Universal Tobacco Profit Drops on Tobacco Fines

Source from:  LOS ANGELES, (Reuters) 11/09/2004

Leaf tobacco producer Universal Corp. (UVV.N: Quote, Profile, Research) on Monday said quarterly net income fell nearly 60 percent from a year ago due to hefty fines imposed by the European Commission for its tobacco buying practices in Spain. Net income was $13.9 million, or 54 cents a share, in the fiscal second quarter ended Sept. 30. In the same period last year, then its fiscal first quarter, Universal earned $34.4 million, or $1.37 per share. Excluding the $14.9 million in fines, Universal earned $1.12 per share. Enditem