you thank Turning great I Brands you integrating call. update and executing like morning you the and Point XXXX This would growth Thank how driving by and progress plan, to acquisitions. has pursuing morning Good for on our in Mark. everybody joining accretive organic made strategic
results a it’s marketing are sales, positive and operating financial in platforms and We Our evident difference. year’s enhanced making this and distribution performance. our
with distribution Our And our our new three acquisitions expanded extended capabilities. foundation flexibility and and we future strengthened product portfolio our platform market reach financial fortify our and growth. for to
growth. brands excellent Smoking, key focus Stoker’s Smokeless, producing NewGen continues category and are volume, and Zig-Zag its VaporBeast VaporBeast thriving. in is remains Zig-Zag a in Stoker’s in leader Our in growing
acquisitions visible Our accomplishments in our in both recent the in organic quarter is results. growth
favorably net For a difficult. XXXX, note million. increased Gross and profit million of deferred by $X.X million XX.X% reevaluation prior tax $XXX.X while to $XX.X to net XX.X% record was down $XXX.X a grew making sales XX.X% ago the record impacted comparisons income million. grew to Operating income to Please record year million. year a was assets a $XX.X
the million. $XX.X validate on continued X.X% the they record are to XXXX. million, and $XX.X results our million, we record than EBITDA carried sales XX.X% to These profit adjusted adjusted momentum $XX.X XX.X% success. path strategies This where are $XX demonstrate a a and EBITDA our gratifying; million, higher grew to through net to Importantly, reached in quarter increased fourth XX.X% increased gross
ahead are of us. forward, the excited highway growth see Moving about we we
excited few announced that our recently to segment will support deeper little important Before items I strategy. results, further a were into I’m that growth a discuss dive
in in resulted implemented we XXXX, improvements company-owned branded that in a former Vapor a to stores. is consumer the them Shark Seven OTP do the in XX Vapor an acquiring option understanding take had have over were depth these and relatively as XXXX. after our do and of number process new owner we same traditional of stores Vapor not segments. stronger category. First, sales yet a Shark of We
with As to the we owner. an decided result, of to Vapor retain Shark do stores done agreement and a ownership brand seven we’ve former so the
segment. point-of-purchase allow to at trends levers and our the Continued entire analyze us learning and understand consumer NewGen ownership across this better
Moving the forward, versus of owning benefits we to franchising these evaluate will stores. continue
balance made metrics. progress solid last credit seen our the we to sheet, Turning in throughout year as
million last + I’m to capacity pleased with S&P group B our just upgraded March little million last an were rating. improved outlook to to XXXX credit acquisitions. in In fact, conjunction bank amend extend week, our the BX our a a metrics, ago. outlook facility The a X, our we credit extend and reduced maturities And with announce into stable their working to $X year stable and our successful $XXX over improve month. annual interest credit by In entered estimated execute rating expense with reaffirmed Moody’s amendment
you records them, products strong year and focus X.X% establishing company core X.X% future on Net Simply portfolio the me for they deliver for ultimate periods. put, TPB tobacco brands in Led work context profit results. the the to Stokers in year how in provide exceptional is this let year. Zig-Zag fourth few portfolio performed segments, that determines increased and built increased a minutes the Now X.X% respectively. core both the success. in brands, take investing for and the growth. of continued quarter for quarter the full our their X% and The I and and sales to discuss tobacco foundation Gross quarter, and a company by our in review, I’ll nurturing, the and remind
challenging a solid both standpoint, achievement While was a and competitive Zig-Zag. of from Stokers for year XXXX
demonstrating Not ago. aXX.X% of Smokeless in Snuff the with brand the continue Moist to case or from increase again as star increasing Smokeless million MST, widened and analytics In product the effective to continues our to net Stokers Smokeless chewing opportunities. by market based MST products, cans $XX of [Indiscernible] its XX% was share outlets among expand tobacco for sales selling segment, sales greater with Leveraging tobacco Stokers a focus record shipments retail we XXXX. a Stokers approximately availability. Moving surprisingly, Smokeless to XX%. segment, X.X% call and store MST base than both on the X.X stores market and once increased greatest we its force, impact encouragingly, with the all positive successful Tobacco $XX.X U.S. through Stokers have of the [Indiscernible] distribution retail in million, were highly sales broadening the year quarter, of a MST expansion cans a A appeal net of the Stoker ounce Smokeless MST distribution enthusiasts. to
all am While upside in [Indiscernible] in pleased in-store to close and we outlets. the but also and in velocity for distribution to XXXX stores I games, not share satisfy available are XX% especially Stokers yet retail is remaining only continued not that increase about excited improvements.
