Altria Group's first-quarter 2008 profit falls 11 per cent on spinoff costs..

April 25, 2008 - Altria Group's first-quarter 2008 profit falls 11 per cent on spinoff costs.. ( Altria Group profile - also Altria has an 29 per cent stake in London-based SABMiller PLC, the world's 2nd largest brewery and brewer of Miller beer.) Profit fell 11 per cent, in part because of costs related to the spinoff of Philip Morris International Inc. and relocating its corporate headquarters from New York to Richmond. Cigarette sales volume at the company's Philip Morris USA unit was down about 3.5 per cent, when adjusted for changes in trade inventories. The Marlboro brand achieved a 41.5 per cent share in the first quarter, compared with 40.8 per cent in the year-ago period. PM USA estimates that total cigarette industry volume declined approximately 4% in the first quarter. For the full-year 2008, PM USA estimates a total cigarette industry volume decline of approximately 3%. The first-quarter results also included, for the 1st time those of cigar manufacturer John Middleton Inc., which the company acquired in December. Middleton's sales were $91 million, company officials said. Middleton's first-quarter retail share through February 2008 increased 2.7 share points versus year-ago to 26.8% of the machine-made large cigar segment, driven by Black & Mild. Retail share for Black & Mild increased 3.0 share points versus year-ago to 25.9% of the machine-made large cigar segment. As part of its adjacency growth strategy to develop new revenue and income sources for the future, PM USA is test marketing Marlboro Snus in Dallas, TX in August of 2007 and expanded the test into the Indianapolis, IN area in the first quarter of 2008. PM USA believes snus offers long-term potential as an alternative product for adult smokers as well as other adult tobacco users. In addition, PM USA is test marketing Marlboro Moist Smokeless Tobacco, which is designed to provide a premium quality product at an attractive price for adult moist smokeless tobacco consumers. PM USA began testing Marlboro Moist Smokeless Tobacco in the Atlanta area in October 2007, and expanded the test market to include additional counties in the greater Atlanta, Georgia area in the first quarter of 2008. - incomplete in progress..