TOFUTTI ANNOUNCES RESULTS FOR THIRTEEN AND TWENTY-SIX WEEKS ENDED JULY 1, 2023
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Cranford, New Jersey, Aug. 15, 2023 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQX Symbol: TOFB) issued its results for the thirteen and twenty-six weeks ended July 1, 2023 today.
Tofutti Brands reported net sales for the thirteen weeks ended July 1, 2023 decreased by
Our gross profit increased to
We had net losses of
As of July 1, 2023, we had approximately
Mr. Steven Kass, Chief Executive and Financial Officer of the Company stated, “While we are disappointed in our sales performance during the first six months of 2023, our cash and available capital balances remain strong and we believe we are positioned for improved results,” 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 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 frozen desserts and Tofutti Cutie® sandwiches, and vegan cheese products, such as Better Than Cream Cheese® and Better Than Sour Cream®. 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 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 Statements of Operations
(in thousands, except per share figures)
| Thirteen weeks ended July 1, 2023 | Thirteen weeks ended July 2, 2022 | Twenty-six weeks ended July 1, 2023 | Twenty-six weeks ended July 2, 2022 | |||||||||||||
| Net sales | $ | 2,719 | $ | 2,979 | $ | 5,208 | $ | 6,442 | ||||||||
| Cost of sales | 2,052 | 2,454 | 3,935 | 5,060 | ||||||||||||
| Gross profit | 667 | 525 | 1,273 | 1,382 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and warehouse | 320 | 309 | 592 | 573 | ||||||||||||
| Marketing | 89 | 111 | 184 | 267 | ||||||||||||
| Research and development | 56 | 42 | 83 | 82 | ||||||||||||
| General and administrative | 383 | 349 | 686 | 686 | ||||||||||||
| 848 | 811 | 1,545 | 1,608 | |||||||||||||
| Loss from operations | (181 | ) | (286 | ) | (272 | ) | (226 | ) | ||||||||
| Other income: | ||||||||||||||||
| SBA loan forgiveness | — | — | — | 165 | ||||||||||||
| Loss before interest expense and income taxes | (181 | ) | (286 | ) | (272 | ) | (61 | ) | ||||||||
| Interest expense | 1 | — | 2 | — | ||||||||||||
| Loss before income tax | (182 | ) | (286 | ) | (274 | ) | (61 | ) | ||||||||
| Income tax expense (benefit) | 136 | (78 | ) | 146 | (58 | ) | ||||||||||
| Net loss | $ | (318 | ) | $ | (208 | ) | $ | (420 | ) | $ | (3 | ) | ||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 5,154 | 5,154 | 5,154 | 5,154 | ||||||||||||
| Diluted | 5,154 | 5,154 | 5,154 | 5,154 | ||||||||||||
| Loss per common share: | ||||||||||||||||
| Basic | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.00 | ) | ||||
| Diluted | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.00 | ) | ||||
TOFUTTI BRANDS INC.
Unaudited Condensed Balance Sheets
(in thousands, except share and per share figures)
| July 1, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 576 | $ | 1,072 | ||||
| Accounts receivable, net of allowance for doubtful accounts and sales promotions of | 847 | 1,305 | ||||||
| Inventories | 2,419 | 2,463 | ||||||
| Prepaid expenses and other current assets | 68 | 80 | ||||||
| Total current assets | 3,910 | 4,920 | ||||||
| Operating lease right-of-use assets | 116 | 158 | ||||||
| Finance lease right-of-use asset | 43 | 53 | ||||||
| Deferred tax assets | 182 | 367 | ||||||
| Other assets | 19 | 19 | ||||||
| Total assets | $ | 4,270 | $ | 5,517 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Income taxes payable | — | 41 | ||||||
| Accounts payable | 152 | 684 | ||||||
| Accrued expenses | 320 | 555 | ||||||
| Finance lease liability, current portion | 15 | 15 | ||||||
| Total current liabilities | 487 | 1,295 | ||||||
| Financing lease liabilities, long-term | 31 | 39 | ||||||
| Operating lease liabilities | 41 | 85 | ||||||
| Total liabilities | 559 | 1,419 | ||||||
| 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 | 296 | 263 | ||||||
| Retained earnings | 3,363 | 3,783 | ||||||
| Total stockholders’ equity | 3,711 | 4,098 | ||||||
| Total liabilities and stockholders’ equity | $ | 4,270 | $ | 5,517 | ||||
FAQ
What are the net sales for Tofutti Brands Inc. for the thirteen weeks ended July 1, 2023?
What caused the decrease in net sales for Tofutti Brands Inc. during the twenty-six week period ended July 1, 2023?
What was the gross profit percentage for Tofutti Brands Inc. for the thirteen week period ended July 1, 2023?
What were the net losses for Tofutti Brands Inc. for the thirteen and twenty-six weeks ended July 1, 2023?
What is the cash balance of Tofutti Brands Inc. as of July 1, 2023?
What did Mr. Steven Kass, Chief Executive and Financial Officer of Tofutti Brands Inc., say about the sales performance?
