Vector Group Ltd. (NYSE:VGR) today announced financial results
for the three months ended March 31, 2016.
GAAP Financial Results
First quarter 2016 revenues were $380.8 million, compared to
revenues of $360.8 million in the first quarter of 2015. The
Company recorded operating income of $62.2 million in the first
quarter of 2016, compared to operating income of $43.7 million in
the first quarter of 2015. Net income attributed to Vector Group
Ltd. for the 2016 first quarter was $19.3 million, or $0.16 per
diluted common share, compared to net income of $21.2 million, or
$0.18 per diluted common share, in the 2015 first quarter.
Non-GAAP Financial Measures
Non-GAAP financial measures also include adjustments for
purchase accounting associated with the Company's acquisition of
its additional 20.59% interest in Douglas Elliman Realty, LLC in
December 2013, litigation settlement and judgment expenses in the
Tobacco segment, settlements of long-standing disputes related to
the Master Settlement Agreement in the Tobacco segment,
restructuring and pension settlement expense in the Tobacco
segment, stock-based compensation expense (for purposes of
Pro-forma Adjusted EBITDA only) and non-cash interest items
associated with the Company's convertible debt. Reconciliations of
non-GAAP financial results to the comparable GAAP financial results
for the three months ended March 31, 2016 and 2015 are
included in Tables 2 through 10.
Three months ended March 31, 2016 compared to the three
months ended March 31, 2015
First quarter 2016 Pro-forma Adjusted Revenues (as described in
Table 2 attached hereto) were $380.8 million compared to $361.2
million in 2015. The increase was primarily due to an increase in
Pro-forma Adjusted Revenues in the Real Estate segment of $27.0
million offset by declines in the Company's Tobacco and E-cigarette
segments.
Pro-forma Adjusted EBITDA attributed to Vector Group (as
described below and in Table 3 attached hereto) were $69.6 million
for the first quarter of 2016 as compared to $51.3 million for the
first quarter of 2015. The increase in Pro-forma Adjusted EBITDA
attributed to Vector Group for the three months ended March 31,
2016 was primarily attributable to higher profits in the Tobacco
and Real Estate segments.
Pro-forma Adjusted Net Income (as described below and in Table 4
attached hereto) was $18.1 million or $0.15 per diluted share for
the three months ended March 31, 2016 and $22.1 million or $0.18
per diluted share for the three months ended March 31, 2015.
Pro-forma Adjusted Operating Income (as described below and in
Table 5 attached hereto) was $65.2 million for the three months
ended March 31, 2016 and $46.3 million for the three months ended
March 31, 2015.
Tobacco Segment Financial Results
For the first quarter 2016, the Tobacco segment had revenues of
$221.0 million, compared to $228.1 million for the first quarter
2015. The decline in revenues was primarily due to a 7.1% decline
in unit sales volume partially offset by favorable net pricing
variances. For the three months ended March 31, 2016, the
Tobacco segment had conventional cigarette (wholesale) shipments of
approximately 1.80 billion units compared to 1.93 billion units for
the three months ended March 31, 2015.
Liggett's retail market share remained stable at 3.4% during the
three months ended March 31, 2016. Compared to the first quarter
2015, Liggett's retail shipments declined by 0.6% while the overall
industry's retail shipments declined by 1.1% , according to data
from Management Science Associates, Inc.
Tobacco Adjusted Operating Income (described below and included
in Table 6 attached hereto) for the first quarter 2016 and 2015 was
$63.9 million and $50.5 million, respectively.
Real Estate Segment Financial Results
For the first quarter 2016, the Real Estate segment had
Pro-forma Adjusted Revenues of $159.7 million, compared to $132.7
million for the first quarter 2015. The increase in revenues was
primarily due to an increase in commissions and other brokerage
income at Douglas Elliman. For the first quarter 2016, Real Estate
Pro-forma Adjusted EBITDA attributed to the Company were $7.5
million, compared to $4.3 million for the first quarter 2015.
Douglas Elliman's results are included in Vector Group Ltd.'s
Real Estate segment. Douglas Elliman's Pro-Forma Adjusted
Revenues for the first quarter 2016 were $157.6 million, compared
to $130.2 million for the first quarter 2015.
For the first quarter 2016, Douglas Elliman's Pro-forma Adjusted
EBITDA were $9.1 million ($6.4 million attributed to the Company),
compared to $3.7 million ($2.6 million attributed to the Company)
for the first quarter 2015.
