Thursday, Aug. 11, 2005 | 9:29 a.m.
Altria Group Inc.'s Philip Morris USA's cigarette advertising expenditures fell for six consecutive years through 2003 as it complied with marketing restrictions set forth in tobacco settlement agreements.
The unit of the world's largest cigarette maker spent 10 percent less on cigarette advertising in 2003 compared with a year earlier, as reported to the U.S. Federal Trade Commission, Philip Morris said in a statement sent by Business Wire Wednesday.
Philip Morris spent most of its cigarette advertising money on price and product promotions and cut its magazine, newspaper and retail advertising, the company said in the statement.
The biggest tobacco companies in 1998 agreed to marketing restrictions in a $246 billion health-claims settlement with U.S. states that included a ban on advertising on billboards and public buses.
Philip Morris spokesman Dana Bolden didn't immediately return a telephone message to his office after business hours. Altria shares rose 53 cents to $66.93 in New York Stock Exchange composite trading and have surged 43 percent in the past year.
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