Company profile

Howard Mark Lorber
Incorporated in
Fiscal year end
Industry (SEC)
Former names
Brooke Group LTD
IRS number

VGR stock data



11 May 20
8 Jul 20
31 Dec 20


Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 454.49M 439.57M 504.79M 538.43M
Net income -3.23M 10.67M 36.01M 39.31M
Diluted EPS -0.03 0.06 0.23 0.25
Net profit margin -0.71% 2.43% 7.13% 7.30%
Operating income -4.9M 45.58M 66.72M 76.24M
Net change in cash 95.92M 52.04M -4.56M 11.22M
Cash on hand 467.26M 371.34M 319.3M 323.86M
Cost of revenue 310.62M -713.63M 345.46M 368.17M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 420.92M 1.87B 1.81B 1.69B
Net income 15.03M 58.01M 90.75M 77.27M
Diluted EPS 0.08 0.35 0.54 0.5
Net profit margin 3.57% 3.10% 5.02% 4.57%
Operating income 42.59M 224.05M 235.65M 234.51M
Net change in cash -213.24M 283.23M -92.18M 153.16M
Cash on hand 371.34M 584.58M 301.35M 393.53M
Cost of revenue 286.02M 1.29B 1.23B 1.1B

Financial data from Vector earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
1 Jul 20 Lorber Howard M Common Stock Payment of exercise Dispose F No 10.06 211,119 2.12M 1,262,673
1 Jul 20 Lorber Howard M Common Stock Grant Aquire A No 0 399,817 0 1,473,792
17 Jun 20 Lebow Bennett S Common Stock Sell Dispose S No 11.99 98,764 1.18M 630,895
16 Jun 20 Lebow Bennett S Common Stock Sell Dispose S No 12.12 51,236 620.98K 729,659
29 May 20 Bell Marc N Common stock Payment of exercise Dispose F No 11.44 5,423 62.04K 124,168
27 May 20 Lampen Richard Common Stock Grant Aquire A No 0 75,000 0 371,486
27 May 20 Lorber Howard M Common Stock Grant Aquire A No 0 250,000 0 1,073,975
27 May 20 Bell Marc N Common stock Grant Aquire A No 0 40,000 0 129,591
58.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 211 216 -2.3%
Opened positions 30 37 -18.9%
Closed positions 35 31 +12.9%
Increased positions 68 62 +9.7%
Reduced positions 71 79 -10.1%
13F shares
Current Prev Q Change
Total value 837.85M 1.18B -29.1%
Total shares 88.97M 88.12M +1.0%
Total puts 829.3K 1.37M -39.5%
Total calls 222K 171.33K +29.6%
Total put/call ratio 3.7 8.0 -53.3%
Largest owners
Shares Value Change
BLK BlackRock 16.92M $159.39M -5.9%
Vanguard 13.86M $130.57M +1.6%
Renaissance Technologies 10.23M $96.33M +1.3%
Capital Research Global Investors 9.6M $90.4M +283.3%
Dimensional Fund Advisors 4.05M $38.12M -1.0%
STT State Street 3.48M $32.75M +5.0%
IVZ Invesco 3.06M $28.81M -14.0%
BK Bank Of New York Mellon 2.71M $25.55M -2.2%
Geode Capital Management 1.63M $15.39M +2.3%
NTRS Northern Trust 1.46M $13.74M +0.8%
Largest transactions
Shares Bought/sold Change
Capital Research Global Investors 9.6M +7.09M +283.3%
Mirae Asset Global Investments 716.71K -1.37M -65.6%
Millennium Management 0 -1.16M EXIT
BLK BlackRock 16.92M -1.06M -5.9%
Citadel Advisors 250.07K -759.74K -75.2%
MNGPF Man 893.48K -584.31K -39.5%
IVZ Invesco 3.06M -498.45K -14.0%
MS Morgan Stanley 417.45K -323.08K -43.6%
Orbis Allan Gray 797.03K +276.49K +53.1%
Private Advisor 0 -260.54K EXIT

Financial report summary

  • We have significant liquidity commitments.
  • We are a holding company and depend on cash payments from our subsidiaries, which are subject to contractual and other restrictions, in order to service our debt and to pay dividends on our common stock.
  • We and our subsidiaries have a substantial amount of indebtedness.
  • Our high level of debt may adversely affect our ability to satisfy our obligations.
  • Servicing our indebtedness requires a significant amount of cash and we may not generate sufficient cash flow from our business to pay our substantial indebtedness.
  • Changes in respect of the debt ratings of our notes may materially and adversely affect the availability, the cost and the terms and conditions of our debt.
  • The Tax Cuts and Jobs Act of 2017 may increase the after-tax cost of debt financings.
  • Failure to maintain effective internal control over financial reporting could adversely affect us.
  • Liggett faces intense competition in the domestic tobacco industry.
  • Liggett’s business is highly dependent on the discount cigarette segment and to maintain market share, it may be required to take steps to reduce prices.
  • The domestic cigarette industry has experienced declining unit sales in recent periods, which could result in lower sales or higher costs for us.
  • Our tobacco operations are subject to substantial and increasing legislation, regulation and taxation, which have a negative effect on revenue and profitability.
  • FDA Regulation Under the Family Smoking Prevention and Tobacco Control Act may adversely affect our sales and operating profit.
  • Litigation will continue to harm the tobacco industry, including Liggett.
  • Individual tobacco-related cases have increased as a result of the Florida Supreme Court’s ruling in Engle.
  • Liggett may have additional payment obligations under the MSA.
  • Liggett may have additional payment obligations under its individual state settlements.
  • New Valley is subject to risks relating to the industries in which it operates.
  • Potential new investments we may make are unidentified and may not succeed.
  • Goodwill and indefinite-lived intangible asset impairment charges may adversely affect our operating results and financial condition.
  • Maintaining the integrity of our computer systems and protecting confidential information and personal identifying information has become increasingly costly, as cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information, and adversely impact our reputation and results of operations.
  • We depend on our key personnel.
  • The price of our common stock may fluctuate significantly.
  • We have potentially dilutive securities outstanding.
Management Discussion
  • Our business segments were Tobacco and Real Estate for the three years ended December 31, 2019, 2018 and 2017. The Tobacco segment consists of the manufacture and sale of cigarettes. The Real Estate segment includes our investment in New Valley, which includes Douglas Elliman, Escena, Sagaponack, and investments in real estate ventures.
  • The accounting policies of the segments are the same as those described in the summary of significant accounting policies and can be found in Note 1 to our consolidated financial statements.
  • (2) Operating income includes $6,298 of income from MSA Settlement, and $685 of litigation settlement and judgment expense.
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