Vector Group Ltd.(VGR: Quote) announced that net income for the 2012 second quarter was $3.9 million, or $0.05 per share, down from $30.3 million, or $0.34 per share, in the 2011 second quarter.
The latest-quarter results included a pre-tax expense on the acceleration of interest expense of $7.9 million related to the conversion of the Company's convertible debt and pre-tax losses related changes in the fair value of derivatives embedded within convertible debt of $6.0 million.
Adjusted net income for the latest-quarter was $12.2 million or $0.15 per share, compared to$13.2 million or $0.16 per share last year.
Second quarter 2012 revenues were $276.6 million, compared to revenues of $291.2 million in the second quarter of 2011. The decline in revenues in 2012 was primarily due to decreased unit sales of approximately 8.4% in the 2012 period compared to the 2011 period.
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by RTT Staff Writer
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