For the first quarter ended March 31, 2016, Douglas Elliman
achieved closed sales of approximately $5.7 billion, compared to
$4.1 billion for the three months ended March 31, 2015.
E-cigarettes Segment Financial Results
For the first quarter, the E-cigarette segment had a loss of
Pro-forma Adjusted EBITDA of $0.2 million compared to Pro-forma
Adjusted Revenues of $0.4 million and a loss of Pro-forma Adjusted
EBITDA of $3.2 million for the first quarter 2015.
Retrospective Adjustment to Previously Reported
Results
Amounts previously reported for the three months ended March 31,
2015 have been adjusted, as required by Generally Accepted
Accounting Principles, to retroactively apply the equity method of
accounting for two investments (Ladenburg Thalmann Financial
Services Inc. and Castle Brands, Inc.) since the inception of each
investment. Please refer to the Company’s Annual Report on Form
10-K for the year ended December 31, 2015 as well as the Company’s
Current Report on Form 8-K, dated April 1, 2016, for additional
information.
Non-GAAP Financial Measures
Pro-forma Adjusted Revenues, Pro-forma Adjusted EBITDA,
Pro-forma Adjusted Net Income, Pro-forma Adjusted Operating Income,
Tobacco Adjusted Operating Income, New Valley LLC Pro-forma
Adjusted Revenues, New Valley LLC Pro-forma Adjusted EBITDA,
Douglas Elliman Realty, LLC Adjusted Revenues, and Douglas Elliman
Realty, LLC Adjusted EBITDA (hereafter referred to as "the Non-GAAP
Financial Measures") are financial measures not prepared in
accordance with generally accepted accounting principles (“GAAP”).
The Company believes that the Non-GAAP Financial Measures are
important measures that supplement discussions and analysis of its
results of operations and enhances an understanding of its
operating performance. The Company believes the Non-GAAP Financial
Measures provide investors and analysts with a useful measure of
operating results unaffected by differences in capital structures,
capital investment cycles and ages of related assets among
otherwise comparable companies. Management uses the Non-GAAP
Financial Measures as measures to review and assess operating
performance of the Company's business, and management and investors
should review both the overall performance (GAAP net income) and
the operating performance (the Non-GAAP Financial Measures) of the
Company's business. While management considers the Non-GAAP
Financial Measures to be important, they should be considered in
addition to, but not as substitutes for or superior to, other
measures of financial performance prepared in accordance with GAAP,
such as operating income, net income and cash flows from
operations. In addition, the Non-GAAP Financial Measures are
susceptible to varying calculations and the Company's measurement
of the Non-GAAP Financial Measures may not be comparable to those
of other companies. Attached hereto as Tables 2 through 10 is
information relating to the Company's the Non-GAAP Financial
Measures for the three months ended March 31, 2016 and
2015.
Conference Call to Discuss First
Quarter 2016 Results
As previously announced, the Company will host a conference call
and webcast on Thursday, April 28, 2016 at 4:30 PM. (ET)
to discuss first quarter 2016 results. Investors can
access the call by dialing 800-859-8150 and
entering 28922062 as the conference ID number. The call
will also be available via live webcast at
www.investorcalendar.com. Webcast participants should allot extra
time to register before the webcast begins.
A replay of the call will be available shortly after the call
ends on April 28, 2016 through May 12, 2016. To
access the replay, dial 877-656-8905 and
enter 28922062 as the conference ID number. The archived
webcast will also be available
at www.investorcalendar.com for one year.
Vector Group is a holding company that indirectly
owns Liggett Group LLC, Vector Tobacco
Inc. and Zoom E-Cigs LLC and directly owns New
Valley LLC, which owns a controlling interest in Douglas
Elliman Realty, LLC. Additional information concerning the company
is available on the Company's
website, www.VectorGroupLtd.com.
