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EXHIBIT 99
[UNVIERSAL CORPORATION LOGO]
P.O. Box 25099 Richmond, VA 23260 phone: (804) 359-9311 fax (804) 254-3584
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PRESS RELEASE
CONTACT RELEASE
Karen M. L. Whelan Immediately
Phone: (804) 359-9311
Fax: (804) 254-3584
Universal Corporation Announces Earnings Expectations
Richmond, VA o July 25, 2000 / PRNEWSWIRE
Henry H. Harrell, Chairman and Chief Executive Officer of Universal
Corporation, announced today that earnings are expected to slightly exceed
$3.75 per share for the fiscal year ended June 30, 2000. Included in this
estimate is approximately $11 million in pre-tax charges for restructuring
the company's U.S. operations. The restructuring charges were caused by
plant closures and workforce reductions that were announced in March 2000,
and include the $7 million in severance costs announced at that time.
This earnings expectation is higher than the company's earlier estimate of
$3.45 to $3.65 per share. Mr. Harrell noted that performance in the
company's international operations was better than management had
anticipated. He cautioned that the year-end closing was still in progress,
and final results await completion of the annual audit. Actual results,
therefore, could vary from those expected.
The company cautions readers that any forward-looking statements contained
herein are based upon management's current knowledge. 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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