Third Quarter '07 Reported EPS up 15.2%; Adjusted EPS up 12.0%
WINSTON-SALEM, N.C., Oct. 25 /PRNewswire-FirstCall/ -- At a Glance
-- Third-quarter EPS of $1.21 was up 15.2 percent on a reported
basis and 12.0 percent on an adjusted basis -- Nine-month EPS of
$3.43 was down 1.7 percent on a reported basis; up 5.5 percent on
an adjusted basis -- Decline in reported results driven by $74
million tax favorability in first-half 2006 -- Full-year reported
EPS guidance increased to a range of $4.55 to $4.65 -- Focus on
profitable growth continues to add strength -- Camel innovations
drive share growth -- Grizzly delivers strong volume gains All
references in this release to "reported" numbers refer to GAAP
measurements; all "adjusted" numbers are non-GAAP, as defined in
schedules 3 and 4 of this release, which reconcile reported to
adjusted third-quarter and nine-month results. Reynolds American
Inc. (NYSE:RAI) today announced third-quarter EPS of $1.21, which
represents solid gains on both a reported and adjusted basis
compared with the prior-year period. The company also raised its
full-year earnings guidance based upon the strength of improved
pricing. For the nine-month period, EPS of $3.43 was down 1.7
percent on a reported basis. Driving this decrease was a prior-year
tax favorability of $74 million. On an adjusted basis, EPS was up
5.5 percent at $3.43 for the first nine months, with pricing and
productivity gains at R.J. Reynolds and the inclusion of Conwood's
strong results. RAI expects strong EPS growth in the fourth quarter
and has increased its full-year guidance to a range of $4.55 to
$4.65. That represents year-over- year growth of 11 percent to 13
percent. The guidance increase was driven by a cigarette price
increase announced late in the third quarter. Third Quarter and
Nine Month Financial Results - Highlights (unaudited) (all dollars
in millions, except per share amounts; for reconciliations,
including GAAP to non-GAAP, see schedules 3 and 4) For the Three
Months For the Nine Months Ended Sept. 30 Ended Sept. 30 % % 2007
2006 Change 2007 2006 Change Net sales $2,297 $2,190 4.9% $6,793
$6,441 5.5% Operating income Reported (GAAP) $ 602 $ 544 10.7%
$1,771 $1,606 10.3% Adjusted (Non-GAAP) 602 567 6.2% 1,771 1,632
8.5% Net income Reported (GAAP) $ 358 $ 309 15.9% $1,011 $1,030
(1.8)% Adjusted (Non-GAAP) 358 319 12.2% 1,010 959 5.3% Net income
per diluted share Reported (GAAP) $ 1.21 $ 1.05 15.2% $ 3.43 $ 3.49
(1.7)% Adjusted (Non-GAAP) 1.21 1.08 12.0% 3.43 3.25 5.5%
MANAGEMENT'S PERSPECTIVE Overview "Reynolds American's
third-quarter and nine-month 2007 earnings demonstrate our
commitment to deliver responsible growth through innovation," said
Susan M. Ivey, RAI's chairman and chief executive officer. "With
operating companies that compete in virtually every tobacco
category, Reynolds American is well positioned to drive and benefit
from evolving consumer trends." During the quarter, R.J. Reynolds
continued to strengthen its operating profits and deliver gains in
total growth-brand market share. Conwood again delivered
significant volume, profit and margin improvement on the strength
of its Grizzly brand. "We're seeing solid performance from all of
our operating companies, and we're building momentum for strong
earnings growth," Ivey said. "While regulatory and competitive
challenges remain, recent pricing improvement will help us achieve
double-digit earnings growth for the year." R.J. Reynolds "R.J.
Reynolds' continued gains in total growth-brand share and operating
income reflect the strength of our business model," said Daniel M.
Delen, R.J. Reynolds' president and chief executive officer. "The
sustained momentum of our brand-portfolio strategy, coupled with
improved pricing and productivity gains, puts R.J. Reynolds on pace
to deliver strong full-year results." The company's third-quarter
operating income of $497 million was up 4.9 percent from the
year-ago quarter on an adjusted basis, as increased pricing,
productivity gains and a better price mix offset the effect of
volume declines and higher settlement expense. Operating income for
the first nine months was $1.48 billion. R.J. Reynolds'
third-quarter premium-to-value mix was 62.6 percent, up almost half
of a percentage point from the prior-year period. The company's
third-quarter shipment volume of 25.0 billion units was down 4.0
percent from the prior-year quarter. Among the factors driving
volume declines were higher prices and lower wholesale inventory
levels. The increased pricing will, however, contribute to
year-over-year margin and operating-income gains, Delen said. R.J.