[Financial Tables Follow]
TABLE 1 VECTOR GROUP LTD. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Dollars in
Thousands, Except Per Share Amounts)
Three Months Ended March 31, 2016 2015 (Unaudited)
Revenues Tobacco* $ 221,015 $ 228,085 Real estate 159,747 132,256
E-Cigarettes 38 419 Total revenues 380,800 360,760
Expenses: Cost of sales: Tobacco* 136,738 157,030 Real
estate 99,678 84,358 E-Cigarettes 6 630 Total cost of
sales 236,422 242,018 Operating, selling, administrative and
general expenses 79,828 74,181 Litigation, settlement and judgment
expense 2,350 843 Restructuring charges 41 —
Operating income 62,159 43,718 Other income (expenses):
Interest expense (30,720 ) (31,746 ) Change in fair value of
derivatives embedded within convertible debt 9,694 6,460 Equity in
(losses) earnings from real estate ventures (507 ) 338 Equity in
(losses) earnings from investments (1,671 ) 612 Gain on sale of
investment securities available for sale 567 13,029 Impairment of
investment securities available for sale (4,813 ) — Other, net
1,047 1,937 Income before provision for income taxes
35,756 34,348 Income tax expense 14,363 12,867
Net income 21,393 21,481 Net income attributed to
non-controlling interest (2,055 ) (260 ) Net income
attributed to Vector Group Ltd. $ 19,338 $ 21,221
Per basic common share: Net income applicable to
common shares attributed to Vector Group Ltd. $ 0.16 $ 0.18
Per diluted common share: Net income
applicable to common shares attributed to Vector Group Ltd. $ 0.16
$ 0.18 Cash distributions declared per share $
0.40 $ 0.38
* Revenues and Cost of goods sold include
excise taxes of $90,846 and $97,359, respectively.
TABLE 2 VECTOR GROUP LTD. AND
SUBSIDIARIES RECONCILIATION OF PRO-FORMA ADJUSTED
REVENUES (Unaudited)
(Dollars in
Thousands)
LTM Three Months Ended March 31, March 31, 2016 2016
2015 Revenues $ 1,677,237 $ 380,800 $ 360,760
Purchase accounting adjustments (a) 1,444 — 481 Total
adjustments 1,444 — 481 Pro-forma Adjusted Revenues (b) $
1,678,681 $ 380,800 $ 361,241
Pro-forma
Adjusted Revenues by Segment Tobacco (b) $ 1,010,691 $ 221,015
$ 228,085 E-cigarettes (2,351 ) 38 419 Real Estate (c) 670,341
159,747 132,737 Corporate and Other — — — Total (b) $
1,678,681 $ 380,800 $ 361,241 a.
Amounts represent purchase accounting adjustments recorded
in the periods presented in connection with the increase of the
Company's ownership of Douglas Elliman Realty, LLC, which occurred
in 2013. b. Includes excise taxes of $433,134 for the last twelve
months ended March 31, 2016 and $90,846 and $97,359 for the three
months ended March 31, 2016 and 2015, respectively. c. Includes
Pro-forma Adjusted Revenues from Douglas Elliman Realty, LLC of
$664,356 for the last twelve months ended March 31, 2016 and
$157,584 and $130,228 for the three months ended March 31, 2016 and
2015, respectively.
TABLE
3 VECTOR GROUP LTD. AND SUBSIDIARIES COMPUTATION OF
PRO-FORMA ADJUSTED EBITDA (Unaudited)
(Dollars in
Thousands)
LTM Three Months Ended March 31, March 31, 2016 2016
2015 Net income attributed to Vector Group Ltd. $ 57,403 $
19,338 $ 21,221 Interest expense 119,665 30,720 31,746 Income tax
expense 42,785 14,363 12,867 Net income attributed to
non-controlling interest 9,069 2,055 260 Depreciation and
amortization 24,537 5,164 6,281 EBITDA $
253,459 $ 71,640 $ 72,375 Change in fair value of derivatives
embedded within convertible debt (a) (27,689 ) (9,694 ) (6,460 )
Equity in losses (earnings) from investments (b) 4,964 1,671 (612 )
Loss (gain) on sale of investment securities available for sale
1,324 (567 ) (13,029 ) Impairment of investment securities
available for sale 17,659 4,813 — Equity in (earnings) losses from
real estate ventures (c) (1,300 ) 507 (338 ) Pension settlement
charge 1,607 — — Stock-based compensation expense (d) 6,763 2,307
1,164 Litigation settlement and judgment expense (e) 21,579 2,350
843 Impact of MSA settlement (f) (4,364 ) — — Restructuring charges
7,298 41 — Purchase accounting adjustments (g) 1,303 200 332 Other,
net (5,519 ) (1,047 ) (1,937 ) Pro-forma Adjusted EBITDA $ 277,084
$ 72,221 $ 52,338 Pro-forma Adjusted EBITDA attributed to
non-controlling interest (12,822 ) (2,639 ) (1,084 ) Pro-forma
Adjusted EBITDA attributed to Vector Group Ltd. $ 264,262 $
69,582 $ 51,254
Pro-forma Adjusted EBITDA
by Segment Tobacco $ 258,237 $ 66,335 $ 53,472 E-cigarettes
(10,066 ) (193 ) (3,164 ) Real Estate (h) 42,876 10,156 5,391
Corporate and Other (13,963 ) (4,077 ) (3,361 ) Total $ 277,084
$ 72,221 $ 52,338
Pro-forma Adjusted
EBITDA Attributed to Vector Group by Segment Tobacco $ 258,237
$ 66,335 $ 53,472 E-cigarettes (10,066 ) (193 ) (3,164 ) Real
Estate (i) 30,054 7,517 4,307 Corporate and Other (13,963 ) (4,077
) (3,361 ) Total $ 264,262 $ 69,582 $ 51,254
a. Represents income or losses
recognized from changes in the fair value of the derivatives
embedded in the Company's convertible debt. b. Represents equity in
(earnings) losses recognized from investments that the Company
accounts for under the equity method. c. Represents equity in
(earnings) losses recognized from the Company's investment in
certain real estate businesses that are not consolidated in its
financial results. d. Represents amortization of stock-based
compensation. e.
