['Philip', 'Morris', 'is', 'the', 'largest', 'competitor', 'in', 'th', 'industry,', 'and', 'is', 'the', 'only', 'company', 'showing', 'market', 'share.', 'Together,', 'Philip', 'Morris', 'and', 'R.', 'for', 'over', '70%', 'of', 'the', 'market.', '(Nielsen)', 'Philip', 'Morris', '34.9%', '36.4%', '38.1%.', 'R.', 'J.', 'Reynolds', '33.2', '33.6', '32.9', '|', 'Brown', '&', 'Williamson', '11.5', '10.8', '10.6', 'American', '8.0', '7.7', '7.6', 'Lorillara', '7.6', '7.3', '7.1', '=|', 'Liggett', '4.9', '4.2', '3.6', '»', 'domestic', 'cigarette', 'noreases', 'in', 'retail', 'J.', 'Reynolds', 'account', 'Change', '¢', 'af', '2', '39.2%', '+4.4', '32.857', '-', '«6.7', '10.#3', '~1.2%.2', '7.3', '-', '7', '950', '6-7', '-', '.£.7', '3.596', '“1.43', 'Operating', 'margins', 'in', 'the', 'industry', 'are', 'generally', 'high,', 'averaging', '39.6%', 'in', '1988.', 'Competitive', 'companies’', 'margins', 'range', 'from', 'Liggett’s', '12.4%', 'to', 'Philip', 'Morris’', '45.6%.', '1988', 'Op.', 'Income', 'Philip', 'Morris', '$14.08', 'Lorillard', '13.03', 'Industry', 'Average', '11.84', 'American', '11.73', 'R.', 'J.', 'Reynolds*', '10.32', 'Brown', '&', 'Williamson', '9.77', 'Liggett', '2.87', '*R.', 'J.', 'Reynolds’', '1988', 'Operating', 'Income', 'and', 'Ma', 'restated', 'to', '$9.31/M', 'and', '31.5%', 'respectively', 'a', ' ', 'aa', 'Operating', 'Margin', '_', '45.6%', '40.7', '39.6', '38.0', '35.5', '34.6', '12.4', 'in', 'have', 'been', 'ter', 'inclusion', 'of', 'expenses', 'associated', 'with', 'the', 'RJRT', 'Development', 'Company', 'and', 'Tobacco', 'Headquarters.', '26', ' ', ' ', ' ', 'S6S9', '9B9TS', ' ']