Reynolds' total third-quarter market share was 29.00 percent, down
0.76 share points from the prior-year period driven by declines in
the company's non-support brands that were in line with the
brand-portfolio strategy. "Camel continued to deliver solid share
gains in the third quarter, up more than four-tenths of a share
point from the prior year," Delen said. "Kool maintained its
position in the highly competitive menthol category, and Pall Mall
continued to add market share." Camel, Kool and Pall Mall, the
company's three growth brands, posted a combined third-quarter
market-share of 13.22 percent, up 0.59 share points from the
prior-year period. "Camel's growth continues to be driven by
innovations, as well as the increasing popularity of menthol
styles," Delen said. Delen said that Camel No. 9 also contributed
to Camel's strength. "We've just introduced two new Camel No. 9
styles into national distribution - regular and menthol 100's," he
said. "These styles further extend the brand's appeal to adult
smokers who prefer a cigarette with a longer length." Delen noted
that 100 mm cigarettes represent about one-third of all U.S.
cigarette sales. Another innovation, Camel Snus, continues to
pioneer the development of a new category of smokeless and spitless
tobacco products. Delen said that R.J. Reynolds has expanded its
initial Camel Snus two-market test into six additional markets. The
company is seeing significant interest in this product, which
provides adult tobacco users with "Pleasure for Wherever." Turning
to Kool, Delen said that the brand's market share has remained
relatively stable over the past year. "As a growth brand, we
expected somewhat stronger performance from Kool this year," Delen
said. "Going forward we will continue to focus on building Kool's
appeal and relevance in the highly-competitive menthol market.
We're doing that through innovative programs and products -- like
Kool XL, a smoother, wider cigarette that we expanded nationally in
the third quarter." Pall Mall, the company's third growth brand,
continued to attract competitive smokers and gained 0.20 share
points from the prior-year period. "Given Pall Mall's strength and
momentum, we are pursuing opportunities to increase margins as we
move forward," Delen said. In addition to growth-brand gains, the
company is also focused on improving earnings and margins through a
variety of initiatives to increase productivity and reduce
complexity. Consistent with these efforts - and with state
legislative trends -- Delen announced that R.J. Reynolds plans to
voluntarily convert all of its cigarette brands to paper that is
fire- standards compliant by the end of 2009. Conwood "Conwood
continues to deliver strong results with an 18 percent earnings
gain in the third quarter," said William M. Rosson, Conwood's
president and chief executive officer. "Higher volume and pricing
are driving us toward another record year." Compared with the
prior-year period, Conwood's adjusted pro-forma third- quarter
operating income of $90 million was up 18.4 percent. Conwood's
third- quarter moist-snuff volume of 75.8 million cans was 12.3
percent higher than the prior-year period. To provide meaningful
period-over-period comparisons, Reynolds American uses adjusted
pro-forma results. These assume that Conwood with its current line
of products had been an RAI subsidiary since the beginning of 2006.
Rosson said that the company's 25.95 percent share of shipments in
the third quarter was up a third of a share point as Grizzly's
gains more than offset Kodiak's declines. For the nine-month
period, Conwood's share of 25.80 was more than a full share point
higher than the prior-year period. Kodiak, Conwood's premium brand,
saw a third-quarter share-of-shipment decline of 0.72 share points
from the prior-year quarter. Rosson said that pressure from
heavily-promoted competitive premium brands has hurt Kodiak's
performance. "Kodiak remains a strong and profitable entry in the
moist-snuff market," Rosson said. "We're working hard to make
Kodiak more competitive and compelling while maintaining strong
margins. We're also continuing to evaluate additional opportunities
to strengthen our position in the premium segment." Grizzly, the
growth leader in the moist-snuff category, had a 21.23 percent
share of shipments in the third quarter. That was up 1.39 share
points from the prior-year period. "Grizzly's volume grew more than
18 percent during the third quarter in a category that is showing
strong growth of about 7 percent," Rosson said. To further build on
Grizzly's momentum, the company is testing two new styles: Grizzly
Pouches and an ultra-fine-cut natural style called Grizzly Snuff.
"Both of these products offer considerable opportunities to
increase growth on the Grizzly brand," Rosson said. "We're
certainly pleased with Conwood's performance," he said. "And we're
working hard to further build on the company's already strong
profitability and marketplace presence." REVISED FULL YEAR FORECAST
"RAI has delivered solid third-quarter and nine-month results, and
we're looking forward to a strong full year," said Dianne M. Neal,
RAI's chief financial officer. "Our operating companies continue to
drive profitable growth and RAI's ability to deliver long-term
shareholder value." Neal said RAI is raising its full-year earnings
guidance on the strength of a cigarette price increase announced
late in the third quarter. "We now expect to deliver full-year
reported earnings of $4.55 to $4.65 per diluted share," she said.