Represents accruals for settlements of
judgment expenses in the Engle progeny tobacco litigation.
f. Represents the Company's tobacco segment's settlement of a
long-standing dispute related to the Master Settlement Agreement.
g. Amounts represent purchase accounting adjustments recorded in
the periods presented in connection with the increase of the
Company's ownership of Douglas Elliman Realty, LLC, which occurred
in 2013. h.
Includes Pro-forma Adjusted EBITDA for
Douglas Elliman Realty, LLC of $41,119 for the last twelve months
ended March 31, 2016 and $9,064 and $3,685 for the three months
ended March 31, 2016 and 2015, respectively. Amounts reported in
this footnote reflect 100% of Douglas Elliman Realty, LLC's entire
Pro-forma Adjusted EBITDA.
i. Includes Pro-forma Adjusted EBITDA for Douglas Elliman Realty,
LLC less non-controlling interest of $29,026 for the last twelve
months ended March 31, 2016 and $6,398 and $2,601 for the three
months ended March 31, 2016 and 2015, respectively. Amounts
reported in this footnote have adjusted Douglas Elliman Realty,
LLC's Pro-forma Adjusted EBITDA for non-controlling interest.
TABLE 4 VECTOR GROUP LTD. AND
SUBSIDIARIES RECONCILIATION OF PRO-FORMA ADJUSTED NET
INCOME (Unaudited)
(Dollars in
Thousands, Except Per Share Amounts)
Three Months Ended March 31, 2016 2015 Net
income attributed to Vector Group Ltd. $ 19,338 $ 21,221
Change in fair value of derivatives embedded within convertible
debt (9,694 ) (6,460 ) Non-cash amortization of debt discount on
convertible debt 8,286 5,943 Litigation settlement and judgment
expense (a) 2,350 843 Interest expense capitalized to real estate
ventures (3,520 ) — Restructuring charges 41 — Douglas Elliman
Realty, LLC purchase accounting adjustments (b) 476 1,251
Total adjustments (2,061 ) 1,577 Tax expense related
to adjustments 858 (652 ) Pro-forma Adjusted Net
Income attributed to Vector Group Ltd. $ 18,135 $ 22,146
Per diluted common share: Pro-forma Adjusted
Net Income applicable to common shares attributed to Vector Group
Ltd. $ 0.15 $ 0.18 a.
Represents accruals for settlements of
judgment expenses in the Engle progeny tobacco litigation.
b. Represents 70.59% of purchase accounting adjustments in the
periods presented for assets acquired in connection with the
increase of the Company's ownership of Douglas Elliman Realty, LLC,
which occurred in 2013.
TABLE
5 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION
OF PRO-FORMA ADJUSTED OPERATING INCOME (Unaudited)
(Dollars in
Thousands)
LTM Three Months Ended March 31, March 31, 2016 2016
2015 Operating income $ 218,361 $ 62,159 $ 43,718
Litigation settlement and judgment expense (a) 21,579 2,350 843
Pension settlement charge 1,607 — — Restructuring expense 7,298 41
— Impact of MSA settlement (b) (4,364 ) — — Douglas Elliman Realty,
LLC purchase accounting adjustments (c) 6,415 674
1,772 Total adjustments 32,535 3,065 2,615 Pro-forma
Adjusted Operating Income (d) $ 250,896 $ 65,224 $
46,333 a.
