Turning Point Brands Appoints Graham Purdy As CEO; Cuts FY22 Guidance

• Turning Point Brands Inc (NYSE: TPB) has appointed Graham Purdy as CEO and Board Director, effective as of October 16, 2022, following Yavor Efremov's resignation as CEO and Director.

• Purdy has served as TPB's Chief Operating Officer since 2019. Since joining TPB in 2004, Purdy has held various leadership positions.

• Additionally, David Glazek will transition from Non-Executive to Executive Board Chairman, effective January 2023.

• Preliminary Q3 Earnings: Turning point sees Q3 FY22 sales of $106 million - $108 million against an estimate of $105.87 million.

• The company sees Q3 FY22 net income of $10.5 million - $12 million and adjusted EBITDA of $23.5 million - $25 million.

• FY22 Outlook: Turning point lowered FY22 Zig-Zag Products sales guidance to $186 million - $191 million from the previous outlook of $193 million - $200 million.

• It also lowered FY22 adjusted EBITDA to $96 million - $99 million (compared to the previous outlook of $97 million - $103 million.

• Price Action: TPB shares are trading lower by 2.61% at $20.50 in premarket on the last check Monday.

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