Click here to close now.

Welcome!

.NET Authors: Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

News Feed Item

Tofutti Announces Third Quarter and Nine Month Results

CRANFORD, N.J., Nov. 21, 2012 /PRNewswire/ -- TOFUTTI BRANDS INC. (NYSEAMEX Symbol: TOF) today announced its results for the thirteen and thirty-nine week periods ended September 29, 2012.

Tofutti Brands reported net sales for the thirteen weeks ended September 29, 2012 of  $3,498,000, a decrease of $119,000, or 3%, from $3,617,000 in net sales for the thirteen weeks ended October 1, 2011. Net sales for the thirty-nine week period ended September 29, 2012 decreased by approximately $1.6 million to $10.5 million from approximately $12.1 million for the thirty-nine week period ended October 1, 2011.  Sales in both the thirteen and thirty-nine week periods reflect the loss of sales to Trader Joe's, formerly the company's largest customer, after it discontinued stocking branded goods in mid-2011.   

The company's gross profit and gross profit percentage for the thirteen week period ending September 29, 2012 were approximately $882,000 and 25%, respectively, compared to $1,121,000 and 31%, respectively, for the period ending October 1, 2011. The decrease in gross profit and gross profit percentage for the thirteen week period in 2012 was due to the decrease in sales and an increase in sales promotions and allowances incurred in an effort to expand future sales.  The company's gross profit and gross profit percentage for the thirty-nine week period ending September 29, 2012 were approximately $2,828,000 and 27%, respectively, compared to $3,436,000 and 28%, respectively, for the period ending October 1, 2011. The decrease in gross profit and gross profit percentage for the thirty-nine week period  in 2012 was due to the lower level of sales.

For the thirteen week period ended September 29, 2012, the company reported a loss of $279,000 before an income tax benefit of $62,000 compared to income before income taxes of $70,000 for the thirteen week period ended October 1, 2011. As a result, the company recorded a net loss of $217,000 $(0.04) per share on a basic and diluted basis) for the thirteen weeks ended September 29, 2012 compared to net income of $34,000 ($0.01 per share on a basic and diluted basis) for the thirteen weeks ended October 1, 2011.   The company reported a loss of $785,000 before an income tax benefit of $259,000 for the thirty-nine week period ended September 29, 2012 compared to income before income taxes of $99,000 for the thirty-nine week period ended October 1, 2011. The company's net loss for the thirty-nine weeks ended September 29, 2012 was $526,000 $(0.10) per share on a basic and diluted basis) compared to  net income of $52,000 ($0.01 per share on a basic and diluted basis) for the thirty-nine weeks ended October 1, 2011.

As of September 29, 2012, the company's working capital was approximately $3.9 million, with approximately $0.2 million in cash and cash equivalents,  compared with working capital of $4.4 million and approximately $1.6 million in cash and cash equivalents at December 31, 2011.  The decrease in cash and cash equivalents reflects in part the buildup of inventory of our new products that were introduced during the third quarter.   

Mr.  David Mintz, Chairman and Chief Executive Officer of the company stated, "Our  results for the first nine months of 2012 continue to reflect the impact of the loss of Trader Joe's as a customer. We are working to replace those sales with aggressive promotional sales activities.  We believe that our sales and gross margins will improve during the remainder of fiscal 2012 due to the continued roll-out of our new products and price increases instituted in the second and  third quarters of this year." 

About Tofutti Brands Inc.

TOFUTTI BRANDS INC. is principally involved in the development, production and marketing of TOFUTTI brand soy-based, dairy-free frozen desserts, soy-based dairy free cheese products and other soy-based, dairy-free food products.  TOFUTTI products are sold in grocery stores, supermarkets, health and convenience stores throughout the United States and in approximately twenty-five other countries.

Forwarding-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.

Condensed Statements of Operations

(in thousands, except per share figures)



Thirteen

weeks ended

September 29, 2012

Thirteen

weeks ended

October 1, 2011

Thirty-nine

weeks ended

September 29, 2012

Thirty-nine

weeks ended

October 1, 2011






Net sales

$3,498

$3,617

$10,486

$12,072

Cost of sales

2,616

2,496

7,658

8,636

Gross profit

882

1,121

2,828

3,436

Operating expenses

1,161

1,051

3,613

3,337

Income (loss) before income taxes

(279)

70

(785)

99

Income tax (benefit) expense

(62)

36

(259)

47

Net income (loss)

$(217)

$ 34

$(526)

$ 52

Weighted average common

shares outstanding:





Basic and diluted

5,154

5,177

5,154

5,177

Net  income (loss) per common share:





Basic and diluted

$(0.04)

$0.01

$(0.10)

$0.01


 

TOFUTTI BRANDS INC.

Condensed Balance Sheets
(in thousands, except share figures)



September 29,
2012

December 31,
2011*


(unaudited)


Assets



Current assets:



     Cash and cash equivalents

$  213

$1,594

     Accounts receivable, net of allowance for doubtful 

        accounts and sales promotions of $252 and $486,
       respectively

1,963

1,936

     Inventories, net of reserve of $50 and $50, respectively

2,011

1,441

     Prepaid expenses

97

122

     Deferred costs

128

--

     Refundable income taxes

177

42

     Deferred income taxes

298

265

                Total current assets

4,887

5,400




Fixed assets, net of accumulated amortization of
        $47 and $44

1

5

Other assets

16

16


$4,904

$5,421




Liabilities and Stockholders' Equity



Current liabilities:



     Accounts payable

$  491

$  319

     Accrued expenses

347

637

     Deferred revenue

143

--

                  Total current liabilities

981

956




Commitments and contingencies

--

--




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 29, 2012
         and 5,162,186 shares at December 31, 2011

52

52

     Retained earnings

3,871

4,413

                 Total stockholders' equity

3,923

4,465

                 Total liabilities and stockholders' equity

$4,904

$5,421




*         Derived from audited financial information.

 

 

SOURCE Tofutti Brands Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionality and provide short-term introductory projects that developers can complete between sessions.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo – to be held June 9-11, 2015, at the Javits Center in New York City, NY – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...