TOFUTTI ANNOUNCES RESULTS FOR THIRTEEN WEEKS ENDED APRIL 3, 2021
TOFUTTI BRANDS INC. (OTCQB: TOFB) reported net income of $80,000 for the thirteen weeks ended April 3, 2021, up from $50,000 in the prior year. Net sales decreased by 2% to $3,150,000, driven by a decline in vegan cheese sales to $2,720,000 due to production delays. Frozen dessert sales increased slightly to $430,000. Gross profit edged up to $1,001,000, with a gross profit percentage of 32%. The company reported improved cash flow, holding approximately $2,446,000 in cash as of April 3, 2021.
- Net income increased to $80,000 compared to $50,000 last year.
- Gross profit rose slightly to $1,001,000 with a gross profit margin of 32%.
- Cash increased significantly, reaching approximately $2,446,000.
- Net sales decreased by $76,000, a 2% decline.
- Vegan cheese sales fell to $2,720,000 from $2,814,000 due to production delays.
Company Reports Net Income of
Net Income of
Cranford, New Jersey, May 24, 2021 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) issued its results for the thirteen weeks ended April 3, 2021 today.
Net sales for the thirteen weeks ended April 3, 2021 decreased by
Sales of our frozen dessert and frozen food products, which consist primarily of frozen dessert products, increased slightly to
The Company’s gross profit increased slightly to
As of April 3, 2021, the Company had approximately
To date, the effects of the pandemic have not materially affected the Company’s operations or sales.
Mr. Steven Kass, Chief Executive Officer and Chief Financial Officer of the Company stated, “We continue to be able to operate successfully, maintaining our sales and increasing our net income. We look forward to regaining our upward trajectory during the remainder of 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 Executive/Financial Officer | |
| (908) 272-2400 | |
| (908) 272-9492 (Fax) |
TOFUTTI BRANDS, INC.
Unaudited Condensed Statements of Income
(in thousands, except per share figures)
| Thirteen weeks ended April 3, 2021 | Thirteen weeks ended March 28, 2020 | |||||||
| Net sales | $ | 3,150 | $ | 3,226 | ||||
| Cost of sales | 2,149 | 2,230 | ||||||
| Gross profit | 1,001 | 996 | ||||||
| Operating expenses: | 879 | 933 | ||||||
| Income before interest expense and income taxes | 122 | 63 | ||||||
| Interest expense | 6 | 6 | ||||||
| Income before income taxes | 116 | 57 | ||||||
| Income tax expense | 36 | 7 | ||||||
| Net income | $ | 80 | $ | 50 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 5,154 | 5,154 | ||||||
| Diluted | 5,436 | 5,154 | ||||||
| Earnings per common share: | ||||||||
| Basic | $ | 0.02 | $ | 0.01 | ||||
| Diluted | $ | 0.02 | $ | 0.01 | ||||
TOFUTTI BRANDS INC.
Unaudited Condensed Balance Sheets
(in thousands, except share and per share figures)
| April 3, 2021 | January 2, 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 2,446 | $ | 1,459 | ||||
| Accounts receivable, net of allowance for doubtful accounts and sales promotions of | 1,301 | 2,078 | ||||||
| Inventories | 2,045 | 1,997 | ||||||
| Prepaid expenses and other current assets | 63 | 88 | ||||||
| Total current assets | 5,855 | 5,622 | ||||||
| Equipment, net | 132 | 135 | ||||||
| Operating lease right-of-use assets | 197 | 224 | ||||||
| Deferred tax assets | 83 | 83 | ||||||
| Other assets | 39 | 19 | ||||||
| Total assets | $ | 6,306 | $ | 6,083 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| SBA loan payable | $ | 120 | $ | 112 | ||||
| Income taxes payable | 153 | 117 | ||||||
| Accounts payable | 551 | 219 | ||||||
| Accrued expenses | 338 | 535 | ||||||
| Total current liabilities | 1,162 | 983 | ||||||
| Convertible note payable-long term-related party | 500 | 500 | ||||||
| SBA loan payable, net of current portion | 45 | 53 | ||||||
| Operating lease liabilities | 95 | 123 | ||||||
| Total liabilities | 1,802 | 1,659 | ||||||
| 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 | 4,245 | 4,165 | ||||||
| Total stockholders’ equity | 4,504 | 4,424 | ||||||
| Total liabilities and stockholders’ equity | $ | 6,306 | $ | 6,083 | ||||
FAQ
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