 2009). In addition to these guarantees,
the Company has other contingent liabilities totaling approximately
$62 million, primarily related to a bank guarantee that bonds an
appeal of a 2006 fine in the European Union. Various subsidiaries
of the Company are involved in other litigation and tax
examinations incidental to their business activities. While the
outcome of these matters cannot be predicted with certainty,
management is vigorously defending the claims and does not
currently expect that any of them will have a material adverse
effect on the Company's financial position. However, should one or
more of these matters be resolved in a manner adverse to
management's current expectation, the effect on the Company's
results of operations for a particular fiscal reporting period
could be material. NOTE 4. EARNINGS PER SHARE The following table
sets forth the computation of earnings per share for the periods
presented in the consolidated statements of income. Three Months
Nine Months Ended Ended December 31, December 31, ------------
------------ (in thousands, except per share data) 2009 2008 2009
2008
-------------------------------------------------------------------------
Basic Earnings Per Share ------------------------ Numerator for
basic earnings per share Net income attributable to Universal
Corporation $45,696 $53,084 $141,956 $115,977 Less: Dividends on
convertible perpetual preferred stock (3,712) (3,712) (11,137)
(11,137) ------ ------ ------- ------- Earnings available to
Universal Corporation common shareholders for calculation of basic
earnings per share 41,984 49,372 130,819 104,840 ------ ------
------- ------- Denominator for basic earnings per share Weighted
average shares outstanding 24,684 24,989 24,823 25,759 ------
------ ------ ------ Basic earnings per share $1.70 41.98 $5.27
$4.07 ==== ==== ==== ==== Diluted Earnings Per Share
-------------------------- Numerator for diluted earnings per share
Earnings available to Universal Corporation common shareholders
$41,984 $49,372 $130,819 $104,840 Add: Dividends on convertible
perpetual preferred stock (if conversion assumed) 3,712 3,712
11,137 11,137 ----- ----- ------ ------ Earnings available to
Universal Corporation common shareholders for calculation of
diluted earnings per share 45,696 53,084 141,956 115,977 ------
------ ------- ------- Denominator for diluted earnings per share:
Weighted average shares outstanding 24,684 24,989 24,823 25,759
Effect of dilutive securities (if conversion or exercise assumed)
Convertible perpetual preferred stock 4,735 4,719 4,731 4,717
Employee share-based awards 226 142 173 196 --- --- --- ---
Denominator for diluted earnings per share 29,645 29,850 29,727
30,672 ------ ------ ------ ------ Diluted earnings per share $1.54
$1.78 $4.78 $3.78 ==== ==== ==== ==== For the three- and nine-month
periods ended December 31, 2009 and 2008, certain employee
share-based awards were not included in the computation of diluted
earnings per share because their effect would have been
anti-dilutive. These awards included stock appreciation rights and
stock options totaling 507,801 shares at a weighted-average
exercise price of $56.52 for the quarter and nine months ended
December 31, 2009, and 704,972 shares at a weighted-average
exercise price of $50.92 for the quarter and nine months ended
December 31, 2008. NOTE 5. SEGMENT INFORMATION The principal
approach used by management to evaluate the Company's performance
is by geographic region, although some components of the business
are evaluated on the basis of their worldwide operations. The
Company evaluates the performance of its segments based on
operating income after allocated overhead expenses (excluding
significant non-recurring charges or credits), plus equity in
pretax earnings of unconsolidated affiliates. Operating results for
the Company's reportable segments for each period presented in the
consolidated statements of income were as follows: Three Months
Nine Months Ended Ended December 31, December 31, --------------
--------------- (in thousands of dollars) 2009 2008 2009 2008
---------------- ---- ---- ---- ---- SALES AND OTHER OPERATING
REVENUES Flue-cured and burley leaf tobacco operations: North
America $101,302 $160,979 $187,308 $264,272 Other regions(1)
502,624 482,538 1,570,973 1,570,299 ------ ------- ---------
--------- Subtotal 603,926 643,517 1,758,281 1,834,571 Other
tobacco operations(2) 57,279 55,627 166,954 156,450 ------ ------
------- ------- Consolidated sales and other operating revenues
$661,205 $699,144 $1,925,235 $1,991,021 ======= ======= =========
========= OPERATING INCOME Flue-cured and burley leaf tobacco
operations: North America $23,826 $23,894 $32,080 $27,218 Other
regions(1) 42,320 49,747 167,706 147,385 ------ ------ -------
------- Subtotal 66,146 73,641 199,786 174,603 Other tobacco
operations(2) 10,582 9,030 31,825 24,983 ------ ----- ------ ------
Segment operating income $76,728 $82,671 $231,611 $199,586 Less:
Equity in pretax earnings of unconsolidated affiliates(3) 7,783
5,259 17,029 12,792 ----- ----- ------ ------ Consolidated
operating income $68,945 $77,412 $214,582 $186,794 ====== ======
======= ======= (1) Includes South America, Africa, Europe, and
Asia regions, as well as inter-region eliminations. (2) Includes
Dark Air-Cured, Special Services, and Oriental, as well as
inter-company eliminations. Sales and other operating revenues for
this reportable segment include limited amounts for Oriental
because its financial results consist principally of equity in the
pretax earnings of an unconsolidated affiliate. (3) Item is
included in segment operating income, but not included in
consolidated operating income. DATASOURCE: Universal Corporation
CONTACT: Karen M. L. Whelan of Universal Corporation, Phone:
+1-804-359-9311, or Fax: +1-804-254-3584, Web Site:
http://www.universalcorp.com/
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