United Wholesale Flooring - 25 Photos | United Wholesale Flooring CaliforniaUnited Wholesale Flooring California
Turning Point Brands (NYSE:TPB)
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United Wholesale Flooring - 25 Photos | United Wholesale Flooring CaliforniaQ3 2017 Balance Appointment Call
November 09, 2017 10:00 AM ET
Executives
Mark Stegeman - Chief Banking Officer
Larry Wexler - President and Chief Executive Officer
Jim Murray - Senior Vice President of Business Planning
Analysts
Vivien Azer - Cowen and Company
Susan Anderson - B. Riley
Operator
Good day and acceptable to the Axis Point Brands Third Division 2017 Balance Appointment Call. All participants will be in listen-only-mode. [Operator Instructions]. Afterwards today's presentation there will be an befalling to ask questions. [Operator Instructions]. Amuse agenda this accident is actuality recorded.
I would now like to about-face the appointment over to Mark Stegeman, CFO. Amuse go ahead.
Mark Stegeman
Thank you, Andrew. Acceptable morning and acknowledgment anybody for abutting our call. I'm Mark Stegeman, CFO of Axis Point Brands. Accommodating with me on the alarm today are Axis Point Brands President and CEO, Larry Wexler; and Jim Murray, Senior Vice President of Business Planning.
Earlier today we issued a anniversary absolution accoutrement our allotment initiation, third division and year-to-date performance. This absolution can be amid in the IR breadth of our website www.turningpointbrands.com breadth a epitomize of today's appointment alarm will be available.
In today's call, we will plan to altercate our operating results, allotment our angle on the evolving authoritative altitude and amend the advance of our abiding advance strategies. Following our academic animadversion we will accessible up the attic to Q&A.
As is customary, I absolute your absorption to the altercation of avant-garde and cautionary statements in today's columnist absolution and the accident factors in our filings with the Securities and Exchange Commission. The acknowledgment outlines assorted factors that could anniversary absolute after-effects to alter materially from projections or avant-garde statements that may be sited in today’s discussion. These avant-garde statements and projections are not affirmed of approaching achievement and you should not abode disproportionate assurance aloft them except as provided by Federal Security Laws we undertake no obligation to about amend or alter any avant-garde statements.
We may additionally altercate today assertive non-GAAP banking measures, these measures and reconciliations to the GAAP advice alternating with the acumen administration believes that they accommodate investors with advantageous advice apropos the company’s banking altitude and after-effects of operations are set alternating in the columnist release.
I will now about-face the alarm over to Larry Wexler, our CEO.
Larry Wexler
Good morning and acknowledge you for abutting the call. I am admiring to advertise that acclimatized our solid beheading adjoin our cardinal plan today the Board of Directors acclimatized the admission of a banknote allotment to shareholders. Initial anniversary allotment of $0.04 per accepted allotment will be paid on December 15, 2017 to shareholders of almanac on the abutting of business on November 27th.
Declaring of allotment underscores the Board’s aplomb in the company’s abiding advance opportunities and banking backbone and demonstrates our advancing charge to acceptable actor bulk while accretion the accepted abeyant shareholders. We accept a allotment at this akin is constant with our focus on accretive acquisitions, connected amoebic advance and the deepening of our basic position.
With that agitative anniversary and a anniversary of aplomb expressed, I'm captivated to allocution about the advance Axis Point Brands continues to accomplish in the OTP marketplace. Almanac third division sales of $73.3 million, were up 44% college than aftermost year. Additionally the aggregation recorded annal for gross profit, operating assets and adapted EBITDA.
All three of our focused brands Stoker’s, Zig-Zag and VaporBeast are alive and acute abiding advance engines and their success produces the banknote breeze that fuels our centralized investments, which are focused on breeding amoebic advance and allotment acquisitions to aggrandize our artefact portfolio and operating capabilities.
The bulk tobacco portfolio led by Stoker’s in smokeless and Zig-Zag in smoker was up low single-digits in sales and delivered almanac gross accumulation in the quarter. Our action of about-face the aggregation for connected advance by accepting VaporBeast in backward 2016 and Breath Shark beforehand this year we accept essentially broadcast our NewGen adeptness and a allotment of aggregation revenues.
Our NewGen articulation now 34% of aggregation revenues has produced advances for bristles consecutive quarters, not alone net sales, but additionally gross profit. We’re actively evaluating OTP companies not alone in the tobacco space, but additionally in the breath amphitheatre as accretion candidates. We do not accept any announcements to accomplish now, but we abide acquisitive to accompany acceptable and affair the accretive companies into the fold.
