TOFUTTI ANNOUNCES RESULTS FOR FISCAL YEAR ENDED December 28, 2024
Rhea-AI Summary
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.
Positive
- Operating expenses reduced by 6% to $2.86 million
- Company maintains operations without any borrowings
- Price increase implemented for 2025 to address rising costs
Negative
- 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
News Market Reaction – TOFB
On the day this news was published, TOFB declined 6.78%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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’s 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’s product line includes plant-based ice cream pints, cones, Tofutti Cutie® sandwiches and novelty
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 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.
| Company Contact: | Steve Kass |
| Chief Executive and Financial Officer | |
| (908) 272-2400 | |
| (908) 272-9492 (Fax) |
TOFUTTI BRANDS INC.
STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
| Fiscal year ended December 28, 2024 | Fiscal year ended December 30, 2023 | |||||||
| Net sales | $ | 8,820 | $ | 10,068 | ||||
| Cost of sales | 6,569 | 7,271 | ||||||
| Gross profit | 2,251 | 2,797 | ||||||
| Operating expenses: | ||||||||
| Selling and warehousing | 869 | 1,054 | ||||||
| Marketing | 416 | 424 | ||||||
| Product development costs | 132 | 166 | ||||||
| General and administrative | 1,441 | 1,391 | ||||||
| Total operating expenses | 2,858 | 3,035 | ||||||
| Loss from operations and before interest expense and income taxes | (607 | ) | (238 | ) | ||||
| Interest expense | 2 | 2 | ||||||
| Loss before provision for income taxes | (609 | ) | (240 | ) | ||||
| Income taxes | 251 | 126 | ||||||
| Net loss | $ | (860 | ) | $ | (366 | ) | ||
| Weighted average common shares outstanding: | ||||||||
| Basic | 5,154 | 5,154 | ||||||
| Diluted | 5,154 | 5,154 | ||||||
| Net loss per common share: | ||||||||
| Basic | $ | (0.17 | ) | $ | (0.07 | ) | ||
| Diluted | $ | (0.17 | ) | $ | (0.07 | ) | ||
TOFUTTI BRANDS INC.
BALANCE SHEETS
(In thousands, except for share and per share data)
| December 28, 2024 | December 30, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 462 | $ | 837 | ||||
| Accounts receivable, net of allowance for credit losses and sales promotions of | 989 | 828 | ||||||
| Inventories | 1,879 | 2,475 | ||||||
| Prepaid expenses and other current assets | 111 | 93 | ||||||
| Total current assets | 3,441 | 4,233 | ||||||
| Operating lease right-of-use assets | 340 | 81 | ||||||
| Finance lease right-of-use asset | 21 | 36 | ||||||
| Deferred tax assets | - | 246 | ||||||
| Other assets | 21 | 19 | ||||||
| Total assets | $ | 3,823 | $ | 4,615 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 257 | 237 | ||||||
| Accrued expenses | 275 | 541 | ||||||
| Financing lease liability, current portion | 16 | 15 | ||||||
| Total current liabilities | 548 | 793 | ||||||
| Operating lease liabilities, net of current portion | 283 | 7 | ||||||
| Finance lease liability, net of current portion | 6 | 23 | ||||||
| Total liabilities | 837 | 823 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock – par value $.01 per share; authorized 100,000 shares, none issued and outstanding | - | - | ||||||
| Common stock – par value $.01 per share; authorized 15,000,000 shares, 5,153,706 shares issued and outstanding | 52 | 52 | ||||||
| Additional paid-in capital | 377 | 323 | ||||||
| Retained earnings | 2,557 | 3,417 | ||||||
| Total stockholders’ equity | 2,986 | 3,792 | ||||||
| Total liabilities and stockholders’ equity | $ | 3,823 | $ | 4,615 | ||||
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?