"That's an increase of 11-to-13 percent compared with last year's
results." She said that the full-year forecast does not include any
potential impact of the annual assessment of intangible asset
valuations. "Higher pricing this year and heavy promotional
spending in the fourth quarter of 2006 will contribute to an
especially strong fourth-quarter comparison," Neal said. "In
addition, we remain on track to achieve full-year productivity
gains of about $85 million against a total goal of $500 million
through 2011. "The strength we are building this year," Neal said,
"positions us well to deliver mid-single digit EPS growth for the
next several years." CONFERENCE CALL WEBCAST TODAY Reynolds
American will webcast a conference call to discuss third-quarter
and nine-month 2007 results at 10:30 a.m. Eastern Time on Thursday,
Oct. 25, 2007. 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 (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, including a potential significant
increase in federal excise taxes; -- 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; -- concentration of a material amount of sales with a
single customer or distributor; -- competition from other
manufacturers, including any new entrants in the marketplace; --
increased promotional activities by competitors, including 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 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; -- any adverse effects resulting from
dependence on certain single-source suppliers, including supply
interruption or quality issues; -- 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 securities;
-- any restrictive covenants imposed under RAI's debt agreements;
-- the possibility of fire, violent weather and other disasters
that may adversely affect manufacturing and other facilities; 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, LLC; Santa Fe Natural Tobacco Company, Inc.; 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 six of the 10 best-selling U.S. brands:
Camel, Kool, Pall Mall, Winston, Salem and Doral. -- Conwood
Company, LLC is the nation's second-largest manufacturer of
smokeless tobacco products. Its leading brands are Kodiak, Grizzly
and Levi Garrett. Conwood also sells and distributes a variety of
tobacco products manufactured by Lane, Limited, including
Winchester and Captain Black little cigars, and Bugler
roll-your-own tobacco. -- Santa Fe Natural Tobacco Company, Inc.
manufactures Natural American Spirit cigarettes and other
additive-free 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/. RAI 2007-26 (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 Nine
Months Ended September 30, September 30, 2007 2006 2007 2006 Net
sales, external $2,174 $2,071 $6,419 $6,056 Net sales, related
party 123 119 374 385 Net sales 2,297 2,190 6,793 6,441 Cost of
products sold 1,250 1,202 3,768 3,643 Selling, general and
administrative expenses 440 437 1,237 1,171 Amortization expense 5
7 17 21 Operating income 602 544 1,771 1,606 Interest and debt
expense 81 92 257 179 Interest income (33) (34) (94) (93) Other
(income) expense, net (7) (3) 8 (6) Income from continuing
operations before income taxes 561 489 1,600 1,526 Provision for
income taxes 203 180 590 570 Income from continuing operations 358
309 1,010 956 Extraordinary item - gain on acquisition (1) - - 1 74
Net income $358 $309 $1,011 $1,030 Basic income per share: Income
from continuing operations $1.22 $1.05 $3.43 $3.24 Extraordinary
item (1) - - - 0.25 Net income $1.22 $1.05 $3.43 $3.49 Diluted
income per share: Income from continuing operations $1.21 $1.05
$3.43 $3.24 Extraordinary item (1) - - - 0.25 Net income $1.21
$1.05 $3.43 $3.49 Basic weighted average shares, in thousands
294,169 295,058 294,454 295,014 Diluted weighted average shares, in
thousands 294,706 295,420 294,929 295,355 Segment data: Net sales:
R.J. Reynolds (2) $2,014 $1,945 $5,974 $5,890 Conwood (3) 166 154
495 254 All Other (2) (3) 117 91 324 297 $2,297 $2,190 $6,793
