Tofutti Brands, Inc. (TOF) - 500 Beiträge pro Seite

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Profile:Tofutti Brands, Inc. engages in the development, production, and marketing of nondairy frozen desserts and other food products in the United States and internationally. It offers nondairy soy-based products that include frozen desserts, nondairy cheeses and spreads, other frozen food products, and various dry grocery items under TOFUTTI brand. The company’s frozen desserts include yogurt-based desserts and other soy-based desserts; nondairy frozen desserts in prepacked pints, three-gallon cans, and soft serve mix forms; frozen sandwiches; bullet-shaped stick novelties; various other stick novelties; sour cream; pizzas; and cookies. It sells its products to supermarkets, health food stores, retail shops, restaurants, gourmet specialty shops, kosher supermarkets, and independent unaffiliated food brokers. The company was founded in 1981 and is based in Cranford, New Jersey.
http://www.tofutti.com/

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TOFUTTI Announces Third Quarter Results
Tuesday November 14, 4:50 pm ET


CRANFORD, N.J., Nov. 14 /PRNewswire-FirstCall/ -- TOFUTTI BRANDS INC. (Amex: TOF - News) today announced its results for the thirteen and thirty-nine week periods ended September 30, 2006.


The Company reported net sales for the thirteen week period ended September 30, 2006 of $4,948,000, an increase of $833,000, or over 20%, from the sales recorded for the thirteen weeks ended October 1, 2005. Net sales for the thirty-nine week period ended September 30, 2006 increased 12% to $15,110,000 compared with net sales of $13,446,000 for the thirty-nine week period ended October 1, 2005.

For the thirteen and thirty-nine week periods ended September 30, 2006, the Company reported operating income of $437,000 and $1,055,000, respectively, as compared with operating income of $71,000 and $695,000 for the thirteen and thirty-nine week periods in 2005. The Company's operating results continued to be negatively impacted as a result of new product start-up costs, including costs incurred at new co-packaging locations, increased marketing expenses, higher packaging and freight charges and higher warehousing costs. The Company expects that during the remainder of 2006 its operating expenses will continue to be affected by these same factors.

The Company recorded net income of $287,000 ($0.05 per share on a basic and diluted basis) for the thirteen weeks ended September 30, 2006 compared to $43,000 ($0.01 per share on a basic and diluted basis) for the thirteen weeks ended October 1, 2005. Net income for the thirty-nine weeks ended September 30, 2006 was $654,000 ($0.12 per share on a basic basis and $0.11 per share on a diluted basis) compared to $406,000 ($0.07 per share on a basic and diluted basis) for the thirty-nine weeks ended October 1, 2005.

Mr. David Mintz, Chairman and Chief Executive Officer of the Company stated, "I am pleased with our significant improvement in sales and operating and net income over the comparable period in 2005. Our increased sales reflect the continued acceptance of our soy-based, dairy-free food products and the successful introduction of new products. We have worked hard to improve our operating results and we look forward to a continued increase in market penetration in the future."

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.

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-KSB.




TOFUTTI BRANDS INC.
Condensed Statements of Operations
(in thousands, except per share figures)

Thirteen Thirteen Thirty-nine Thirty-nine
weeks weeks weeks weeks
ended ended ended ended
Sept. 30, Oct. 1, Sept. 30, Oct. 1,
2006 2005 2006 2005

Net sales $4,998 $4,115 $15,110 $13,446

Cost of sales 3,442 3,095 10,757 9,778

Gross profit 1,506 1,020 4,353 3,668

Operating expenses 1,069 949 3,298 2,973

Operating income 437 71 1,055 695

Interest income -- 3 -- 6

Income before income taxes 437 74 1,055 701

Income taxes 150 31 401 295

Net income $287 $43 $654 $406

Net income per share:

Basic $0.05 $0.01 $0.12 $0.07

Diluted $0.05 $0.01 $0.11 $0.07

Weighted average
number of shares
outstanding:

Basic 5,433 5,600 5,434 5,622

Diluted 5,987 6,179 5,993 6,205



TOFUTTI BRANDS INC.
Condensed Balance Sheets
(in thousands)

September 30, December 31,
2006 2005
(Unaudited) (Audited)
Assets
Current assets:
Cash and cash equivalents $24 $1,256
Accounts receivable, net of allowance
for doubtful accounts of $345 and
$291, respectively 2,234 2,643
Inventories 2,420 2,045
Prepaid expenses 15 51
Deferred income taxes 478 577
Total current assets 5,171 6,572
Fixed assets (net of accumulated depreciation
of $18 and $10, respectively) 30 34
Other assets 16 16
$5,217 $6,622

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $604 $1,442
Accrued expenses 86 479
Accrued officers' compensation 200 500
Income taxes payable 281 478
Total current liabilities 1,171 2,899

Commitments and contingencies
Stockholders' equity:
Preferred stock -- --
Common stock 54 55
Additional paid-in capital 38 --
Retained earnings 3,954 3,668
Total stockholders' equity 4,046 3,723
Total liabilities and stockholders' equity $5,217 $6,622




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Source: TOFUTTI BRANDS INC.