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, 1995
(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
<PAGE>
ITEM 5. OTHER EVENTS
The press release issued by the Registrant on July 11, 1995 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, 1995.
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, 1995
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
Phone: (804) 359-9311
Fax: (804) 254-3594
EARNINGS TO SLIGHTLY EXCEED EXPECTATIONS;
FURTHER RESTRUCTURING ANNOUNCED
RICHMOND, VA., JULY 11, 1995/PRNEWSWIRE
Universal Corporation announced today that results before a restructuring charge
for the 1994/1995 fiscal year are expected to slightly exceed earlier
expectations. This reflects an improved world market balance for tobacco and
continued growth in non-tobacco activities.
Management also announced further restructuring measures designed to continue
the process begun a year ago to consolidate and rationalize activities and
services in the Company's worldwide operations. These measures, approved on
June 29, 1995, (the "1995 Plan") are expected to generate additional efficiency
and cost reductions.
A restructuring charge arising from the 1995 Plan will be recorded in the
Company's fourth fiscal quarter, which will be reported on August 3, 1995. The
charge is expected to be in the range of $13 million to $16 million before
taxes, but the numerous calculations necessary to quantify the precise amounts
have not been finalized. The Company does not expect to realize full U.S.
statutory tax benefits on all elements of the charge due to limits on foreign
tax credits. Savings on an annual basis are expected to be in the range of $7
million to $9 million before taxes after the plan is implemented. The full
effect of the savings will not be realized until fiscal 1997.
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, 1994, were approximately $3 billion.
