Lorillard, Inc. Announces $500 Million Share Repurchase Program

Fri Mar 8, 2013 1:00pm EST

* Reuters is not responsible for the content in this press release.

For best results when printing this announcement, please click on the link


GREENSBORO, N.C.,  March 8, 2013  /PRNewswire/ -- Lorillard, Inc. (NYSE: LO),
the third largest manufacturer of cigarettes in  the United States, announced
today that the Company's Board of Directors approved a new share repurchase
program, authorizing the Company to repurchase in the aggregate up to  $500
million  of its outstanding common stock, which is expected to be completed over
the course of 2013.

"Today's announcement that the Board has authorized a new share repurchase
program reinforces the Company's intent to efficiently manage our financial
resources and our continued priority of returning cash to Lorillard
shareholders," stated  David H. Taylor, Executive Vice President, Finance and
Planning, and Chief Financial Officer.  

Purchases by the Company under the new program may be made from time to time at
prevailing market prices in open market purchases, privately negotiated
transactions, block purchase techniques or otherwise, as determined by the
Company's management.  

This program does not obligate the Company to acquire any particular amount of
its common stock. The timing, frequency and amount of repurchase activity will
depend on a variety of factors such as levels of cash generation from
operations, cash requirements for investment in the Company's business, current
stock price, market conditions and other factors. The share repurchase program
may be suspended, modified or discontinued at any time and has no set expiration

About Lorillard, Inc.

Lorillard, Inc. (NYSE: LO), through its Lorillard Tobacco Company subsidiary, is
the third largest manufacturer of cigarettes in the United States.  Founded in
1760, Lorillard is the oldest continuously operating tobacco company in the U.S.
  Newport, Lorillard's flagship premium cigarette brand, is the top selling
menthol and second largest selling cigarette in the U.S.  In addition to 
Newport, the Lorillard product line has four additional cigarette brand families
marketed under the Kent, True, Maverick and Old Gold brand names. These five
brands include 39 different product offerings which vary in price, taste,
flavor, length and packaging.  Lorillard, through its LOEC, Inc. subsidiary, is
also a leading electronic cigarette company in the U.S, marketed under the blu
eCigs brand.   Newport, Kent, True, Maverick, Old Gold and blu eCigs are the
registered trademarks of Lorillard and its subsidiaries.  Lorillard maintains
its headquarters and manufactures all of its traditional cigarette products in 
Greensboro, North Carolina.

Forward-Looking Statements

Certain statements made in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995, or
the Reform Act. Forward-looking statements include, without limitation, any
statement that may project, indicate or imply future results, events,
performance or achievements, and may contain the words "expect," "intend,"
"plan," "anticipate," "estimate," "believe," "may," "will be," "will continue,"
"will likely result" and similar expressions. In addition, any statement that
may be provided by management concerning future financial performance (including
future revenues, earnings or growth rates), ongoing business strategies or
prospects and possible actions by Lorillard, Inc. are also forward-looking
statements as defined by the Reform Act.  

Forward-looking statements are based on current expectations and projections
about future events and are inherently subject to a variety of risks and
uncertainties, many of which are beyond our control, that could cause actual
results to differ materially from those anticipated or projected. Information
describing factors that could cause actual results to differ materially from
those in forward-looking statements is available in Lorillard, Inc.'s filings
with the Securities and Exchange Commission (the "SEC"), including but not
limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
These filings are available from the SEC over the Internet or in hard copy, and
are available on our website at  www.lorillard.com. Forward-looking statements
speak only as of the time they are made, and we expressly disclaim any
obligation or undertaking to update these statements to reflect any change in
expectations or beliefs or any change in events, conditions or circumstances on
which any forward-looking statement is based.  

SOURCE  Lorillard, Inc.

Bob Bannon, Investor Relations, +1-336-335-7665

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.