EXHIBIT 99.1

 

August 17, 2020

 

Tofutti Press Release

 

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

 

TOFUTTI ANNOUNCES SECOND QUARTER AND SIX MONTH RESULTS

 

Cranford, New Jersey — August 17, 2020 — TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) today announced its results for the thirteen and twenty-six week periods ended June 27, 2020.

 

Tofutti Brands reported net sales for the thirteen weeks ended June 27, 2020 of $3,243,000 compared to net sales of $3,143,000 for the thirteen weeks ended June 29, 2019. The Company’s gross profit increased to $1,015,000 for the thirteen weeks ended June 27, 2020 from $860,000 for the thirteen weeks ended June 29, 2019, and its gross profit percentage increased to 31% for the thirteen weeks ending June 27, 2020 compared to 27% for the thirteen weeks ending June 29, 2019. The Company had net income of $146,000, or $0.03 per share (basic and diluted), for the thirteen weeks ended June 27, 2020, compared to net income of $62,000, or $(0.01) per share (basic and diluted), for the thirteen weeks ended June 29, 2019.

 

Net sales for the twenty-six week period ended June 27, 2020 were $6,469,000 compared to net sales of $6,644,000 for the twenty-six week period ended June 29, 2019, a decrease of $175,000. The Company’s gross profit for the twenty-six week period ending June 27, 2020 was $2,011,000 compared to $1,843,000 for the twenty-six week period ending June 29, 2019. The Company’s gross profit percentage was 31% for the twenty-six weeks ended June 27, 2020 compared to 28% for the twenty-six week period ended June 29, 2019.

 

The Company had net income of $190,000, or $(0.01) per share (basic and diluted), for the twenty-six weeks ended June 27, 2020 compared to a net loss of $38,000, or $(0.01) per share (basic and diluted), for the twenty-six weeks ended June 30, 2018.

 

As of June 29, 2019, the Company had approximately $1,134,000 in cash and cash equivalents and its working capital was approximately $4,203,000, compared with approximately $514,000 in cash and cash equivalents and working capital of $3,840,000 at December 28, 2019. The increase in cash during the first six months of 2020 was due to $455,000 provided by operating activities and $165,000 provided by financing activities, which was offset by $29,000 used in investing activities.

 

   

 

 

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, “ Despite the impediments arising from the spread of COVID-19, we were able to increase our sales and net income in the second fiscal quarter of 2020 compared to the comparable period in 2019. We are pleased with our results under the circumstances and look forward to continue to meet customer demand and generate profits for our shareholders,” 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

June 27, 2020

  

Thirteen

weeks ended

June 29, 2019

  

Twenty-six

weeks ended

June 27, 2020

  

Twenty-six

weeks ended

June 29, 2019

 
                 
Net sales  $3,243   $3,143   $6,469   $6,644 
Cost of sales   2,228    2,283    4,458    4,801 
Gross profit   1,015    860    2,011    1,843 
                     
Operating expenses   799    915    1,732    1,863 
                     
Income (loss) from operations   216    (55)   279    (20)
Interest expense   7    7    13    13 
Income (loss) before income tax   209    (62)   266    (33)
Income tax expense   69        76    6 
                     
Net income (loss)                    
Basic  $140   $(62)  $190   $(39)
Diluted  $146   $(62)  $190   $(39)
                     
Weighted average common shares outstanding:                    
Basic   5,154    5,154    5,154    5,154 
Diluted   5,436    5,154    5,154    5,154 
                     
Earnings (loss) per common share:                    
Basic  $0.03   $(0.01)  $0.04   $(0.01)
Diluted  $0.03   $(0.01)  $0.04   $(0.01)

 

   

 

 

TOFUTTI BRANDS INC.

Condensed Balance Sheets

(in thousands, except share and per share figures)

 

  

June 27, 2020

  

December 28, 2019

 
   (unaudited)     
Assets          
Current assets:          
Cash and cash equivalents  $1,134   $514 
Accounts receivable, net of allowance for doubtful accounts and sales promotions of $387 and $407, respectively   1,598    1,819 
Inventories   2,083    1,929 
Prepaid expenses and other current assets   94    120 
Total current assets   4,909    4,382 
           
Deferred tax assets   140    217 
Fixed assets (net of accumulated depreciation of $10 and $5, respectively)   140    145 
Operating lease right-of-use assets   202    252 
Other assets   35    30 
Total assets  $5,426   $5,026 
           
Liabilities and Stockholders’ Equity          
Current liabilities:          
SBA note payable  $64   $ 
Accounts payable   316    167 
Accrued expenses   326    375 
Total current liabilities   706    542 
           
Convertible note payable-long term-related party   500    500 
SBA note payable-long term   101     
Operating lease liabilities   101    156 
Total liabilities   1,408    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 June 27, 2020 and December 28, 2019   52    52 
Additional paid-in capital   207    207 
Retained earnings   3,759    3,569 
Total stockholders’ equity   4,018    3,828 
Total liabilities and stockholders’ equity  $5,426   $5,026 

 

   

 


The following information was filed by Tofutti Brands Inc (TOFB) on Monday, August 17, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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