Standard Diversified income shrinks as expenses rise
Standard Diversified Inc., a Mineola holding company, Friday posted a lower third quarter profit amid higher expenses.
Net income overall was $5.3 million versus $6.3 million in the 2017 quarter. Net income attributable to Standard Diversified fell to $1.4 million, or 8 cents per diluted share, from $2.8 million, or 16 cents per diluted share, in the 2017 period.
Operating costs and expenses rose to $80.7 million in the quarter ended Sept. 30 from $60 million in the prior year's quarter.
Cost of sales rose as did selling, general and administrative expenses.
Lower profits came despite a 24.9 percent increase in revenue to $91.6 million. That was attributed to growth from Maidstone Insurance Company, acquired in January, and Turning Point Brands Inc., a maker of chewing tobacco, rolling papers and vaping products in which Standard Diversified is a shareholder.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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