As of June 30, 2020, Vector Group maintained significant liquidity with cash and cash equivalents of $540 million, including cash of $61 million at Douglas Elliman and $218 million at Liggett, and investment securities and investment partnerships with a fair market value of $137 million.
The cash balances at Liggett include $132 million of deferred federal excise tax payments, which will be paid in the third quarter.
During the second quarter, our liquidity increased by $53 million from the issuance of 5 million shares of common stock.
Vector Group's revenues for the three months ended June 30, 2020 were $445.8 million compared to $534.8 million in the 2019 period.
Our tobacco segment reported an increase of $18 million in revenues due to price increases and increased unit volume.
Net income attributed to Vector Group for the second quarter of 2020 was $25.8 million or $0.16 per diluted share compared to net income of $39.3 million or $0.25 per diluted common share in the second quarter of 2019.
The Company recorded adjusted EBITDA of $76.5 million compared to $83.5 million in the prior year.
Adjusted net income was $28.7 million or $0.19 per share diluted compared to $43.2 million or $0.28 per diluted share in the 2019 period.
For the six months ended June 30, 2020, Vector Group's revenues were $900.2 million compared to $959.4 million in the 2019 period.
Our tobacco segment reported an increase of $48.3 million in revenues.
Net income attributed to Vector Group for the six months ended June 30, 2020 was $22.5 million or $0.14 per diluted share compared to net income of $54.3 million or $0.03 per diluted common share for the six months ended June 30, 2019.
The Company recorded adjusted EBITDA of $136.7 million compared to $133.2 million in the prior year.
Adjusted net income was $68.6 million or $0.45 per diluted share compared to $56.1 million or $0.36 per diluted share in the 2019 period.
For the six months ended June 30, 2020, Douglas Elliman reported $298.5 million in revenues, a net loss of $74.1 million and an adjusted EBITDA loss of $8.8 million compared to $404.8 million in revenues, net income of $4.7 million and adjusted EBITDA of $7.7 million in the first six months of 2019.
Douglas Elliman's net loss for the six months ended June 30, 2020 included pre-tax and non-cash impairment charges of $58.3 million and pre-tax restructuring charges of $3 million.
As a result, in the second quarter of 2020, Douglas Elliman's revenues in the New York metropolitan area declined by 52% from the second quarter of 2019.
To address the impact of COVID-19, Douglas Elliman implemented a reduction of personnel by 25% in April 2020 and began consolidating offices and reducing other administrative expenses.
These expense reduction initiatives resulted in a decline in Douglas Elliman's second quarter 2020 operating and administrative expenses by approximately $20 million from the second quarter in 2019.
Year-over-year volume and market share increased during the second quarter, contributing to a 14.5% increase in tobacco adjusted operating income.
As noted on previous calls, we are well into the income growth phase of our EAGLE 20's business strategy, and I'm very pleased with the results we have achieved so far.
We began increasing prices on EAGLE 20's in late 2018 and have grown volume, share and profit since then.
Our market programs and promotions have proven successful, and we remain optimistic about EAGLE 20's continued growth going forward.
For the three and six months ended June 30, 2020, Liggett revenues were $312.5 million and $599.6 million respectively, compared to $294.5 million and $551.3 million for the corresponding 2019 periods.
Tobacco operating income for the three and six months ended June 30, 2020 was $79.3 million and $148.5 million respectively, compared to $68.7 million and $128.8 million respectively.
Tobacco adjusted operating income for the three and six months ended June 30, 2020 was $79.4 million and $148.5 million respectively, compared to $69.3 million and $129.5 million for the corresponding periods a year ago.
According to Management Science Associates, overall industry wholesale shipments for the second quarter were down 4.5%, while Liggett's wholesale shipments increased 1% versus the prior year quarter.
For the second quarter, Liggett's retail shipments increased 0.2% over the prior year quarter, while industry retail shipments decreased 2.2% during the same period.
Liggett's retail share for the second quarter increased 11 basis points to 4.3%.
EAGLE 20's retail volume for the second quarter grew by nearly 7% compared to the prior year period, and it remains the third largest discount brand in the US.
EAGLE 20's is now sold in approximately 78,000 stores nationwide, and its growth continues to provide an effective volume and profit complement to PYRAMID and other Liggett brands.
The brand continues to deliver substantial profit and market presence for the company, has strong distribution and is currently sold in approximately 100,000 stores nationwide.
And as we look ahead, we remain focused on generating operating income from the strong sales and distribution base of PYRAMID, while delivering volume, share and profit growth from EAGLE 20's.

Summary:
Vector Group's revenues for the three months ended June 30, 2020 were $445.8 million compared to $534.8 million in the 2019 period.
Net income attributed to Vector Group for the second quarter of 2020 was $25.8 million or $0.16 per diluted share compared to net income of $39.3 million or $0.25 per diluted common share in the second quarter of 2019.