TOFUTTI ANNOUNCES RESULTS FOR FISCAL YEAR ENDED December 28, 2024
Tofutti Brands (TOFB) reported financial results for fiscal year 2024, showing a significant decline in performance. Net sales decreased 12% to $8.82 million from $10.07 million in 2023. Plant-based cheese sales fell to $7.43 million from $8.56 million, while frozen dessert sales dropped to $1.39 million from $1.50 million.
The company's gross profit declined to $2.25 million with a 26% margin, down from $2.80 million and 28% margin in 2023. Operating expenses decreased 6% to $2.86 million. The company recorded an operating loss of $607,000 and a net loss of $860,000, compared to losses of $238,000 and $366,000 in 2023, respectively.
As of December 28, 2024, Tofutti had $462,000 in cash and working capital of $2.89 million. The company implemented a price increase effective at the start of fiscal 2025 to address rising packaging and ingredient costs.
Tofutti Brands (TOFB) ha riportato i risultati finanziari per l'anno fiscale 2024, evidenziando un significativo calo delle performance. Le vendite nette sono diminuite del 12% a 8,82 milioni di dollari rispetto ai 10,07 milioni di dollari del 2023. Le vendite di formaggio vegetale sono scese a 7,43 milioni di dollari rispetto agli 8,56 milioni, mentre le vendite di dessert surgelati sono calate a 1,39 milioni di dollari da 1,50 milioni.
Il profitto lordo dell'azienda è sceso a 2,25 milioni di dollari con un margine del 26%, in calo rispetto ai 2,80 milioni di dollari e un margine del 28% nel 2023. Le spese operative sono diminuite del 6% a 2,86 milioni di dollari. L'azienda ha registrato una perdita operativa di 607.000 dollari e una perdita netta di 860.000 dollari, rispetto a perdite di 238.000 dollari e 366.000 dollari nel 2023, rispettivamente.
Al 28 dicembre 2024, Tofutti aveva 462.000 dollari in contante e un capitale circolante di 2,89 milioni di dollari. L'azienda ha implementato un aumento dei prezzi che entrerà in vigore all'inizio dell'anno fiscale 2025 per affrontare l'aumento dei costi di imballaggio e ingredienti.
Tofutti Brands (TOFB) informó sobre los resultados financieros del año fiscal 2024, mostrando un descenso significativo en su rendimiento. Las ventas netas disminuyeron un 12% a 8,82 millones de dólares desde 10,07 millones de dólares en 2023. Las ventas de queso a base de plantas cayeron a 7,43 millones de dólares desde 8,56 millones, mientras que las ventas de postres congelados bajaron a 1,39 millones de dólares desde 1,50 millones.
El beneficio bruto de la empresa disminuyó a 2,25 millones de dólares con un margen del 26%, frente a los 2,80 millones de dólares y un margen del 28% en 2023. Los gastos operativos disminuyeron un 6% a 2,86 millones de dólares. La empresa registró una pérdida operativa de 607,000 dólares y una pérdida neta de 860,000 dólares, en comparación con pérdidas de 238,000 dólares y 366,000 dólares en 2023, respectivamente.
Al 28 de diciembre de 2024, Tofutti tenía 462,000 dólares en efectivo y un capital de trabajo de 2,89 millones de dólares. La empresa implementó un aumento de precios que entrará en vigor al comienzo del año fiscal 2025 para abordar el aumento de los costos de envase e ingredientes.
Tofutti Brands (TOFB)는 2024 회계연도 재무 결과를 보고하며 성과의 상당한 감소를 보여주었습니다. 순 매출은 2023년 10.07백만 달러에서 8.82백만 달러로 12% 감소했습니다. 식물성 치즈 매출은 8.56백만 달러에서 7.43백만 달러로 감소했으며, 냉동 디저트 매출은 1.50백만 달러에서 1.39백만 달러로 떨어졌습니다.
