Improved Performance at AOI

Source from:  Tobacco Reporter 07/24/2009

Alliance One International reported total comprehensive income of $112.4 million in the fiscal year ended March 31. This compares with total comprehensive income of $16.4 million in fiscal 2008. Sales and other operating revenues were $2.3 billion, up from $2.01 billion in 2008. Gross profit was $360.8 million and operating income totaled $204.5 million. Excluding currency translation and pension adjustments, AOI's net income was $132.6 million. President and CEO Robert Harrison expressed satisfaction with the results. "AOI's results are finally beginning to deliver real value," he wrote in a letter to shareholders. "To give our results some context, it is important to understand the turbulence faced in their achievement," he said, referring to the volatile foreign exchange environment earlier this year in South America and the tight supply of tobacco in other markets. "I am pleased to report that we've continued the trend of producing stable top-line growth while consistently deleveraging our balance sheet," said Harrison. Enditem