$6,441 Operating income: R.J. Reynolds (2) (4) $497 $458 $1,481
$1,441 Conwood (3) (4) 90 71 260 108 All Other (2) (3) 39 37 109
115 Corporate Expense(4) (24) (22) (79) (58) $602 $544 $1,771
$1,606 (1) Includes adjustments to the 2000 extraordinary gain on
acquisition, resulting from favorable resolution of prior years'
tax matters. (2) Includes results of Lane, Limited's Dunhill and
State Express cigarette brands transferred January 1, 2007, into
the R.J. Tobacco segment from All Other. (3) Includes results of
Lane, Limited's remaining products transferred January 1, 2007,
into the Conwood segment from All Other. (4) Certain corporate
expenses are no longer allocated to the operating segments. Prior
period amounts have been reclassified to reflect the current
segment composition. Schedule 2 REYNOLDS AMERICAN INC. Condensed
Consolidated Balance Sheets (Dollars in Millions) (Unaudited)
September 30, December 31, 2007 2006 Assets Cash and cash
equivalents $2,059 $1,433 Short-term investments 796 1,293 Other
current assets 2,241 2,209 Trademarks, net 3,474 3,479 Goodwill
8,174 8,175 Other noncurrent assets 1,895 1,589 $18,639 $18,178
Liabilities and shareholders' equity Tobacco settlement and related
accruals $2,264 $2,237 Current maturities of long-term debt - 344
Accrued liabilities and other current liabilities 1,846 1,511
Long-term debt (less current maturities) 4,452 4,389 Long-term
deferred income taxes 1,167 1,167 Long-term retirement benefits
(less current portion) 1,172 1,227 Other noncurrent liabilities 405
260 Shareholders' equity 7,333 7,043 $18,639 $18,178 Schedule 3
REYNOLDS AMERICAN INC. Reconciliation of GAAP to Adjusted Results
GAAP results include the acquired operations of Conwood since May
31, 2006. 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
September 30, 2007 2006 Operating Net Diluted Operating Net Diluted
Income Income EPS Income Income EPS GAAP results $602 $358 $1.21
$544 $309 $1.05 The GAAP results include the following expense
(income): Merger/integration costs - - - 23 14 0.05 Favorable
resolution of tax matters - - - - (4) (0.02) Total adjustments - -
- 23 10 0.03 Adjusted results $602 $358 $1.21 $567 $319 $1.08 Nine
Months Ended September 30, 2007 2006 Operating Net Diluted
Operating Net Diluted Income Income EPS Income Income EPS GAAP
results $1,771 $1,011 $3.43 $1,606 $1,030 $3.49 The GAAP results
include the following expense (income): Federal tobacco buyout
assessment - - - (9) (6) (0.02) Merger/integration costs - - - 35
22 0.07 Favorable resolution of tax matters - - - - (13) (0.04)
Extraordinary gain on acquisition - (1) - - (74) (0.25) Total
adjustments - (1) - 26 (71) (0.24) Adjusted results $1,771 $1,010
$3.43 $1,632 $959 $3.25 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.
R.J. Reynolds' segment results include the 2007 transfer of the
Dunhill and State Express cigarette brands from Lane, Limited,
previously reported as All Other. 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. GAAP proforma adjustments reflect the
impact of fair values of acquired assets and liabilities assumed as
if the acquisition had been completed on January 1, 2006. Conwood's
segment results include the 2007 transfer of Lane, Limited's
remaining products, previously reported as All Other. Beginning
January 1, 2007, certain corporate expenses are no longer allocated
to the operating segments. The segment amounts presented for prior
periods have been reclassified to reflect the current composition
of the reportable segments. 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 September 30, 2007 2006 R.J. R.J.
Reynolds Conwood Reynolds Conwood GAAP operating income $497 $90
$458 $71 The GAAP results include the following expense (income):
Merger/integration costs - - 16 7 Total adjustments - - 16 7
Adjusted operating income $497 $90 $474 78 Proforma purchase
adjustments (2) Proforma adjusted operating income $76 Nine Months
Ended September 30, 2007 2006 R.J. R.J. Reynolds Conwood Reynolds
Conwood GAAP operating income $1,481 $260 $1,441 $108 The GAAP