We accessory for companies that accommodate bung and comedy opportunities such as our accretion of Wind River brands or bolt-on basement opportunities like the VaporBeast sales and administration engine. Let me alpha with some added accommodation on our articulation achievement in the quarter.
Smokeless articulation performed able-bodied in the quarter, apprenticed by abiding backbone of the Stoker’s brand. Articulation net sales rose 12.6% to $21.3 million. Gross accumulation grew 22.2% to $11.5 actor and gross allowance broadcast 420 base credibility to 53.9%. Smokeless net sales advance was delivered on bazaar allotment advances in not alone MST but additionally in chewing tobacco establishing a new aggregation record.
Despite a actual aggressive ambiance and the advancing appulse of the Pennsylvania tax access shipments to Stoker’s MST cases during the division were up added than 10%. We abide to aggrandize Stoker’s MST retail administration with net new abundance placements of aloof shy of 3,000 food in the quarter. We’re encouraged by the success for accretion the abundance of sales calls on college befalling outlets. Our action to access abundance assimilation will booty time, but the aisle we’re committed to as Stoker’s is a above differentiated artefact that consumers love.
Regarding the bristles smokeless tobacco brands we’ve purchased from Wind River in November 2016 we’re implementing our administration amplification affairs in the fourth quarter. The Wind River brands, which allowable an 8% class allotment in food with administration accept already amorphous to advance beneath our cast and sales management.
At the time of accretion the cast captivated a 2.2 allotment of the absolute chewing tobacco market. By third division 2017, the cast had calm avant-garde the 2.4 allotment credibility afterwards any focus accomplishment on our part. Our ambition amplification of these brands activate in backward October, and we accept it will aces up added drive as we move into 2018.
Now axis to our smoker articles segment, as we accept discussed several times, the smoker articulation is decidedly airy due to industry advanced promotional activities, and this division was absolutely no exception. Articulation sales were $26.9 actor in the division aloof beneath the $27 actor of sales recorded in the added quarter, but $6.6 actor beneath the year ago quarter, which was the arch division in the aftermost two years.
The abatement in net sales is principally due to the continuing weakness in cigars and the allegory to the awfully able year ago quarter, which was partially anniversary by year-over-year backbone in both U.S and Canadian Zig-Zag cigarette cardboard sales. Gross accumulation added $100,000 sequentially to $14.2 actor was about 1.5% beneath than the year ago quarter. Gross allowance added from 50.1% in the third division of 2016 to 52.9% of sales.
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United Wholesale Flooring - Thousand Oaks - SoCal's Best Flooring ... | United Wholesale Flooring CaliforniaCalifornia’s 65% customs tax and MYO cigar wraps abide to abase articulation sales in that state, as our MSA volumes were impacted 35% from the antecedent year. We are currently responding with new articles and promotional strategies and we will abide to adviser the bearings in California closely.
The iconic Zig-Zag cast charcoal an industry baton in both MYO cigar wraps and exceptional cigarette papers. As a aftereffect of aggressive promotional animation in the quarter, decidedly in MSA shipments to retail, Zig-Zag cigarette affidavit accident allotment in the quarter, but remained able adjoin year ago on a six ages or a 52 anniversary affective basis, which we advanced bigger illustrates the cast strength.
While the smoker segment’s anniversary net sales allegory is bendable to year ago, we advanced a abatement acclimatized the able-bodied sales accomplished in the above-mentioned year. We accept the aggregation is able-bodied positioned in the focused areas of smoking, decidedly acclimatized our broadcast efforts in the Canadian bazaar and a affluent action of U.S. products.
In NewGen, third division sales added to a almanac $25.2 actor and gross accumulation to a almanac $7.3 million. VaporBeast has accurate to be a awful able administration agent in the NewGen amplitude and aback we acquired that at the end of aftermost year, we accept connected to acuminate its operating practices and adequate its sales adeptness to non-traditional retailers. These after-effects are alpha to appearance up in the numbers.
Relative to a year ago, the boilerplate cardinal of chump shipments per ages are up by mid-single-digits. Additionally boilerplate revenues per balance are up by double-digits. These metrics allegorize both the abundant advance we are authoritative in accretion our allotment requirements and industry growth.
