SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: July 11, 1994
(Date of Earliest Event Reported)
UNIVERSAL CORPORATION
(Exact name of registrant as specified in its charter)
VIRGINIA
(State or other jurisdiction
of incorporation)
1-652 54-0414210
(Commission (IRS Employer
File Number) Identification
Number)
Hamilton Street at Broad
Richmond, Virginia 23230
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(804) 359-9311
NUMBER OF PAGES IN THIS FILING 3
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ITEM 5. OTHER EVENTS
The press release issued by the Registrant on July 11, 1994 and attached
hereto as Exhibit A is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
(99) Press release issued by the Registrant on July 11, 1994.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNIVERSAL CORPORATION
(Registrant)
By: /s/Karen M.L. Whelan
Karen M.L. Whelan
Vice President and Treasurer
Dated: July 13, 1994
<PAGE>
EXHIBIT A
UNIVERSAL CORPORATION
P.O. Box 25099
Richmond, VA 23260
Phone (804) 359-9311
Fax: (804) 254-3584
Contact: Release:
Karen M.L. Whelan Immediately
UNIVERSAL CORPORATION ANNOUNCES RESTRUCTURING
RICHMOND, VA., JULY 11, 1994/PRNESWIRE
Universal Corporation announced today that a plan of restructuring was
approved on June 30, 1994. The plan, which provides for the consolidation and
rationalization of operations and services in company facilities around the
world, is expected to result in a more efficient operation and better service to
the Company's customers. In addition, the Company believes that it will realize
significant annual cost savings.
A restructuring charge will be recorded in the Company's fourth fiscal
quarter which will be reported on August 4, 1994. It is expected to be in the
range of $13 million to $18 million before taxes, but the numerous calculations
necessary to quantify the precise charges have not been finalized. Savings on
an annual basis are expected to be roughly comparable to the charge, although
the full effect of the savings will not be realized until fiscal year 1996.
Universal's management reaffirmed its earlier estimate that its net income
for the fiscal year just ended would be 35-40% below that of last year before
considering the anticipated restructuring charge or the cumulative effect of the
accounting change related to postretirement medical benefits that was recorded
in the first quarter.
Universal Corporation is a diversified company with operations in tobacco,
lumber, and agri-products. Its gross revenues for the fiscal year that ended on
June 30, 1993, were approximately $3 billion.
