The tobacco giant announced it will eliminate about 490 salaried employees over the next couple months, including about 200 to 250 in Richmond. The cuts are expected to save $300 million annually by the end of 2017.
It also released its earnings report for the quarter and year ending Dec. 31. The company reported an increase in smokeable product net revenues for the fourth quarter of 2015 compared to the same quarter the year before. Net revenues were up from $5.51 billion the fourth quarter of 2014 to $5.55 billion last quarter. Full year net revenues totaled $22.79 billion in 2015, up from $21.93 billion in 2014.
The used car retailer announced a management succession plan that will see the retirement of Tom Folliard as president and CEO by the end of this year. Executive vice presidents Bill Nash and Cliff Wood were promoted to president and chief operating officer, a new title for the company, effective Feb. 1. Folliard is expected to remain on the board as a non-executive chairman upon his retirement.
C&F Financial (CFFI)
The parent of C&F Bank filed its 2015 year-end and fourth quarter financials, reporting net income for the year of $12.5 million for the year, up from $12.3 million in 2014. Net income for the fourth quarter was $2.3 million, down from $2.4 million in the same period of 2014. Total assets grew to $1.4 billion, up from $1.33 billion. Total deposits reached $1.07 billion, up from $1.02 billion. Total loans were $865.89 million, up from $800.19 million. Total nonperforming assets rose to $7.09 million at year’s end, up from $5.5 million.
Community Bankers Trust (ESXB)
The parent of Essex Bank filed its 2015 year-end and fourth quarter financials, reporting a loss for the year of $2.49 million, compared to profit in 2014 of $7.26 million. The company said the 2015 loss is attributed to a $13.1 million charge related to buying its way out of FDIC loss-share agreements. Excluding those charges, its profit for the year would have been $6.1 million. Its net income for the fourth quarter was $2.21 million, down from $2.25 million in the same period of 2014. Total assets grew to $1.17 billion, compared with $1.15 billion. Loans reached $797.63 million, up from $717.72 million. Total deposits are year’s end were $945.51 million, up from $918.94 million. Its nonperforming assets totaled $16.2 million, down $8.2 million from the end of 2014.
The utilities company announced it is buying Utah-based Questar Corp. in an all-cash deal valued at $4.4 billion. The combined company would serve about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states.
The company also released its earnings report for the fourth quarter and full year of 2015. Operating earnings for the quarter totaled $416 million, compared to $490 million the same quarter the year before. Full-year operating earnings totaled $2 billion, the same amount reported for 2014.
The company released its fourth quarter and full year earnings report for 2015. Net income for the quarter totaled $53.9 million, up from $52.1 million the same quarter in 2014. Full year net income totaled $238.6 million, up from $233.3 million the year before.
Performance Food Group (PFGC)
The Goochland-based foods distributor released its earnings report for the quarter that ended Dec. 26. Net sales totaled $3.89 million, up from $3.79 million the same three months of 2014. Net income totaled $17.5 million, up from $12.8 million the same quarter the year before.
Union Bankshares (UBSH)
The parent of Union Bank & Trust amended its bylaws to increase the maximum age for persons serving on the board of director from 70 to 72.
The company declared a quarterly dividend of $0.19 per share, payable on Feb. 26 to shareholders of record as of Feb. 12.
Universal Corp. (UVV)
The company released its earnings report for the quarter that ended Dec. 31. Revenues totaled $584.5 million, down from $758 million the same three months of 2014. Net income totaled $46.6 million, down from $58 million the same quarter the year before.
Xenith Bankshares (XBKS)
The parent of Xenith Bank made several moves to reward its top executives. They included restricted stock awards, base salary increases and cash incentives payouts for 2015. Among them, CEO Gaylon Layfield received a $122,000 incentive payment, a $25,000 bump in his salary to $300,000 a year and 20,000 shares of restricted stock.