First Half '06 Reported EPS up 35.6%; Adjusted EPS up 20.9%
WINSTON-SALEM, N.C., July 26 /PRNewswire-FirstCall/ -- Reynolds
American Inc. (NYSE:RAI) today announced strong gains in
second-quarter and first-half 2006 diluted EPS - on both a reported
and an adjusted basis. Adjusted EPS of $2.51 for the quarter and
$4.39 for the half was up 32.8 percent and 20.9 percent
respectively, benefiting from improved pricing, productivity and
strong R.J. Reynolds volume. The company revised its forecast and
now expects full-year 2006 reported EPS of $8.30 to $8.50. Second
Quarter and First Half 2006 Financial Results - Highlights
(unaudited) (all dollars in millions, except per share amounts; for
reconciliations, including GAAP to non-GAAP, see schedules 2 and 3)
For the Three Months For the Six Months Ending June 30 Ending June
30 % % 2006 2005 Change 2006 2005 Change Net sales $2,291 $2,103
8.9 % $4,251 $4,060 4.7 % Operating income Reported (GAAP) $616
$417 47.7 % $1,062 $884 20.1 % Adjusted (Non-GAAP) 621 462 34.4 %
1,065 889 19.8 % Net income Reported (GAAP) $376 $251 49.8 % $721
$532 35.5 % Adjusted (Non-GAAP) 370 279 32.6 % 649 536 21.1 % Net
income per diluted share Reported (GAAP) $2.55 $1.70 50.0 % $4.88
$3.60 35.6 % Adjusted (Non-GAAP) 2.51 1.89 32.8 % 4.39 3.63 20.9 %
MANAGEMENT'S PERSPECTIVE Overview "Reynolds American's first-half
results clearly demonstrate the company's ongoing progress in
delivering against its business plan and building long- term
shareholder value," said Susan M. Ivey, RAI's chairman, president
and chief executive officer. During the first half of 2006, the
company expanded the scope of its business by entering the
smokeless tobacco category with the acquisition of Conwood. RAI
achieved additional merger synergies and met productivity
objectives, and the company's largest operating subsidiary, R.J.
Reynolds, further increased the strength of its investment brands.
"In addition," Ivey said, "Reynolds American continues to enjoy a
more favorable industry environment, which was further enhanced by
a recent ruling that eliminated the $145 billion judgment against
the industry in the Engle class-action lawsuit. "Our year-to-date
performance and our ability to deliver sustainable earnings growth
drove our decision, announced last week, to increase RAI's dividend
by 20 percent and split our stock on a two-for-one basis," Ivey
said. "It is clear that Reynolds American continues to build
strength." R.J. Reynolds "R.J. Reynolds' performance during the
first half of 2006 again demonstrated the company's operational and
marketplace strength," said Lynn J. Beasley, R.J. Reynolds'
president and chief operating officer. R.J. Reynolds' adjusted
operating income of $554 million for the second quarter and $957
million for the first half was up 29.7 percent and 16.0 percent
respectively. That performance was primarily the result of pricing
gains and productivity improvements, coupled with strong shipment
volume. R.J. Reynolds' shipment volume was essentially flat for the
first half of the year. "However," Beasley noted, "we estimate that
our retail consumption was down about 4 percent." First-half volume
reflected an extra shipping day and was also impacted by a
wholesale-inventory build-up prior to the July 4th holiday and the
company's successful implementation of a new SAP systems platform
in early July. These dynamics inflated first-half volume and
enhanced operating income and margins. "Full-year shipment volumes
should be down approximately 4 percent, consistent with the
consumption decline during the first half," Beasley said. "We
expect second-half volume to be adversely impacted as the trade
brings inventories back in line with consumption. In addition, R.J.
Reynolds' second-half operating earnings will be affected by
incremental investments of about $40 million to address state
ballot initiatives on cigarette taxes and smoking bans." First-half
marketplace performance reflects the continued success of R.J.
Reynolds' brand portfolio strategy. Total retail market share was
29.92 percent, down 0.42 points for the first half, as expected
declines of the company's selective support and non-investment
brand categories offset the continued strong performance of the
company's two investment brands, Camel and Kool. Camel and Kool
continued to build strength with a combined first-half share of
10.38 percent, up 0.83 share points from the first half of 2005.