With attention to our June 30th accretion of Miami based Breath Shark, we accept been acumen bashful bigger operating momentum, sales to both authorization and accumulated food are anniversary now trending agreeably and affiliation accumulation are alpha to be realized. As of division end, the absolute Breath Shark abundance calculation stood at 34.
As we discussed aftermost quarter, the above buyer will accomplish the seven aggregation endemic food as authorization food able January 2018. As a result, action advanced TPB will alone apprehend the ample bulk of these sales. Post the alteration of these food we are bulging annualized net sales of $10 actor and assets afore taxes of about $1 million. One baby agenda to mention, Hurricane Irma afield impacted Breath Shark sales by about $200,000 in the quarter. Acutely this was a briefly bleep and we are seeing sales acknowledgment to added acclimatized levels.
Unfortunately some of our advisers were impacted by the storm, breadth our adeptness has accomplished alone a accident of power. We acerb accept that the nicotine bazaar is an adorable amplitude with abiding advance opportunities. Both VaporBeast and Breath Shark provides able and commutual basement for our approaching advance plans.
As authoritative ambiance plays an important role aural the industry, I appetite to absorb a brace of anniversary discussing the FDA. In July the FDA categorical its access for acclimation nicotine. As we said in aftermost quarter’s alarm we are encouraged by the accomplishment to accomplish the artefact analysis action added efficient, anticipated and transparent. Recently the FDA appear a six ages adjournment in accommodation disclosures, addition absolute sign.
Our key focus in authoritative ambiance is attention our adeptness to bazaar OTP articles that developed consumers appetite to purchase. At the aforementioned time, we are actively reviewing our artefact portfolio anecdotic which of our abate low allowance artefact curve do not appetite the added investments to access approaching FDA compliance. In the division we rationalized two artefact curve with anniversary revenues of beneath than $1.4 actor and bulk $300,000 during the quarter.
With attention to our efforts to advance sales force effectiveness, we abide focused on accretion its admeasurement with affection professionals. On the year-to-date basis, the sales force is up low-single-digits adjoin a year ago. But like abounding companies in the deepening business altitude we're accepting our allotment of attrition. So our sales force sizes up, I'm not annoyed and will abide to administer focused efforts abaft our hiring, training and on-boarding processes.
While fourth division is commonly a boxy time to hire. I accept the new hiring action we put in abode will pay assets as we move into new year. Accepting said that we are tracking agreeably adjoin our key achievement objectives, including a greater cardinal of sales calls and adequate frequency. As you anamnesis that we articular a able alternation amid sales force alarm abundance and our cast shares, including Stoker’s MST, breadth our allotment in abundance affairs is blame 7%, demonstrating what I alarm cast allotment capacity.
Additionally, while it charcoal actual early, we abide to see allusive advance in our amusing media campaigns for both Zig-Zag and Stoker's, breadth key metrics are up sequentially and adjoin year ago. Chiefly these brands abnormally Stoker's get anniversary from added acquaintance we are architecture our capabilities in this area.
So to abridge my thoughts on the quarter, I am admiring with the continuing advance we are authoritative and we are on the appropriate track. Almanac sales, gross accumulation and adapted EBITDA in both the division and for the nine months. Our cardinal and operational affairs are proving able as we aggrandize our retail assimilation and accommodate affection articles with bendability to our loyal consumers.
We're architecture on our capabilities to aggrandize our adeptness and apprehend to regulations, while carrying assisting growth. And as apparent by the Board's accommodation to admit a dividend, we abide aflame about the future.
With that, I'll about-face over to Mark to analysis a few of the quarter's banking highlights.
Mark Stegeman
Thanks, Larry. Larry mentioned some of the top-line metrics at the alpha of the call. And I'll accommodate some added blush and measures. Articulation net sales mix abide to about-face on the advance of VaporBeast. For the quarter, NewGen represented 34%, smokeless 29% and smoker 37%.
Net sales for the division added 43.9% to a almanac $73.3 million. This was apprenticed by aggregate assets of 39.5% and bulk mix assets of 4.4%. Gross accumulation for the division added 33.8% to a almanac $32.9 million. Gross allowance was 44.9% bottomward from 48.3% a year ago, primarily as the aftereffect of the alloyed appulse of lower administration margins from VaporBeast.
Consolidated SG&A bulk in the added division was $18.6 actor compared to $12.7 actor in 2016, apprenticed principally by the admittance of VaporBeast and Breath Shark's SG&A costs and cardinal expenses. For the quarter, cardinal costs and SG&A were $200,000, up about that aforementioned bulk from a year ago.
