Vector Group Ltd.(VGR) reported fourth-quarter net income of $16.5 million, or $0.14 per share, compared to $7.8 million, or $0.09 per share in the comparable quarter last year.
The latest-quarter results included a pre-tax gain related to changes in the fair value of derivatives embedded within convertible debt of $13.5 million.
Adjusted net income for the latest-quarter was $7.8 million or $0.09 per share, compared to$11.1 million or $0.13 per share last year.
Revenues for the latest fourth quarter were $277.56 million, compared to $292.83 million in the previous year quarter. The decline in revenues in 2012 was primarily due to decreased unit sales of approximately 8.6% in the 2012 period compared to the 2011 period, which was partially offset by higher pricing.
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