Philip Morris, RJR Revise 1st-Quarter Results

Philip Morris Cos. and RJR Nabisco Holdings Corp., the nation’s two largest cigarette makers, revised their first-quarter results reported last month to account for charges incurred while paying their share of the tobacco industry’s more than $6-billion legal settlement with Minnesota. Philip Morris took a charge of $492 million, or 20 cents a share, plus another charge of $58 million, or 2 cents a share, to pay for a voluntary retirement program at its U.S. tobacco unit. The charges cut its first-quarter net income to $1.38 billion, or 57 cents. RJR, the No. 2 company, took a charge of $199 million, or 62 cents, resulting in a final net loss of $20 million, or 10 cents a share, for the first quarter.