NEW YORK, May 12, 2010 (BUSINESS WIRE) --Regulatory News:
Philip Morris International Inc. (NYSE / Euronext Paris: PM) held its 2010 Annual Meeting of Stockholders today. Louis C. Camilleri, Chairman and Chief Executive Officer, highlighted the company's key achievements in 2009 and reaffirmed the company's steadfast commitment to deliver superior returns to its shareholders.
"Despite the impact of the global recession and rising unemployment on industry volume, PMI achieved strong financial results in 2009. This resilient performance was in part masked by significant currency headwinds. Of particular import was our ability to generate operating cash flow that enabled us to return $10 billion in 2009 alone to our shareholders through our dividend and share repurchase program," said Mr. Camilleri.
"We are confident in our ability over the longer term to grow our business both organically and through acquisitions."
More than 83% of the shares entitled to vote were represented at the meeting in person or by proxy, the ten nominees for director named in the proxy statement were elected; the selection of PricewaterhouseCoopers SA as independent auditors was ratified; and the two stockholder proposals presented at the meeting were defeated. Final voting results will be included in a Form 8-K that will be filed with the SEC.
An archived copy of the audio webcast of PMI's Annual Meeting of Stockholders is available until 5:00 p.m. ET on Friday, June 11, 2010 at www.pmi.com.
Philip Morris International Inc. Profile
Philip Morris International Inc. (PMI) is the leading international tobacco company, with seven of the world's top 15 brands, including Marlboro, the number one cigarette brand worldwide. PMI has more than 77,000 employees and its products are sold in approximately 160 countries. In 2009, the company held an estimated 15.4% share of the total international cigarette market outside of the U.S., or 26.0% excluding the People's Republic of China and the U.S. For more information, see www.pmi.com.
Trademarks and service marks mentioned in this release are the property of, or licensed by, the subsidiaries of Philip Morris International Inc.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The following important factors could cause actual results and outcomes to differ materially from those contained in such forward-looking statements.
Philip Morris International Inc. and its tobacco subsidiaries (PMI) are subject to intense price competition; changes in consumer preferences and demand for their products; fluctuations in levels of customer inventories; increases in raw material costs; the effects of foreign economies and local economic and market conditions; unfavorable currency movements and changes to income tax laws. Their results are dependent upon their continued ability to promote brand equity successfully; to anticipate and respond to new consumer trends; to develop new products and markets and to broaden brand portfolios in order to compete effectively; and to improve productivity.
PMI is also subject to legislation and governmental regulation, including actual and potential excise tax increases; discriminatory excise tax structures; increasing marketing and regulatory restrictions; the effects of price increases related to excise tax increases on consumption rates and consumer preferences within price segments; health concerns relating to the use of tobacco products and exposure to environmental tobacco smoke; privately imposed smoking restrictions; and governmental investigations.
PMI is subject to litigation, including risks associated with adverse jury and judicial determinations, and courts reaching conclusions at variance with the company's understanding of applicable law.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including the Form 10-Q for the quarter ended March 31, 2010. PMI cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements that it may make, except in the normal course of its public disclosure obligations.
SOURCE: Philip Morris International Inc.
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