TOFUTTI ANNOUNCES RESULTS FOR FISCAL YEAR ENDED December 28, 2024
Tofutti Brands (TOFB) reported financial results for fiscal year 2024, showing a significant decline in performance. Net sales decreased 12% to $8.82 million from $10.07 million in 2023. Plant-based cheese sales fell to $7.43 million from $8.56 million, while frozen dessert sales dropped to $1.39 million from $1.50 million.
The company's gross profit declined to $2.25 million with a 26% margin, down from $2.80 million and 28% margin in 2023. Operating expenses decreased 6% to $2.86 million. The company recorded an operating loss of $607,000 and a net loss of $860,000, compared to losses of $238,000 and $366,000 in 2023, respectively.
As of December 28, 2024, Tofutti had $462,000 in cash and working capital of $2.89 million. The company implemented a price increase effective at the start of fiscal 2025 to address rising packaging and ingredient costs.
Tofutti Brands (TOFB) ha riportato i risultati finanziari per l'anno fiscale 2024, evidenziando un significativo calo delle performance. Le vendite nette sono diminuite del 12% a 8,82 milioni di dollari rispetto ai 10,07 milioni di dollari del 2023. Le vendite di formaggio vegetale sono scese a 7,43 milioni di dollari rispetto agli 8,56 milioni, mentre le vendite di dessert surgelati sono calate a 1,39 milioni di dollari da 1,50 milioni.
Il profitto lordo dell'azienda 猫 sceso a 2,25 milioni di dollari con un margine del 26%, in calo rispetto ai 2,80 milioni di dollari e un margine del 28% nel 2023. Le spese operative sono diminuite del 6% a 2,86 milioni di dollari. L'azienda ha registrato una perdita operativa di 607.000 dollari e una perdita netta di 860.000 dollari, rispetto a perdite di 238.000 dollari e 366.000 dollari nel 2023, rispettivamente.
Al 28 dicembre 2024, Tofutti aveva 462.000 dollari in contante e un capitale circolante di 2,89 milioni di dollari. L'azienda ha implementato un aumento dei prezzi che entrer脿 in vigore all'inizio dell'anno fiscale 2025 per affrontare l'aumento dei costi di imballaggio e ingredienti.
Tofutti Brands (TOFB) inform贸 sobre los resultados financieros del a帽o fiscal 2024, mostrando un descenso significativo en su rendimiento. Las ventas netas disminuyeron un 12% a 8,82 millones de d贸lares desde 10,07 millones de d贸lares en 2023. Las ventas de queso a base de plantas cayeron a 7,43 millones de d贸lares desde 8,56 millones, mientras que las ventas de postres congelados bajaron a 1,39 millones de d贸lares desde 1,50 millones.
El beneficio bruto de la empresa disminuy贸 a 2,25 millones de d贸lares con un margen del 26%, frente a los 2,80 millones de d贸lares y un margen del 28% en 2023. Los gastos operativos disminuyeron un 6% a 2,86 millones de d贸lares. La empresa registr贸 una p茅rdida operativa de 607,000 d贸lares y una p茅rdida neta de 860,000 d贸lares, en comparaci贸n con p茅rdidas de 238,000 d贸lares y 366,000 d贸lares en 2023, respectivamente.
Al 28 de diciembre de 2024, Tofutti ten铆a 462,000 d贸lares en efectivo y un capital de trabajo de 2,89 millones de d贸lares. La empresa implement贸 un aumento de precios que entrar谩 en vigor al comienzo del a帽o fiscal 2025 para abordar el aumento de los costos de envase e ingredientes.
