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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Turning Point Brands Inc | NYSE:TPB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.74 | 0 | 09:09:56 |
|
|
|
(State or other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 7.01. |
Regulation FD Disclosure.
|
Item 9.01. |
Financial Statements and Exhibits.
|
Press Release dated February 28, 2024
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
TURNING POINT BRANDS, INC.
|
|||
Dated: February 28, 2024
|
By:
|
/s/ Brittani N. Cushman
|
|
Brittani N. Cushman
|
|||
Senior Vice President, General Counsel and Secretary
|
• |
Total consolidated net sales decreased 6.1% to $97.1 million
|
o |
Zig-Zag Products net sales decreased by 2.9%
|
o |
Stoker’s Products net sales increased by 18.6%
|
o |
Creative Distribution Solutions net sales decreased by 43.7%
|
• |
Gross profit increased 1.9% to $50.5 million
|
• |
Net income increased $26.4 million to $10.1 million
|
• |
Adjusted net income increased 15.9% to $15.3 million (see Schedule B for a reconciliation to net income)
|
• |
Adjusted EBITDA increased 7.5% to $24.8 million (see Schedule A for a reconciliation to net income)
|
• |
Diluted EPS of $0.53 and Adjusted Diluted EPS of $0.79 compared to $(0.93) and $0.69 in the same period one year ago, respectively (see Schedule B for a reconciliation to Diluted EPS)
|
• |
Total consolidated net sales decreased 2.3% to $405.4 million
|
o |
Zig-Zag Products net sales decreased by 5.2%
|
o |
Stoker’s Products net sales increased by 10.5%
|
o |
Creative Distribution Solutions net sales decreased by 14.3%
|
• |
Gross profit decreased 1.1% to $203.2 million
|
• |
Net income increased 230.4% to $38.5 million
|
• |
Adjusted net income increased 1.1% to $56.8 million (see Schedule B for a reconciliation to net income)
|
• |
Adjusted EBITDA decreased 2.4% to $95.3 million (see Schedule A for a reconciliation to net income)
|
• |
Diluted EPS of $2.01 and Adjusted Diluted EPS of $2.91 compared to $0.64 and $2.83 in the same period one year ago, respectively (see Schedule B for a reconciliation to Diluted EPS)
|
• |
$1.9 million of stock options, restricted stock and incentive expense compared to $1.2 million in the year-ago period
|
• |
$1.0 million of FDA PMTA-related expenses for modern oral products compared to $0.3 million in the year-ago period
|
• |
$0.2 million of restructuring costs compared to $1.8 million in the year-ago period
|
• |
$0.1 million of ERP / CRM duplicative system costs compared to $0.3 million of ERP / CRM scoping expenses in the year-ago period
|
Three Months Ended
December 31,
|
||||||||
2023
|
2022
|
|||||||
Net sales
|
$
|
97,120
|
$
|
103,392
|
||||
Cost of sales
|
46,596
|
53,829
|
||||||
Gross profit
|
50,524
|
49,563
|
||||||
Selling, general, and administrative expenses
|
30,916
|
31,245
|
||||||
Other operating income, net
|
(4,345
|
)
|
-
|
|||||
Operating income
|
23,953
|
18,318
|
||||||
Interest expense, net
|
2,632
|
4,382
|
||||||
Investment loss
|
934
|
7,229
|
||||||
Other income
|
(4,000
|
)
|
-
|
|||||
Goodwill and intangible impairment loss
|
-
|
27,566
|
||||||
Loss (gain) on extinguishment of debt
|
194
|
(885
|
)
|
|||||
Income (loss) before income taxes
|
24,193
|
(19,974
|
)
|
|||||
Income tax expense (benefit)
|
14,328
|
(3,857
|
)
|
|||||
Consolidated net income (loss)
|
9,865
|
(16,117
|
)
|
|||||
Net (loss) income attributable to non-controlling interest
|
(244
|
)
|
200
|
|||||
Net income (loss) attributable to Turning Point Brands, Inc.
|
$
|
10,109
|
$
|
(16,317
|
)
|
|||
Basic income (loss) per common share:
|
||||||||
Net income (loss) attributable to Turning Point Brands, Inc.
|
$
|
0.57
|
$
|
(0.93
|
)
|
|||
Diluted income (loss) per common share:
|
||||||||
Net income (loss) attributable to Turning Point Brands, Inc.
|
$
|
0.53
|
$
|
(0.93
|
)
|
|||
Weighted average common shares outstanding:
|
||||||||
Basic
|
17,604,313
|
17,530,278
|
||||||
Diluted
|
20,153,157
|
17,530,278
|
||||||
Supplemental disclosures of statement of income information:
|
||||||||
Excise tax expense
|
$
|
5,137
|
$
|
5,771
|
||||
FDA fees
|
$
|
138
|
$
|
158
|
For the year ended
December 31,
|
||||||||
2023
|
2022
|
|||||||
Net sales
|
$
|
405,393
|
$
|
415,013
|
||||
Cost of sales
|
202,152
|
209,475
|
||||||
Gross profit
|
203,241
|
205,538
|
||||||
Selling, general, and administrative expenses
|
125,009
|
130,024
|
||||||
Other operating income, net
|
(4,345
|
)
|
-
|
|||||
Operating income
|
82,577
|
75,514
|
||||||
Interest expense, net
|
14,645
|
19,524
|
||||||
Investment loss
|
11,914
|
13,303
|
||||||
Other income
|
(4,000
|
)
|
-
|
|||||
Goodwill and intangible impairment loss
|
-
|
27,566
|
||||||
Gain on extinguishment of debt
|
(1,664
|
)
|
(885
|
)
|
||||
Income before income taxes
|
61,682
|
16,006
|
||||||
Income tax expense
|
23,901
|
4,849
|
||||||
Consolidated net income
|
37,781
|
11,157
|
||||||
Net loss attributable to non-controlling interest
|
(681
|
)
|
(484
|
)
|
||||
Net income attributable to Turning Point Brands, Inc.
|
$
|
38,462
|
$
|
11,641
|
||||
Basic income per common share:
|
||||||||
Net income attributable to Turning Point Brands, Inc.
|
$
|
2.19
|
$
|
0.65
|
||||
Diluted income per common share:
|
||||||||
Net income attributable to Turning Point Brands, Inc.
|
$
|
2.01
|
$
|
0.64
|
||||
Weighted average common shares outstanding:
|
||||||||
Basic
|
17,578,270
|
17,899,794
|
||||||
Diluted
|
20,467,406
|
18,055,015
|
||||||
Supplemental disclosures of statement of income information:
|
||||||||
Excise tax expense
|
$
|
20,575
|
$
|
23,274
|
||||
FDA fees
|
$
|
586
|
$
|
623
|
December 31,
|
||||||||
ASSETS
|
2023
|
2022
|
||||||
Current assets:
|
||||||||
Cash
|
$
|
117,886
|
$
|
106,403
|
||||
Accounts receivable, net of allowances of $78 in 2023 and $114 in 2022
|
9,989
|
8,377
|
||||||
Inventories, net
|
98,960
|
119,915
|
||||||
Other current assets
|
40,781
|
22,959
|
||||||
Total current assets
|
267,616
|
257,654
|
||||||
Property, plant, and equipment, net
|
25,300
|
22,788
|
||||||
Deferred income taxes
|
1,468
|
8,443
|
||||||
Right of use assets
|
11,480
|
12,465
|
||||||
Deferred financing costs, net
|
2,450
|
282
|
||||||
Goodwill
|
136,250
|
136,253
|
||||||
Other intangible assets, net
|
80,942
|
83,592
|
||||||
Master Settlement Agreement (MSA) escrow deposits
|
28,684
|
27,980
|
||||||
Other assets
|
15,166
|
22,649
|
||||||
Total assets
|
$
|
569,356
|
$
|
572,106
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
8,407
|
$
|
8,355
|
||||
Accrued liabilities
|
33,635
|
33,001
|
||||||
Current portion of long-term debt, net
|
58,294
|
-
|
||||||
Other current liabilities
|
-
|
20
|
||||||
Total current liabilities
|
100,336
|
41,376
|
||||||
Notes payable and long-term debt
|
307,064
|
406,757
|
||||||
Lease liabilities
|
9,950
|
10,593
|
||||||
Total liabilities
|
417,350
|
458,726
|
||||||
Commitments and contingencies
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock; $0.01 par value; authorized shares 40,000,000; issued and outstanding shares -0-
|
-
|
-
|
||||||
Common stock, voting, $0.01 par value; authorized shares, 190,000,000; 19,922,137 issued shares, 17,605,677 outstanding shares at
December 31, 2023, and 19,801,623 issued shares, 17,485,163 outstanding shares at December 31, 2022
|
199
|
198
|
||||||
Common stock, nonvoting, $0.01 par value; authorized shares, 10,000,000;
issued and outstanding shares -0-
|
-
|
-
|
||||||
Additional paid-in capital
|
119,075
|
113,242
|
||||||
Cost of repurchased common stock
(2,316,460 shares at December 31, 2023 and 2022)
|
(78,093
|
)
|
(78,093
|
)
|
||||
Accumulated other comprehensive loss
|
(2,648
|
)
|
(2,393
|
)
|
||||
Accumulated earnings
|
112,443
|
78,691
|
||||||
Non-controlling interest
|
1,030
|
1,735
|
||||||
Total stockholders' equity
|
152,006
|
113,380
|
||||||
Total liabilities and stockholders' equity
|
$
|
569,356
|
$
|
572,106
|
For the Year Ended
December 31,
|
||||||||
2023
|
2022
|
|||||||
Cash flows from operating activities:
|
||||||||
Consolidated net income
|
$
|
37,781
|
$
|
11,157
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Gain on extinguishment of debt
|
(1,664
|
)
|
(885
|
)
|
||||
Loss (gain) on sale of property, plant, and equipment
|
90
|
(9
|
)
|
|||||
Loss on goodwill impairment
|
-
|
25,585
|
||||||
Loss on intangible asset impairment
|
-
|
1,982
|
||||||
Gain on insurance recovery of inventory loss
|
(15,181
|
)
|
-
|
|||||
Loss on investments
|
12,177
|
13,570
|
||||||
Depreciation and other amortization expense
|
3,262
|
3,388
|
||||||
Amortization of other intangible assets
|
3,096
|
1,911
|
||||||
Amortization of deferred financing costs
|
2,445
|
2,576
|
||||||
Deferred income tax expense (benefit)
|
7,024
|
(6,506
|
)
|
|||||
Stock compensation expense
|
6,561
|
5,273
|
||||||
Noncash lease income
|
(82
|
)
|
(29
|
)
|
||||
Gain on MSA escrow deposits
|
-
|
(54
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,609
|
)
|
(2,103
|
)
|
||||
Inventories
|
20,977
|
(32,653
|
)
|
|||||
Other current assets
|
(3,533
|
)
|
4,581
|
|||||
Other assets
|
(4,835
|
)
|
420
|
|||||
Accounts payable
|
(14
|
)
|
1,240
|
|||||
Accrued liabilities and other
|
386
|
830
|
||||||
Net cash provided by operating activities
|
66,881
|
30,273
|
||||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
$
|
(5,707
|
)
|
$
|
(7,685
|
)
|
||
Payments for investments
|
(202
|
)
|
(1,000
|
)
|
||||
Restricted cash, MSA escrow deposits
|
-
|
(10,170
|
)
|
|||||
Proceeds on the sale of property, plant and equipment
|
3
|
62
|
||||||
Net cash used in investing activities
|
(5,906
|
)
|
(18,793
|
)
|
For the Year Ended
December 31,
|
||||||||
2023
|
2022
|
|||||||
Cash flows from financing activities:
|
||||||||
Convertible Senior Notes repurchased
|
|
(41,794
|
)
|
(9,000
|
)
|
|||
Proceeds from call options
|
114
|
51
|
||||||
Payment of dividends
|
(4,497
|
)
|
(4,250
|
)
|
||||
Payments of financing costs
|
(2,437
|
)
|
-
|
|||||
Exercise of options
|
450
|
504
|
||||||
Redemption of options
|
(346
|
)
|
(155
|
)
|
||||
Redemption of restricted stock units
|
(995
|
)
|
(1,229
|
)
|
||||
Common stock repurchased
|
-
|
(29,224
|
)
|
|||||
Net cash used in financing activities
|
$
|
(49,505
|
)
|
$
|
(43,303
|
)
|
||
Net increase (decrease) in cash
|
$
|
11,470
|
$
|
(31,823
|
)
|
|||
Effect of foreign currency translation on cash
|
$
|
13
|
$
|
(320
|
)
|
|||
Cash, beginning of period:
|
||||||||
Unrestricted
|
$
|
106,403
|
$
|
128,320
|
||||
Restricted
|
4,929
|
15,155
|
||||||
Total cash at beginning of period
|
$
|
111,332
|
$
|
143,475
|
||||
Unrestricted
|
$
|
117,886
|
$
|
106,403
|
||||
Restricted
|
4,929
|
4,929
|
||||||
Total cash at end of period
|
$
|
122,815
|
$
|
111,332
|
Three Months Ended
December 31,
|
||||||||
2023
|
2022
|
|||||||
Net income (loss) attributable to Turning Point Brands, Inc.
|
$
|
10,109
|
$
|
(16,317
|
)
|
|||
Add:
|
||||||||
Interest expense, net
|
2,632
|
4,382
|
||||||
Loss (gain) on extinguishment of debt
|
194
|
(885
|
)
|
|||||
Income tax expense (benefit)
|
14,328
|
(3,857
|
)
|
|||||
Depreciation expense
|
804
|
777
|
||||||
Amortization expense
|
851
|
538
|
||||||
EBITDA
|
$
|
28,918
|
$
|
(15,362
|
)
|
|||
Components of Adjusted EBITDA
|
||||||||
Corporate and CDS restructuring (a)
|
199
|
1,825
|
||||||
ERP/CRM (b)
|
138
|
336
|
||||||
Stock options, restricted stock, and incentives expense (c)
|
1,901
|
1,170
|
||||||
Transactional expenses and strategic initiatives(d)
|
3
|
12
|
||||||
FDA PMTA (e)
|
1,003
|
289
|
||||||
Non-cash asset impairment (f)
|
1,015
|
34,836
|
||||||
FET refund (g)
|
(4,345
|
)
|
-
|
|||||
Legal settlement (h)
|
(4,000
|
)
|
-
|
|||||
Adjusted EBITDA
|
$
|
24,832
|
$
|
23,106
|
(a) |
Represents costs associated with corporate and CDS restructuring, including severance.
|
(b) |
Represents cost associated with scoping and mobilization of new ERP and CRM systems and cost of duplicative ERP licenses.
|
(c) |
Represents non-cash stock options, restricted stock, incentives expense and Solace performance stock units.
|
(d) |
Represents the fees incurred for transaction expenses.
|
(e) |
Represents costs associated with applications related to FDA premarket tobacco product application ("PMTA").
|
(f) |
Represents impairment of goodwill, intangible and investment assets.
|
(g) |
Represents federal excise tax refund included in other operating income, net.
|
(h) |
Represents other income from litigation settlement.
|
For the Year Ended
December 31,
|
||||||||
2023
|
2022
|
|||||||
Net income attributable to Turning Point Brands, Inc.
|
$
|
38,462
|
$
|
11,641
|
||||
Add:
|
||||||||
Interest expense, net
|
14,645
|
19,524
|
||||||
Gain on extinguishment of debt
|
(1,664
|
)
|
(885
|
)
|
||||
Income tax expense
|
23,901
|
4,849
|
||||||
Depreciation expense
|
3,121
|
3,388
|
||||||
Amortization expense
|
3,237
|
1,911
|
||||||
EBITDA
|
$
|
81,702
|
$
|
40,428
|
||||
Components of Adjusted EBITDA
|
||||||||
Corporate and CDS restructuring (a)
|
389
|
3,444
|
||||||
ERP/CRM (b)
|
552
|
1,962
|
||||||
Stock options, restricted stock, and incentives expense (c)
|
6,561
|
5,273
|
||||||
Transactional expenses and strategic initiatives (d)
|
165
|
801
|
||||||
FDA PMTA (e)
|
2,098
|
4,554
|
||||||
Non-cash asset impairment (f)
|
12,177
|
41,136
|
||||||
FET refund (g)
|
(4,345
|
)
|
-
|
|||||
Legal settlement (h)
|
(4,000
|
)
|
-
|
|||||
Adjusted EBITDA
|
$
|
95,299
|
$
|
97,598
|
(a) |
Represents costs associated with corporate and CDS restructuring, including severance.
|
(b) |
Represents cost associated with scoping and mobilization of new ERP and CRM systems and cost of duplicative ERP licenses.
|
(c) |
Represents non-cash stock options, restricted stock, incentives expense and Solace performance stock units.
|
(d) |
Represents the fees incurred for transaction expenses.
|
(e) |
Represents costs associated with applications related to FDA premarket tobacco product application ("PMTA").
|
(f) |
Represents impairment of goodwill, intangible and investment assets.
|
(g) |
Represents federal excise tax refund included in other operating income, net.
|
(h) |
Represents other income from litigation settlement.
|
Three Months Ended
December 31, 2023
|
Three Months Ended
December 31, 2022
|
|||||||||||||||
Net Income
|
Diluted EPS
|
Net Income (Loss)
|
Diluted EPS
|
|||||||||||||
GAAP
|
$
|
10,109
|
$
|
0.53
|
$
|
(16,317
|
)
|
$
|
(0.93
|
)
|
||||||
Anti-dilutive impact (a)
|
-
|
0.00
|
-
|
0.20
|
||||||||||||
Gain on extinguishment of debt (b)
|
146
|
0.01
|
(714
|
)
|
(0.03
|
)
|
||||||||||
Corporate and CDS restructuring (c)
|
150
|
0.01
|
1,473
|
0.07
|
||||||||||||
ERP/CRM (d)
|
104
|
0.01
|
271
|
0.01
|
||||||||||||
Stock options, restricted stock, and incentives expense (e)
|
1,434
|
0.07
|
944
|
0.05
|
||||||||||||
Transactional expenses and strategic initiatives (f)
|
2
|
0.00
|
10
|
0.00
|
||||||||||||
FDA PMTA (g)
|
757
|
0.04
|
233
|
0.01
|
||||||||||||
Non-cash asset impairment (h)
|
766
|
0.04
|
28,109
|
1.35
|
||||||||||||
FET refund (i)
|
(3,843
|
)
|
(0.19
|
)
|
-
|
-
|
||||||||||
Legal settlement (j)
|
(3,017
|
)
|
(0.15
|
)
|
-
|
-
|
||||||||||
Deferred tax valuation allowance (k)
|
8,383
|
0.42
|
-
|
-
|
||||||||||||
Impact of quarterly tax items to effective tax rate (l)
|
311
|
0.02
|
(804
|
)
|
(0.04
|
)
|
||||||||||
Adjusted
|
$
|
15,302
|
$
|
0.79
|
$
|
13,205
|
$
|
0.69
|
(a) |
Represents dilution of options and debt conversion that is anti-dilutive and not included for GAAP.
|
(b) |
Represents gain on extinguishment of debt tax effected at the quarterly tax rate.
|
(c) |
Represents costs associated with corporate and CDS restructuring, including severance tax effected at the quarterly tax rate.
|
(d) |
Represents cost associated with scoping and mobilization of new ERP and CRM systems and cost of duplicative ERP licenses tax effected at the quarterly tax rate.
|
(e) |
Represents non-cash stock options, restricted stock, incentives expense and Solace PRSUs tax effected at the quarterly tax rate.
|
(f) |
Represents the fees incurred for transaction expenses tax effected at the quarterly tax rate.
|
(g) |
Represents costs associated with applications related to the FDA PMTA tax effected at the quarterly tax rate.
|
(h) |
Represents impairment of goodwill, intangible and investment assets tax effected at the quarterly tax rate.
|
(i) |
Represents federal excise tax refund and related interest income effected at the quarterly tax rate.
|
(j) |
Represents receivable from legal settlement tax effected at the quarterly tax rate.
|
(k) |
Represents deferred tax valuation allowance.
|
(l) |
Represents adjustment from quarterly tax rate to annual projected tax rate of 23% in 2023 and 2022.
|
For the Year Ended
December 31, 2023
|
For the Year Ended
December 31, 2022
|
|||||||||||||||
Net Income
|
Diluted EPS
|
Net Income
|
Diluted EPS
|
|||||||||||||
GAAP
|
$
|
38,462
|
$
|
2.01
|
$
|
11,641
|
$
|
0.64
|
||||||||
Anti-dilutive impact (a)
|
-
|
(0.00
|
)
|
-
|
0.09
|
|||||||||||
Gain on extinguishment of debt (b)
|
(1,245
|
)
|
(0.06
|
)
|
(617
|
)
|
(0.03
|
)
|
||||||||
Corporate and CDS restructuring (c)
|
291
|
0.01
|
2,401
|
0.11
|
||||||||||||
ERP/CRM (d)
|
413
|
0.02
|
1,368
|
0.06
|
||||||||||||
Stock options, restricted stock, and incentives expense (e)
|
4,910
|
0.24
|
3,676
|
0.17
|
||||||||||||
Transactional expenses and strategic initiatives (f)
|
123
|
0.01
|
558
|
0.03
|
||||||||||||
FDA PMTA (g)
|
1,570
|
0.08
|
3,174
|
0.15
|
||||||||||||
Non-cash asset impairment (h)
|
9,114
|
0.45
|
28,674
|
1.35
|
||||||||||||
FET refund (i)
|
(3,813
|
)
|
(0.19
|
)
|
-
|
-
|
||||||||||
Legal settlement (j)
|
(2,994
|
)
|
(0.15
|
)
|
-
|
-
|
||||||||||
Deferred tax valuation allowance (k)
|
8,383
|
0.41
|
-
|
-
|
||||||||||||
Impact of annual tax items to effective tax rate (l)
|
1,587
|
0.08
|
5,309
|
0.25
|
||||||||||||
Adjusted
|
$
|
56,802
|
$
|
2.91
|
$
|
56,183
|
$
|
2.83
|
(a) |
Represents dilution of debt conversion that is anti-dilutive and not included for GAAP.
|
(b) |
Represents gain on extinguishment of debt tax effected at the annual tax rate.
|
(c) |
Represents costs associated with corporate and CDS restructuring, including severance tax effected at the annual tax rate.
|
(d) |
Represents cost associated with scoping and mobilization of new ERP and CRM systems and cost of duplicative ERP licenses tax effected at the
annual tax rate.
|
(e) |
Represents non-cash stock options, restricted stock, incentives expense and Solace PRSUs tax effected at the annual tax rate.
|
(f) |
Represents the fees incurred for transaction expenses tax effected at the annual tax rate.
|
(g) |
Represents costs associated with applications related to the FDA PMTA tax effected at the annual tax rate.
|
(h) |
Represents impairment of goodwill, intangible and investment assets tax effected at the annual tax rate.
|
(i) |
Represents federal excise tax refund and related interest income effected at the annual tax rate.
|
(j) |
Represents receivable from legal settlement tax effected at the annual tax rate.
|
(k) |
Represents deferred tax valuation allowance.
|
(l) |
Represents adjustment from annual tax rate to annual projected tax rate of 23% in 2023 and 2022.
