TOFUTTI ANNOUNCES UNAUDITED RESULTS FOR THE THIRTEEN AND TWENTY-SIX WEEKS ENDED JUNE 29, 2024
Tofutti Brands (TOFB) reported declining financial results for Q3 2024. Net sales decreased 21% to $1.99M compared to $2.52M in Q3 2023. For the 39-week period, sales fell 16% to $6.48M from $7.72M. The company experienced significant declines in both vegan cheese and frozen dessert segments due to increased competition and reduced export business. Gross profit margin decreased to 24% from 31% in Q3. The company reported a net loss of $207,000 ($0.04 per share) for Q3 2024, compared to a net income of $110,000 in Q3 2023. Cash position decreased to $176,000 from $837,000 at year-end 2023.
Tofutti Brands (TOFB) ha riportato risultati finanziari in calo per il terzo trimestre del 2024. Le vendite nette sono diminuite del 21% a $1,99 milioni rispetto ai $2,52 milioni del terzo trimestre del 2023. Per il periodo di 39 settimane, le vendite sono scese del 16% a $6,48 milioni da $7,72 milioni. L'azienda ha registrato un calo significativo sia nei segmenti di formaggio vegano sia nel settore dei dessert congelati a causa dell'aumento della concorrenza e della riduzione delle esportazioni. Il margine di profitto lordo è sceso al 24% rispetto al 31% nel terzo trimestre. L'azienda ha riportato una perdita netta di $207.000 ($0,04 per azione) per il terzo trimestre del 2024, rispetto a un reddito netto di $110.000 nel terzo trimestre del 2023. La posizione di cassa è diminuita a $176.000 da $837.000 alla fine dell'anno 2023.
Tofutti Brands (TOFB) reportó resultados financieros en declive para el tercer trimestre de 2024. Las ventas netas disminuyeron un 21% a $1,99 millones en comparación con los $2,52 millones del tercer trimestre de 2023. Durante el período de 39 semanas, las ventas cayeron un 16% a $6,48 millones desde $7,72 millones. La empresa experimentó caídas significativas en los segmentos de queso vegano y postres congelados debido al aumento de la competencia y la reducción de los negocios de exportación. El margen de beneficio bruto disminuyó al 24% del 31% en el tercer trimestre. La empresa reportó una pérdida neta de $207,000 ($0,04 por acción) para el tercer trimestre de 2024, en comparación con un ingreso neto de $110,000 en el tercer trimestre de 2023. La posición de efectivo disminuyó a $176,000 desde $837,000 a finales de 2023.
Tofutti Brands (TOFB)는 2024년 3분기 재무 결과가 하락했다고 보고했습니다. 순매출은 2023년 3분기의 252만 달러에서 199만 달러로 21% 감소했습니다. 39주 동안 판매량은 772만 달러에서 648만 달러로 16% 감소했습니다. 회사는 비건 치즈와 냉동 디저트 분야에서 경쟁 심화와 수출 감소로 인해 상당한 하락을 경험했습니다. 총 이익률은 3분기 31%에서 24%로 줄어들었습니다. 회사는 2024년 3분기에 20만 7천 달러($0.04 per share)의 순손실을 기록했으며, 이는 2023년 3분기 11만 달러의 순이익과 비교되는 수치입니다. 현금 보유액은 2023년 연말 83만 7천 달러에서 17만 6천 달러로 감소했습니다.
Tofutti Brands (TOFB) a déclaré des résultats financiers en baisse pour le troisième trimestre 2024. Les ventes nettes ont diminué de 21 % pour atteindre 1,99 million de dollars, contre 2,52 millions de dollars au troisième trimestre 2023. Pour la période de 39 semaines, les ventes ont chuté de 16 % à 6,48 millions de dollars, contre 7,72 millions de dollars. L'entreprise a connu des baisses significatives dans les segments de fromage végétalien et de desserts surgelés en raison d'une concurrence accrue et d'une réduction de l'activité d'exportation. La marge brute a diminué à 24 % par rapport à 31 % au troisième trimestre. L'entreprise a enregistré une perte nette de 207 000 dollars (0,04 dollar par action) pour le troisième trimestre 2024, contre un bénéfice net de 110 000 dollars au troisième trimestre 2023. La position de trésorerie a diminué de 837 000 dollars à la fin de 2023 à 176 000 dollars.
Tofutti Brands (TOFB) hat für das dritte Quartal 2024 rückläufige Finanzzahlen veröffentlicht. Der Nettoumsatz fiel um 21% auf 1,99 Millionen Dollar im Vergleich zu 2,52 Millionen Dollar im dritten Quartal 2023. Im Zeitraum von 39 Wochen sanken die Verkäufe um 16% auf 6,48 Millionen Dollar von 7,72 Millionen Dollar. Das Unternehmen verzeichnete erhebliche Rückgänge in den Segmenten veganer Käse und TK-Desserts aufgrund zunehmenden Wettbewerbs und reduzierter Exportgeschäfte. Die Bruttogewinnmarge sank im dritten Quartal von 31% auf 24%. Das Unternehmen meldete für das dritte Quartal 2024 einen Nettverlust von 207.000 Dollar (0,04 Dollar pro Aktie) im Vergleich zu einem Nettogewinn von 110.000 Dollar im dritten Quartal 2023. Die liquide Mittelposition fiel von 837.000 Dollar Ende 2023 auf 176.000 Dollar.
