RICHMOND, Va. -- Philip Morris Cos. declared its 1993 U.S. cigarette-pricing policy shift "successful" in a statement accompanying its first-quarter 1994 results. But it also reported operating income declined 3.6% in the period as a result of lower domestic cigarette pricing. A table of cigarette shipment data appended to the report for the quarter ended March 31 showed price points in the $1.80 per pack range have helped to successfully shift some smokers back to its premium brands and ...

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