Welcome to our dedicated page for Tofutti Brands news (Ticker: TOFB), a resource for investors and traders seeking the latest updates and insights on Tofutti Brands stock.
Tofutti Brands Inc. develops and distributes plant-based, dairy-free foods under the TOFB symbol, with news centered on operating results, product categories, and vegan food-market developments. The company’s updates commonly report sales trends for vegan cheese products and frozen desserts, including plant-based ice cream pints, cones, Tofutti Cuties, novelty products, dairy-free sour cream alternatives, dips, cream cheese alternatives, and ricotta-style products.
Recurring announcements also cover product applications and collaborations in food service, along with competitive conditions in the vegan cheese and frozen dessert categories. Tofutti sells dairy-free foods in the United States and internationally for consumers seeking vegan, kosher, halal, dairy-free, or dairy-allergy alternatives.
Tofutti Brands Inc. (OTCQX: TOFB) reported a 10% increase in net sales for the thirteen weeks ending April 2, 2022, totaling $3,463,000, up from $3,150,000 in the same period last year. Sales from vegan cheese rose to $2,916,000, while frozen dessert sales increased to $547,000. However, gross profit decreased to $857,000, with a gross profit percentage of 25%, down from 32% the previous year, attributed to rising ingredient and freight costs. The net income rose to $205,000, or $0.04 per share. As of April 2, 2022, cash was approximately $1,589,000, and working capital was around $4,533,000.
Tofutti Brands Inc. (OTCQX: TOFB) reported fiscal year results for the year ending January 1, 2022, showing net sales of $12.59 million, a 9% decline from $13.81 million in the previous year. Sales of vegan cheese products fell to $10.76 million from $11.67 million, while frozen desserts and food decreased to $1.83 million from $2.15 million. The gross profit also decreased by $911,000 to $3.34 million, with a gross profit margin of 27%.
Net income was reported at $143,000, or $0.03 per share, down from $596,000 in the prior year. Cash increased to $1.70 million and working capital to $4.33 million.
Tofutti Brands Inc. (OTCQB: TOFB) held its 2021 Annual Meeting of Shareholders in Cranford, NJ, but had to adjourn it due to the absence of a quorum. The meeting will reconvene on December 16, 2021, providing additional time to gather proxy votes from shareholders. Notably, the CEO was unable to attend for medical reasons. Shareholders can still vote using previously submitted proxies unless they choose to change their votes. The record date for voting remains October 7, 2021.
TOFUTTI BRANDS INC. (OTCQB: TOFB) reported its financial results for the thirteen and thirty-nine weeks ended October 2, 2021. Net sales for the thirteen-week period rose to $3,356,000, driven by increases in vegan cheese and frozen desserts. However, gross profit declined to $818,000, impacted by rising ingredient costs and freight expenses attributed to COVID-19. For the thirty-nine weeks, net sales decreased to $9,533,000, with a net income of $228,000. The company ended the period with $3,009,000 in cash and strong working capital of $4,886,000.
Tofutti Brands Inc. (OTCQB: TOFB) reported its financial results for the thirteen and twenty-six weeks ending July 3, 2021. Net sales for the thirteen weeks were $3,027,000, down from $3,243,000 in 2020, primarily due to decreased vegan cheese and frozen dessert sales driven by manufacturing delays and product discontinuations. Gross profit decreased to $758,000, a 25% gross profit margin. Net income dropped to $28,000, or $0.01 per share. For the twenty-six weeks, net sales were $6,177,000, down from $6,469,000 with a net income of $108,000, or $0.02 per share. Cash reserves improved to $2,069,000.
TOFUTTI BRANDS INC. (OTCQB: TOFB) reported net income of $80,000 for the thirteen weeks ended April 3, 2021, up from $50,000 in the prior year. Net sales decreased by 2% to $3,150,000, driven by a decline in vegan cheese sales to $2,720,000 due to production delays. Frozen dessert sales increased slightly to $430,000. Gross profit edged up to $1,001,000, with a gross profit percentage of 32%. The company reported improved cash flow, holding approximately $2,446,000 in cash as of April 3, 2021.
TOFUTTI BRANDS INC. (OTCQB: TOFB) reported a strong fiscal year 2020, achieving net income of $596,000 ($0.11 per diluted share) compared to $78,000 in 2019. Net sales also increased to $13,815,000 from $13,130,000. Key factors for profitability included reduced selling, warehousing, marketing, and product development expenses totaling $618,000. Vegan cheese sales rose to $11,669,000, driven by food service products. Cash reserves improved, with approximately $1,459,000 on hand. Despite the pandemic, operations remained stable, with all facilities functioning normally.