Shares in Tofutti Brands closed up over 5% after the US dairy-free group reported a profit for the first quarter of 2014.
For the period ended 29 March, the firm posted a net income of US$106,000, compared with a loss of $268,000 for the same period last year.
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Operating income was also up to US$112,000 versus an operating loss of US$262,000 last year. Sales increased 12% to US3.9m.
Chairman and CEO David Mintz said the results were reflective of efforts to “improve our sales and to cut our expenses.”
“We believe that our sales will continue to improve during the remainder of fiscal 2014 due to the introduction of new products and price increases instituted in the first and second quarters of this year. We continue to be optimistic about introducing a new frozen dessert pint line and stick novelty during the second quarter of 2014 and the planned introduction of several new dairy-free cheese products and frozen food entree products throughout the balance of 2014,” he added.
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Shares finished up 5.25% at $4.55.
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