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RAI CEO: 'Returning Value in a Challenging Time'
Date:4/30/2008

al Results - Highlights

(unaudited)

(all dollars in millions, except per share amounts;

for reconciliations, including GAAP to non-GAAP, see schedule 2)

For the Three Months

Ended March 31,

%

2008 2007 Change

Net sales $2,057 $2,148 (4.2)%

Operating income

Reported (GAAP) $506 $574 (11.8)%

Adjusted (Non-GAAP) 506 574 (11.8)%

Net income

Reported (GAAP) $505 $328 54.0%

Adjusted (Non-GAAP) 295 328 (10.1)%

Net income per diluted share

Reported (GAAP) $1.71 $1.11 54.1%

Adjusted (Non-GAAP) 1.00 1.11 (9.9)%

MANAGEMENT'S PERSPECTIVE

Overview

"Reynolds American's operating companies continued to post gains on key cigarette and smokeless tobacco brands in the first quarter, with R.J. Reynolds' growth brands gaining half a share point and Conwood continuing to post double-digit volume growth," said Susan M. Ivey, RAI's chairman and chief executive officer.

"However," she said, "above-average cigarette declines on R.J. Reynolds' non-growth brands and an adjustment to settlement expense were among the factors that drove first-quarter adjusted earnings lower than the prior-year period."

While adjusted earnings were down about 10 percent, reported EPS was about 54 percent higher, due to a $328 million pre-tax gain from the successful termination of the Gallaher Joint Venture. The paym
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SOURCE Reynolds American Inc.
Copyright©2008 PR Newswire.
All rights reserved

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