SECURITIES AND EXCHANGE COMMISSION FORM 8-K Current report filing Filing Date: 2021-08-05 | Period of Report: 2021-08-04 SEC Accession No. 0000059440-21-000046 (HTML Version on secdatabase.com) FILER VECTOR GROUP LTD Mailing Address Business Address 4400 BISCAYNE 4400 BISCAYNE CIK:59440| IRS No.: 650949535 | State of Incorp.:DE | Fiscal Year End: 1231 BOULEVARD BOULEVARD Type: 8-K | Act: 34 | File No.: 001-05759 | Film No.: 211146358 10TH FLOOR 10TH FLOOR SIC: 2111 Cigarettes MIAMI FL 33137 MIAMI FL 33137 3055798000 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES 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 (Date of earliest event reported): August 4, 2021 VECTOR GROUP LTD. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation) 1-5759 65-0949535 (Commission File Number) (I.R.S. Employer Identification No.) 4400 Biscayne Boulevard Miami Florida 33137 (Address of Principal Executive Offices) (Zip Code) (305) 579-8000 (Registrant’s Telephone Number, Including Area Code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities Registered Pursuant to 12(b) of the Act: Title of each class: Trading Name of each exchange Symbol(s) on which registered: Common stock, par value $0.10 per share VGR New York Stock Exchange Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Item 2.02. Results of Operations and Financial Condition On August 4, 2021, Vector Group Ltd. announced its financial results for the three and six months ended June 30, 2021. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in Item 2.02 of this Current Report on Form 8-K and the related Exhibit attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing. Item 9.01. Financial Statements and Exhibit (c) Exhibit. Exhibit No. Exhibit 99.1 Press Release issued on August 4, 2021. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SIGNATURE 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. VECTOR GROUP LTD. By: /s/ J. Bryant Kirkland III J. Bryant Kirkland III Senior Vice President, Treasurer and Chief Financial Officer Date: August 5, 2021 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FOR IMMEDIATE RELEASE Contact: Emily Claffey/Benjamin Spicehandler /Columbia Clancy Sard Verbinnen & Co 212-687-8080 Eve Young Sard Verbinnen & Co - Europe +44 (0)20 3178 8914 J. Bryant Kirkland III, Vector Group Ltd. 305-579-8000 VECTOR GROUP REPORTS SECOND QUARTER 2021 FINANCIAL RESULTS Record High Quarterly Revenues and Robust Operating Income Continued Strong Earnings Momentum in Tobacco and Real Estate Segments Second Quarter 2021 Highlights: • Consolidated revenues of $729.5 million, up 64% or $283.8 million compared to the prior year period • Real Estate segment revenues of $400.0 million, up 200% or $266.8 million compared to the prior year period • Douglas Elliman’s closed sales volume of $14.5 billion, up 209% or $9.8 billion compared to the prior year period • Reported net income of $93.3 million or $0.61 per diluted share, up $67.5 million compared to the prior year period; Adjusted Net Income of $96.5 million or $0.63 per diluted share, up $67.8 million compared to the prior year period • Reported operating income of $137.1 million, up $70.3 million compared to the prior year period • Tobacco segment operating income of $103.2 million, up 30% or $23.9 million compared to the prior year period • Real Estate segment operating income of $42.4 million, up $49.2 million compared to the prior year period • Adjusted EBITDA of $144.2 million, up 89% or $67.7 million compared to the prior year period • Tobacco segment Adjusted EBITDA of $104.9 million, up 29% or $23.5 million compared to the prior year period • Real Estate segment Adjusted EBITDA of $44.6 million, up $46.3 million compared to the prior year period Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Year-to-date 2021 Highlights: • Consolidated revenues of $1.27 billion, up 41% or $373.0 million compared to the prior year period • Real Estate segment revenues of $675.3 million, up 125% or $374.7 million compared to the prior year period • Douglas Elliman’s closed sales volume of $24.6 billion, up 128% or $13.8 billion compared to the prior year period Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document • Reported net income of $125.3 million or $0.81 per diluted share, up $102.7 million compared to the prior year period; Adjusted Net Income of $141.8 million or $0.92 per diluted share, up $73.2 million compared to the prior year period • Reported operating income of $227.3 million, up $165.4 million compared to the prior year period • Tobacco segment operating income of $184.8 million, up 24% or $36.3 million compared to the prior year period • Real Estate segment operating income of $57.6 million, up $132.0 million compared to the prior year period • Adjusted EBITDA of $238.6 million, up 75% or $101.9 million compared to the prior year period • Tobacco segment Adjusted EBITDA of $185.5 million, up 22% or $32.9 million compared to the prior year period • Real Estate segment Adjusted EBITDA of $62.1 million, up $70.7 million compared to the prior year period • Strong liquidity with cash and cash equivalents of $490 million and investment securities and long-term investments of $212 million at June 30, 2021 • Cash dividends of $63 million returned to stockholders at a rate of $0.40 per common share Last Twelve Months ended June 30, 2021 Highlights: • Consolidated revenues of $2.38 billion • Tobacco segment revenues of $1.20 billion • Real Estate segment revenues of $1.17 billion • Douglas Elliman’s closed sales volume of $42.9 billion • Net income of $195.7 million • Real Estate segment net income of $42.4 million • Operating income of $410.5 million • Tobacco segment operating income of $355.8 million • Adjusted EBITDA of $435.3 million • Tobacco segment Adjusted EBITDA of $361.0 million • Real Estate segment Adjusted EBITDA of $92.5 million MIAMI, FL, August 4, 2021 - Vector Group Ltd. (NYSE:VGR) today announced second quarter 2021 financial results. “Vector had another outstanding quarter, achieving all-time high quarterly revenues and significantly increased operating income in both our Tobacco and Real Estate segments,” said Howard Lorber, President and Chief Executive Officer of Vector Group. “We are excited by the continued strong performance of our tobacco business which validates our market strategy and reflects the competitive advantages we have in the deep discount segment, as demonstrated by increased Adjusted EBITDA during the quarter. Our Douglas Elliman subsidiary also delivered record revenues up 195% compared to the year ago period, and closed sales volume was up 209% over the same timeframe. Combined with expense reductions, Douglas Elliman achieved record quarterly Adjusted EBITDA during the second quarter.” Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GAAP Financial Results Three months ended June 30, 2021 and 2020. Second quarter 2021 revenues were $729.5 million, compared to revenues of $445.8 million in the second quarter of 2020. The Company recorded operating income of $137.1 million in the second quarter of 2021, compared to operating income of $66.8 million in the second quarter of 2020.