US-based soy food producer Tofutti Brands yesterday (12 November) posted a drop in third-quarter net income.
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For the thirteen weeks to 27 September, net income reached US$22,000 compared to $127,000 for the same period last year.
The company posted a 4% increase in net sales to $4.8m from last year. Sales increased in all product and most customer categories and were “positively impacted” by price increases that took effect in the second quarter of 2008.
For the thirteen and thirty-nine week periods, Tofutti reported income before taxes of $97,000 and $647,000, respectively, as compared with $202,000 and $647,000 for the same periods in 2007.
Tofutti said its operating results continued to be negatively impacted as a result of new product start-up costs, including costs incurred at a new co-packaging location, increased marketing expenses and higher packaging charges.
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By GlobalData“We are cognisant of the economic turmoil affecting our markets and the nation’s economy, and we will remain vigilant in monitoring our expenses and accounts receivable, which are in line with our current level of activity,” said David Mintz, chairman and CEO. “We look forward to continued growth in our top-line revenues and reduction in our petroleum-based expenses.”