The 2006 first-half share for Camel's filtered styles was 7.28
percent, up 0.66 points from the prior-year period. Kool delivered
a 0.17 share-point gain, boosting its first-half share to 3.10
percent. "This momentum reflects the focus that Camel and Kool are
receiving as investment brands, as well as the strong positioning
of the core brand-styles and continuing innovations on both
brands," Beasley said. "In the second quarter, Camel's innovations
included the launch of a two-market test of Camel Snus, a smokeless
tobacco option that has the advantage of being spitless." Conwood
Reynolds American acquired Conwood Company, L.P., the nation's
second- largest smokeless-tobacco manufacturer, on May 31, 2006.
Consequently, only Conwood's June operating income of $27 million
is included in RAI's consolidated results for the second quarter
and first half of 2006. To enhance understanding of Conwood's
underlying performance, RAI is providing adjusted pro-forma
results, computed as if Conwood had been owned by RAI since the
beginning of 2005. On this basis, Conwood delivered strong gains in
volume, share and operating income for both the second quarter and
the first half of 2006, compared with the same periods in 2005. On
an adjusted pro-forma basis, Conwood's second-quarter adjusted
operating income climbed 12.3 percent to $73 million. First-half
adjusted operating income rose 16.7 percent to $140 million. During
both periods, the company continued to show its strength as the
growth leader in the moist-snuff category. Conwood finished the
first half of 2006 with a moist-snuff share of shipments of 24.9
percent, up 2.7 points from the prior-year period. Driving
Conwood's results is Grizzly, a price-value brand that continued
its strong growth, posting a 3.7 share-point gain from the
prior-year first half. Grizzly was introduced only five years ago,
but it already commands about 19 percent of the moist-snuff market.
Conwood is the only smokeless tobacco company that competes in all
five smokeless tobacco categories. The company holds the No. 1 or
No. 2 position in every category, and it has more than doubled its
total share of the moist- snuff market in the past six years.
REVISED FULL YEAR FORECAST "We are pleased with Reynolds American's
performance in the first half. For the year, we now expect reported
EPS of $8.30 to $8.50 on a pre-split basis," said Dianne M. Neal,
RAI's chief financial officer. "This reflects some additional
upside that is primarily due to incremental tax gains, as well as
the impact from the Conwood acquisition." Neal said that Conwood
promises to continue delivering strong results during the second
half of the year. "However," she said, "their earnings will be only
slightly accretive in 2006, as the interest expense associated with
financing the acquisition largely offsets the operating income that
Conwood will generate during the remainder of the year." Neal noted
that the company's particularly strong first half has put it ahead
of its full-year projection on a pro-rata basis. "The second half
of the year - the third quarter in particular - will be
significantly impacted by the R.J. Reynolds first-half shipping
imbalance," Neal said. "The second half will also be adversely
affected by an investment of approximately $40 million that R.J.
Reynolds is making to combat state ballot initiatives on cigarette
excise tax increases and smoking restrictions." Neal said that the
reported EPS estimate also includes the after-tax effect of: - A
$74 million extraordinary gain in the first half resulting from the
favorable resolution of prior years' tax matters; - Between $225
million and $250 million in pre-tax incremental merger- related
synergies and productivity initiatives; and - $50 million in
pre-tax acquisition and merger-related costs. Neal said that the
company's full-year forecast does not include: - Any expense that
will result from the fair-value allocation of Conwood's purchase
price; or - Any potential impact of the annual assessment of
intangible asset valuations. In addition, she noted that the
revised year-end cash forecast does not include $100 million of
cash collateral for the appellate bond in the Engle class-action
lawsuit. "At this time it is difficult to accurately predict when
these funds will be returned," she said, "so we have excluded them
from our year-end cash forecast. "We expect our balance sheet to
remain strong," Neal said. "We should end the year with cash and
short-term investments of about 2.4 billion dollars. We expect debt
at year-end of about 4.7 billion dollars." CONFERENCE CALL WEBCAST