Represents accruals for settlements of
judgment expenses in the Engle progeny tobacco litigation.
b. Represents the Company's tobacco segment\'s settlement of a
long-standing dispute related to the Master Settlement Agreement.
c. Amounts represent purchase accounting adjustments recorded in
the periods presented in connection with the increase of the
Company's ownership of Douglas Elliman Realty, LLC, which occurred
in 2013. d. Does not include a reduction for 29.41% non-controlling
interest in Douglas Elliman Realty, LLC.
TABLE 6 VECTOR GROUP LTD. AND
SUBSIDIARIES RECONCILIATION OF TOBACCO ADJUSTED OPERATING
INCOME (Unaudited)
(Dollars in
Thousands)
LTM Three Months Ended March 31, March 31, 2016 2016
2015 Operating income from tobacco segment $ 221,206 $
61,483 $ 49,670 Litigation settlement and judgment expense
(a) 21,579 2,350 843 Pension settlement charge 1,607 — —
Restructuring expense 7,298 41 — Impact of MSA settlement (b)
(4,364 ) — — Total adjustments 26,120 2,391 843
Tobacco Adjusted Operating Income $ 247,326 $ 63,874
$ 50,513 a.
Represents accruals for settlements of
judgment expenses in the Engle progeny tobacco litigation.
b. Represents the Company's tobacco segment's settlement of a
long-standing dispute related to the Master Settlement Agreement.
TABLE 7 VECTOR GROUP
LTD. AND SUBSIDIARIES ANALYSIS OF NEW VALLEY LLC PRO-FORMA
ADJUSTED REVENUES (Unaudited)
(Dollars in
Thousands)
LTM Three Months Ended March 31, March 31, 2016 2016
2015 New Valley LLC revenues $ 668,897 $ 159,747 $
132,256 Purchase accounting adjustments (a) 1,444 —
481 Total adjustments 1,444 — 481 New Valley LLC
Pro-forma Adjusted Revenues (b) $ 670,341 $ 159,747 $
132,737 a. Amounts represent purchase
accounting adjustments recorded in connection with the increase of
the Company's ownership of Douglas Elliman Realty, LLC., which
occurred in 2013. b. Includes Pro-forma Adjusted Revenues from
Douglas Elliman Realty, LLC of $664,356 for the last twelve months
ended March 31, 2016 and $157,584 and $130,228 for the three months
ended March 31, 2016 and 2015, respectively.
TABLE 8 VECTOR GROUP LTD. AND
SUBSIDIARIES COMPUTATION OF NEW VALLEY LLC PRO-FORMA
ADJUSTED EBITDA (Unaudited)
(Dollars in
Thousands)
LTM Three Months Ended March 31, March 31, 2016 2016
2015 Net income attributed to Vector Group Ltd. from
subsidiary non-guarantors (a) $ 13,261 $ 3,043 $ 1,450 Interest
expense (a) 9 3 1 Income tax expense (a) 10,005 2,423 1,308 Net
income attributed to non-controlling interest (a) 9,069 2,055 260
Depreciation and amortization 11,963 2,282 2,908
EBITDA $ 44,307 $ 9,806 $ 5,927 Income from non-guarantors
other than New Valley 109 34 16 Equity in (earnings) losses from
real estate ventures (b) (1,156 ) 507 (338 ) Purchase accounting
adjustments (c) 1,303 200 332 Other, net (1,612 ) (410 ) (552 )
Pro-forma Adjusted EBITDA $ 42,951 $ 10,137 $ 5,385 Pro-forma
Adjusted EBITDA attributed to non-controlling interest (12,822 )
(2,639 ) (1,084 ) Pro-forma Adjusted EBITDA attributed to New
Valley LLC $ 30,129 $ 7,498 $ 4,301
Pro-forma Adjusted EBITDA by Segment Real Estate (d) $ 42,876 $
10,156 $ 5,391 Corporate and Other 75 (19 ) (6 ) Total (f) $
42,951 $ 10,137 $ 5,385 Pro-forma
Adjusted EBITDA Attributed to New Valley LLC by Segment Real Estate
(e) $ 30,054 $ 7,517 $ 4,307 Corporate and Other 75 (19 ) (6
) Total (f) $ 30,129 $ 7,498 $ 4,301
a. Amounts are derived from Vector Group
Ltd.'s Consolidated Financial Statements. See Note entitled "Vector
Group Ltd.'s Condensed Consolidating Financial Information"
contained in Vector Group Ltd.'s Form 10-K and Form 10-Q for the
year ended December 31, 2015 and the quarterly period ended March
31, 2016. b. Represents equity in (earnings) losses recognized from
the Company's investment in certain real estate businesses that are
not consolidated in its financial results. c. Amounts represent
purchase accounting adjustments recorded in the periods presented
in connection with the increase of the Company's ownership of
Douglas Elliman Realty, LLC, which occurred in 2013. d.
