Tofutti Q3 net income falls to $120K from $220K YoY; gross margin drops to 24%

TOFUTTI BRANDS INC

2022-Q3 EPS reported $0.04 revenue$9,533,000

Q3 net sales up 6.5% YoY to $3.356M, led by vegan cheese and frozen dessert gains.
Net income $120K ($0.02/sh) vs $220K ($0.04/sh); gross profit margin fell to 24% from 33%.
COVID supply-chain issues and higher freight costs hurt gross profit; expected to continue into H1 2022.
39-week net sales $9.533M vs $9.621M; net income $228K ($0.04/sh) vs $410K ($0.08/sh).
Cash increased to $3.009M; working capital $4.886M, up from $4.639M at Jan 2, 2021.

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