회사의 총 이익은 2023년 2.80백만 달러와 28%의 마진에서 2.25백만 달러와 26%의 마진으로 감소했습니다. 운영 비용은 2.86백만 달러로 6% 감소했습니다. 회사는 607,000달러의 운영 손실과 860,000달러의 순 손실을 기록했으며, 이는 각각 2023년의 238,000달러와 366,000달러의 손실에 비해 증가한 수치입니다.
2024년 12월 28일 기준으로 Tofutti는 462,000달러의 현금과 2.89백만 달러의 운영 자본을 보유하고 있습니다. 회사는 포장 및 재료 비용 상승에 대응하기 위해 2025 회계연도 시작 시 가격 인상을 시행했습니다.
Tofutti Brands (TOFB) a publié les résultats financiers de l'exercice 2024, montrant un déclin significatif de ses performances. Les ventes nettes ont diminué de 12% pour atteindre 8,82 millions de dollars contre 10,07 millions de dollars en 2023. Les ventes de fromage à base de plantes ont chuté à 7,43 millions de dollars contre 8,56 millions, tandis que les ventes de desserts congelés ont baissé à 1,39 million de dollars contre 1,50 million.
Le bénéfice brut de l'entreprise a diminué à 2,25 millions de dollars avec une marge de 26%, contre 2,80 millions de dollars et une marge de 28% en 2023. Les dépenses d'exploitation ont diminué de 6% pour atteindre 2,86 millions de dollars. L'entreprise a enregistré une perte d'exploitation de 607 000 dollars et une perte nette de 860 000 dollars, contre des pertes de 238 000 dollars et 366 000 dollars en 2023, respectivement.
Au 28 décembre 2024, Tofutti avait 462 000 dollars en liquidités et un fonds de roulement de 2,89 millions de dollars. L'entreprise a mis en œuvre une augmentation des prix qui prendra effet au début de l'exercice 2025 pour faire face à l'augmentation des coûts d'emballage et des ingrédients.
Tofutti Brands (TOFB) hat die finanziellen Ergebnisse für das Geschäftsjahr 2024 veröffentlicht und einen signifikanten Rückgang der Leistung gezeigt. Der Nettoumsatz sank um 12% auf 8,82 Millionen Dollar von 10,07 Millionen Dollar im Jahr 2023. Der Umsatz mit pflanzlichem Käse fiel auf 7,43 Millionen Dollar von 8,56 Millionen Dollar, während die Umsätze mit gefrorenen Desserts auf 1,39 Millionen Dollar von 1,50 Millionen Dollar sanken.
Der Bruttogewinn des Unternehmens sank auf 2,25 Millionen Dollar mit einer Marge von 26%, nach 2,80 Millionen Dollar und einer Marge von 28% im Jahr 2023. Die Betriebskosten sanken um 6% auf 2,86 Millionen Dollar. Das Unternehmen verzeichnete einen operativen Verlust von 607.000 Dollar und einen Nettoverlust von 860.000 Dollar, verglichen mit Verlusten von 238.000 Dollar und 366.000 Dollar im Jahr 2023.
Am 28. Dezember 2024 hatte Tofutti 462.000 Dollar in bar und ein Umlaufvermögen von 2,89 Millionen Dollar. Das Unternehmen führte eine Preiserhöhung ein, die zu Beginn des Geschäftsjahres 2025 wirksam wird, um den gestiegenen Kosten für Verpackungen und Zutaten zu begegnen.
- Operating expenses reduced by 6% to $2.86 million
- Company maintains operations without any borrowings
- Price increase implemented for 2025 to address rising costs
- Net sales declined 12% to $8.82 million
- Plant-based cheese sales decreased by 13.3%
- Frozen dessert sales dropped 7.4%
- Gross profit margin decreased from 28% to 26%
- Net loss widened to $860,000 from $366,000
- Cash position decreased to $462,000 from $837,000
- Working capital reduced to $2.89 million from $3.44 million
Edison, New Jersey, March 28, 2025 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) issued its results for the fiscal year ended December 28, 2024 today.
