Cranford / NJ. (tfb) Tofutti Brands Inc. issued its results for the fiscal year ended January 02, 2016. Net sales for the fiscal year ended January 2, 2016 were approximately 13.76 million USD, a decrease of approximately 589’000 USD, or 4 percent, from net sales of 14.35 million USD for the fiscal year ended December 27, 2014. The decrease in sales was primarily due to the decrease in frozen dessert sales, which was offset in part by increased sales of frozen food entrée products, primarily sales of our Pizza Pizzaz product. The Company’s frozen dessert business continues to be negatively impacted by the overall sluggishness of sales in the ice cream category. In addition, sales of our soy-cheese product line decreased primarily as a result of increased sales promotion and allowance expense.
The Company’s gross profit in the year ended January 02, 2016 decreased by 652’000 USD to 3’598’000 USD and the gross profit percentage decreased to 26 percent from 30 percent for the year ended December 27, 2014. The gross profit percentage was negatively impacted by a 482’000 USD increase in sales allowance in the 2015 fiscal year. In fiscal 2015, the Company had a net loss of 643’000 USD (0.12 USD per share) compared to a net loss of 163’000 USD (0.03 USD per share) in fiscal 2014.
As of December 27, 2014, the Company had approximately 55’000 USD in cash and cash equivalents and working capital of 2’003’000 USD compared with 341’000 USD in cash and cash equivalents and working capital of 2’553’000 USD at December 27, 2014, a decrease in working capital of 530’000 USD from December 27, 2014. Subsequent to year end, the Company obtained a 500’000 USD loan from David Mintz, Chairman and CEO of the Company, which provided additional working capital.
«In 2015, our sales continued to be negatively impacted by the industry wide sluggishness in the ice cream/frozen dessert category. We continue to see strong demand and new opportunities for our soy-cheese product line, which is a category leader. During fiscal year 2016 we intend to introduce several new frozen dessert products and soy-cheese products. The introduction of these new products and the realization of price increases that were instituted in 2015 are expected to improve our profitability margins in 2016», concluded David Mintz, the Chairman and Chief Executive Officer of Tofutti Brands.
Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of dairy-free products. The Company sells more than 80 milk-free foods including frozen desserts, cheese products and prepared frozen dishes throughout the United States and in more than 30 countries. 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 30 countries, Tofutti Brands answers the call of millions of people who are allergic or intolerant to dairy, diabetic, kosher or vegan, as well as those who wish to have a healthier low-fat diet.
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