Exhibit 99.1

 

November 16, 2020

 

Tofutti Press Release

 

Company Contact: Steve Kass
  Chief Financial Officer
  (908) 272-2400
  (908) 272-9492 (Fax)

 

TOFUTTI ANNOUNCES THIRD QUARTER
AND NINE MONTH RESULTS

 

Cranford, New Jersey — November 16, 2020 — TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) today announced its results for the thirteen and thirty-nine week periods ended September 26, 2020.

 

Tofutti Brands reported net sales for the thirteen weeks ended September 26, 2020 of $3,152,000 compared to net sales of $3,122,000 for the thirteen weeks ended September 28, 2019. The Company’s gross profit increased to $1,033,000 for the thirteen weeks ended September 26, 2020 from $892,000 for the thirteen weeks ended September 28, 2019, and its gross profit percentage increased to 33% for the thirteen weeks ending September 26, 2020 compared to 29% for the thirteen weeks ending September 28, 2019.

 

The Company had net income of $220,000, or $0.04 per share (basic and diluted), for the thirteen weeks ended September 26, 2020, compared to a net loss of $40,000, or $(0.01) per share (basic and diluted), for the thirteen weeks ended September 28, 2019.

 

Net sales for the thirty-nine week period ended September 26, 2020 were $9,621,000 compared to net sales of $9,766,000 for the thirty-nine week period ended September 28, 2019, a decrease of $145,000. The Company’s gross profit for the thirty-nine week period ending September 26, 2020 was $3,044,000 compared to $2,735,000 for the thirty-nine week period ending September 28, 2019. The Company’s gross profit percentage was 32% for the thirty-nine weeks ended September 26, 2020 compared to 28% for the thirty-nine week period ended September 28, 2019.

 

The Company had net income of $410,000, or $0.08 per share (basic and diluted), for the thirty-nine weeks ended September 26, 2020 compared to a net loss of $79,000, or $(0.02) per share (basic and diluted), for the thirty-nine weeks ended September 28, 2019.

 

As of September 26, 2020, the Company had approximately $1,399,000 in cash and cash equivalents and its working capital was approximately $4,511,000, compared with approximately $514,000 in cash and cash equivalents and working capital of $4,482,000 at December 28, 2019.

 

 

 

 

Small Business Administration Loan (SBA Loan) On May 4, 2020, the Company was granted a loan of $165,000 pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). A portion of the loan may be forgiven under provisions under the CARES Act based on payments for payroll, rent and utilities during the period subsequent to obtaining the loan.

 

Mr. David Mintz, Chairman and Chief Executive Officer of the Company stated, “We have been fortunate to maintain our operations despite the continuing impact of COVID-19. During the most recent fiscal period we were able to increase our sales and to record net income of $220,000 compared to a net loss during the comparable period in 2019. We are indebted to our employees whose contributions have allowed us to achieve these improved results and meet customer demand,” concluded Mr. Mintz.

 

About Tofutti Brands Inc. Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of plant-based products. The Company sells more than 35 milk-free foods including cheese products, frozen desserts 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 15 countries, Tofutti Brands answers the call of millions of people who are allergic or intolerant to dairy or wish to maintain a kosher or vegan diet. Tofutti’s product line includes plant-based ice cream pints, cones, Tofutti Cutie® sandwiches and novelty bars. Tofutti also sells a prepared food entrée, Mintz’s Blintzes®, made with Tofutti’s milk-free cheeses such as Better Than Cream Cheese® and Sour Supreme®. 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 the impact of COVID-19 on the economy and our operations, 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.

Condensed Statements of Operations

(in thousands, except per share figures)

 

  

Thirteen

weeks ended

September 26, 2020

  

Thirteen

weeks ended

September 28, 2019

  

Thirty-nine

weeks ended

September 26, 2020

  

Thirty-nine

weeks ended

September 28, 2019

 
                 
Net sales  $3,152   $3,122   $9,621   $9,766 
Cost of sales   2,119    2,230    6,577    7,031 
Gross profit   1,033    892    3,044    2,735 
                     
Operating expenses:   782    926    2,514    2,789 
                     
Income (loss) from operations   251    (34)   530    (54)
Interest expense   6    6    19    19 
Income (loss) before income tax   245    (40)   511    (73)
Income tax expense   25        101    6 
                     
Net income (loss)                    
Basic  $220   $(40)  $410   $(79)
Diluted  $225   $(40)  $425   $(79)
                     
Weighted average common
shares outstanding:
                    
Basic   5,154    5,154    5,154    5,154 
Diluted   5,436    5,154    5,436    5,154 
                     
Earnings (loss) per common share:                    
Basic  $0.04   $(0.01)  $0.08   $(0.02)
Diluted  $0.04   $(0.01)  $0.08   $(0.02)

 

 

 

 

TOFUTTI BRANDS INC.

Condensed Balance Sheets

(in thousands, except share and per share figures)

 

   September 26,
2020
(unaudited)
   December 28,
2019
 
Assets          
Current assets:          
Cash and cash equivalents  $1,399   $514 
Accounts receivable, net of allowance for doubtful
accounts and sales promotions of $442 and $407,
respectively
   1,634    1,819 
Inventories   2,036    1,929 
Prepaid expenses and other current assets   75    120 
Total current assets   5,144    4,382 
           
Deferred tax assets   144    217 
Fixed assets (net of accumulated depreciation of $13 and $5, respectively)   137    145 
Operating lease right-of-use assets   177    252 
Other assets   35    30 
Total assets  $5,637   $5,026 
           
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable  $336   $167 
Accrued expenses   326    375 
Total current liabilities   662    542 
           
Convertible note payable-long term-related party   500    500 
SBA note payable-long term   165     
Operating lease liabilities   72    156 
Total liabilities   1,399    1,198 
           
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 September 26, 2020
and December 28, 2019
   52    52 
Additional paid-in capital   207    207 
Retained earnings   3,979    3,569 
Total stockholders’ equity   4,238    3,828 
Total liabilities and stockholders’ equity  $5,637   $5,026 

 

 

 

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