Includes Pro-forma Adjusted EBITDA for
Douglas Elliman Realty, LLC of $41,119 for the last twelve months
ended March 31, 2016 and $9,064 and $3,685 for the three months
ended March 31, 2016 and 2015, respectively. Amounts reported in
this footnote reflect 100% of Douglas Elliman Realty, LLC's entire
Pro-forma Adjusted EBITDA.
e. Includes Pro-forma Adjusted EBITDA for Douglas Elliman Realty,
LLC less non-controlling interest of $29,026 for the last twelve
months ended March 31, 2016 and $6,398 and $2,601 for the three
months ended March 31, 2016 and 2015, respectively. Amounts
reported in this footnote have adjusted Douglas Elliman Realty,
LLC's Pro-forma Adjusted EBITDA for non-controlling interest. f.
New Valley's Pro-forma Adjusted EBITDA does not include an
allocation of Vector Group Ltd.'s "Corporate and Other" segment's
expenses (for purposes of computing Pro-Forma Adjusted EBITDA
contained in Table 3 of this press release) of $13,963 for the last
twelve months ended March 31, 2016 and $4,077 and $3,361, for the
three months ended March 31, 2016 and 2015, respectively.
TABLE 9 VECTOR GROUP LTD. AND
SUBSIDIARIES ANALYSIS OF DOUGLAS ELLIMAN REALTY, LLC
PRO-FORMA ADJUSTED REVENUES (Unaudited)
(Dollars in
Thousands)
LTM Three Months Ended March 31, March 31, 2016 2016
2015 Douglas Elliman Realty, LLC revenues $ 662,912 $
157,584 $ 129,747 Purchase accounting adjustments (a)
1,444 — 481 Total adjustments 1,444 — 481
Douglas Elliman Realty, LLC Pro-forma Adjusted Revenues $ 664,356
$ 157,584 $ 130,228 a.
Amounts represent purchase accounting adjustments recorded in the
periods presented in connection with the increase of the Company's
ownership of Douglas Elliman Realty, LLC, which occurred in 2013.
TABLE 10 VECTOR GROUP
LTD. AND SUBSIDIARIES COMPUTATION OF DOUGLAS ELLIMAN REALTY,
LLC PRO-FORMA ADJUSTED EBITDA (Unaudited)
(Dollars in
Thousands)
LTM Three Months Ended March 31, March 31, 2016 2016
2015 Net income attributed to Douglas Elliman Realty, LLC $
28,355 $ 7,077 $ 885 Interest expense 3 — 1 Income tax
expense 836 248 243 Depreciation and amortization 11,694
2,200 2,849 Douglas Elliman Realty, LLC EBITDA $
40,888 $ 9,525 $ 3,978 Equity income from real estate
ventures (a) (955 ) (603 ) (593 ) Purchase accounting adjustments
(b) 1,303 200 332 Other, net (117 ) (58 ) (32 ) Douglas Elliman
Realty, LLC Pro-forma Adjusted EBITDA $ 41,119 $ 9,064
$ 3,685 a. Represents
equity income recognized from the Company's investment in certain
real estate businesses that are not consolidated in its financial
results. b. Amounts represent purchase accounting adjustments
recorded in the periods presented in connection with the increase
of the Company's ownership of Douglas Elliman Realty, LLC, which
occurred in 2013.
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Sard Verbinnen & CoEmily Deissler/Benjamin
Spicehandler/Spencer Waybright212-687-8080orSard Verbinnen & Co
- EuropeJonathan Doorley/Conrad Harrington+44 (0)20 3178
8914orVector Group Ltd.J. Bryant Kirkland III, 305-579-8000
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