Company Reports Net Profit of $ 80,000 in 2021 Compared to
Net income of $ 50,000 in the previous year
Cranford, New Jersey, May 24, 2021 (GLOBE NEWSWIRE) – TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) released its results for the thirteen weeks ending April 3, 2021 today.
Net sales for the thirteen weeks ended April 3, 2021 decreased by $ 76,000, or 2%, to $ 3,150,000, compared to net sales of $ 3,226,000 for the thirteen weeks ended March 28, 2020. The company reported net income of $ 80,000 ($ 0.02 per share, basic and diluted) for the thirteen weeks ended April 3, 2021 compared to net income of $ 50,000 ($ 0.01 per share, basic and diluted) for the thirteen weeks ended March 28, 2020.
Sales of our frozen desserts and frozen food products, which consist primarily of frozen dessert products, increased slightly to $ 430,000 in the thirteen weeks ended April 3, 2021, compared to $ 412,000 for thirteen weeks ended March 28, 2020. Sales of vegan cheese products decreased to $ 2,720,000 for the 2021 period from $ 2,814,000 for the 2021 period due to production delays.
The gross profit of the company increased slightly to $ 1,001,000 during the period ended April 3, 2021, from $ 996,000 during the period ended March 28, 2020. The percentage of gross profit of the company was 32% for the period ending April 3, 2021 compared to 31% for the period ending March 28, 2020.
As at April 3, 2021, the Company had approximately $ 2,446,000 in cash and our working capital was approximately $ 4,693,000, compared to approximately $ 1,459,000 in cash and working capital of $ 4,639,000 at January 2, 2021. The increase in cash during the first quarter of 2021 was due to $ 987,000 from operating activities, which benefited from improved collection of accounts receivable.
To date, the effects of the pandemic have not had a significant impact on the company’s operations or sales.
Mr. Steven Kass, CEO and CFO of the Company said, “We continue to be able to operate successfully, maintaining our sales and increasing our bottom line. We look forward to returning to our upward trajectory for the remainder of fiscal 2021, ”concluded Mr. Kass.
About Tofutti Brands Inc. Founded in 1981, Tofutti Brands Inc. develops and distributes a full line of herbal products. The company sells more than 35 dairy-free foods, including cheese products, frozen desserts and frozen ready meals. Tofutti Brands Inc. is a recognized 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 allergic or intolerant to dairy products or wanting to maintain a kosher or vegan diet. Tofutti’s product line includes pints of plant-based ice cream, cones, Tofutti Cutie® fancy sandwiches and bars. Tofutti also sells a main course, 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 contained in this press release concerning the future prospects of the company are forward-looking statements that involve risks and uncertainties which could cause actual results to differ materially from those of the forward-looking statements. Actual results may vary significantly depending on a number of factors including, but not limited to, the impact of COVID-19 on the economy and our operations, domestic and international business conditions, competition , changes in the product line or distribution channels, resource constraints encountered. in the promotion and development of new products and other risk factors detailed in the documents filed by the company with the Securities and Exchange Commission, including its annual report on Form 10-K.
|Company contact:||Steve kass|
|CEO / CFO|
|(908) 272-9492 (fax)|
TOFUTTI BRANDS, INC.
Unaudited Condensed Income Statements
(in thousands, except figures per share)
April 3, 2021
March 28, 2020
|Net sales||$||3 150||$||3 226|
|Cost of sales||2 149||2,230|
|Earnings before interest expense and income taxes||122||63|
|Income before taxes||116||57|
|Income tax expense||36||7|
|Weighted average number of ordinary shares outstanding:|
|Basic||5 154||5 154|
|Earnings per common share:|
TOFUTTI BRANDS INC.
Unaudited condensed balance sheets
(in thousands, except part and per share)
|April 3, 2021||January 2, 2021|
|Accounts receivable, net of allowance for doubtful accounts
accounts and sales promotions of $ 472 and $ 457, respectively
|Prepaid expenses and other current assets||63||88|
|Total current assets||5 855||5 622|
|Assets linked to the right to use operating leases||197||224|
|Deferred tax assets||83||83|
|Liabilities and equity|
|SBA loan to pay||$||120||$||112|
|Taxes payable on income||153||117|
|Total current liabilities||1,162||983|
|Long-term convertible bond payable related party||500||500|
|SBA loan payable, net of the current portion||45||53|
|Operating lease debts||95||123|
|Preferred shares – par value $ 0.01 per share; authorized 100,000 shares, none issued and outstanding||–||–|
|Common shares – par value $ 0.01 per share; authorized 15,000,000 shares, issued and outstanding 5,153,706 shares||52||52|
|Retained earnings||4 245||4 165|
|Total equity for shareholders||4,504||4,424|
|Total liabilities and equity||$||6,306||$||6,083|