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 Turning Point Brands Announces Preliminary Second Quarter 2020 Results

Turning Point Brands, Inc. ("TPBa?? or the "Companya??) (NYSE: TPB), a leading provider of Other Tobacco Products ("OTPa??) and adult consumer alternatives, today announced preliminary sales results for the second quarter ended June 30, 2020 in connection with the underwritten secondary offering by certain of its stockholders of 2,000,000 shares of TPBa??s common stock. TPB plans to release its full second quarter 2020 financial results along with updated full year guidance on July 28, 2020.


During the second quarter of 2020, the Company delivered strong execution of its business strategy and achieved record quarterly net sales. Preliminary estimates of net sales exceeded $100 million for the second quarter of 2020 compared to net sales guidance of $81 to $87 million provided on April 28, 2020. All segments outperformed management expectations for the second quarter of 2020.


In the Smokeless segment, the secular consumer down-trading trends that accelerated earlier in the year continued during the quarter as the Stokera??s MST line continues to build momentum and gain consumer acceptance. In the Smoking segment, sales benefitted from increased consumption, new product penetration and recently implemented growth initiatives which offset the COVID-related supply chain disruption experienced in the MYO cigar wraps business. In the NewGen segment, market share gains and new product introductions returned the segment to positive year-over-year sales growth.


Cowen is acting as underwriter for the offering noted above. TPB has filed a registration statement (including a prospectus) with the SEC as well as a preliminary prospectus supplement with respect to the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and the prospectus in the registration statement and other documents TPB has filed with the SEC for more complete information about TPB and this offering. You may get these documents free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, TPB, the underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus supplement (or, when available, the final prospectus supplement) and the accompanying prospectus upon request to: Cowen, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833)297-2926.


This press release does not constitute an offer to sell or a solicitation of an offer to buy the shares of Companya??s common stock or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.
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