Welcome!

News Feed Item

Tofutti Announces 2013 Results

CRANFORD, N.J., March 28, 2014 /PRNewswire/ -- TOFUTTI BRANDS INC. (NYSE MKT Symbol: TOF) issued its results for the fiscal year ended December 28, 2013 today.

Net sales for the fiscal year ended December 28, 2013 were approximately $14.7 million, an increase of approximately $349,000, or 2%, from net sales of $14.3 million for the fiscal year ended December 29, 2012.  The increase in sales was primarily due to the increase of sales in our soy-cheese product line. Our frozen dessert business continues to be negatively impacted by the overall sluggishness of sales in the ice cream category.  The Company's management believes sales will improve during fiscal year 2014 due to the introduction of new products and price increases that will be instituted in the second and third quarters of 2014.

The Company's gross profit in the year ended December 28, 2013 increased slightly by $14,000 to $3,965,000, reflecting the increased level of sales.  Gross profit percentage for the year ended December 28, 2013 was 27% compared to  28% for the year ended December 29, 2012.  The decrease was primarily due to an increase in freight out expense and was also impacted by price increases for certain key ingredients and packaging costs.  Price increases were implemented for some products in the first quarter of 2014, which the Company believes will help improve 2014 profit margins. For fiscal 2013, the Company had a loss before income taxes of $899,000 compared to a loss before incomes taxes of $912,000 in fiscal 2012. In fiscal 2013, the Company had a net loss of $908,000 ($0.18 per share) compared to a net loss of $824,000 ($0.16 per share) in fiscal 2012.

As of December 28, 2013, the Company had approximately $214,000 in cash and cash equivalents, and its working capital was $2,701,000 compared with $471,000 in cash and cash equivalents and working capital of $3,609,000 at December 29, 2012, a decrease of $908,000 from December 29, 2012.

"Our efforts to increase sales gained traction in 2013 as our revenues increased slightly over 2012. This trend continued in the first two months of fiscal 2014 as we continue to see increased interest in our soy-cheese product line. We are also optimistic about the continued acceptance of our nondairy and gluten-free ricotta cheese products which were introduced in 2013," said David Mintz, the Chairman and Chief Executive Officer of Tofutti Brands. "Beginning in the second quarter of 2014, we plan to introduce  a new line of frozen dessert pints, a new frozen dessert stick novelty, shredded soy-cheeses, additional flavors of soy-cheese slices and new frozen prepared entrees that incorporate our soy-cheese products. We are cautiously optimistic about our prospects for increased sales and improved operating metrics in 2014," concluded Mr. Mintz.

About Tofutti Brands Inc.
Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of dairy-free products.  The Company sells more than 80 milk-free foods including frozen desserts, cheese products and prepared frozen dishes throughout the United States and in more than 30 countries. 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 30 countries, Tofutti Brands answers the call of millions of people who are allergic or intolerant to dairy, diabetic, kosher or vegan, as well as those who wish to have a healthier low-fat diet. Tofutti's product line includes dairy-free ice cream pints, Tofutti Cutie® sandwiches and novelty bars.  Tofutti also has a growing array of prepared foods including Pizza Pizzaz®, Mintz's Blintzes®, and a Cheese Ravioli line, all made with Tofutti's milk-free cheeses such as Better Than Cream Cheese®, Sour Supreme® and Veggie Cheese Slices.  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 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.

Statements of Operations
(in thousands, except per share figures)




Fiscal Year
ended
December 28, 2013


Fiscal Year
ended
December 29, 2012





Net sales

$14,692


$14,343

Cost of sales

10,727


10,392

Gross profit

3,965


3,951

Operating expenses

4,864


4,863

Loss before provision for income tax

(899)


(912)

Income tax expense (benefit)

9


(88)

Net loss

$(908)


$(824)

Weighted average number of
shares outstanding:




Basic and diluted

5,154


5,154

Net income per share:




Basic and diluted

$(0.18)


$(0.16)

 

TOFUTTI BRANDS INC.

Balance Sheets
(in thousands, except per share figures)



Assets

December 28
2013


December 29,
2012

Current assets:




     Cash and cash equivalents

$214


$471

     Accounts receivable, net of allowance for doubtful 

        accounts and sales promotions of $277 and $303
        respectively

1,954


1,880

     Inventories, net of reserve of $150 and $100, respectively

1,844


1,750

     Prepaid expenses

40


77

     Deferred costs

138


165

     Refundable income taxes

--


331

                Total current assets

4,190


4,674





Other assets

16


16


$4,206


$4,690





Liabilities and Stockholders' Equity




Current liabilities:




     Accounts payable

$877


$446

     Accrued expenses

459


436

     Deferred revenue

153


183

                  Total current liabilities

1,489


1,065





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 December 28, 2013, 
         and 5,153,706 shares at December 29, 2012

 

--



52


 

--



52

     Additional paid-in capital

--


--

     Retained earnings

2,665


3,573

                 Total stockholders' equity

2,717


3,625

                 Total liabilities and stockholders' equity

$4,206


$4,690

 

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
This talk centers around how to automate best practices in a multi-/hybrid-cloud world based on our work with customers like GE, Discovery Communications and Fannie Mae. Today’s enterprises are reaping the benefits of cloud computing, but also discovering many risks and challenges. In the age of DevOps and the decentralization of IT, it’s easy to over-provision resources, forget that instances are running, or unintentionally expose vulnerabilities.
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning 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 busin...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that EARP Integration will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...