Shares plunged in US food manufacturer MamaMancini’s yesterday (8 September) as the firm posted a higher net loss for the first six months of the year.
For the period ending 31 July, the meatballs and pasta maker reported a loss of US$1.5m compared with $1.3m for the same period last year. The firm also posted a higher operating loss for the first six months of the year at $1.5m compared with $1.3m as a result of higher selling, general and admin costs and an increase in the cost of sales.
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MamaMancini’s did, however, report an increase in sales to $4.8m compared with US$3.5m which CEO Carl Wolf said was as a result of “demand for all natural products”.
A higher net loss was also reported in the second quarter at $0.8m compared with US$0.75m. Again, sales were higher, at $2.3m compared with $1.7m in the second quarter of 2012/13.
The firm said it “hopes to generate break-even financial results as it approaches the end of the current fiscal year”.
However, shares in MamaMancini’s fell 5.83% to $2.26 per share in after-hours trade yesterday.
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