UNAUDITED QUARTERLY FINANCIAL DATA

Unaudited quarterly financial data for the fiscal years ended March 31, 2014 and 2013, is provided in the table below. Due to the seasonal nature of the Company's business, management believes it is generally more meaningful to focus on cumulative rather than quarterly results.



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Fiscal Year Ended March 31, 2014
Operating Results:
Sales and other operating revenues	$	433,528	$	650,869	$	767,802	$	689,916
Gross profit	71,468		119,312		139,307		103,204
Net income	53,913		29,830		44,203		27,209
Net income attributable to Universal Corporation	58,309		25,444		38,585		26,671
Earnings available to Universal Corporation common shareholders after dividends on convertible perpetual preferred stock	54,597		21,731		34,873		22,958
Earnings per share attributable to Universal Corporation common shareholders:
Basic	2.34		0.94		1.50		0.99
Diluted	2.05		0.90		1.36		0.94
Cash Dividends Declared:
Per share of convertible perpetual preferred stock	16.88		16.87		16.88		16.87
Per share of common stock	0.50		0.50		0.51		0.51
Market Price Range of Common Stock:
High	61.46		63.36		54.60		58.99
Low	54.45		48.43		50.06		49.84

Fiscal Year Ended March 31, 2013
Operating Results:
Sales and other operating revenues	$	461,391	$	675,187	$	680,029	$	645,092
Gross profit	92,030		138,049		125,441		106,897
Net income	25,233		49,286		39,715		26,685
Net income attributable to Universal Corporation	23,125		47,981		35,542		26,102
Earnings available to Universal Corporation common shareholders after dividends on convertible perpetual preferred stock	19,413		44,268		31,830		22,389
Earnings per share attributable to Universal Corporation common shareholders:
Basic	0.83		1.89		1.36		0.96
Diluted	0.81		1.68		1.25		0.92
Cash Dividends Declared:
Per share of convertible perpetual preferred stock	16.88		16.87		16.88		16.87
Per share of common stock	0.49		0.49		0.50		0.50
Market Price Range of Common Stock:
High	47.40		51.10		52.25		58.36
Low	44.08		44.03		45.62		51.29


Note:	Earnings per share amounts for each fiscal year may not equal the total of the four quarterly amounts due to differences in weighted-average outstanding shares for the respective periods and to the fact that the Company’s convertible perpetual preferred stock may be antidilutive for some periods.

Significant items included in the quarterly results were as follows:

Fiscal Year Ended March 31, 2014

•

First Quarter – a gain of $81.6 million resulting from the favorable outcome of litigation by the Company’s operating subsidiary in Brazil related to previous years’ excise tax credits. The gain increased net income attributable to Universal Corporation by $53.1 million. Excluding the effect of the gain on net income attributable to Universal Corporation, the Company's outstanding convertible perpetual preferred stock would have been antidilutive to earnings per share for the quarter. As a result, the gain increased diluted earnings per share for the quarter by $1.96. For the full fiscal year, the preferred stock was dilutive to earnings per share with or without the gain, and the effect on diluted earnings per share was only $1.87.


•	Second Quarter – restructuring costs of approximately $1.3 million, primarily related to the closure of a tobacco processing facility in Brazil and consolidation of those operations into the Company's primary facility there. The restructuring costs reduced net income attributable to Universal Corporation by $0.9 million and diluted earnings per share by $0.03.


•	Third Quarter – additional restructuring costs of approximately $3.4 million, primarily related to the facility closure in Brazil. The restructuring costs reduced net income attributable to Universal Corporation by $2.2 million and diluted earnings per share by $0.08.


•	Fourth Quarter – restructuring costs of approximately $2.0 million, representing additional costs associated with the facility closure in Brazil and costs related to voluntary early retirement arrangements at several locations. The restructuring costs reduced net income attributable to Universal Corporation by $1.3 million and diluted earnings per share by $0.04.

Fiscal Year Ended March 31, 2013


•	Second Quarter – restructuring costs of approximately $3.7 million, primarily related to workforce reductions in the Company’s operations in Africa. The restructuring costs reduced net income attributable to Universal Corporation by $1.5 million and diluted earnings per share by $0.05.