Tofutti Brands (TOFB)電� 2024 須岅硠鞐半弰 鞛 瓴瓣臣毳� 氤搓碃頃橂┌ 靹标臣鞚� 靸侂嫻頃� 臧愳唽毳� 氤挫棳欤检棃鞀惦媹雼�. 靾� 毵れ稖鞚� 2023雲� 10.07氚彪 雼煬鞐愳劀 8.82氚彪 雼煬搿� 12% 臧愳唽頄堨姷雼堧嫟. 鞁濍靹� 旃橃 毵れ稖鞚� 8.56氚彪 雼煬鞐愳劀 7.43氚彪 雼煬搿� 臧愳唽頄堨溂氅�, 雰夒彊 霐旍爛韸� 毵れ稖鞚� 1.50氚彪 雼煬鞐愳劀 1.39氚彪 雼煬搿� 霒柎臁岇姷雼堧嫟.
須岇偓鞚� 齑� 鞚挫澋鞚� 2023雲� 2.80氚彪 雼煬鞕� 28%鞚� 毵堨鞐愳劀 2.25氚彪 雼煬鞕� 26%鞚� 毵堨鞙茧 臧愳唽頄堨姷雼堧嫟. 鞖挫榿 牍勳毄鞚� 2.86氚彪 雼煬搿� 6% 臧愳唽頄堨姷雼堧嫟. 須岇偓電� 607,000雼煬鞚� 鞖挫榿 靻愳嫟瓿� 860,000雼煬鞚� 靾� 靻愳嫟鞚� 旮半頄堨溂氅�, 鞚措姅 臧侁皝 2023雲勳潣 238,000雼煬鞕� 366,000雼煬鞚� 靻愳嫟鞐� 牍勴暣 歃濌皜頃� 靾橃箻鞛呺媹雼�.
2024雲� 12鞗� 28鞚� 旮办鞙茧 Tofutti電� 462,000雼煬鞚� 順勱笀瓿� 2.89氚彪 雼煬鞚� 鞖挫榿 鞛愲掣鞚� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 須岇偓電� 韽灔 氚� 鞛 牍勳毄 靸侅姽鞐� 雽�鞚戫晿旮� 鞙勴暣 2025 須岅硠鞐半弰 鞁滌瀾 鞁� 臧�瓴� 鞚胳儊鞚� 鞁滍枆頄堨姷雼堧嫟.
Tofutti Brands (TOFB) a publi茅 les r茅sultats financiers de l'exercice 2024, montrant un d茅clin significatif de ses performances. Les ventes nettes ont diminu茅 de 12% pour atteindre 8,82 millions de dollars contre 10,07 millions de dollars en 2023. Les ventes de fromage 脿 base de plantes ont chut茅 脿 7,43 millions de dollars contre 8,56 millions, tandis que les ventes de desserts congel茅s ont baiss茅 脿 1,39 million de dollars contre 1,50 million.
Le b茅n茅fice brut de l'entreprise a diminu茅 脿 2,25 millions de dollars avec une marge de 26%, contre 2,80 millions de dollars et une marge de 28% en 2023. Les d茅penses d'exploitation ont diminu茅 de 6% pour atteindre 2,86 millions de dollars. L'entreprise a enregistr茅 une perte d'exploitation de 607 000 dollars et une perte nette de 860 000 dollars, contre des pertes de 238 000 dollars et 366 000 dollars en 2023, respectivement.
Au 28 d茅cembre 2024, Tofutti avait 462 000 dollars en liquidit茅s et un fonds de roulement de 2,89 millions de dollars. L'entreprise a mis en 艙uvre une augmentation des prix qui prendra effet au d茅but de l'exercice 2025 pour faire face 脿 l'augmentation des co没ts d'emballage et des ingr茅dients.
Tofutti Brands (TOFB) hat die finanziellen Ergebnisse f眉r das Gesch盲ftsjahr 2024 ver枚ffentlicht und einen signifikanten R眉ckgang der Leistung gezeigt. Der Nettoumsatz sank um 12% auf 8,82 Millionen Dollar von 10,07 Millionen Dollar im Jahr 2023. Der Umsatz mit pflanzlichem K盲se fiel auf 7,43 Millionen Dollar von 8,56 Millionen Dollar, w盲hrend die Ums盲tze mit gefrorenen Desserts auf 1,39 Millionen Dollar von 1,50 Millionen Dollar sanken.