Tofutti Brands reported net sales for the fiscal year ended December 28, 2024 of
The Company’s gross profit for the year ended December 28, 2024, decreased by
Total operating expenses decreased by
Income tax expense for the year ended December 28, 2024 was
At December 28, 2024, we had approximately
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 twenty-five (25) dairy-free foods including cheese products and frozen desserts. 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 fifteen (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
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 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 Executive and Financial Officer | |
| (908) 272-2400 | |
| (908) 272-9492 (Fax) |
TOFUTTI BRANDS INC.
STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
| Fiscal year ended December 28, 2024 | Fiscal year ended December 30, 2023 | |||||||
| Net sales | $ | 8,820 | $ | 10,068 | ||||
| Cost of sales | 6,569 | 7,271 | ||||||
| Gross profit | 2,251 | 2,797 | ||||||
| Operating expenses: | ||||||||
| Selling and warehousing | 869 | 1,054 | ||||||
| Marketing | 416 | 424 | ||||||
| Product development costs | 132 | 166 | ||||||
| General and administrative | 1,441 | 1,391 | ||||||
| Total operating expenses | 2,858 | 3,035 | ||||||
| Loss from operations and before interest expense and income taxes | (607 | ) | (238 | ) | ||||
| Interest expense | 2 | 2 | ||||||
| Loss before provision for income taxes | (609 | ) | (240 | ) | ||||
| Income taxes | 251 | 126 | ||||||
| Net loss | $ | (860 | ) | $ | (366 | ) | ||
| Weighted average common shares outstanding: | ||||||||
| Basic | 5,154 | 5,154 | ||||||
| Diluted | 5,154 | 5,154 | ||||||
| Net loss per common share: | ||||||||
| Basic | $ | (0.17 | ) | $ | (0.07 | ) | ||
| Diluted | $ | (0.17 | ) | $ | (0.07 | ) | ||
TOFUTTI BRANDS INC.
BALANCE SHEETS
(In thousands, except for share and per share data)
| December 28, 2024 | December 30, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 462 | $ | 837 | ||||
| Accounts receivable, net of allowance for credit losses and sales promotions of | 989 | 828 | ||||||
| Inventories | 1,879 | 2,475 | ||||||
| Prepaid expenses and other current assets | 111 | 93 | ||||||
| Total current assets | 3,441 | 4,233 | ||||||
| Operating lease right-of-use assets | 340 | 81 | ||||||
| Finance lease right-of-use asset | 21 | 36 | ||||||
| Deferred tax assets | - | 246 | ||||||
| Other assets | 21 | 19 | ||||||
| Total assets | $ | 3,823 | $ | 4,615 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 257 | 237 | ||||||
| Accrued expenses | 275 | 541 | ||||||
| Financing lease liability, current portion | 16 | 15 | ||||||
| Total current liabilities | 548 | 793 | ||||||
| Operating lease liabilities, net of current portion | 283 | 7 | ||||||
| Finance lease liability, net of current portion | 6 | 23 | ||||||
| Total liabilities | 837 | 823 | ||||||
| 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, 5,153,706 shares issued and outstanding | 52 | 52 | ||||||
| Additional paid-in capital | 377 | 323 | ||||||
| Retained earnings | 2,557 | 3,417 | ||||||
| Total stockholders’ equity | 2,986 | 3,792 | ||||||
| Total liabilities and stockholders’ equity | $ | 3,823 | $ | 4,615 | ||||
FAQ
What caused TOFB's revenue decline in fiscal year 2024?
How much did TOFB's plant-based cheese sales decrease in 2024?
What is TOFB's current financial position as of December 2024?
How did TOFB's gross profit margin change in fiscal 2024?
What measures is TOFB taking to address declining margins?