TODAY Reynolds American will webcast a conference call to discuss
first-quarter 2006 results at 9:30 a.m. Eastern Time on Wednesday,
July 26, 2006. The call will be available live online on a
listen-only basis. To register for the call, please visit the
"Investors" section of http://www.reynoldsamerican.com/. A replay
of the call will be available on the site for 30 days. Remarks made
during the conference call will be current at the time of the call
and will not be updated to reflect subsequent material
developments. Although news media representatives will not be
permitted to ask questions during the call, they are welcome to
monitor the remarks on a listen-only basis. Following the call,
media representatives may direct inquiries to Seth Moskowitz at
(336) 741-7698. RISK FACTORS Statements included in this news
release that are not historical in nature are forward-looking
statements made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements regarding RAI's future performance and financial results
inherently are subject to a variety of risks and uncertainties that
could cause actual results to differ materially from those
described in the forward-looking statements. These risks and
uncertainties include: - the substantial and increasing regulation
and taxation of tobacco products; - various legal actions,
proceedings and claims relating to the sale, distribution,
manufacture, development, advertising, marketing and claimed health
effects of tobacco products that are pending or may be instituted
against RAI or its subsidiaries; - the substantial payment
obligations and limitations on the advertising and marketing of
cigarettes under the MSA and other state settlement agreements; -
the continuing decline in volume in the domestic cigarette
industry; - competition from other manufacturers, including any new
entrants in the marketplace; - increased promotional activities by
competitors and the growth of deep- discount cigarette brands; -
the success or failure of new product innovations and acquisitions;
- the responsiveness of both the trade and consumers to new
products, marketing strategies and promotional programs; - the
failure to realize the anticipated benefits arising from the
Conwood acquisition; - the ability to achieve efficiencies in
manufacturing and distribution operations without negatively
affecting sales; - the cost of tobacco leaf and other raw materials
and other commodities used in products, including future market
pricing of tobacco leaf, which could adversely impact inventory
valuations; - the effect of market conditions on foreign currency
exchange-rate risk, interest-rate risk and the return on corporate
cash; - the effect of market conditions on the performance of
pension assets or any adverse effects of any new legislation or
regulations changing pension expense accounting or required pension
funding levels; - the rating of RAI's and RJR's securities; - any
restrictive covenants imposed under RAI's and RJR's debt
agreements; - the possibility of fire, violent weather and other
disasters that may adversely affect the manufacturing facilities; -
any adverse effects from the transition of the packaging operations
formerly conducted by RJR Packaging, LLC, a wholly owned subsidiary
of RJR Tobacco, to the buyers of RJR Packaging, LLC's businesses; -
any adverse effects arising out of the implementation of an SAP
enterprise business system in the third quarter of 2006; and - the
potential existence of significant deficiencies or material
weaknesses in internal control over financial reporting that may be
identified during the performance of testing required under Section
404 of the Sarbanes-Oxley Act of 2002. Due to these risks and
uncertainties, you are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this news release. Except as provided by federal securities
laws, RAI is not required to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. ABOUT US Reynolds American Inc.
(NYSE:RAI) is the parent company of R.J. Reynolds Tobacco Company;
Conwood Company, L.P.; Santa Fe Natural Tobacco Company, Inc.; Lane
Limited; and R.J. Reynolds Global Products, Inc. - R.J. Reynolds
Tobacco Company, the second-largest U.S. tobacco company,
manufactures about one of every three cigarettes sold in the
country. The company's brands include five of the 10 best-selling
U.S. brands: Camel, Kool, Winston, Salem and Doral. - Conwood
Company, L.P. is the nation's second-largest manufacturer of
smokeless tobacco products. Its leading brands are Kodiak, Grizzly
and Levi Garrett. - Santa Fe Natural Tobacco Company, Inc.