said is competitors, the As before, world-class MST despite growth demonstrated long our journey strong have term and introduction. a have I we growth since consistent plan Stokers
in purchased update you brands the five we on me let XXXX. tobacco Smokeless Now
completed, realizing platform in have volume and targeted quarter, now we We expanding margins. outlets. into Late improved light these high production to effectively asset began fourth with manufacturing integrated are the transition distribution brands our the
XX% the were where strength and potential in distribution, had recall excited You beyond. XXXX the brands stores and in about these they had for cheap share performance and we
basis of degree a fourth MSAi declined more tax modest but in million. while quarter to XXXX. quarter, regard the was growth. the the to declined XXX expense of XXXX than the gross with both competitive to some by In XX.X% X% of versus For points the the single to tobacco and in digit expense in Pennsylvania price LIFO offset gains. the fourth to we volumes XXXX quarter by set years, $XX.X XX.X% October Smokeless profit outperformed margin XX% $X.X industry Segment mix industry gross volume we competitions, of increase, XX.X% MST, Absent quarter for digit the mid-single LIFO expanded segment million. XX.X% due more the With margin low increased in realized state chewing gross increases,
wraps. diluted products million the consider strategic for in frontal to We decision required that battle of from and $X to adjusted what to our hypercompetitive million down a effective to a would a and our in engage million made this realities profit up ago. cigar deemphasize be cigars a we marginally competitive resources lower cigars, And a preserve a ago. in turning and pricing cigars, for LIFO Now recall $XXX we Smoking sales efforts sales papers opportunities. re-direct Net MST, have gross Despite year-over-year were to to we rational a higher period year year of segment. during was we contribution our $X margin reduction sales margin our year and
evaluate to all cigar growth sales MYO million continue rose see strong wraps to in primarily We sales in of by our tax net across the we market. to the press wraps Zig-Zag quarter, to and papers of invest cigar on cigarette sales excise continue the $XX.X the level Canadian and Zig-Zag driven continued X.X% despite the return. MYO cigar XX% of our will California’s continued and dynamic both state. industry In greatest the where our opportunities erosion, segments
industry volumes a were industry the we adjacent states, in some state of which down While XX% year volumes level demand. in shipping ago, increase approximately suggest seeing are of the
began Additionally new number of executing strategies. in quarter, the promotional fourth a we
periods, a own California of X.X% our expense $XXX,XXX. as XX.X% cigarette was to ago, as million necessary. Zig-Zag Zig-Zag already a the consumers buying gross the continue long XX.X% million brand compared to for quarter premium roll with manufacturers opposed maintained increased more had XXXX. a the to LIFO will MYO gross in market margin share papers, potent of we its a forward, expense industry to Going year-over-year strengthened dynamic euro period to of the as among in product watch in Canada profit both lower and adjust promising adjusting than Gross quarter cigarettes. a Canadian their and the quarters of States. wraps environment, In results roll-your-own fourth In a elected closely for in $XXX,XXX introductions. much a the position as the market cigarette and After LIFO for tobacco compared $XX.X year cigar $XX.X of quarter who emerged new United due developed compared profit with to $XX,XXX that leading consumer choice both the impact to of has
there the of enjoyment. be own recreational whole of With audience this and of roll marijuana to for whom will consumers, a recreational coming many their will choose summer, cannabis legalization new smoke
when Canada in bigger. is assumed big position across that do. new and Late provide view to social is our and consumer core and packaging positioning quality partner as for participate to and even brand cultivated. the it opportunity. consumers At market creates premium of with slim wear market, point-of-purchase we you to king-size Zig-Zag additional and companies blossom sales products the flourishes strong those products win the cannabis company, introduced the quarter, the likely in the average the to being to impact like So brands TPB only Canada orange our at and media, to were opportunity hearts meaningful compelling management and we passion SKUs consumers, and our in our differentiated as actively both many said, a two get partners a high-quality particularly products a Zig-Zag. requested leverage I better Simply and opportunity, with our Canada brands fourth minds marketing mean enthusiastic brands obsession. on loyal consumers developing brand in now a have you products badge. are Developing Zig-Zag expanded everything of exploring our beyond. is dynamic, in-store is to living Goodwill organism product XXXX each be probably new
team advantageous. For several in strategically papers years and brand U.S. distributors fake our investigated filed has the as production actions of legal
governments International side-by-side with and the Homeland and significant fight State work Border counterfeit. Customs have Protection, Local and officials We Security, to invested and FBI, resources
