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Business Description
UST Inc. is engaged in the manufacture and marketing of consumer products in three business segments: Smokeless Tobacco Products, Wine and All Other Operations. The Company's primary activities are manufacturing and marketing smokeless tobacco. UST also produces and markets premium varietal and blended wines. The All Other Operations segment is composed of the Company's international operation, which markets moist smokeless tobacco, and its cigar operation, which manufactures and markets premium cigars.

Financial Information
For the nine months ended 9/30/04, net sales rose 6% to $1.36 billion. Net income from continuing operations rose 12% to $409.8 million. Revenues reflect an increase in moist smokeless tobacco can sales and higher selling prices. Net income also reflects an increased absorption of S/G/A expenses and the inclusion of a $15.8 million gain on the reversal of tax accruals.