Reynolds American Inc
Industry: Tobacco

R.J. Reynolds Tobacco Holdings Inc. (RJR) is a cigarette manufacturer with wholly owned subsidiaries, including its operating subsidiaries, R. J. Reynolds Tobacco Company (RJR Tobacco) and Santa Fe Natural Tobacco Company. The Company's largest selling cigarette brands are Camel, Winston, Salem and Doral. Those brands and its other brands, including Vantage, More and Now, are manufactured in a variety of styles and marketed in the United States to meet a range of adult smoker preferences.

Business Summary
R.J. Reynolds Tobacco Holdings, Inc. is a holding company that has operated through its subsidiaries R. J. Reynolds Tobacco Company (RJR Tobacco) and Santa Fe Natural Tobacco Company, Inc. (Santa Fe). RJR Tobacco is a cigarette manufacturer that primarily operates in the United States. RJR Tobacco's largest selling cigarette brands are Camel, Winston, Salem and Doral. Those brands, and its other brands, including Vantage, More and Now, are manufactured in a variety of styles and marketed in the United States to meet a range of adult smoker preferences. Santa Fe, which was acquired by the Company in January 2002, manufactures and markets cigarettes and other tobacco products under the Natural American Spirit brand, primarily in the United States. In July 2004, the Company and Brown & Williamson Tobacco Corporation (B&W), a subsidiary of British American Tobacco p.l.c., combined RJR Tobacco and the United States assets, liabilities and operations of B&W to form Reynolds American Inc.

Financial Summary
RJR is a holding company for Reynolds Tobacco, a cigarette manufacturer whose major brands include Doral, Winston, Camel, Salem and Vantage, and Santa Fe Natural Tobacco Company. For the 3 months ended 3/31/04, net sales remained flat at $1.22B. Net income increased 72% to $122M. Revenues reflect lower volumes, offset by modifications made to marketplace programs. Earnings benefited from cost-reduction programs.