Universal Corp (VA) Files 8-K on Financials

TL;DR

Universal Corp filed its 8-K. Standard financial update, nothing major flagged.

AI Summary

On February 10, 2025, Universal Corporation (VA) filed an 8-K report detailing events related to its financial condition and triggering events for obligations. The filing includes information on results of operations and financial statements, but does not specify any new dollar amounts or specific triggering events beyond the standard reporting requirements.

Why It Matters

This filing provides routine updates on Universal Corporation's financial condition and operational results, which are important for investors to monitor the company's performance and any potential financial obligations.

Risk Assessment

Risk Level: low — The filing appears to be a routine 8-K report without any disclosed material adverse events or significant financial changes.

Key Players & Entities

• UNIVERSAL CORP /VA/ (company) — Filer
• Virginia (location) — State of Incorporation
• 001-00652 (other) — Commission File Number
• 54-0414210 (other) — IRS Employer Identification No.
• February 10, 2025 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $7 million — investigation identified approximately $7 million in the aggregate of unauthorized paymen
• $16.7 million — he Company has identified approximately $16.7 million in the aggregate of unauthorized paymen

Filing Documents

• tm255965d1_8k.htm (8-K) — 37KB
• tm255965d1_ex99-1.htm (EX-99.1) — 36KB
• image_001.jpg (GRAPHIC) — 7KB
• 0001104659-25-010952.txt ( ) — 265KB
• uvv-20250210.xsd (EX-101.SCH) — 3KB
• uvv-20250210_lab.xml (EX-101.LAB) — 33KB
• uvv-20250210_pre.xml (EX-101.PRE) — 22KB
• tm255965d1_8k_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On February 10, 2025, Universal Corporation (the "Company") issued a press release (the "Press Release") discussing certain preliminary unaudited financial results for the quarter ended December 31, 2024. These preliminary financial results are unaudited, based on currently available information and are not a comprehensive statement of the financial results for this period. Consequently, the preliminary unaudited financial results do not present all necessary information for a complete understanding of the Company's financial condition as of December 31, 2024 or its results of operations for the quarter ended December 31, 2024. Actual results may differ from these preliminary unaudited financial results due to developments that may arise between the date of the press release and the time that financial results for the quarter ended December 31, 2024 are finalized. A copy of this release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. The Company previously disclosed in a Current Report on Form 8-K (the "Form 8-K") that was filed with the Securities and Exchange Commission (the "SEC") on November 12, 2024, that it entered into a Consent with respect to that certain Credit Agreement, dated December 15, 2022, among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as Administrative Agent (the "Credit Agreement"). Under the Credit Agreement the Company covenants to deliver its quarterly financial statements within 45 days following quarter end (the "Quarterly Financials Covenant"). The Consent provided for, among other things, an extension until December 31, 2024 for delivery by the Company of its quarterly financial statements for the quarter ended September 30, 2024 (the "Second Quarter 2025 Financials"). The Co

01 Other Events

Item 8.01 Other Events. In August 2024, shortly before filing the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, the Company's management was made aware of embezzlement by a former senior finance employee at the Company's Mozambique subsidiary, Mozambique Leaf Tobacco Ltda. ("MLT"). The Company promptly commenced an internal investigation regarding these allegations and related matters. As previously reported, with the assistance of outside advisors, the Company's internal investigation identified approximately $7 million in the aggregate of unauthorized payments during fiscal years 2022 through 2025. In total, the Company has identified approximately $16.7 million in the aggregate of unauthorized payments during fiscal years 2016 through 2025. With the assistance of outside advisors, the Company continues to work diligently to complete the investigation, including a review of the circumstances and timing around the discovery of the embezzlement, as soon as possible. The Company is currently unable to predict the outcome or time frame for completion of the investigation. As of the date of this press release, the Company does not believe material adjustments to its previously issued financial statements will be necessary or that the investigation will have a material impact on its financial results for fiscal year 2025. The Company is pursuing sources of recovery, including insurance. As a result of the ongoing investigation, the process of finalizing financial statements for the second and third quarters of fiscal year 2025 could not be completed on a timely basis. The Company intends to file all required reports as soon as practicable after the conclusion of the investigation. As part of the investigation, management is evaluating its design and effectiveness of internal control over financial reporting. The Company expects to report one or more material weaknesses in its internal control over financial reporting, and the status of its r

forward-looking statements are generally identified by the use of words such as we "expect," "believe," "anticipate,"

forward-looking statements are generally identified by the use of words such as we "expect," "believe," "anticipate," "could," "should," "may," "plan," "will," "predict," "estimate," and similar expressions or words of similar import. These forward-looking statements are based upon management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results, performance, or achievements to be materially different from any anticipated results, prospects, performance, or achievements expressed or implied by such forward-looking investigation, as well as the timing of its completion and costs and expenses arising out of the ongoing internal investigation process and its results; the impact of the ongoing internal investigation on us, our management and operations, including financial impact as well as any litigation or regulatory action that may arise from the ongoing internal investigation; the impact of the internal investigation on our conclusions regarding the design and effectiveness of our internal control over financial reporting and our disclosure controls and procedures; our ability to timely and adequately remediate any internal control failures identified from the results of the internal investigation; our ability to regain compliance with the NYSE listing requirements; success in pursuing strategic investments or acquisitions and integration of new businesses and the impact of these new businesses on future results; product purchased not meeting quality and quantity requirements; our reliance on a few large customers; our ability to maintain effective information technology systems and safeguard confidential information; anticipated levels of demand for and supply of our products and services; costs incurred in providing these products and services including incre

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release, dated February 10, 2025. 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNIVERSAL CORPORATION Date: February 10, 2025 By: /s/ Preston D. Wigner Preston D. Wigner Chairman, President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR