Turning Point Brands, Inc. Announces Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Tax Rate Guidance for the Fourth Quarter of 2017; Provides Capital Expenditure and Tax Rate Guidance for the Year of 2017
November 09, 2017 at 06:50 am EST
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Turning Point Brands, Inc. announced consolidated financial results for the third quarter and nine months ended September 30, 2017. For the quarter, the company's net sales were $73,340,000 compared to $50,959,000 a year ago. Operating income was $14,376,000 against $11,891,000 a year ago. Income before income taxes was $10,484,000 against $6,613,000 a year ago. Consolidated net income was $7,374,000 or $0.38 per diluted share compared to $6,793,000 or $0.34 per diluted share a year ago. EBITDA was $15,103,000 compared to $12,480,000 a year ago. Adjusted EBITDA was $15,871,000 compared to $13,678,000 a year ago. Capital expenditures in the third quarter 2017 totaled $0.5 million.
For the nine months, the company's net sales were $212,214,000 compared to $152,406,000 a year ago. Operating income was $38,768,000 against $33,576,000 a year ago. Income before income taxes was $19,984,000 against $10,468,000 a year ago. Net income attributable to the company was $16,690,000 or $0.86 per diluted share compared to $9,826,000 or $0.58 per diluted share a year ago. Net cash provided by operating activities was $20,391,000 compared to net cash used in operating activities of $476,000 a year ago. Capital expenditures were $1,052,000 compared to $1,245,000 a year ago. EBITDA was $41,376,000 compared to $35,083,000 a year ago. Adjusted EBITDA was $45,261,000 compared to $38,955,000 a year ago. Net debt at September 30, 2017 was $206.7 million, compared to $215.3 million as of December 31, 2016, a decrease of $8.6 million.
The company anticipates that effective GAAP tax rate will be approximately 41% in the fourth quarter of 2017.
For the year of 2017, the company expects CapEx of approximately $2 million. The company anticipates that effective GAAP tax rate will be approximately 27% for the year.
Turning Point Brands, Inc. is a manufacturer, marketer and distributor of branded consumer products. It sells a range of products to adult consumers consisting of staple products under the brands Zig-Zag and Stokerâs. Its segments include Zig-Zag Products (Zig-Zag), Stokerâs Products (Stokerâs) and Creative Distribution Solutions. Zig-Zag principally market and distribute rolling papers, tubes, and related products; finished cigars and make-your-own cigar wraps, and CLIPPER reusable lighters and other accessories. Stokerâs manufactures and markets moist snuff tobacco (MST) and contract for and market loose leaf chewing tobacco products. Creative Distribution Solutions segment markets and distributes liquid nicotine products and certain other products without tobacco and/or nicotine; distributes an assortment of products to non-traditional retail outlets via Vapor Beast, and markets and distributes an assortment of products to individual consumers via the VaporFi B2C online platform.
Turning Point Brands, Inc. Announces Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Tax Rate Guidance for the Fourth Quarter of 2017; Provides Capital Expenditure and Tax Rate Guidance for the Year of 2017