EXHIBIT 99.1

 

March 29, 2018

 

Tofutti Press Release

 

Company Contact: Steve Kass

Chief Financial Officer

(908) 272-2400

(908) 272-9492 (Fax)

 

TOFUTTI ANNOUNCES 2017 RESULTS

 

Company Reports Net Income of $704,000 Compared to

Net Income of $421,000 in Prior Year

 

Cranford, New Jersey — March 29, 2018 — TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) issued its results for the fiscal year ended December 30, 2017 today.

 

The Company reported net income of $704,000 ($0.14 per share) on net sales of $14,107,000 for the fiscal year ended December 30, 2017 compared to net income of $421,000 ($0.08 per share) on net sales of $14,473,000 for the fiscal year ended December 31, 2016.

 

Sales of vegan cheese products increased to $11,237,000 in fiscal 2017 from $10,863,000 in fiscal 2016, due to the introduction of the Company’s Whipped Better Than Cream Cheese and improved distribution of its Better Than Ricotta product. Sales of the Company’s frozen dessert and frozen food product lines decreased to $2,870,000 in fiscal 2017 from $3,610,000 in fiscal 2016. In 2017, the Company’s frozen dessert business continued to be negatively impacted by the overall sluggish sales in the ice cream category and also by a co-packer’s decision to cease manufacturing the Company’s stick novelties and Yours Truly Cones in June 2017. The unavailability of these items negatively impacted sales of the Company’s frozen desserts.

 

The Company’s gross profit in the year ended December 30, 2017 increased by $149,000 to $4,740,000, and its gross profit percentage increased to 34% from 32% for the year ended December 31, 2016. The gross profit and gross profit percentage were positively impacted by the increase in domestic sales of vegan cheese products, which offset the decline in foreign sales.

 

As of December 30, 2017, the Company had approximately $1,414,000 in cash and cash equivalents and working capital of $3,721,000 compared with $132,000 in cash and cash equivalents and working capital of $2,949,000 at December 31, 2016.

 

   

 

 

“I am pleased to report that in fiscal 2017 we improved our earnings, cash and working capital positions. We continue to see new opportunities for our vegan cheese product line, which is a category leader. We intend to capitalize on our strong vegan cheese sales with the introduction of a new line of vegan dips and shredded cheddar and mozzarella soy cheeses in the third quarter of 2018. The introduction of these new products and the realization of price increases that were instituted in the last year are expected to maintain our margins in 2018. We also hope to be able to offer a full line of frozen dessert products prior to the summer season,” concluded David Mintz, the Chairman and Chief Executive Officer of Tofutti Brands.

 

About Tofutti Brands Inc. Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of dairy-free products. The Company sells more than 40 milk-free foods including frozen desserts, vegan cheese products and prepared frozen dishes. Tofutti Brands Inc. is a proven innovator in the food industry and has developed a full line of delicious and healthy dairy-free foods. Available throughout the United States and in more than 30 countries, Tofutti Brands answers the call of millions of people who are allergic to or intolerant of dairy or are diabetic, kosher or vegan. Tofutti’s product line includes dairy-free ice cream pints, Tofutti Cutie® sandwiches, Better Than Cream Cheese®, Sour Supreme®, and Mintz’s Blintzes®. For more information, visit www.tofutti.com.

 

Forward-Looking Statements Some of the statements in this press release concerning the Company’s future prospects are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results may vary significantly based upon a number of factors including, but not limited to business conditions both domestic and international, competition, changes in product mix or distribution channels, resource constraints encountered in promoting and developing new products and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K.

 

   

 

 

TOFUTTI BRANDS INC.

 

Statements of Operations

(in thousands, except per share figures)

 

  

Fiscal year

ended

December 30, 2017*

  

Fiscal year

ended

December 31, 2016*

 
         
Net sales  $14,107   $14,473 
Cost of sales   9,367    9,882 
Gross profit   4,740    4,591 
Operating expenses   3,990    4,116 
Income from operations   750    475 
Interest expense- related party   25    25 
Interest expense-other   1    1 
Income before provision for income tax   724    449 
Income tax expense   20    28 
Net income  $704   $421 
Weighted average common shares outstanding:           
Basic and diluted   5,154    5,154 
Net income per common share:
Basic and diluted
  $0.14   $0.08 

 

*       Derived from audited financial information.

 

   

 

 

TOFUTTI BRANDS INC.

 

Balance Sheets

(in thousands, except per share figures)

 

 

December 30, 2017*

  

December 31, 2016*

 
Assets        
Current assets:          
Cash and cash equivalents  $1,414   $132 
Accounts receivable, net of allowance for doubtful
accounts and sales promotions of $386 and $370,
respectively
   1,770    2,626 
Inventories   1,483    1,565 
Prepaid expenses and other current assets   72    66 
Deferred costs   86    100 
Total current assets   4,825    4,489 
           
Fixed assets (net of accumulated depreciation of $19 and $14, respectively)   10    15 
           
Other assets   16    16 
   $4,851   $4,520 
           
Liabilities and Stockholders’ Equity          
Current liabilities:          
Notes payable-current  $6   $6 
Accounts payable   468    1,148 
Accrued expenses   536    278 
Deferred revenue   94    108 
Total current liabilities   1,104    1,540 
           
Convertible note payable-long term-related party   500    500 
Note payable-long term   4    10 
Total liabilities   1,608    2,050 
           
Stockholders’ equity:          
Preferred stock - par value $.01 per share; authorized 100,000 shares, none issued         
Common stock - par value $.01 per share; authorized 15,000,000 shares, issued and outstanding 5,153,706 shares at December 30, 2017 and December 31, 2016   52    52 
Additional paid-in capital   207    138 
Retained earnings   2,984    2,280 
Total stockholders’ equity   3,243    2,470 
Total liabilities and stockholders’ equity  $4,851   $4,520 

 

*       Derived from audited financial information.

 

   

 

 


The following information was filed by Tofutti Brands Inc (TOFB) on Thursday, March 29, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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