Trading Day: Roundup of publicly traded companies for 6.3.10

Altria Group
The company disclosed it must pay $971 million in taxes and related interest as part of an agreement it reached with the IRS. The charges were related to the IRS’s examination of Altria’s tax returns from the years 2000 through 2003. The company said it expects to make the payment during the third quarter of this year, and it did not revise its 2010 earnings estimates as a result. Approximately $946 million of that total is related to transactions conducted by its Philip Morris Capital Corp. subsidiary. Altria said in the filing that it intends to file claims with the IRS for a credit or refund of the payment and that if those claims are denied, the company plans to file a lawsuit against the U.S. government. It also expects to be reimbursed for $22 million of the remaining $25 million by entities the company has since spun off.

Dynex Capital

Leon Felman, a director, exercised options to buy 15,000 shares for $136,450. He then gave those shares as a gift to the Leon A. Felman Family Trust. Through various accounts and retirement instruments, Felman owns more than 100,000 shares of Dynex stock.

The company’s chief investment officer, Byron Boston, purchased 1,700 shares for $15,369.

Genworth Financial

Kevin Schneider, a senior vice president, exercised stock rights to acquire 24,000 shares for $2.46 per share or a total of $59,000, less than a third of market value. He then sold 10,607 of those shares at market price for $150,000. Schneider still owns more than 18,000 shares of Genworth stock.

James River Coal

Chairman, President and CEO Peter Socha, COO Coy Lane Jr. and Chief Accounting Officer Samuel Hopkins II sold shares for $15.06 per share to satisfy the tax liability they incurred after being awarded shares of restricted stock. These three executives own a combined 425,000 shares of JRC’s common stock. Socha has options to acquire an additional 150,000 shares.

Media General

President and CEO Marshall Morton and CFO John Schauss were awarded shares of phantom stock that become payable in cash under certain circumstances such as retirement. Morton owns more than 260,000 shares of Media General stock. Schauss owns 41,000 shares.

Owens & Minor
Mark Van Sumeren, a senior vice president, exercised options to acquire 11,850 shares for $21.34 per share or a total of $252,879. He then sold the same number of shares for $354,000 and still owns more than 46,000 shares of the company’s common stock.

Universal Corp.

The tobacco processor said it turned a $168.3 million profit in its fiscal year that ended March 31, compared to $131.7 million in the previous year. Revenue for the year, however, was down to $2.4 billion from $2.5 billion.

The company also declared a $0.47 quarterly dividend per common share payable Aug. 9 to shareholders of record at the close of business July 12. A $16.87 per share dividend was declared on the company’s Series B Preferred Stock, payable June 15 to shareholders of record as of 5 p.m. June 1.

It also announced that its annual shareholders meeting would be Aug. 3 at 2 p.m. at the company’s Richmond headquarters.

Michael Schwartz covers publicly traded companies for BizSense. Please send news tips to Michael (at) richmondbizsense.com.

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