Der Bruttogewinn des Unternehmens sank auf 2,25 Millionen Dollar mit einer Marge von 26%, nach 2,80 Millionen Dollar und einer Marge von 28% im Jahr 2023. Die Betriebskosten sanken um 6% auf 2,86 Millionen Dollar. Das Unternehmen verzeichnete einen operativen Verlust von 607.000 Dollar und einen Nettoverlust von 860.000 Dollar, verglichen mit Verlusten von 238.000 Dollar und 366.000 Dollar im Jahr 2023.
Am 28. Dezember 2024 hatte Tofutti 462.000 Dollar in bar und ein Umlaufverm枚gen von 2,89 Millionen Dollar. Das Unternehmen f眉hrte eine Preiserh枚hung ein, die zu Beginn des Gesch盲ftsjahres 2025 wirksam wird, um den gestiegenen Kosten f眉r Verpackungen und Zutaten zu begegnen.
- Operating expenses reduced by 6% to $2.86 million
- Company maintains operations without any borrowings
- Price increase implemented for 2025 to address rising costs
- Net sales declined 12% to $8.82 million
- Plant-based cheese sales decreased by 13.3%
- Frozen dessert sales dropped 7.4%
- Gross profit margin decreased from 28% to 26%
- Net loss widened to $860,000 from $366,000
- Cash position decreased to $462,000 from $837,000
- Working capital reduced to $2.89 million from $3.44 million
Edison, New Jersey, March 28, 2025 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) issued its results for the fiscal year ended December 28, 2024 today.
Tofutti Brands reported net sales for the fiscal year ended December 28, 2024 of
The Company鈥檚 gross profit for the year ended December 28, 2024, decreased by
Total operating expenses decreased by
Income tax expense for the year ended December 28, 2024 was
At December 28, 2024, we had approximately
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 twenty-five (25) dairy-free foods including cheese products and frozen desserts. 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 fifteen (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鈥檚 product line includes plant-based ice cream pints, cones, Tofutti Cutie庐 sandwiches and novelty
Forward-Looking Statements. Some of the statements in this press release concerning the Company鈥檚 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鈥檚 filings with the Securities and Exchange Commission, including its annual report on Form 10-K.
| Company Contact: | Steve Kass |
| 听 | Chief Executive and Financial Officer |
| 听 | (908) 272-2400 |
| 听 | (908) 272-9492 (Fax) |
TOFUTTI BRANDS INC.
STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
| 听 | 听 | Fiscal year ended December 28, 2024 | 听 | 听 | Fiscal year ended December 30, 2023 | 听 | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Net sales | 听 | $ | 8,820 | 听 | 听 | $ | 10,068 | 听 |
| Cost of sales | 听 | 听 | 6,569 | 听 | 听 | 听 | 7,271 | 听 |
| Gross profit | 听 | 听 | 2,251 | 听 | 听 | 听 | 2,797 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Selling and warehousing | 听 | 听 | 869 | 听 | 听 | 听 | 1,054 | 听 |
| Marketing | 听 | 听 | 416 | 听 | 听 | 听 | 424 | 听 |
| Product development costs | 听 | 听 | 132 | 听 | 听 | 听 | 166 | 听 |
| General and administrative | 听 | 听 | 1,441 | 听 | 听 | 听 | 1,391 | 听 |
| Total operating expenses | 听 | 听 | 2,858 | 听 | 听 | 听 | 3,035 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Loss from operations and before interest expense and income taxes | 听 | 听 | (607 | ) | 听 | 听 | (238 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Interest expense | 听 | 听 | 2 | 听 | 听 | 听 | 2 | 听 |
| Loss before provision for income taxes | 听 | 听 | (609 | ) | 听 | 听 | (240 | ) |
| Income taxes | 听 | 听 | 251 | 听 | 听 | 听 | 126 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net loss | 听 | $ | (860 | ) | 听 | $ | (366 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Weighted average common shares outstanding: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Basic | 听 | 听 | 5,154 | 听 | 听 | 听 | 5,154 | 听 |
| Diluted | 听 | 听 | 5,154 | 听 | 听 | 听 | 5,154 | 听 |
| Net loss per common share: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Basic | 听 | $ | (0.17 | ) | 听 | $ | (0.07 | ) |
| Diluted | 听 | $ | (0.17 | ) | 听 | $ | (0.07 | ) |
听听
TOFUTTI BRANDS INC.
