Cranford, New Jersey, March 31, 2023 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQX Symbol: TOFB) issued its results for the fiscal year ended December 31, 2022 today.
Tofutti Brands reported net sales of $12,827,000, a slight increase of $237,000 or 2%, from net sales of $12,590,000 for the fiscal year ended January 1, 2022 due to the price increases implemented by the Company in the fourth quarter of 2022. Sales of our frozen dessert and frozen food product lines increased slightly to $1,876,000 in the fiscal year ended December 31, 2022 from $1,829,000 in fiscal 2021. Sales of vegan cheese products also increased slightly to $10,951,000 in the fiscal year ended December 31, 2022 from $10,761,000 in the fiscal year ended January 1, 2022.
Our gross profit for the year ended December 31, 2022 decreased by $1,000,000 to $2,342,000 from $3,342,000 for the fiscal year ended January 1, 2022 and our gross profit percentage for the fiscal year ended December 31, 2022 was 18% compared to 27% for the fiscal year ended January 1, 2022. The decrease in both our gross profit and gross profit percentage was primarily caused by the substantial increases in the costs for certain ingredients, especially palm oil, gums and flavorings and the substantial increase in freight out expense. These substantial cost increases were due primarily to the lingering supply chain issues caused by the Covid-19 pandemic and the record high cost of petroleum. The high cost of petroleum directly impacted the costs of certain ingredients and packaging such as the plastic packaging we use for our spreadable cheese products.
We had a net loss of $525,000, or a $0.10 loss per share (basic and diluted), for the year ended December 31, 2022 compared to net income of $143,000, or $0.03 (basic and diluted) per share, for the fiscal year ended January 1, 2022.
At December 31, 2022, we had approximately $1,072,000 in cash, and our working capital was $3,625,000 as compared to $1,698,000 and $4,326,000 at January 1, 2022. The decrease in cash is primarily due to the use of funds to purchase inventories during the period, due to management's decision to purchase ingredients in advance of production needs to ensure an adequate supply and to prevent future production disruptions.
Mr. Steven Kass, Chief Executive and Financial Officer of the Company stated, "We look forward to improved results in 2023 as the price increases we have implemented take full effect and expect that our cash position will also improve."
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
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 |
| (908) 272-9492 (Fax) |
TOFUTTI BRANDS INC.
STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
| | Fiscal year ended December 31, 2022 | | | Fiscal year ended January 1, 2022 | |
Net sales | | $ | 12,827 | | | $ | 12,590 | |
Cost of sales | | | 10,485 | | | | 9,248 | |
Gross profit | | | 2,342 | | | | 3,342 | |
Operating expenses: | | | | | | | | |
Selling and warehousing | | | 1,147 | | | | 1,206 | |
Marketing | | | 564 | | | | 281 | |
Product development costs | | | 143 | | | | 124 | |
General and administrative | | | 1,404 | | | | 1,489 | |
Total operating expenses | | | 3,258 | | | | 3,100 | |
Income (loss) from operations | | | (916 | ) | | | 242 | |
SBA loan forgiveness | | | 165 | | | | - | |
Income (loss) before interest expense and income taxes | | | (751 | ) | | | 242 | |
Interest expense | | | 2 | | | | 25 | |
Income (loss) before provision for income taxes | | | (753 | ) | | | 217 | |
(Benefit from) provision for income taxes | | | (228 | ) | | | 74 | |
Net income (loss) | | $ | (525 | ) | | $ | 143 | |
Weighted average common shares outstanding: | | | | | | | | |
Basic | | | 5,154 | | | | 5,154 | |
Diluted | | | 5,154 | | | | 5,154 | |
Net income (loss) per common share: | | | | | | | | |
Basic | | $ | (0.10 | ) | | $ | 0.03 | |
Diluted | | $ | (0.10 | ) | | $ | 0.03 | |
TOFUTTI BRANDS INC.