zero-tolerance this sufficient anticipate United thousand booklets We seized cigarette brand production brands, additional and and fought are authorities of involved equities distribution. position build. to on that hundred packaging On Chinese a taking targeting hard police papers, that Zig-Zag against papers the actions identified materials Zig-Zag, XX, we so Chinese To-date revealed had legally several of millions long enforcement February counterfeit believe a popular actions began have investment. of good long cigarette States many these parties including We for produce we is have a who counterfeit in and through those the to investigations. in informed that units. We traded those and we reported so
brand, equity brand increased We of expect cigarette the are imitations papers Zig-Zag number the through benefit rocketing, low-quality, of With a this in that yield counterfeit we reduction Zig-Zag premium cigarette the one segment. to will and and sales wraps market the quickly future. brands premium cigar MYO I’ll market NewGen to protect in to Canadian and promising the one turn integrity and developing opportunity stability growing we number the grow. our will now
Vapor in XXXX midyear of VaporBeast success supplemented by acquired delivered the quarter in XXXX was NewGen’s by Shark. late of robust growth acquisition was which fourth Our of we the XXXX
the of grew $XX.X XXX sales. outstanding. million. sales a has million. the to been Gross was $X.X XX.X% grew gross performance basis growth. growth million Quarter’s our our engine rose record VaporBeast, gross increased similarly behind distribution sales Sales profit million $XX was record million, NewGen's to to to and $X.X driving For net $XX.X $XX.X year, by margin points continued and trend million by force profit
diligently penetration serve. We’re nontraditional strong gains. orders retailers sales driving deepen we sales That’s working in frequent dividends and higher sizes to order more with paying
developing brand our platforms. across We’re NewGen segment and the throughout synergy
procedures integration duplications into summarize, diagnose plan identify yard best-in-class returning to a streamline to common and steeplechase to start XXX ineffective workflows NewGen with and Our To solutions, simpler as platforms. processes develop we’re share designed dash. across is determine
Vapor distribution step our to structural next into the Our e-liquid of is facility. manufacturing operations integrate and the Louisville Shark
Like provide VaporBeast Graham was focus infrastructure improved Graham that operations. move President, Ventures the appointed former Vapor growth quarter Shark our Vice be in produce efficiency. expect distribution to manage completed vapor I third and as our maintain We the and growth To and in to Senior underpins a the will execute development acquisition to doing oversee President and the Sales and improvement cost-effective intimately marketplace. these operating future New of Purdy their core We in successful also infrastructure continued driving strategies is vapor deliver and both solid both acquisitions. spaces. for of companies, a see areas and in Executive prerequisite a manner. all involved manage mindful in activities growth. He tobacco ever so a
FDA's our regulatory staff prepare our strengthening to increased and target the added position over mandates are expanded strength the We’ve infrastructure compliance. professional our years and bench of We to OTP company for with implementation better acquisitions.
We’re improving our infrastructure. sales
strengthen merchandizing. distribution effectiveness and our sales expand continue We of force size the to and
efforts base trial, interactions to of and and our upgrading improved With We’re mail, and social media infrastructure engagement bonds building market targeted build stronger loyal awareness consumers. with our direct promotional consumer in-store established we’re increase to sales.
necessary purchasing adding deliver our The is marketplace. VaporBeast redeveloping where further unrivaled and customer in the best-in-class efficiency to We’re satisfaction, goal and do and professional marketing personnel service. staff enhance sales to effectiveness
tobacco reiterated We nicotine category health to Gottlieb cigarettes of greatest their encouraged burden. research growth. that improvements regulatory infrastructure continue and organic drive products that delivered important on risk FDA Recently, tobacco. Our With the regard nicotine are be to vitally continuum the are we by comments new and the to nicotine to Commissioner on public society products policy. on for spoke is cause
to forthcoming regulations As agency continues and such guiding with consider this principle in the policy mind.
beginning new their these are through rulemaking way of make the Some process. regulations to
our operations the earlier focus pursue said performance hopeful run We achievements. the innovate brands, improving public on OTP opportunities be and To highway acquisitions. health XXXX obtained are I'm to industry's in I promising one. with build that now pleased goal I’m ability shows the optimistic can more our about like our future summarize, our overly to and sharpen XXXX that constrain and prosper. our of I
gross capital record In transformative and structure. and we grounds of fertile review that, to turnover we profit, We about We enthusiastic With see for summary, value organic where operating adjusted income the future potentially our acquisitions. to and Mark brands. our build continue strengthen growth to we’re financial sales, highlights. both EBITDA protect our delivered the I’ll and