manufactures Natural American Spirit cigarettes and other tobacco
products for U.S. and international markets. - Lane Limited
manufactures several roll-your-own, pipe tobacco and little cigar
brands, and distributes Dunhill tobacco products. - R.J. Reynolds
Global Products, Inc. manufactures, sells and distributes
American-blend cigarettes and other tobacco products to a variety
of customers worldwide. Copies of RAI's news releases, annual
reports, SEC filings and other financial materials are available at
http://www.reynoldsamerican.com/. (financial and volume tables
follow) Schedule 1 REYNOLDS AMERICAN INC. CONDENSED CONSOLIDATED
STATEMENTS OF INCOME-GAAP (Dollars in Millions, Except Per Share
Amounts) (Unaudited) Three Months Ended Six Months Ended June 30,
June 30, 2006 2005 2006 2005 Net sales, external $2,170 $1,991
$3,985 $3,803 Net sales, related party 121 112 266 257 Net sales
2,291 2,103 4,251 4,060 Cost of products sold 1,276 1,241 2,441
2,352 Selling, general and administrative expenses 392 412 734 776
Amortization expense 7 9 14 24 Loss on sale of assets - 25 - 25
Restructuring adjustments - (1) - (1) Operating income 616 417
1,062 884 Interest and debt expense 52 26 87 50 Interest income
(23) (13) (59) (30) Other expense, net (3) 3 (3) 7 Income from
continuing operations before income taxes 590 401 1,037 857
Provision for income taxes 223 150 390 325 Income from continuing
operations 367 251 647 532 Extraordinary item - gain on acquisition
(1) 9 - 74 - Net income $376 $251 $721 $532 Basic income per share:
Income from continuing operations $2.49 $1.70 $4.39 $3.61
Extraordinary item (1) 0.06 - 0.50 - Net income $2.55 $1.70 $4.89
$3.61 Diluted income per share: Income from continuing operations
$2.49 $1.70 $4.38 $3.60 Extraordinary item (1) 0.06 - 0.50 - Net
income $2.55 $1.70 $4.88 $3.60 Basic weighted average shares, in
thousands 147,514 147,383 147,496 147,383 Diluted weighted average
shares, in thousands 147,680 147,575 147,661 147,579 Segment data:
Net sales: RJR Tobacco $2,103 $1,961 $3,930 $3,767 Conwood 42 - 42
- All Other 146 142 279 293 $2,291 $2,103 $4,251 $4,060 Operating
income: RJR Tobacco $549 $407 $954 $845 Conwood 27 - 27 - All Other
49 19 97 55 Corporate Expense (9) (9) (16) (16) $616 $417 $1,062
$884 (1) Includes adjustments to the 2000 extraordinary gain on
acquisition, resulting from favorable resolution of prior-years'
tax matters. Schedule 2 REYNOLDS AMERICAN INC. Reconciliation of
2005 GAAP Results to 2006 GAAP Results (Dollars in Millions)
(Unaudited) Three Months Six Months Ended June 30, Ended June 30,
Operating Net Operating Net Income Income Income Income 2005
Results $417 $251 $884 $532 Deduct 2005 Phase II growers' trust
offset (14) (9) (79) (49) Add back 2005 federal tobacco buyout
assessment 4 2 7 4 Add back 2005 merger/integration costs 30 19 52
32 Add back 2005 loss on sale of assets 25 16 25 16 Federal tobacco
buyout assessment - - 9 6 Merger/integration costs (5) (3) (12) (7)
Extraordinary gain on acquisition - 9 - 74 Operations and other 159
91 176 113 2006 Results $616 $376 $1,062 $721 CONDENSED
CONSOLIDATED BALANCE SHEETS (Dollars in Millions) (Unaudited) On a
preliminary basis, the $3.5 billion cost of the acquisition of
Conwood has been allocated on the basis of historical net book
value of assets acquired and liabilities assumed as of the
acquisition date. The excess purchase price over the net book value
was included in goodwill. The fair value of acquired tangible and
intangible assets has not yet been determined. The allocation of
purchase prior to the fair value of assets acquired and liabilities
assumed is expected to reduce goodwill in the second half of 2006.
June 30, December 31, 2006 2005 Assets Cash and cash equivalents
$1,105 $1,333 Short-term investments 717 1,373 Other current assets
2,261 2,359 Trademarks, net 2,182 2,188 Goodwill 9,059 5,672 Other
noncurrent assets 1,610 1,594 $16,934 $14,519 Liabilities and
shareholders' equity Tobacco settlement and related accruals $1,499
$2,254 Current maturities of long-term debt 314 190 Accrued
liabilities and other current liabilities 1,736 1,705 Long-term
debt (less current maturities) 4,413 1,558 Long-term deferred
income taxes 580 639 Long-term retirement benefits 1,236 1,374
Other noncurrent liabilities 244 246 Shareholders' equity 6,912
6,553 $16,934 $14,519 Schedule 3 REYNOLDS AMERICAN INC.
