US meatball and meatloaf supplier MamaMancini’s is targeting a doubling of its sales run-rate in under a year, CEO Carl Wolf has revealed.
After a quarter in which the revenues of MamaMancini jumped by more than a third, Wolf outlined the company’s sales aspirations.
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“Our goal is to get to a $40m run-rate by late summer of calendar 2017. This is not our internal projection but our goal. The key to the business right now is execution, which will cause the company to ramp up from a $20m run-rate to a $40m run-rate in less than a year,” Wolf said. “We expect a double-digit sequential revenue increase in the upcoming second quarter over the first quarter with similar increases in net income and cash EBITDA. That is a major undertaking.”
The company booked a 37% jump in revenue of $5.4m for the three-month period to the end of April, which was the first quarter of its financial year.
MamaMancini’s reported an income from operations of $316,162, compared to a loss of $55,220 the previous year. It made a net profit of $81,425, against a net loss of $290,628 a year earlier.
“We are off to a good start in fiscal 2018. Our strategy of focusing on selling our products into the food service area, on the perimeter of the retail grocery store, continues to gain traction. This section of the store offers fresh, minimally or non-processed, healthy foods where superior revenue and margin opportunities exist,” Wolf said. “Breaking into profitability has been an important strategic goal. We now have now achieved profitability in each of the last three consecutive quarters. Our sites are now focused on achieving our first full year of profitability at the conclusion of the next quarter.”