BALANCE SHEETS
(In thousands, except for share and per share data)
| | December 31, 2022 | | | January 1, 2022 | |
Assets | | | | | | | | |
Current assets: | | | | | | | | |
Cash | | $ | 1,072 | | | $ | 1,698 | |
Accounts receivable, net of allowance for doubtful accounts and sales promotions of $495 and $435, respectively | | | 1,305 | | | | 1,336 | |
Inventories | | | 2,463 | | | | 1,874 | |
Prepaid expenses and other current assets | | | 80 | | | | 98 | |
Total current assets | | | 4,920 | | | | 5,006 | |
Operating lease right-of-use assets | | | 158 | | | | 203 | |
Finance lease right-of-use asset | | | 53 | | | | - | |
Deferred tax assets | | | 367 | | | | 112 | |
Other assets | | | 19 | | | | 21 | |
Total assets | | $ | 5,517 | | | $ | 5,342 | |
Liabilities and Stockholders' Equity | | | | | | | | |
Current liabilities: | | | | | | | | |
SBA loan payable | | $ | - | | | $ | 165 | |
Income taxes payable | | | 41 | | | | 46 | |
Accounts payable | | | 684 | | | | 122 | |
Accrued expenses | | | 555 | | | | 347 | |
Financing lease liability, current portion | | | 15 | | | | - | |
Total current liabilities | | | 1,295 | | | | 680 | |
Operating lease liabilities, net of current portion | | | 85 | | | | 95 | |
Finance lease liability, net of current portion | | | 39 | | | | - | |
Total liabilities | | | 1,419 | | | | 775 | |
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 | | | 263 | | | | 207 | |
Retained earnings | | | 3,783 | | | | 4,308 | |
Total stockholders' equity | | | 4,098 | | | | 4,567 | |
Total liabilities and stockholders' equity | | $ | 5,517 | | | $ | 5,342 | |
新澤西州克蘭福德,2023年3月31日(Global Newswire)--TOFUTTI Brands Inc.(OTCQX代碼:TOFB)今天發佈了截至2022年12月31日的財年業績。
Tofutti Brands報告淨銷售額為12,827,000美元,比截至2022年1月1日的財年淨銷售額12,590,000美元略有增加237,000美元,增幅為2%,這是由於公司在2022年第四季度實施的提價。在截至2022年12月31日的財年,我們冷凍甜點和冷凍食品產品線的銷售額略有增加,從2021財年的1,829,000美元增加到1,876,000美元。在截至2022年12月31日的財年,素食奶酪產品的銷售額也略有增加,從截至2022年1月1日的財年的10,761,000美元增加到10,951,000美元。
截至2022年12月31日的財年,我們的毛利潤減少了1,000,000美元,從截至2022年1月1日的財年的3,342,000美元降至2,342,000美元;截至2022年12月31日的財年,我們的毛利潤百分比為18%,而截至2022年1月1日的財年,毛利率為27%。毛利及毛利百分比的下降主要是由於某些配料,特別是棕櫚油、口香糖及調味品的成本大幅上升,以及貨運費用大幅增加所致。這些成本大幅增加的主要原因是新冠肺炎疫情造成的供應鏈問題揮之不去,以及石油價格創下歷史新高。高昂的石油價格直接影響了某些原料和包裝的成本,例如我們用於塗抹奶酪產品的塑料包裝。
截至2022年12月31日的一年,我們淨虧損525,000美元,或每股虧損0.10美元(基本和稀釋後),而截至2022年1月1日的財年淨收益為143,000美元,或每股淨收益0.03美元(基本和稀釋後)。
截至2022年12月31日,我們的現金約為1,072,000美元,營運資本為3,625,000美元,而2022年1月1日為1,698,000美元和4,326,000美元。現金減少的主要原因是在此期間使用資金購買庫存,這是由於管理層決定在生產需要之前購買配料,以確保充足的供應和防止未來的生產中斷。
該公司首席執行官兼財務官史蒂文·卡斯先生表示:“我們期待著2023年的業績有所改善,因為我們已經實施的漲價措施全面生效,預計我們的現金狀況也將有所改善。”
關於Tofutti Brands Inc.
Tofutti Brands Inc.成立於1981年,開發和分銷以植物為基礎的全系列產品。該公司銷售超過25種不含乳製品的食品,包括奶酪產品和冷凍甜點。Tofutti Brands Inc.是食品行業公認的創新者,開發了一系列美味和健康的不含乳製品的食品。Tofutti Brands在美國和超過15個國家和地區銷售,回應了數百萬對乳製品過敏或不耐受或希望保持猶太或純素食飲食的人的呼籲。Tofutti的產品線包括植物性冰淇淋品脫、蛋捲、Tofutti Cutie三明治和新奇事物
前瞻性陳述
本新聞稿中有關公司未來前景的一些陳述是前瞻性陳述,涉及風險和不確定因素,可能會導致實際結果與前瞻性陳述中的大不相同。根據大量因素的影響,實際結果可能與實際結果大不相同,這些因素包括但不限於新冠肺炎對經濟和我們業務的影響、國內和國際商業狀況、競爭、產品組合或分銷渠道的變化、在推廣和開發新產品方面遇到的資源限制以及在公司提交給美國證券交易委員會的檔案中詳細描述的其他風險因素,包括其提交給美國證券交易委員會的10-K表格年度報告。
公司聯繫人: | 史蒂夫·卡斯 |
| 首席執行官/財務官 |
| (908)272-2400 |
| (908)272-9492(傳真) |
Tofutti Brands Inc.