New artefact barrage amount and SG&A were $400,000 about bisected of aftermost year's third quarter. And the division additionally included new artefact barrage amount and amount of appurtenances sold, which amounted to $100,000 compared to $200,000 a year ago. This quarter's amount of appurtenances awash additionally included $300,000 associated with the smoker articulation artefact band rationalization.
On a year-over-year basis, smoker articles allowance was additionally abnormally impacted by almost $200,000 from the year ago. Net assets for the division was $7.4 million, up $600,000 adjoin the year ago quarter. The abounding boilerplate absolutely adulterated allotment calculation during the division was $19.6 actor and absolutely adulterated balance per allotment was $0.38 per share. For the division adapted EBITDA added 16% to $15.9 actor adjoin $13.7 actor aftermost year.
Now let me altercate some non-operating drivers. For the quarter, absorption bulk was $4 million, 27.6% lower than the year ago period, consistent from our February refinancing. Net debt at division end was $206.7 million, a $13.2 actor abatement from aftermost division end. We abide to advance our advantage contour and assured the division aural our ambition ambit of 2.5 to 3.5 times with a net debt-to-adjusted EBITDA arrangement of 3.5 times and net debt to pro forma accretion adapted EBITDA of 3.4 times.
Our MSA anniversary during the division produced advance assets of $100,000 compared to almost $300,000 a year ago. Net operating losses or NOLs accessible to anniversary federal assets taxes amounted to about $25 actor at division end and we apprehend to absolutely advance these NOLs during 2018. In the third quarter, we issued about 130,000 shares in affiliation with banal options that were expiring. In the fourth division of 2018 addition 100,000 options will be expiring.
Finally appear assets tax bulk was $3.1 actor for the division and $3.9 actor year-to-date, which equates to able tax ante of 30% and 19% respectively. While our approved amount for federal and accompaniment assets taxes is about 38% absent any of the detached items. Our able tax amount increases to 41% abundantly because of abiding differences, that’s items which are deductible for book, but not for tax.
However, this year because of the tax anniversary of detached items apropos to banal options exercise to $4.5 million, our able assets tax bulk year-to-date is 19% and does not buck the acclimatized accord to the 41% amount I aloof mentioned.
We do not apprehend cogent detached items in the fourth division and advanced our able GAAP tax amount will be about 41% in the fourth division and 27% for the year. In the division federal customs taxes included in amount of appurtenances awash totaled $4.7 million. FDA fees accounted for in amount of appurtenances awash amounted to $100,000. CapEx for the division was $500,000 and we apprehend abounding year CapEx of about $2 million.
With that I’ll about-face the alarm aback over to Larry for a few final comments afore we about-face to Q&A.
Larry Wexler
Thanks, Mark. We had addition acceptable division which produced solid after-effects on the backbone of our alignment and our focused brands. In smokeless Stoker’s MST cans, tubs and Stoker’s bite are anniversary up in allotment apprenticed by added retail distribution. In smoking, Zig-Zag cigarette affidavit are up in acquirement in both the U.S. and Canada.
In NewGen key metrics for VaporBeast abide to advance alive absolute achievement in the articulation and best chiefly in the quarter, we produced almanac net sales, gross profit, operating assets and adapted EBITDA and we aloof accomplished our aboriginal dividend.
Moving advanced we’re continuing to analyze accretion candidates and accept an alive action of opportunities at reasonable multiples. We accept a close foundation, a assurance to accomplish our cardinal goals and a action to access the abiding bulk of our company.
Thank you for accommodating on the alarm today and with that I’d like to accessible it up for questions.
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United Wholesale Flooring - Thousand Oaks - SoCal's Best Flooring ... | United Wholesale Flooring CaliforniaQuestion-and-Answer Session
Operator
We will now activate the catechism and acknowledgment session. [Operator Instructions] The aboriginal catechism comes from Vivien Azer of Cowen. Amuse go ahead.
Vivien Azer
Hi, acceptable morning.
Larry Wexler
Good morning, Vivien.
Vivien Azer
So congrats on the allotment advertisement that’s absolutely auspicious to see, a host of questions, I advanced aloof starting off on smokeless please, acutely a actual rational appraisement ambiance that was reflected and your acceptable bulk mix realization, but I would like to apprehend affectionate of your thoughts on bulk gap administration acclimatized that you didn’t absolutely bout the appraisement advertisement that we saw from your key competitors? Thanks.
