Tofutti Brands reports FY2023 net sales down 22% to $10.1M; net loss narrows to $366K

TOFUTTI BRANDS INC

2024-Q1 EPS reported -$0.06 revenue$2,212,000

Net sales $10.07M, down $2.76M (22%) from prior year; plant-based cheese sales fell 22% to $8.56M.
Gross profit rose 19% to $2.80M (28% margin vs 18% prior year) due to cost improvements.
Net loss improved to $366K ($0.07 per share) from $525K ($0.10 per share) in FY2022.
Cash at year end $837K; working capital $3.44M, down from $3.63M prior year.
CEO cites increased competition in vegan cheese; expects improved revenues in 2024 from price increases.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TOFUTTI BRANDS INC reported the fiscal year ended December 30, 2023 results: revenue net sales of $10,068,00, net income net loss of $366,000, EPS $0.07 per share (basic and diluted).

Period: the fiscal year ended December 30, 2023
Revenue: net sales of $10,068,00
Net income: net loss of $366,000
EPS: $0.07 per share (basic and diluted)
Result: reported results

Exact text from the filing

TOFUTTI ANNOUNCES RESULTS FOR THE FISCAL YEAR ENDED DECEMBER 30, 2023 Cranford, New Jersey — April 3, 2024 — TOFUTTI BRANDS INC. (OTCQX Symbol: TOFB) issued its results for the fiscal year ended December 30, 2023 today. Tofutti Brands reported net sales of $10,068,00, a decrease of $2,759,000 or 22%, from net sales of $12,827,000 for the fiscal year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001493152-24-012989

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