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 | |
新泽西州克兰福德，2023年3月31日(Global Newswire)--TOFUTTI Brands Inc.(OTCQX代码：TOFB)今天发布了截至2022年12月31日的财年业绩。
Tofutti Brands报告净销售额为12,827,000美元，比截至2022年1月1日的财年净销售额12,590,000美元略有增加237,000美元，增幅为2%，这是由于公司在2022年第四季度实施的提价。在截至2022年12月31日的财年，我们冷冻甜点和冷冻食品产品线的销售额略有增加，从2021财年的1,829,000美元增加到1,876,000美元。在截至2022年12月31日的财年，素食奶酪产品的销售额也略有增加，从截至2022年1月1日的财年的10,761,000美元增加到10,951,000美元。
截至2022年12月31日的财年，我们的毛利润减少了1,000,000美元，从截至2022年1月1日的财年的3,342,000美元降至2,342,000美元；截至2022年12月31日的财年，我们的毛利润百分比为18%，而截至2022年1月1日的财年，毛利率为27%。毛利及毛利百分比的下降主要是由于某些配料，特别是棕榈油、口香糖及调味品的成本大幅上升，以及货运费用大幅增加所致。这些成本大幅增加的主要原因是新冠肺炎疫情造成的供应链问题挥之不去，以及石油价格创下历史新高。高昂的石油价格直接影响了某些原料和包装的成本，例如我们用于涂抹奶酪产品的塑料包装。
截至2022年12月31日的一年，我们净亏损525,000美元，或每股亏损0.10美元(基本和稀释后)，而截至2022年1月1日的财年净收益为143,000美元，或每股净收益0.03美元(基本和稀释后)。
截至2022年12月31日，我们的现金约为1,072,000美元，营运资本为3,625,000美元，而2022年1月1日为1,698,000美元和4,326,000美元。现金减少的主要原因是在此期间使用资金购买库存，这是由于管理层决定在生产需要之前购买配料，以确保充足的供应和防止未来的生产中断。
该公司首席执行官兼财务官史蒂文·卡斯先生表示：“我们期待着2023年的业绩有所改善，因为我们已经实施的涨价措施全面生效，预计我们的现金状况也将有所改善。”
关于Tofutti Brands Inc.
Tofutti Brands Inc.成立于1981年，开发和分销以植物为基础的全系列产品。该公司销售超过25种不含乳制品的食品，包括奶酪产品和冷冻甜点。Tofutti Brands Inc.是食品行业公认的创新者，开发了一系列美味和健康的不含乳制品的食品。Tofutti Brands在美国和超过15个国家和地区销售，响应了数百万对乳制品过敏或不耐受或希望保持犹太或纯素食饮食的人的呼吁。Tofutti的产品线包括植物性冰淇淋品脱、蛋卷、Tofutti Cutie三明治和新奇事物
前瞻性陈述
本新闻稿中有关公司未来前景的一些陈述是前瞻性陈述，涉及风险和不确定因素，可能会导致实际结果与前瞻性陈述中的大不相同。根据大量因素的影响，实际结果可能与实际结果大不相同，这些因素包括但不限于新冠肺炎对经济和我们业务的影响、国内和国际商业状况、竞争、产品组合或分销渠道的变化、在推广和开发新产品方面遇到的资源限制以及在公司提交给美国证券交易委员会的文件中详细描述的其他风险因素，包括其提交给美国证券交易委员会的10-K表格年度报告。
| 公司联系人： | 史蒂夫·卡斯 |
| 首席执行官/财务官 |
| (908)272-2400 |
| (908)272-9492(传真) |
Tofutti Brands Inc.
营运说明书
(单位为千，每股数据除外)
| | 财政年度
告一段落
2022年12月31日 | | | 财政年度
告一段落
2022年1月1日 | |
| 净销售额 | | $ | 12,827 | | | $ | 12,590 | |
| 销售成本 | | | 10,485 | | | | 9248 | |
| 毛利 | | | 2342 | | | | 3342 | |
| 运营费用： | | | | | | | | |
| 销售和仓储 | | | 1147 | | | | 1206 | |
| 营销 | | | 564 | | | | 281 | |
| 产品开发成本 | | | 143 | | | | 124 | |
| 一般和行政 | | | 1,404 | | | | 1,489 | |
| 总运营费用 | | | 3258 | | | | 3,100 | |
| 营业收入(亏损) | | | (916 | ) | | | 242 | |
| SBA贷款豁免 | | | 165 | | | | - | |
| 扣除利息、费用和所得税前的收入(亏损) | | | (751) | ) | | | 242 | |
| 利息支出 | | | 2. | | | | 25个 | |
| 未计提所得税准备的收入(亏损) | | | (753) | ) | | | 217 | |
| 所得税拨备(受益于) | | | (228) | ) | | | 74 | |
| 净收益(亏损) | | $ | (525 | ) | | $ | 143 | |
| 加权平均已发行普通股： | | | | | | | | |
| 基本信息 | | | 5,154 | | | | 5,154 | |
| 稀释 | | | 5,154 | | | | 5,154 | |
| 每股普通股净收益(亏损)： | | | | | | | | |
| 基本信息 | | $ | (0.10 | ) | | $ | 0.03 | |
| 稀释 | | $ | (0.10 | ) | | $ | 0.03 | |
Tofutti Brands Inc.
资产负债表
(以千为单位，不包括每股和每股数据)
| | 2022年12月31日 | | | 2022年1月1日 | |
| 资产 | | | | | | | | |
| 流动资产： | | | | | | | | |
| 现金 | | $ | 1,072 | | | $ | 1698 | |
| 应收账款，扣除坏账准备和促销后的净额分别为495美元和435美元 | | | 1305 | | | | 1336 | |
| 盘存 | | | 2463 | | | | 1,874 | |
| 预付费用和其他流动资产 | | | 80 | | | | 98 | |
| 流动资产总额 | | | 4920 | | | | 5,006 | |
| 经营性租赁使用权资产 | | | 158 | | | | 203 | |
| 融资租赁使用权资产 | | | 53 | | | | - | |
| 递延税项资产 | | | 三百七十七 | | | | 一百一十二 | |
| 其他资产 | | | 19个 | | | | 21岁 | |
| 总资产 | | $ | 5517 | | | $ | 5342 | |
| 负债与股东权益 | | | | | | | | |
| 流动负债： | | | | | | | | |
| 小企业管理局应付贷款 | | $ | - | | | $ | 165 | |
| 应付所得税 | | | 41 | | | | 46 | |
| 应付帐款 | | | 684 | | | | 一百二十二 | |
| 应计费用 | | | 五百五十五 | | | | 三百四十七 | |
| 融资租赁负债，本期部分 | | | 15个 | | | | - | |
| 流动负债总额 | | | 1,295 | | | | 680 | |
| 经营租赁负债，扣除当期部分 | | | 85 | | | | 95 | |
| 融资租赁负债，扣除当期部分 | | | 39 | | | | - | |
| 总负债 | | | 1419 | | | | 775 | |
| 股东权益： | | | | | | | | |
| 优先股-每股面值0.01美元；授权100,000股，未发行和已发行 | | | - | | | | - | |
| 普通股-每股面值0.01美元；授权发行15,000,000股，已发行和已发行5,153,706股 | | | 52 | | | | 52 | |
| 额外实收资本 | | | 二百六十三 | | | | 207 | |
| 留存收益 | | | 3783 | | | | 4,308 | |
| 股东权益总额 | | | 4098 | | | | 4567 | |
| 总负债和股东权益 | | $ | 5517 | | | $ | 5342 | |