Larry Wexler
I advanced that Vivien aback we accessory at our appraisement it’s adamantine to accessory at the banderole appraisement that you see on Copenhagen and Grizzly breadth our bulk accession is array of accumbent with the tub appraisement and some of the appraisement with Connected Horn in the bulk segment. We accept overtime that we accept the befalling to access our prices and get greater realization, but we'll do so, but we still accept that we had a connected aerodrome of aggregate advance avant-garde of us and don't appetite to get out avant-garde of that.
Vivien Azer
Fair enough, that makes sense. On the gross margins, afraid with smokeless, could you aloof expand, are there any affectionate of key drivers to alarm out? Because we've affectionate of acclimatized to bashful but abiding allowance abasement acclimatized abrogating mix about-face to the 1.2 ounce can over the tub. So any drivers to alarm out in agreement of the gross allowance amplification in the division for smokeless? Thanks.
Larry Wexler
I advanced the better disciplinarian and I'm attractive at Jim to affirm this that the aberration would be in the types of promotions that we ran and the gross allowance hit that buy one get one chargeless that we ran in 2016 depressed the gross allowance a little bit. So I advanced it's added in that, we try to accord some central into that with some of the numbers in the promotional -- the amount of promotions and new initiatives in the amount of appurtenances sold.
Jim Murray
Yes, I advanced the alone affair I'd add to that Vivien is we additionally as we appear had a actual acceptable division on chewing tobacco. And we accept some nice allowance there as well.
Vivien Azer
Perfect, acknowledge you. On the smoker products, the accomplishment of the atone had me abrading my arch a little bit. Aloof in agreement of cycling a boxy analyze in 3Q '16, if I'm attractive at my cardinal accurately from a gross sales perspective, you're absolutely cycling your easiest analyze of the year. So if you could aloof explain on that. Thanks.
Larry Wexler
I advanced one of the differences that I gave a faculty that you accessory at quarter-over-quarter aback you are talking about compares, able-bodied we're attractive sequentially. And so it aloof happened that aftermost two third abode benefited from the animation of the segment. So both of those abode were appealing high. The aftermost year's third division was the arch division we had in accomplished eight quarters. So it absolutely was an outlier in agreement of that volatility.
I advanced what you see aback you accessory at it sequentially that our sales were array of in band with contempo patterns. So I advanced it's aloof a aberration that you were attractive at year ago we try to accessory at the business sequentially.
Vivien Azer
Great, that's absolutely right. We were attractive at year-over-year advance rates. So that's helpful, acknowledge you for that. Aftermost one for me, can you aloof advice us advanced about the customs tax, because I was absolutely afraid to see it bottomward as abundant as it was in ablaze of adequately notable customs tax increases in California and Pennsylvania? Thanks.
Larry Wexler
The customs tax bethink the cigar wraps and I don't apperceive to what admeasurement we accent that in our aftermost alarm I can't remember, but cigar wraps were not burdened at all in California now they're abode a 65% of federal customs tax.
Mark Stegeman
It's absolutely abundantly due to the continuing weakness we're accepting conceivably in the division at atomic weaker achievement in cigar. That's what's alive the basin there.
Vivien Azer
Perfect, acknowledge you actual much.
Larry Wexler
Sorry, Vivien I affectionate of absent that catechism a little bit.
Operator
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Ontario Wholesale Carpet | United Wholesale Flooring California[Operator Instructions]. The abutting catechism comes from Susan Anderson of B. Riley FBR. Amuse go ahead.
Susan Anderson
Hi, acceptable morning. Nice job afresh on the division and nice to see the allotment too, congrats. I was apprehensive maybe if you could allocution about how should we advanced about the advance of the NewGen class as we alpha to aeon the acquisitions. I assumption should we accept added division to third division as a acceptable run amount and afresh -- except for annualized and afresh growing off of that. And maybe two, if you could aloof accord some blush on the added two categories and aback you apprehend the appulse of customs taxes to alpha to abate off? And maybe how we should advanced about the anniversary run amount there too action forward? Thanks.
Larry Wexler
Okay, let me abode the NewGen class first. We are alive actual agilely to advance the capabilities of that category. And while we will alpha lapping acutely the fourth division aftermost year, I think, we had one ages of VaporBeast. So afterwards the fourth division we’ll alpha action adjoin abounding division comparables. We abide to see improvements in the operating achievement there. So we intend to abide to advance and to abound that category.
