TOFUTTI BRANDS INC. (Amex: TOF) yesterday announced improved results for the fifty-two week period ended December 30, 2000.
Net sales for the fifty-two weeks ended December 30, 2000 increased 12% to $13,343,000 compared with net sales of $11,912,000 for the fifty-three weeks ended January 1, 2000. For the fifty-two weeks ended December 30, 2000, the Company reported an increase in operating income to $1,465,000 as compared with operating income of $1,424,000 for the comparable 1999 period. The Company’s operating results were negatively impacted during the fifty-two week period ended December 30, 2000 as a result of new product start-up costs, including costs incurred at new co-packaging locations and higher packaging and freight charges. The Company expects that during 2001 its operating expenses will continue to be affected by these same factors.
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Net income for the fifty-two weeks ended December 30, 2000 increased 12% to $956,000 ($0.15 per share) compared to $850,000 ($0.14 per share) for the fifty-three week period ended January 1, 2000.
As a result of the improved operating results, the Company’s working capital increased to $3,772,000 at December 30, 2000, and its cash and short-term investments increased to $2,480,000 at such date.
Mr. David Mintz, Chairman and Chief Executive Officer of the Company stated, “We are very pleased with the results for fiscal 2000 as they were driven by strong sales in both frozen desserts and other food products. The continued increase in sales and operating income reflects the growing acceptance of our soy-based, dairy-free products. Our improved results have provided the Company with a significantly stronger cash position which will enable us to fund the anticipated growth in operations in 2001. With the planned introduction of a number of new products in the first half of this year, we expect the trend of improved sales and operating results to continue.”
TOFUTTI BRANDS INC. is principally involved in the development, production and marketing of TOFUTTI brand soy-based, dairy-free frozen desserts and soy-based, dairy-free food products that contain no butterfat or cholesterol. TOFUTTI products are sold in grocery stores, supermarkets, health and convenience stores throughout the United States and in seventeen other countries.
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By GlobalDataSome 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-KSB.
TOFUTTI BRANDS INC.
Condensed Statements of Operations
(in thousands, except per share figures)
Fifty-two Fifty-three
weeks ended weeks ended
12/30/00 1/1/00*
Net sales $13,343 $11,912
Cost of sales 8,192 7,349
Gross profit 5,151 4,563
Operating expenses 3,686 3,139
Operating income 1,465 1,424
Interest income 103 12
Income before income tax 1,568 1,436
Income taxes 612 586
Net income $956 $850
Net income per share:
Basic $0.15 $0.14
Diluted $0.12 $0.12
Weighted average number of
shares outstanding:
Basic 6,317 6,245
Diluted 7,723 7,368
* The Company’s fiscal year is generally the fifty-two week period which
ends on the last Saturday in December. The 1999 fiscal year was a
fifty-three week year which ended on January 1, 2000.
