Tofutti Brands, the New Jersey company specialising in dairy-free soy-based products, has posted a 4% rise in net sales for 2006 to US$19.47m.
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Net income rose by 75% to $0.617m ($0.11 per share), from $0.352m ($0.06 per share) in the 2005 fiscal year. Operating income rose to $1.13m, from $0.607m in 2005.
“Our results in fiscal 2006 reflect our efforts to reduce the number of our product offerings while increasing the sales of our flagship products,” said chairman and CEO David Mintz. “We believe that our business plan of concentrating on our core business of non-dairy frozen desserts and soy-cheese products is driving the growth in our sales and operating income.”
Mintz said the company planned to continue to implement its business plan in 2007 and was anticipating a continuing improvement in sales and operating income.
The company said sales in 2006 had grown across all product categories and most customer categories. The increase in revenues was attributed both to higher volumes and modest price increases. Volume increases were driven by promotional activity and consumer advertising in certain key markets, the company said.
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By GlobalData
