Click here to close now.




















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
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...