BALANCE SHEETS
(In thousands, except for share and per share data)
| 听 | 听 | December 28, 2024 | 听 | 听 | December 30, 2023 | 听 | ||
| Assets | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current assets: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash | 听 | $ | 462 | 听 | 听 | $ | 837 | 听 |
| Accounts receivable, net of allowance for credit losses and sales promotions of | 听 | 听 | 989 | 听 | 听 | 听 | 828 | 听 |
| Inventories | 听 | 听 | 1,879 | 听 | 听 | 听 | 2,475 | 听 |
| Prepaid expenses and other current assets | 听 | 听 | 111 | 听 | 听 | 听 | 93 | 听 |
| Total current assets | 听 | 听 | 3,441 | 听 | 听 | 听 | 4,233 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating lease right-of-use assets | 听 | 听 | 340 | 听 | 听 | 听 | 81 | 听 |
| Finance lease right-of-use asset | 听 | 听 | 21 | 听 | 听 | 听 | 36 | 听 |
| Deferred tax assets | 听 | 听 | - | 听 | 听 | 听 | 246 | 听 |
| Other assets | 听 | 听 | 21 | 听 | 听 | 听 | 19 | 听 |
| Total assets | 听 | $ | 3,823 | 听 | 听 | $ | 4,615 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Liabilities and Stockholders鈥� Equity | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current liabilities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Accounts payable | 听 | 听 | 257 | 听 | 听 | 听 | 237 | 听 |
| Accrued expenses | 听 | 听 | 275 | 听 | 听 | 听 | 541 | 听 |
| Financing lease liability, current portion | 听 | 听 | 16 | 听 | 听 | 听 | 15 | 听 |
| Total current liabilities | 听 | 听 | 548 | 听 | 听 | 听 | 793 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating lease liabilities, net of current portion | 听 | 听 | 283 | 听 | 听 | 听 | 7 | 听 |
| Finance lease liability, net of current portion | 听 | 听 | 6 | 听 | 听 | 听 | 23 | 听 |
| Total liabilities | 听 | 听 | 837 | 听 | 听 | 听 | 823 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Stockholders鈥� equity: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Preferred stock 鈥� par value $.01 per share; authorized 100,000 shares, none issued and outstanding | 听 | 听 | - | 听 | 听 | 听 | - | 听 |
| Common stock 鈥� par value $.01 per share; authorized 15,000,000 shares, 5,153,706 shares issued and outstanding | 听 | 听 | 52 | 听 | 听 | 听 | 52 | 听 |
| Additional paid-in capital | 听 | 听 | 377 | 听 | 听 | 听 | 323 | 听 |
| Retained earnings | 听 | 听 | 2,557 | 听 | 听 | 听 | 3,417 | 听 |
| Total stockholders鈥� equity | 听 | 听 | 2,986 | 听 | 听 | 听 | 3,792 | 听 |
| Total liabilities and stockholders鈥� equity | 听 | $ | 3,823 | 听 | 听 | $ | 4,615 | 听 |
FAQ
What caused TOFB's revenue decline in fiscal year 2024?
How much did TOFB's plant-based cheese sales decrease in 2024?
What is TOFB's current financial position as of December 2024?
How did TOFB's gross profit margin change in fiscal 2024?
What measures is TOFB taking to address declining margins?
