Welcome!

News Feed Item

Tofutti Announces Third Quarter and Nine Month Results

CRANFORD, N.J., Nov. 21, 2012 /PRNewswire/ -- TOFUTTI BRANDS INC. (NYSEAMEX Symbol: TOF) today announced its results for the thirteen and thirty-nine week periods ended September 29, 2012.

Tofutti Brands reported net sales for the thirteen weeks ended September 29, 2012 of  $3,498,000, a decrease of $119,000, or 3%, from $3,617,000 in net sales for the thirteen weeks ended October 1, 2011. Net sales for the thirty-nine week period ended September 29, 2012 decreased by approximately $1.6 million to $10.5 million from approximately $12.1 million for the thirty-nine week period ended October 1, 2011.  Sales in both the thirteen and thirty-nine week periods reflect the loss of sales to Trader Joe's, formerly the company's largest customer, after it discontinued stocking branded goods in mid-2011.   

The company's gross profit and gross profit percentage for the thirteen week period ending September 29, 2012 were approximately $882,000 and 25%, respectively, compared to $1,121,000 and 31%, respectively, for the period ending October 1, 2011. The decrease in gross profit and gross profit percentage for the thirteen week period in 2012 was due to the decrease in sales and an increase in sales promotions and allowances incurred in an effort to expand future sales.  The company's gross profit and gross profit percentage for the thirty-nine week period ending September 29, 2012 were approximately $2,828,000 and 27%, respectively, compared to $3,436,000 and 28%, respectively, for the period ending October 1, 2011. The decrease in gross profit and gross profit percentage for the thirty-nine week period  in 2012 was due to the lower level of sales.

For the thirteen week period ended September 29, 2012, the company reported a loss of $279,000 before an income tax benefit of $62,000 compared to income before income taxes of $70,000 for the thirteen week period ended October 1, 2011. As a result, the company recorded a net loss of $217,000 $(0.04) per share on a basic and diluted basis) for the thirteen weeks ended September 29, 2012 compared to net income of $34,000 ($0.01 per share on a basic and diluted basis) for the thirteen weeks ended October 1, 2011.   The company reported a loss of $785,000 before an income tax benefit of $259,000 for the thirty-nine week period ended September 29, 2012 compared to income before income taxes of $99,000 for the thirty-nine week period ended October 1, 2011. The company's net loss for the thirty-nine weeks ended September 29, 2012 was $526,000 $(0.10) per share on a basic and diluted basis) compared to  net income of $52,000 ($0.01 per share on a basic and diluted basis) for the thirty-nine weeks ended October 1, 2011.

As of September 29, 2012, the company's working capital was approximately $3.9 million, with approximately $0.2 million in cash and cash equivalents,  compared with working capital of $4.4 million and approximately $1.6 million in cash and cash equivalents at December 31, 2011.  The decrease in cash and cash equivalents reflects in part the buildup of inventory of our new products that were introduced during the third quarter.   

Mr.  David Mintz, Chairman and Chief Executive Officer of the company stated, "Our  results for the first nine months of 2012 continue to reflect the impact of the loss of Trader Joe's as a customer. We are working to replace those sales with aggressive promotional sales activities.  We believe that our sales and gross margins will improve during the remainder of fiscal 2012 due to the continued roll-out of our new products and price increases instituted in the second and  third quarters of this year." 

About Tofutti Brands Inc.

TOFUTTI BRANDS INC. is principally involved in the development, production and marketing of TOFUTTI brand soy-based, dairy-free frozen desserts, soy-based dairy free cheese products and other soy-based, dairy-free food products.  TOFUTTI products are sold in grocery stores, supermarkets, health and convenience stores throughout the United States and in approximately twenty-five other countries.

Forwarding-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. 

 

TOFUTTI BRANDS INC.

Condensed Statements of Operations

(in thousands, except per share figures)



Thirteen

weeks ended

September 29, 2012

Thirteen

weeks ended

October 1, 2011

Thirty-nine

weeks ended

September 29, 2012

Thirty-nine

weeks ended

October 1, 2011






Net sales

$3,498

$3,617

$10,486

$12,072

Cost of sales

2,616

2,496

7,658

8,636

Gross profit

882

1,121

2,828

3,436

Operating expenses

1,161

1,051

3,613

3,337

Income (loss) before income taxes

(279)

70

(785)

99

Income tax (benefit) expense

(62)

36

(259)

47

Net income (loss)

$(217)

$ 34

$(526)

$ 52

Weighted average common

shares outstanding:





Basic and diluted

5,154

5,177

5,154

5,177

Net  income (loss) per common share:





Basic and diluted

$(0.04)

$0.01

$(0.10)

$0.01


 

TOFUTTI BRANDS INC.

Condensed Balance Sheets
(in thousands, except share figures)



September 29,
2012

December 31,
2011*


(unaudited)


Assets



Current assets:



     Cash and cash equivalents

$  213

$1,594

     Accounts receivable, net of allowance for doubtful 

        accounts and sales promotions of $252 and $486,
       respectively

1,963

1,936

     Inventories, net of reserve of $50 and $50, respectively

2,011

1,441

     Prepaid expenses

97

122

     Deferred costs

128

--

     Refundable income taxes

177

42

     Deferred income taxes

298

265

                Total current assets

4,887

5,400




Fixed assets, net of accumulated amortization of
        $47 and $44

1

5

Other assets

16

16


$4,904

$5,421




Liabilities and Stockholders' Equity



Current liabilities:



     Accounts payable

$  491

$  319

     Accrued expenses

347

637

     Deferred revenue

143

--

                  Total current liabilities

981

956




Commitments and contingencies

--

--




Stockholders' equity:



     Preferred stock - par value $.01 per share;

         authorized 100,000 shares, none issued

--

--

     Common stock - par value $.01 per share;

         authorized 15,000,000 shares, issued and

         outstanding 5,153,706 shares at September 29, 2012
         and 5,162,186 shares at December 31, 2011

52

52

     Retained earnings

3,871

4,413

                 Total stockholders' equity

3,923

4,465

                 Total liabilities and stockholders' equity

$4,904

$5,421




*         Derived from audited financial information.

 

 

SOURCE Tofutti Brands Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
CloudJumper, a Workspace as a Service (WaaS) platform innovator for agile business IT, has been recognized with the Customer Value Leadership Award for its nWorkSpace platform by Frost & Sullivan. The company was also featured in a new report(1) by the industry research firm titled, “Desktop-as-a-Service Buyer’s Guide, 2016,” which provides a comprehensive comparison of DaaS providers, including CloudJumper, Amazon, VMware, and Microsoft.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.