Reconciliation of GAAP to Adjusted Results Results include the
acquired operations of Conwood since May 31, 2006. The fair value
of acquired assets and liabilities assumed has not yet been
determined. However, any adjustments resulting from such
determination is not expected to have a significant impact on RAI's
results of operations. RAI management uses "adjusted" (non-GAAP)
measurements to set performance goals and to measure the
performance of the overall company, and believes that investors'
understanding of the underlying performance of the company's
continuing operations is enhanced through the disclosure of these
metrics. "Adjusted" (non-GAAP) results are not, and should not be
viewed as, substitutes for "reported" (GAAP) results. Three Months
Ended June 30, 2006 2005 Opera- Opera- ting Net Diluted ting Net
Diluted Income Income EPS Income Income EPS GAAP results $616 $376
$2.55 $417 $251 $1.70 The GAAP results include the following
expense (income): Federal tobacco buyout assessment - - - 4 2 0.01
Phase II growers' trust offset - - - (14) (9) (0.06)
Merger/integration costs 5 3 0.02 30 19 0.13 Loss on sale of assets
- - - 25 16 0.11 Extraordinary gain on acquisition - (9) (0.06) - -
- Total adjustments 5 (6) (0.04) 45 28 0.19 Adjusted results $621
$370 $2.51 $462 $279 $1.89 Six Months Ended June 30, 2006 2005
Opera- Opera- ting Net Diluted ting Net Diluted Income Income EPS
Income Income EPS GAAP results $1,062 $721 $4.88 $884 $532 $3.60
The GAAP results include the following expense (income): Federal
tobacco buyout assessment (9) (6) (0.04) 7 4 0.03 Phase II growers'
trust offset - - - (79) (48) (0.33) Merger/integration costs 12 8
0.05 52 32 0.22 Loss on sale of assets - - - 25 16 0.11
Extraordinary gain on acquisition - (74) (0.50) - - - Total
adjustments 3 (72) (0.49) 5 4 0.03 Adjusted results $1,065 $649
$4.39 $889 $536 $3.63 Schedule 4 REYNOLDS AMERICAN INC.
Reconciliation of GAAP to Proforma Adjusted Operating Income by
Segment R.J. Reynolds is the second-largest cigarette manufacturer
in the United States and manages a contract manufacturing business.
Conwood is the second largest smokeless tobacco products
manufacturer in the United States. Conwood's GAAP operating income
includes the operations acquired by RAI since May 31, 2006.
Proforma operating income includes Conwood's pre- acquisition
operating income. The fair value of acquired assets and liabilities
assumed has not yet been determined, and therefore, no resulting
proforma adjustments have been made in the proforma adjusted
operating income. Management uses "adjusted" (non-GAAP)
measurements to set performance goals and to measure the
performance of the company, and believes that investors'
understanding of the underlying performance of the company's
continuing operations is enhanced through the disclosure of these
metrics. Three Months Ended June 30, 2006 2005 R.J. R.J. Reynolds
Conwood Reynolds Conwood GAAP operating income $549 $27 $407 $- The
GAAP results include the following expense (income): Federal
tobacco buyout assessment - - 4 - Phase II growers' trust offset -
- (14) - Merger/integration costs 5 - 30 - Total adjustments 5 - 20
- Adjusted operating income $554 27 $427 - Conwood pre-acquisition
GAAP operating income 46 65 Proforma adjusted operating income $73
$65 Six Months Ended June 30, 2006 2005 R.J. R.J. Reynolds Conwood
Reynolds Conwood GAAP operating income $954 $27 $845 $- The GAAP
results include the following expense (income): Federal tobacco
buyout assessment (9) - 7 - Phase II growers' trust offset - - (79)