- Working capital remains substantial at $2.96M despite decrease
- Management expects improved operating results in Q4 2024 and 2025
- Q3 2024 net sales declined 21% to $1.99M year-over-year
- 39-week period sales decreased 16% to $6.48M
- Gross profit margin dropped to 24% from 31% in Q3
- Net loss of $207,000 in Q3 2024 vs net income of $110,000 in Q3 2023
- Cash position declined significantly to $176,000 from $837,000
- Vegan cheese sales decreased due to increased competition
- Export cheese business showing decline
- Frozen dessert sales decreased due to lower pint sales
Cranford, New Jersey, Nov. 18, 2024 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQX Symbol: TOFB) today announced its results for thirteen and thirty-nine weeks ended September 28, 2024. Tofutti Brands reported that net sales for the thirteen weeks ended September 28, 2024 decreased by
Net sales for the thirty-nine weeks ended September 28, 2024 decreased by
Our gross profit was
We had net losses of
As of September 28, 2024, we had approximately
Mr. Steven Kass, Chief Executive and Financial Officer of the Company stated, “While our revenues and operating results were disappointing in the first thirty-nine weeks of 2024, we are working hard to replace lost sales and hope to improve our operating results in the fourth quarter and into 2025. We believe that our cash and available cash resources are sufficient for our operations and believe that we will improve our working capital position by year-end” 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 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 |
TOFUTTI BRANDS INC.
Condensed Balance Sheets
(in thousands, except share and per share figures)
| September 28, 2024 (Unaudited) | December 30, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 176 | $ | 837 | ||||
| Accounts receivable, net of allowance for doubtful accounts and sales promotions of | 821 | 828 | ||||||
| Inventories | 2,130 | 2,475 | ||||||
| Prepaid expenses and other current assets | 126 | 93 | ||||||
| Total current assets | 3,253 | 4,233 | ||||||
| Operating lease right-of-use asset | 355 | 81 | ||||||
| Finance lease right-of-use asset | 25 | 36 | ||||||
| Deferred tax assets | 246 | 246 | ||||||
| Other assets | 31 | 19 | ||||||
| Total assets | $ | 3,910 | $ | 4,615 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | — | 237 | ||||||
| Accrued expenses | 284 | 541 | ||||||
| Finance lease liability, current portion | 8 | 15 | ||||||
| Total current liabilities | 292 | 793 | ||||||
| Operating lease liabilities, net of current portion | 308 | 7 | ||||||
| Finance lease liability, net of current portion | 20 | 23 | ||||||
| Total liabilities | 620 | 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 | 363 | 323 | ||||||
| Retained earnings | 2,875 | 3,417 | ||||||
| Total stockholders’ equity | 3,290 | 3,792 | ||||||
| Total liabilities and stockholders’ equity | $ | 3,910 | $ | 4,615 | ||||
TOFUTTI BRANDS, INC.
Unaudited Condensed Statements of Operations
(in thousands, except per share figures)
| Thirteen weeks ended September 28, 2024 | Thirteen weeks ended September 30, 2023 | Thirty-nine weeks ended September 28, 2024 | Thirty-nine weeks ended September 30, 2023 | |||||||||||||
| Net sales | $ | 1,986 | $ | 2,515 | $ | 6,481 | $ | 7,724 | ||||||||
| Cost of sales | 1,501 | 1,729 | 4,860 | 5,665 | ||||||||||||
| Gross profit | 485 | 786 | 1,621 | 2,059 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and warehouse | 207 | 210 | 671 | 802 | ||||||||||||
| Marketing | 83 | 103 | 297 | 287 | ||||||||||||
| Research and development | 28 | 28 | 92 | 111 | ||||||||||||
| General and administrative | 374 | 333 | 1,097 | 1,018 | ||||||||||||
| 692 | 674 | 2,157 | 2,218 | |||||||||||||
| Income (loss) from operations | (207 | ) | 112 | (536 | ) | (159 | ) | |||||||||
| Income (loss) before interest expense and income taxes | (207 | ) | 112 | (536 | ) | (159 | ) | |||||||||
| Interest expense | — | 1 | 1 | 3 | ||||||||||||
| Income (loss) before income tax | (207 | ) | 111 | (537 | ) | (162 | ) | |||||||||
| Income tax expense | — | 1 | 5 | 148 | ||||||||||||
| Net income (loss) | $ | (207 | ) | $ | 110 | $ | (542 | ) | $ | (310 | ) | |||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 5,154 | 5,154 | 5,154 | 5,154 | ||||||||||||
| Diluted | 5,154 | 5,154 | 5,154 | 5,154 | ||||||||||||
| Income (loss) per common share: | ||||||||||||||||
| Basic | $ | (0.04 | ) | $ | 0.02 | $ | (0.1 | ) | $ | (0.06 | ) | |||||
| Diluted | $ | (0.04 | ) | $ | 0.02 | $ | (0.1 | ) | $ | (0.06 | ) | |||||
FAQ
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