Altria Income Down

Source from:  tr.itsmyiq.com Apr 25, 2008 04/28/2008

Altria Group's first-quarter net income fell 12 percent following its spin-off of Philip Morris International, a major restructuring and headquarters move. Chairman and Chief Executive Michael Szymanczyk said the initiatives, including the relocation of the corporate head office from New York City to Richmond, Virginia, would "substantially reduce the company's cost structure." The company said it would achieve annual savings of $250 million by next year. Altria reported net income of $2.45 billion, compared with $2.75 billion a year earlier. Excluding Philip Morris and restructuring charges, earnings rose to $0.37 from $0.33 cents. Revenue rose 2.8 percent to $4.41 billion. Enditem