CEO: Altria Fared Well in A Tough 2009

Source from:  Richmond Times-Dispatch 05/21/2010

The nation's top tobacco company performed well in 2009 despite the economic recession and a major increase in federal excise taxes on its products, the top executive of Altria Group Inc. said today. "2009 was a very difficult operating environment for business in general, and tobacco companies in particular," Michael E. Szymanczyk, the Henrico County-based company's chairman and chief executive officer, said at its annual shareholders meeting in Richmond. High unemployment and low consumer confidence affected the industry, which also was hit with 62 cents-a-pack federal tax increase on cigarettes last April. Taxes also rose on other tobacco products that have become an important part of Altria's mix of businesses. "Despite these challenges, Altria delivered strong adjusted earnings per share growth and superior returns to our shareholders in 2009," Szymanczyk said. The outlook for 2010 "remains challenging," he said, but the company's first quarter results were promising. About 130 shareholders attended the meeting this morning at the Greater Richmond Convention Center. Altria is the parent company of cigarette maker Philip Morris USA, smokeless tobacco maker U.S. Smokeless Tobacco Co., cigar manufacturer John Middleton Inc and wine producer Ste. Michelle Wine Estates. Shareholders re-elected the company's 10 board of directors members. Two stockholder proposals offered by tobacco-control advocates were defeated. Enditem