Tofutti Brands Inc - TOFB STOCK NEWS

Tofutti Brands Inc. (OTCQX: TOFB) reported net sales of $12,827,000 for the fiscal year ending December 31, 2022, reflecting a 2% increase from the previous year. Sales in frozen desserts and foods rose slightly to $1,876,000, while vegan cheese product sales increased to $10,951,000. However, gross profit dropped to $2,342,000, down $1,000,000 from the prior year, resulting in a gross profit margin of 18% compared to 27% previously. The company faced significant cost increases primarily due to supply chain issues and high petroleum prices, leading to a net loss of $525,000, or $0.10 per share. Tofutti anticipates improved results in 2023 as price increases take effect.

Tofutti Brands (OTCQX: TOFB) announces its participation in Veganuary, a campaign promoting veganism for January. This marks a strategic rebranding effort alongside new packaging emphasizing vegan and plant-based terms. With the global plant-based food market projected to grow from $41.78 billion in 2021 to $93.92 billion by 2028, Tofutti aims to capitalize on this trend. The company plans to engage through social media promotions, vegan recipes, and support for animal welfare organizations. CEO Steve Kass highlighted the importance of aligning with customer values as the market evolves.

Tofutti Brands Inc. (OTCQX: TOFB) reported net sales of $2,896,000 for the thirteen weeks ending October 1, 2022, down from $3,356,000 in the same period last year. Sales of vegan cheese dropped to $2,334,000, while frozen dessert sales increased slightly to $562,000. Gross profit fell to $427,000 from $818,000, with the gross profit margin declining to 15% due to increased costs from supply chain issues and high petroleum prices. The company reported a net loss of $192,000 compared to a net income of $228,000 last year. Cash reserves decreased to $965,000, influenced by inventory purchases.

Tofutti Brands, Inc. is set to launch new packaging later this month, aiming to enhance its brand visibility in the competitive dairy-free food market. CEO Steve Kass highlighted the need for a unified presentation to help consumers recognize Tofutti products. The new black packaging features bold lettering, while the revamped logo proudly displays 'vegan', targeting their core customer base. Tofutti’s products will now prominently feature 'plant-based' and 'gluten-free' labels. The packaging transition will occur throughout the year, aligning with enhanced marketing efforts to maintain its leadership in plant-based foods.

Tofutti Brands Inc. (OTCQX: TOFB) reported net sales of $2,979,000 for the thirteen weeks ended July 2, 2022, a slight decrease from $3,027,000 in the same period last year. Vegan cheese sales rose to $2,526,000, while frozen desserts saw a decline to $453,000.

Gross profit dropped significantly to $525,000 from $758,000, with a gross profit margin of 18%. Factors include rising ingredient and freight costs due to supply chain issues and high petroleum prices. The company experienced a net loss of $208,000, or $0.04 per share, compared to a net income of $28,000 last year.

Tofutti Brands Inc. (OTCQX: TOFB) reported a 10% increase in net sales for the thirteen weeks ending April 2, 2022, totaling $3,463,000, up from $3,150,000 in the same period last year. Sales from vegan cheese rose to $2,916,000, while frozen dessert sales increased to $547,000. However, gross profit decreased to $857,000, with a gross profit percentage of 25%, down from 32% the previous year, attributed to rising ingredient and freight costs. The net income rose to $205,000, or $0.04 per share. As of April 2, 2022, cash was approximately $1,589,000, and working capital was around $4,533,000.

Tofutti Brands Inc. (OTCQX: TOFB) reported fiscal year results for the year ending January 1, 2022, showing net sales of $12.59 million, a 9% decline from $13.81 million in the previous year. Sales of vegan cheese products fell to $10.76 million from $11.67 million, while frozen desserts and food decreased to $1.83 million from $2.15 million. The gross profit also decreased by $911,000 to $3.34 million, with a gross profit margin of 27%.

Net income was reported at $143,000, or $0.03 per share, down from $596,000 in the prior year. Cash increased to $1.70 million and working capital to $4.33 million.

Tofutti Brands Inc. (OTCQB: TOFB) held its 2021 Annual Meeting of Shareholders in Cranford, NJ, but had to adjourn it due to the absence of a quorum. The meeting will reconvene on December 16, 2021, providing additional time to gather proxy votes from shareholders. Notably, the CEO was unable to attend for medical reasons. Shareholders can still vote using previously submitted proxies unless they choose to change their votes. The record date for voting remains October 7, 2021.

TOFUTTI BRANDS INC. (OTCQB: TOFB) reported its financial results for the thirteen and thirty-nine weeks ended October 2, 2021. Net sales for the thirteen-week period rose to $3,356,000, driven by increases in vegan cheese and frozen desserts. However, gross profit declined to $818,000, impacted by rising ingredient costs and freight expenses attributed to COVID-19. For the thirty-nine weeks, net sales decreased to $9,533,000, with a net income of $228,000. The company ended the period with $3,009,000 in cash and strong working capital of $4,886,000.