SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: March 29, 2000
(Date of earliest event reported)
UNIVERSAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Virginia 1-652 54-0414210
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
1501 North Hamilton Street
Richmond, Virginia 23230
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(804) 359-9311
<PAGE>
Item 5. Other Events.
The press release issued by the Registrant on March 29, 2000
attached hereto as Exhibit 99 is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
No. Description
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99 Press Release Announcing Earnings Projections.*
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*Filed Herewith
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
UNIVERSAL CORPORATION
(Registrant)
Date: March 29, 2000 By: /s/ James M. White, III
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James M. White, III
Vice President, Secretary & General Counsel
<PAGE>
Exhibit Index
Exhibit
Number Document
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99 Press Release Announcing Earnings Projections.*
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*Filed Herewith
CONTACT: RELEASE:
KAREN M.L. WHELAN Immediate
Phone: (804) 359-9311
Fax: (804) 254-3594
UNIVERSAL CORPORATION ANNOUNCES EARNINGS PROJECTIONS
RICHMOND, VA, March 29, 2000 / PRNEWSWIRE
Henry H. Harrell, Chairman and Chief Executive Officer of Universal
Corporation, announced today that the company expects that earnings for its
fiscal quarter ending on March 31, 2000, will be substantially higher than those
of last year's third quarter, between $1.20 and $1.30, primarily due to the
timing of customer shipments. The company also expects that, for the fiscal year
that will end on June 30, 2000, earnings per share will be in the range of $3.45
to $3.65, which is somewhat higher than current market expectations. This annual
earnings estimate includes the $7 million pre-tax severance cost related to U.S.
plant closures that were recently announced.
Mr. Harrell noted," World tobacco markets remain in an oversupply condition.
However, our international tobacco operations continue to perform well, and with
our recent closure of facilities in the United States due to smaller U.S. crops,
we believe that Universal is positioned to continue to do well through this
period of market imbalance."
Universal's share repurchase program is continuing. Since May 1998,
approximately 6.9 million shares have been purchased for $189 million. As of
March 29, 2000, about 28.6 million shares remained outstanding.
The company cautions readers that any forward-looking statements contained
herein are based upon management's current knowledge and assumptions about
future events, including anticipated levels of demand for and supply of the
company's products and services, costs incurred in providing these products and
services, timing of shipments to customers, and general economic, political,
market, and weather conditions. Lumber and building products earnings are also
affected by changes in exchange rates between the U.S. dollar and the Euro.
Actual results, therefore, could vary from those expected. For more details on
factors that could affect expectations, see the Management's Discussion and
Analysis section of the company's Annual Report on Form 10-K for the year ended
June 30, 1999, as filed with the Securities and Exchange Commission.
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, 1999, were approximately $4 billion. For more information, visit
Universal's web site at www.universalcorp.com.
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