results include the following expense (income): Federal tobacco
buyout assessment - - (9) - Merger/integration costs - - 28 7 Total
adjustments - - 19 7 Adjusted operating results $1,481 $260 $1,460
115 Conwood pre-acquisition GAAP operating income 113 Proforma
purchase adjustments (5) Proforma adjusted operating income $223
Schedule 5 R.J. REYNOLDS VOLUMES AND SHARE OF MARKET UNIT VOLUME
(in billions): Three Months Ended September 30, Change 2007 2006
Units % Camel (Filter Styles) 6.2 6.1 0.2 2.6% Kool 2.8 2.9 (0.1)
-3.3% Pall Mall 1.8 1.6 0.2 12.7% Total growth brands 10.8 10.6 0.3
2.5% Total support brands 10.5 11.1 (0.6) -5.1% Total non-support
brands 3.7 4.4 (0.8) -17.0% Total R.J. Reynolds domestic 25.0 26.1
(1.1) -4.0% Total premium 15.7 16.2 (0.6) -3.4% Total value 9.4 9.9
(0.5) -5.0% Premium/total mix 62.6% 62.2% 0.4% Industry 94.5 96.4
(1.9) -2.0% Premium 69.0 70.0 (1.0) -1.5% Value 25.5 26.4 (0.9)
-3.3% Premium/total mix 73.0% 72.6% 0.4% UNIT VOLUME (in billions):
Nine Months Ended September 30, Change 2007 2006 Units % Camel
(Filter Styles) 18.5 17.7 0.8 4.2% Kool 8.4 8.8 (0.4) -4.4% Pall
Mall 5.3 4.9 0.4 8.9% Total growth brands 32.2 31.4 0.8 2.5% Total
support brands 31.3 33.4 (2.1) -6.3% Total non-support brands 11.2
13.9 (2.7) -19.5% Total R.J. Reynolds domestic 74.7 78.7 (4.0)
-5.1% Total premium 46.6 48.4 (1.8) -3.7% Total value 28.1 30.3
(2.2) -7.2% Premium/total mix 62.4% 61.5% 0.9% Industry 270.4 282.0
(11.7) -4.1% Premium 198.0 203.7 (5.6) -2.8% Value 72.3 78.4 (6.0)
-7.7% Premium/total mix 73.2% 72.2% 1.0% RETAIL SHARE OF MARKET:
Three Months Ended Nine Months Ended September 30, September 30,
2007 2006 Change 2007 2006 Change Camel (filter styles) 7.99% 7.54%
0.45 7.74% 7.36% 0.38 Kool 3.08% 3.13% (0.06) 3.11% 3.11% 0.01 Pall
Mall 2.14% 1.95% 0.20 2.09% 1.85% 0.25 Total growth brands 13.22%
12.63% 0.59 12.95% 12.32% 0.64 Total support brands 11.47% 12.03%
(0.57) 11.70% 12.13% (0.43) Total non-support brands 4.32% 5.11%
(0.79) 4.53% 5.37% (0.84) Total R.J. Reynolds domestic 29.00%
29.76% (0.76) 29.18% 29.82% (0.64) Amounts are rounded on an
individual basis and, accordingly, may not sum in the aggregate.
R.J. Reynolds' support brands include Winston, Salem, Doral, Capri
and Misty. Industry data based on information from Management
Science Associates, Inc. Retail shares of market are as reported by
Information Resources Inc. Schedule 6 CONWOOD VOLUMES AND SHARE OF
SHIPMENTS UNIT VOLUME (in millions of cans): Three Months Ended
September 30, Change 2007 2006 Units % Kodiak 12.9 13.9 (1.0) -7.4%
Other premium 0.8 0.9 (0.1) -12.3% Total premium 13.6 14.8 (1.1)
-7.7% Grizzly 61.4 52.0 9.5 18.2% Other price-value 0.7 0.8 (0.0)
-5.7% Total price-value 62.1 52.7 9.4 17.9% Total moist snuff cans
75.8 67.5 8.3 12.3% UNIT VOLUME (in millions of cans): Nine Months
Ended September 30, Change 2007 2006 Units % Kodiak 39.9 42.6 (2.7)
-6.4% Other premium 2.4 2.7 (0.3) -10.3% Total premium 42.2 45.2
(3.0) -6.6% Grizzly 174.9 147.2 27.7 18.8% Other price-value 1.8
2.4 (0.6) -26.8% Total price-value 176.7 149.6 27.1 18.1% Total
moist snuff cans 218.9 194.9 24.1 12.4% SHARE OF SHIPMENTS: Three
Months Ended Nine Months Ended September 30, September 30, 2007
2006 Change 2007 2006 Change Kodiak 4.29% 5.01% (0.72) 4.47% 5.12%
(0.65) Total premium 4.56% 5.37% (0.81) 4.76% 5.45% (0.69) Grizzly
21.23% 19.84% 1.39 20.84% 18.98% 1.86 Total price-value 21.39%
20.23% 1.16 21.04% 19.26% 1.78 Total Conwood 25.95% 25.60% 0.35
25.80% 24.71% 1.09 2006 volumes include pre-acquisition amounts.
Amounts are rounded on an individual basis and, accordingly, may
not sum in the aggregate. Share data for total moist snuff based on
distributor reported data processed by Management Science
Associates, Inc. DATASOURCE: Reynolds American Inc. CONTACT:
Investors: Morris Moore, +1-336-741-3116, or Media: Steve Kottak,
+1-336-741-3372, both of Reynolds American Inc. Web site:
http://www.rjrt.com/
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