|
Consolidated
|
Zig-Zag
|
Stoker's
|
Creative Distribution Solutions
|
|||||||||||||||||||||||||||||
4th Quarter
2023
|
4th Quarter
2022
|
4th Quarter
2023
|
4th Quarter
2022
|
4th Quarter
2023
|
4th Quarter
2022
|
4th Quarter
2023
|
4th Quarter
2022
|
|||||||||||||||||||||||||
Net sales
|
$
|
97,120
|
$
|
103,392
|
$
|
45,092
|
$
|
46,444
|
$
|
37,976
|
$
|
32,010
|
$
|
14,052
|
$
|
24,938
|
||||||||||||||||
Gross profit
|
$
|
50,524
|
$
|
49,563
|
$
|
25,499
|
$
|
25,768
|
$
|
21,883
|
$
|
17,210
|
$
|
3,142
|
$
|
6,585
|
||||||||||||||||
Operating income (loss)
|
$
|
23,953
|
$
|
18,318
|
$
|
20,968
|
$
|
17,362
|
$
|
12,533
|
$
|
12,794
|
$
|
(646
|
)
|
$
|
134
|
|||||||||||||||
Adjustments:
|
||||||||||||||||||||||||||||||||
Transactional expenses and strategic initiatives
|
3
|
12
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
FDA PMTA
|
1,003
|
289
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Corporate and CDS restructuring
|
199
|
1,825
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
ERP/CRM
|
138
|
336
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
FET refund
|
(4,345
|
)
|
-
|
-
|
-
|
(4,345
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||
Adjusted operating income (loss)
|
$
|
20,951
|
$
|
20,780
|
$
|
20,968
|
$
|
17,362
|
$
|
8,188
|
$
|
12,794
|
$
|
(646
|
)
|
$
|
134
|
Consolidated
|
Zig-Zag
|
Stoker's
|
Creative Distribution Solutions
|
|||||||||||||||||||||||||||||
YTD
2023
|
YTD
2022
|
YTD
2023
|
YTD
2022
|
YTD
2023
|
YTD
2022
|
YTD
2023
|
YTD
2022
|
|||||||||||||||||||||||||
Net sales
|
$
|
405,393
|
$
|
415,013
|
$
|
180,455
|
$
|
190,403
|
$
|
144,609
|
$
|
130,826
|
$
|
80,329
|
$
|
93,784
|
||||||||||||||||
Gross profit
|
$
|
203,241
|
$
|
205,538
|
$
|
101,055
|
$
|
106,576
|
$
|
81,887
|
$
|
71,254
|
$
|
20,299
|
$
|
27,708
|
||||||||||||||||
Operating income (loss)
|
$
|
82,577
|
$
|
75,514
|
$
|
68,280
|
$
|
73,342
|
$
|
58,180
|
$
|
53,331
|
$
|
(383
|
)
|
$
|
1,506
|
|||||||||||||||
Adjustments:
|
||||||||||||||||||||||||||||||||
Transactional expenses and strategic initiatives
|
165
|
801
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
FDA PMTA
|
2,098
|
4,554
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Corporate and CDS restructuring
|
389
|
3,444
|
-
|
-
|
-
|
-
|
190
|
-
|
||||||||||||||||||||||||
ERP/CRM
|
552
|
1,962
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
FET refund
|
(4,345
|
)
|
-
|
-
|
-
|
(4,345
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||
Adjusted operating income (loss)
|
$
|
81,436
|
$
|
86,275
|
$
|
68,280
|
$
|
73,342
|
$
|
53,835
|
$
|
53,331
|
$
|
(193
|
)
|
$
|
1,506
|
Document and Entity Information |
Feb. 28, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 28, 2024 |
Entity File Number | 001-37763 |
Entity Registrant Name | Turning Point Brands, Inc. |
Entity Central Index Key | 0001290677 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 20-0709285 |
Entity Address, Address Line One | 5201 Interchange Way |
Entity Address, City or Town | Louisville |
Entity Address, State or Province | KY |
Entity Address, Postal Zip Code | 40229 |
City Area Code | 502 |
Local Phone Number | 778-4421 |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | TPB |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Turning Point Brands Chart |
1 Month Turning Point Brands Chart |
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