TOFUTTI ANNOUNCES RESULTS FOR THE FISCAL QUARTER ENDED MARCH 30, 2024
Tofutti Brands (OTCQX: TOFB) announced its fiscal quarter results for the period ending March 30, 2024. The company reported net sales of $2.212 million, an 11% decrease from $2.49 million in the same period in 2023. Vegan cheese sales dropped to $1.809 million from $2.1 million, attributed to increased competition. However, frozen dessert sales saw a slight rise to $403,000 from $390,000. Gross profit also fell to $470,000 from $606,000, with the gross profit percentage declining to 21% from 24%. This decline is due to higher sales of lower-margin frozen desserts and rising costs for key ingredients and packaging. The company experienced a net loss of $303,000 or $0.06 per share, compared to a $102,000 loss or $0.02 per share in the previous year. Cash on hand decreased to $351,000 from $837,000, and working capital reduced to $3.159 million from $3.44 million at the end of 2023.
- Frozen dessert sales increased slightly to $403,000 from $390,000.
- Company's working capital remains positive at $3.159 million.
- Net sales decreased by 11% to $2.212 million.
- Vegan cheese sales fell to $1.809 million from $2.1 million.
- Gross profit decreased to $470,000 from $606,000.
- Gross profit percentage declined to 21% from 24%.
- Net loss increased to $303,000 from $102,000.
- Cash reserves decreased to $351,000 from $837,000.
- Working capital declined to $3.159 million from $3.44 million.
Cranford, New Jersey, May 14, 2024 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQX Symbol: TOFB) today issued its results for the fiscal quarter ended March 30, 2024.
Tofutti Brands reported net sales of
Our gross profit decreased to
We incurred a net loss of
At March 30, 2024 we had approximately
Mr. Steven Kass, Chief Executive and Financial Officer of the Company stated, “We are working diligently to improve our sales performance and to return to profitability in 2024.
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 products.
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 Executive/Financial Officer | |
| (908) 272-2400 | |
| (908) 272-9492 (Fax) |
TOFUTTI BRANDS INC.
Unaudited Condensed Balance Sheets
(in thousands, except share and per share figures)
| March 30, 2024 | December 30, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 351 | $ | 837 | ||||
| Accounts receivable, net of allowance for doubtful accounts and sales promotions of | 889 | 828 | ||||||
| Inventories | 2,453 | 2,475 | ||||||
| Prepaid expenses and other current assets | 97 | 93 | ||||||
| Total current assets | 3,790 | 4,233 | ||||||
| Operating lease right-of-use assets | 66 | 81 | ||||||
| Finance lease right-of-use asset | 32 | 36 | ||||||
| Deferred tax assets | 246 | 246 | ||||||
| Other assets | 19 | 19 | ||||||
| Total assets | $ | 4,153 | $ | 4,615 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 209 | $ | 237 | ||||
| Accrued expenses | 407 | 541 | ||||||
| Finance lease liability, current portion | 15 | 15 | ||||||
| Total current liabilities | 631 | 793 | ||||||
| Operating lease liabilities, net of current portion | — | 7 | ||||||
| Finance lease liability, net of current portion | 19 | 23 | ||||||
| Total liabilities | 650 | 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 | 337 | 323 | ||||||
| Retained earnings | 3,114 | 3,417 | ||||||
| Total stockholders’ equity | 3,503 | 3,792 | ||||||
| Total liabilities and stockholders’ equity | $ | 4,153 | $ | 4,615 | ||||
TOFUTTI BRANDS, INC.
Unaudited Condensed Statements of Operations
(in thousands, except per share figures)
| Thirteen weeks ended March 30, 2024 | Thirteen weeks ended April 1, 2023 | |||||||
| Net sales | $ | 2,212 | $ | 2,490 | ||||
| Cost of sales | 1,742 | 1,884 | ||||||
| Gross profit | 470 | 606 | ||||||
| Operating expenses: | ||||||||
| Selling and warehouse | 214 | 271 | ||||||
| Marketing | 134 | 95 | ||||||
| Research and development | 42 | 28 | ||||||
| General and administrative | 382 | 302 | ||||||
| 772 | 696 | |||||||
| Loss from operations | (302 | ) | (90 | ) | ||||
| Loss before interest expense and income taxes | (302 | ) | (90 | ) | ||||
| Interest expense | 1 | 1 | ||||||
| Loss before income tax | (303 | ) | (91 | ) | ||||
| Provision for income taxes | — | 11 | ||||||
| Net loss | $ | (303 | ) | $ | (102 | ) | ||
| Weighted average common shares outstanding: | ||||||||
| Basic | 5,154 | 5,154 | ||||||
| Diluted | 5,154 | 5,154 | ||||||
| Earnings (loss) per common share: | ||||||||
| Basic | $ | (0.06 | ) | $ | (0.02 | ) | ||
| Diluted | $ | (0.06 | ) | $ | (0.02 | ) | ||
FAQ
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