TOFUTTI ANNOUNCES 2020 RESULTS
TOFUTTI BRANDS INC. (OTCQB: TOFB) reported a strong fiscal year 2020, achieving net income of $596,000 ($0.11 per diluted share) compared to $78,000 in 2019. Net sales also increased to $13,815,000 from $13,130,000. Key factors for profitability included reduced selling, warehousing, marketing, and product development expenses totaling $618,000. Vegan cheese sales rose to $11,669,000, driven by food service products. Cash reserves improved, with approximately $1,459,000 on hand. Despite the pandemic, operations remained stable, with all facilities functioning normally.
- Net income increased to $596,000 from $78,000 in 2019.
- Net sales rose to $13,815,000 from $13,130,000.
- Reduction in selling, warehousing, marketing, and product development expenses by $618,000.
- Vegan cheese product sales increased to $11,669,000.
- Cash reserves improved to approximately $1,459,000.
- David Mintz, the company's founder and CEO, passed away on February 24, 2021.
Company Reports Net Income of
Cranford, New Jersey, April 19, 2021 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) issued its results for the fiscal year ended January 2, 2021 today.
The Company reported net income of
The improved profitability in fiscal 2020 is primarily attributable to a
Sales of vegan cheese products increased to
As of January 2, 2021, the Company had approximately
Recent Events
On February 24, 2021 David Mintz, the Company’s founder, Chief Executive Officer and Chairman of the Board of Directors, passed away. Steven Kass, Chief Financial Officer, was appointed interim CEO by its Board of Directors.
To date, the effects of the pandemic have not materially affected the Company’s operations or sales. All of its co-packing facilities are currently operating as normal and the pandemic has not constrained any of its production requirements. The Company continues to be able to schedule trucks for delivery and a large majority of its customers are still operating and ordering the Company’s products as before.
Mr. Steven Kass, Interim Chief Executive Officer and Chief Financial Officer of the Company stated, “During 2020 we were able to continue to operate successfully, improving our sales and net income. We are continuing to meet market demand for our products while maintaining the safety of our employees, substantially all of whom are working remotely. We look forward to continuing our upward trajectory in fiscal 2021,” concluded Mr. Kass.
About Tofutti Brands Inc. Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of plant-based products. The Company sells more than 35 milk-free foods including cheese products, frozen desserts and prepared frozen dishes. Tofutti Brands Inc. is a proven innovator in the food industry and has developed a full line of delicious and healthy dairy-free foods. Available throughout the United States and in more than 15 countries, Tofutti Brands answers the call of millions of people who are allergic or intolerant to dairy or wish to maintain a kosher or vegan diet. Tofutti’s product line includes plant-based ice cream pints, cones, Tofutti Cutie® sandwiches and novelty bars. Tofutti also sells a prepared food entrée, Mintz’s Blintzes®, made with Tofutti’s milk-free cheeses such as Better Than Cream Cheese® and Sour Supreme®. For more information, visit www.tofutti.com.
Forward-Looking Statements. Some of the statements in this press release concerning the Company’s future prospects are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results may vary significantly based upon a number of factors including, but not limited to the impact of COVID-19 on the economy and our operations, business conditions both domestic and international, competition, changes in product mix or distribution channels, resource constraints encountered in promoting and developing new products and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K.
| Company Contact: | Steve Kass |
| Chief Financial Officer | |
| (908) 272-2400 | |
| (908) 272-9492 (Fax) |
TOFUTTI BRANDS INC.
Statements of Income
(in thousands, except per share figures)
| Fiscal year ended January 2, 2021* | Fiscal year ended December 28, 2019* | |||||||
| Net sales | $ | 13,815 | $ | 13,130 | ||||
| Cost of sales | 9,562 | 9,093 | ||||||
| Gross profit | 4,253 | 4,037 | ||||||
| Total operating expenses | 3,377 | 3,929 | ||||||
| Income from operations | 876 | 108 | ||||||
| Interest expense- related party | 25 | 25 | ||||||
| Income before provision for income taxes | 851 | 83 | ||||||
| Provision for income taxes | 255 | 5 | ||||||
| Net income | $ | 596 | $ | 78 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 5,154 | 5,154 | ||||||
| Diluted | 5,456 | 5,154 | ||||||
| Net income per common share: | ||||||||
| Basic | $ | 0.12 | $ | 0.02 | ||||
| Diluted | $ | 0.11 | $ | 0.02 | ||||
| * Derived from audited financial information | ||||||||
TOFUTTI BRANDS INC.
Balance Sheets
(in thousands, except per share figures)
| January 2, 2021* | December 28, 2019* | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 1,459 | $ | 514 | ||||
| Accounts receivable, net of allowance for doubtful accounts and sales promotions of | 2,078 | 1,819 | ||||||
| Inventories | 1,997 | 1,929 | ||||||
| Prepaid expenses and other current assets | 88 | 120 | ||||||
| Total current assets | 5,622 | 4,382 | ||||||
| Equipment, net | 135 | 145 | ||||||
| Operating lease right-of-use assets | 224 | 252 | ||||||
| Deferred tax assets | 83 | 217 | ||||||
| Other assets | 19 | 30 | ||||||
| Total assets | $ | 6,083 | $ | 5,026 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| SBA loan payable | $ | 112 | — | |||||
| Income taxes payable | 117 | — | ||||||
| Accounts payable | 219 | 167 | ||||||
| Accrued expenses | 535 | 375 | ||||||
| Total current liabilities | 983 | 542 | ||||||
| Convertible note payable-long term-related party | 500 | 500 | ||||||
| SBA loan payable, net of current portion | 53 | — | ||||||
| Operating lease liabilities | 123 | 156 | ||||||
| Total liabilities | 1,659 | 1,198 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock - par value $.01 per share; authorized 100,000 shares, none issued and outstanding | — | — | ||||||
| Common stock - par value $.01 per share; authorized 15,000,000 shares, issued and outstanding 5,153,706 shares | 52 | 52 | ||||||
| Additional paid-in capital | 207 | 207 | ||||||
| Retained earnings | 4,165 | 3,569 | ||||||
| Total stockholders’ equity | 4,424 | 3,828 | ||||||
| Total liabilities and stockholders’ equity | $ | 6,083 | $ | 5,026 | ||||
| * Derived from audited financial information. | ||||||||
FAQ
What were TOFUTTI's net income and earnings per share for fiscal 2020?
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