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A Quick Look At The Financial Situation Of Altria If an investor had made a $100 investment in Altria (NYSE:MO) on the first day of the trading year back in 1970 (01/02/1970), they would have purchased just under three shares, at $36 a share. Today, after 43 years of compounded gains, the investor would hold 267 shares and the investment would be worth $9,619 a return of 41,456%, making Altria one of the best performing stocks of all time, outperforming the S 500 over the same period by a whacking 40,081% (Apple returned 11,509% over the same period). Of course, Altria has changed significantly since then the company has spun off its international tobacco operations into Philip Morris International (NYSE:PM) and sold its majority stake in Kraft Foods (NYSE:KRFT). Furthermore, tobacco opinions and habits have changed significantly since the 70s and Altria is having to grapple with falling sales volumes. That said, Altria still holds about 50.5% of the US cigarette market and the company's premium Marlboro brand accounts for 43.6% of all cigarette sales in the US, providing a constant revenue stream for the company. Additionally, Altria has some interests in the alcohol market, with its own wine estates and 30% share of SABMiller. So, what's the financial situation of Altria and does the company look like it can continue to provide returns that far outstrip the market? $US Billions20102012 4 Yr Compounded growth rateYoY Growth1% 2%4% Altira's revenue growth over the past four years has been disappointing. The company has only achieved a CAGR of 1.4% less than the rate of inflation, indicating that the company's revenue, in real terms, has actually fallen. Having said that, after considering the falling volume of tobacco sold throughout the US and the winding down of the company's finance division, Altria's almost glacial revenue growth does not look as bad. Moreover, as I explain below, while the company's revenue has remained stagnant, net income has actually increased, a good result for shareholders. The Gross LineCigarettes do not cost much to manufacture so Altria benefits from a solid gross margin, averaging over the past four years. The company's gross margin gained 4% from 2008 2009 and since then has remained constant as Altria raises the prices of its tobacco products in line with declining sales, resulting in a constant gross margin and income for the company. While Altria has diversified into other industries besides tobacco, tobacco sales account for more than 90% of the company's revenues, so the company still benefits from the profit margins and cash flows that tobacco companies are well known for.