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    Michael Legg • The Benchmark Company

    Michael Legg's questions to Turning Point Brands Inc (TPB) leadership

    Michael Legg's questions to Turning Point Brands Inc (TPB) leadership • Q3 2024

    Question

    Michael Legg of The Benchmark Company asked about the expected sales mix for the 'Free' brand's new lower nicotine strengths, potential supply chain limitations versus account acquisition challenges, and the comparative revenue opportunity of the alternative channel versus traditional retail.

    Answer

    Executive Summer Frein noted that the new 3mg and 6mg 'Free' products target nearly 70% of the category's volume and early results are encouraging and incremental. CEO Graham Purdy stated that manufacturing capacity is not a constraint, with the main challenge being the long cycle times for chain store onboarding. Summer Frein also clarified that the total addressable market and profit opportunity in the alternative channel is considered as large, if not larger, than the traditional convenience channel.

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    Michael Legg's questions to Standex International Corp (SXI) leadership

    Michael Legg's questions to Standex International Corp (SXI) leadership • Q1 2025

    Question

    Michael Legg sought clarification on the new acquisition's growth potential versus conservative guidance, inquired about customer concentration, asked about potential for EBITDA margin expansion, and questioned the dynamics between the electronics order book and pipeline.

    Answer

    CEO David Dunbar stated the 'mid-teens' growth forecast for the acquisition is intentionally conservative and will be updated. He confirmed there is no significant customer concentration and that margin expansion will come from operating leverage on growth, not cost synergies. CFO Ademir Sarcevic added that Electronics orders hit a one-year high at $75 million, supporting cautious optimism for a second-half recovery.

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