April 25, 2014 1:00 AM ET

Tobacco

Company Overview of R.J. Reynolds Tobacco Company

Company Overview

R.J. Reynolds Tobacco Company manufactures and markets cigarettes for adult tobacco consumers in the United States. It offers its products through a network of retailers and wholesalers. R.J. Reynolds Tobacco Company was formerly known as Brown & Williamson U.S.A., Inc. The company was founded in 1875 and is based in Winston-Salem, North Carolina. R.J. Reynolds Tobacco Company operates as a subsidiary of R.J. Reynolds Tobacco Holdings, Inc.

401 North Main Street

Winston-Salem, NC 27102

United States

Founded in 1875

Phone:

336-741-0673

Fax:

336-741-2998

Key Executives for R.J. Reynolds Tobacco Company

President and Chief Commercial Officer
Age: 40
Chief Financial Officer
Chief Scientific Officer and Executive Vice President of Operations
Age: 55
Executive Vice President
Age: 55
Senior Vice President of Research & Development
Age: 52
Compensation as of Fiscal Year 2013.

R.J. Reynolds Tobacco Company Key Developments

R.J. Reynolds Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

R.J. Reynolds announced unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of $1,641 million against $1,724 million a year ago. Operating income was $531 million against $199 million a year ago. On the non-GAAP basis, operating income was $595 million against $571 million a year ago. For the year, the company reported net sales of $6,728 million against $6,960 million a year ago. Operating income was $2,587 million against $1,735 million a year ago. On the non-GAAP basis, operating income was $2,472 million against $2,297 million a year ago.

R.J. Reynolds Tobacco Co. Announces Update on Judgment

The Florida District Court of Appeal reversed in part a judgment in favor of the estate of a deceased smoker in an Engle progeny case alleging numerous claims arising from the tobacco company defendant's manufacture and marketing of cigarettes consumed by the decedent. Matthew Buonomo began smoking at age 13. In 1995, after smoking heavily for over 50 years, he began suffering from chronic obstructive pulmonary disease (COPD). Prior to his death in 2008, Buonomo sued R.J. Reynolds Tobacco Co. (RJR). After his death, his estate was substituted as plaintiff. The action was tried as an Engle progeny case, resulting in a jury verdict in favor of the estate on personal injury and wrongful death claims based on strict liability, negligence, fraudulent concealment and conspiracy to commit fraud by concealment. The jury apportioned 77.5% of the fault to RJR and 22.5% of the fault to Buonomo, and awarded $5,235,000 in compensatory damages and $25 million in punitive damages. The trial court reduced the compensatory damages to account for the percentage of fault the jury assigned to Buonomo, and reduced the punitive damages award to $15,705,000, three times the compensatory damages awarded by the jury. RJR appealed. The district court of appeal found the trial court erred in striking RJR's statute of repose defense to the fraudulent concealment and conspiracy to commit fraudulent concealment claims. Those claims were barred because the estate could not demonstrate detrimental reliance on any statements made by the defendant on or after May 5, 1982, which was 12 years prior to the filing of suit by the plaintiffs in the Engle action. Under applicable precedent, an Engle progeny plaintiff still must prove detrimental reliance on the defendant tobacco company's misinformation and whether a fraudulent act was committed within 12 years of the filing of an action can only be determined based on the timing of a plaintiff's alleged reliance.

R.J. Reynolds Tobacco Company Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2013

R.J. Reynolds Tobacco Company reported unaudited earnings results for the second quarter and six months ended June 30, 2013. For the second quarter, the company’s adjusted operating income was increased 9.8% to $662 million against $604 million a year ago, benefitting from higher pricing and lower MSA cost. Adjusted results exclude a $15 million one-time benefit from the NPM settlement with two additional settling states, as well as charges of $9 million for Engle progeny lawsuits and other tobacco-related litigation, and $5 million for implementation costs. Net sales were $1,792 million against $1,833 million a year ago. Operating income was $663 million against $594 million a year ago. For the first half, the company’s adjusted operating income was up 9.4% to $1,225 million against $1,120 million a year ago. Net sales were $3,350 million against $3,464 million a year ago. Operating income was $1,421 million against $971 million a year ago.

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