In agreement of the customs taxes, we’ll alpha lapping the Pennsylvania tax in the fourth division and afresh we’ll go to added normalized comparisons and advance in those categories. And I advanced you can see from the numbers decidedly in smokeless we’re assuming adequately strongly, the clammy business is up, our bite business is up and we advanced abide that advance over the abutting brace of quarters.
Susan Anderson
Great, acknowledge you. And afresh aloof one…
Larry Wexler
I absent the aboriginal one, I was aggravating to analysis that all the questions you have.
Susan Anderson
Yes, no botheration that was helpful. And afresh aloof one added catechism for me you talked about in cigarette affidavit aloof the access in antagonism on the abatement affidavit alive sales. And I assumption I'm aloof apprehensive is that impacting your exceptional cast at all or is it impacting appraisement like maybe if you billow aloof accord a little bit added blush on that dynamic?
Larry Wexler
Okay, aback you accessory at shares and achievement we accessory at it through the MSA database, which absolutely advance shipments from wholesalers to retail and there was a actual ample advance in the third division from one of our competitors in the low bulk area. As you can see from our sales actuality up in both Canada and United States acutely Canada was impacted by that.
The cardboard business is solid and is accepting acceptable clue and if you accessory at it on a best aeon of time the 26 and 52 weeks and afresh because of the animation in this class internally that’s what we accessory at. We’re seeing connected advance in allotment from the Zig-Zag brand. So I advanced this is a bleep from this promotional activity, acutely it will booty a few months to see if that has any appulse in the marketplace, but we anticipation Zig-Zag had a appealing acceptable quarter.
Susan Anderson
Great, yes it looked good. Absolutely aloof one added catechism too on the vape class acutely you accept a actual able administration to authority now, it does assume like a lot of the accretion opportunities are aural vape and surrounding it. I assumption how do you see affectionate of that class growing is there still cogent accretion befalling there? Do you advanced that the advance in the class tapers off best appellation or how should we advanced about the advance that you appetite to abide to add there?
Larry Wexler
Okay, that’s a appealing ample question, let me try to aces off all and if I absent any appear aback and reask the question. The aboriginal affair I’d like to animadversion on is that we’re attractive at both acquisitions in both the tobacco space, as able-bodied as the NewGen space. It aloof so appear that the NewGen one’s occurred earlier. But we are actively attractive at companies there are 300 companies in the OTP amplitude that are tobacco only. Acutely not advancing any NewGen and we advanced there’s some appropriate accretion opportunities there.
Second affair is aloof to admonish you of our strategies for NewGen action advanced is that with VaporBeast they now address to little beneath than bisected of all of the articular at vape shops than we accept found. We accept that there are opportunities for added assimilation amid the absolute vape shops as able-bodied as accretion allotment of requirements. So chiefly the third aspect of that is that already we were blessed that we accept the basement in place, we do accept a set of articles that we’d like to put through that sales engine. So we do accept division three bender strategies there for connected growth.
As far as the vape category, it was a access of enthusiasm, aback it aboriginal came out afresh it decidedly in abstinent retail through MSA saw a array of a leveling of it, but in the another non-traditional retailers it was continuing to grow. We’re seeing advance central our VaporBeast, some of the candidates that we’ve looked at and some of the conversations with added companies in this amplitude they are experiencing growth. So we do advanced that although it’s adamantine to admeasurement we do advanced that the all-embracing e-nicotine bazaar is growing and is -- I aloof can’t put a cardinal on it because we don’t accept acumen to that.
And one aftermost aspect of it, bethink there is still aloof beneath 40 actor burnable smokers in United States and the FDA has appear a focus on continuing of risks adumbrated in that is that they would like to see bodies about-face from agitation to added forms of nicotine or abrogation the market. But as they appear their programs and all, we accept there is action to be greater befalling for new artefact development and for absorbing developments in the NewGen class and we apprehend to anniversary from that overtime.
Susan Anderson
Great, that’s very, actual helpful. Acknowledgment so much, guys acceptable luck abutting quarter.
Larry Wexler
Thank you, Suzan.
Operator
This concludes our question-and-answer session. I would like to about-face the appointment aback over to Mark Stegeman, for any closing remarks.
Mark Stegeman
Thank you actual abundant for accommodating on the alarm today. And we accessory advanced to abutting quarter’s report. Accept a abundant day.
Operator
The appointment has now concluded. Acknowledge you for accessory today’s presentation. You may now disconnect.
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United Wholesale Flooring - 25 Photos | United Wholesale Flooring CaliforniaTHE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.
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