營運說明書
(單位為千,每股數據除外)
| | 財政年度 告一段落 2022年12月31日 | | | 財政年度 告一段落 2022年1月1日 | |
淨銷售額 | | $ | 12,827 | | | $ | 12,590 | |
銷售成本 | | | 10,485 | | | | 9248 | |
毛利 | | | 2342 | | | | 3342 | |
運營費用: | | | | | | | | |
銷售和倉儲 | | | 1147 | | | | 1206 | |
營銷 | | | 564 | | | | 281 | |
產品開發成本 | | | 143 | | | | 124 | |
一般和行政 | | | 1,404 | | | | 1,489 | |
總運營費用 | | | 3258 | | | | 3,100 | |
營業收入(虧損) | | | (916 | ) | | | 242 | |
SBA貸款豁免 | | | 165 | | | | - | |
扣除利息、費用和所得稅前的收入(虧損) | | | (751) | ) | | | 242 | |
利息支出 | | | 2. | | | | 25個 | |
未計提所得稅準備的收入(虧損) | | | (753) | ) | | | 217 | |
所得稅撥備(受益於) | | | (228) | ) | | | 74 | |
淨收益(虧損) | | $ | (525 | ) | | $ | 143 | |
加權平均已發行普通股: | | | | | | | | |
基本資訊 | | | 5,154 | | | | 5,154 | |
稀釋 | | | 5,154 | | | | 5,154 | |
每股普通股淨收益(虧損): | | | | | | | | |
基本資訊 | | $ | (0.10 | ) | | $ | 0.03 | |
稀釋 | | $ | (0.10 | ) | | $ | 0.03 | |
Tofutti Brands Inc.
資產負債表
(以千為單位,不包括每股和每股數據)
| | 2022年12月31日 | | | 2022年1月1日 | |
Assets | | | | | | | | |
流動資產: | | | | | | | | |
現金 | | $ | 1,072 | | | $ | 1698 | |
應收賬款,扣除壞賬準備和促銷後的淨額分別為495美元和435美元 | | | 1305 | | | | 1336 | |
盤存 | | | 2463 | | | | 1,874 | |
預付費用和其他流動資產 | | | 80 | | | | 98 | |
流動資產總額 | | | 4920 | | | | 5,006 | |
經營性租賃使用權資產 | | | 158 | | | | 203 | |
融資租賃使用權資產 | | | 53 | | | | - | |
遞延稅項資產 | | | 三百七十七 | | | | 一百一十二 | |
其他資產 | | | 19個 | | | | 21歲 | |
Total assets | | $ | 5517 | | | $ | 5342 | |
負債與股東權益 | | | | | | | | |
流動負債: | | | | | | | | |
小企業管理局應付貸款 | | $ | - | | | $ | 165 | |
應付所得稅 | | | 41 | | | | 46 | |
應付帳款 | | | 684 | | | | 一百二十二 | |
應計費用 | | | 五百五十五 | | | | 三百四十七 | |
融資租賃負債,本期部分 | | | 15個 | | | | - | |
流動負債總額 | | | 1,295 | | | | 680 | |
經營租賃負債,扣除當期部分 | | | 85 | | | | 95 | |
融資租賃負債,扣除當期部分 | | | 39 | | | | - | |
總負債 | | | 1419 | | | | 775 | |
股東權益: | | | | | | | | |
優先股-每股面值0.01美元;授權100,000股,未發行和已發行 | | | - | | | | - | |
普通股-每股面值0.01美元;授權發行15,000,000股,已發行和已發行5,153,706股 | | | 52 | | | | 52 | |
額外實收資本 | | | 二百六十三 | | | | 207 | |
留存收益 | | | 3783 | | | | 4,308 | |
股東權益總額 | | | 4098 | | | | 4567 | |
總負債和股東權益 | | $ | 5517 | | | $ | 5342 | |