- Merger/integration costs 12 - 52 - Total adjustments 3 - (20) -
Adjusted operating results $957 27 $825 - Conwood pre-acquisition
GAAP operating income 113 120 $140 $120 Schedule 5 REYNOLDS
AMERICAN INC. / INDUSTRY VOLUMES (Volume in Billion Units) Three
Months Six Months Ended June 30, Change Ended June 30, Change 2006
2005 UNITS % 2006 2005 UNITS % CAMEL (Filter Styles) 6.3 5.5 0.8
14.0% 11.6 10.4 1.3 12.2% KOOL 3.1 3.0 0.1 3.5% 5.9 5.7 0.2 3.8%
TOTAL INVESTMENT BRANDS 9.4 8.5 0.9 10.3% 17.6 16.1 1.5 9.2% TOTAL
SELECTIVE SUPPORT BRANDS 11.7 11.5 0.2 1.7% 21.9 22.1 -0.2 -0.9%
TOTAL NON-SUPPORT BRANDS 6.8 7.6 -0.7 -9.8% 13.0 14.4 -1.3 -9.3%
TOTAL RJRT DOMESTIC 27.9 27.6 0.3 1.2% 52.5 52.5 -0.1 -0.1% OTHER
RAI COMPANIES 0.7 0.6 0.0 2.8% 1.3 1.2 0.1 4.9% TOTAL RAI 28.6 28.2
0.3 1.2% 53.7 53.7 0.0 0.0% TOTAL RJRT 27.9 27.6 0.3 1.2% 52.5 52.5
-0.1 -0.1% TOTAL FP 17.1 16.6 0.5 2.7% 32.1 31.6 0.5 1.5% TOTAL
SAVINGS 10.8 11.0 -0.1 -1.1% 20.4 21.0 -0.5 -2.6% FP/TOTAL MIX
61.2% 60.3% 0.9% 61.1% 60.1% 1.0% INDUSTRY 96.7 100.0 -3.2 -3.3%
184.7 187.9 -3.2 -1.7% FULL PRICE 70.0 71.5 -1.5 -2.1% 133.6 134.2
-0.6 -0.5% SAVINGS 26.8 28.5 -1.7 -6.1% 51.2 53.7 -2.6 -4.8%
FP/TOTAL MIX 72.3% 71.5% 0.8% 72.3% 71.4% 0.9% Amounts are rounded
on an individual basis and, accordingly, may not sum in the
aggregate. Other RAI Companies include U.S. volume for Lane Limited
and Santa Fe Natural Tobacco Co., as well as volume for Puerto Rico
and other U.S. territories. Schedule 6 R.J.REYNOLDS - RETAIL SHARE
OF MARKET Three Months Ended Six Months Ended June 30, June 30,
2006 2005 Change 2006 2005 Change CAMEL (Filter Styles) 7.35% 6.60%
0.75 7.28% 6.62% 0.66 KOOL 3.12% 2.99% 0.12 3.10% 2.94% 0.17 TOTAL
INVESTMENT BRANDS 10.46% 9.59% 0.88 10.38% 9.55% 0.83 TOTAL
SELECTIVE SUPPORT BRANDS 12.18% 12.44% (0.26) 12.12% 12.64% (0.53)
TOTAL NON-SUPPORT BRANDS 7.25% 8.06% (0.81) 7.42% 8.15% (0.73)
TOTAL RJRT DOMESTIC 29.90% 30.08% (0.19) 29.92% 30.34% (0.42)
Amounts are rounded on an individual basis and, accordingly, may
not sum in the aggregate. Retail shares of market are as reported
by Information Resources Inc. Schedule 7 CONWOOD VOLUMES AND SHARE
OF MARKET (Volume in Millions of Cans) Three Months Ended Six
Months Ended June 30, Change June 30, Change UNIT VOLUME 2006 2005
Units % 2006 2005 Units % KODIAK 14.9 15.7 (0.8) -5.1% 28.7 30.2
(1.5) -4.9% Other premium 0.9 1.0 (0.0) -5.1% 1.8 1.8 (0.0) -1.2%
Total premium 15.9 16.7 (0.8) -5.1% 30.5 32.0 (1.5) -4.7% GRIZZLY
50.6 37.8 12.7 33.7% 95.2 71.4 23.9 33.4% Other price- value 0.8
1.1 (0.3) -27.6% 1.6 2.3 (0.6) -27.2% Total price- value 51.4 38.9
12.4 31.9% 96.9 73.6 23.3 31.6% Total moist snuff cans 67.2 55.6
11.6 20.8% 127.3 105.6 21.8 20.6% Volumes reported include
pre-acquisition amounts. Amounts are rounded on an individual basis
and, accordingly, may not sum in the aggregate. MARKET SHARE Three
Months Ended Six Months Ended June 30, June 30, 2006 2005 Change
2006 2005 Change Kodiak 5.38% 6.20% (0.82) 5.31% 6.21% (0.90) Total
premium 5.73% 6.60% (0.87) 5.66% 6.60% (0.94) Grizzly 19.15% 15.57%
3.58 18.92% 15.18% 3.74 Total price-value 19.44% 15.99% 3.45 19.23%
15.64% 3.59 Total company 25.17% 22.59% 2.58 24.89% 22.24% 2.65
Share data based on MSAi data for total moist snuff industry
distributor shipments to retail. DATASOURCE: Reynolds American Inc.
CONTACT: Investor Relations, Ken Whitehurst, +1-336-741-0951, or
Media, Seth Moskowitz, +1-336-741-7698, both of Reynolds American
Inc. Web site: http://www.reynoldsamerican.com/
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