Current report Tofutti Brands Inc

8-K - Current report


Filed: 2015-03-27 16:22:14
Dated: 2015-03-27
Period of Report: 2015-03-27
tof8k.htm 2014 RESULTS PRESS RELEASE

tof8k.htm





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549
__________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934

March 27, 2015
Date of  Report
(Date of earliest event reported)

TOFUTTI BRANDS INC.
(Exact name of registrant as specified in its charter)

             Delaware             
 1-9009
13-3094658
(State or other jurisdiction
       of incorporation)
(Commission
File Number)
(IRS Employer Identification No.)

50 Jackson Drive Cranford, New Jersey 07016
 (Address of principal executive offices and zip code)


                           (908)272-2400                         
(Registrant’s telephone number, including area code)

                                    Not Applicable                                 
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

*
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
*
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
*
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
*
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 

 



ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
 
On March 27, 2015, the registrant reported its results of operations for the fiscal year ended December 27, 2014.  A copy of the press release issued by the registrant in this connection is furnished herewith as Exhibit 99.1.

The information in this Item in this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.



ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(c)           Exhibits
 

 
Exhibit 99.1       Press Release dated March 27, 2015.
 

 
 
 
 

 
 

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: March 27, 2015
TOFUTTI BRANDS INC.
 
         
(Registrant)
 
             
             
             
         
By: /s/Steven Kass
 
         
      Steven Kass
 
         
      Chief Financial Officer
 

ex99_1.htm

ex99_1.htm



Exhibit 99.1
 
March 27, 2015
 
Tofutti Press Release
 
Company Contact:              Steve Kass
Chief Financial Officer
(908) 272-2400
(908) 272-9492 (Fax)
 
TOFUTTI ANNOUNCES 2014 RESULTS

Cranford, New Jersey  -- March 27, 2015 -- TOFUTTI BRANDS INC. (NYSE MKT Symbol: TOF) issued its results for the fiscal year ended December 27, 2014 today.
 
Net sales for the fiscal year ended December 27, 2014 were approximately $14.35 million, a decrease of approximately $339,000, or 2%, from net sales of $14.7 million for the fiscal year ended December 28, 2013.  The decrease in sales was primarily due to the decrease in frozen dessert sales, which was offset in part by increased sales of our soy-cheese product line. 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 frozen food entrée products decreased primarily as a result of production and sales issues related to a transition to new packaging.  The Company’s management believes sales will improve during fiscal year 2015 due to the introduction of  new frozen dessert products, frozen entrées and soy-cheese flavors and the impact of price increases that were instituted in 2014.
 
  The Company’s gross profit in the year ended December 27, 2014 increased by $285,000 to $4,250,000.  Our gross profit percentage for the year ended December 27, 2014 increased to 30% from 27% for the year ended December 28, 2013 as a result of price increases instituted during 2014 and a more favorable product sales mix. For the fourth quarter of fiscal 2014, the Company improved its sales to approximately $3.7 million from approximately $3.5 million in the fourth fiscal quarter of 2013.  In fiscal 2014, the Company had a net loss of $163,000 ($0.03  per share) compared to a net loss of $908,000 ($0.18 per share) in fiscal 2013.
 
As of December 27, 2014, the Company had approximately $341,000 in cash and cash equivalents and working capital of $2,533,000 compared with $214,000 in cash and cash equivalents and working capital of $2,701,000 at December 28, 2013, a decrease in working capital of $168,000 from December 28, 2013.
 
 “We were successful in our efforts to improve our financial results as we reached break-even operations in the fourth quarter of fiscal 2014 and reduced our net loss for the year to $163,000 from $908,000 in fiscal 2013. We are gratified by the continuing increase in sales of our soy-cheese product line, which has become a category leader, but we continue to be negatively impacted by the industry-wide decrease in sales in the frozen dessert category. We are continuing our efforts to reduce expenses and increase sales. We are optimistic about our planned introduction of new frozen dessert products, frozen entrées and soy-cheese flavors,” concluded David Mintz, the Chairman and Chief Executive Officer of Tofutti Brands.
 
 
 
 
 

 
 
 
About Tofutti Brands Inc.
 
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. Tofutti's product line includes dairy-free ice cream pints, Tofutti Cutie® sandwiches and novelty bars.  Tofutti also has a growing array of prepared foods including Pizza Pizzaz®, Mintz's Blintzes®, and Baked Ravioli and Lasagna, all made with Tofutti's milk-free cheeses such as Better Than Cream Cheese®, Sour Supreme® and Better Than Mozzarella and Better Than Ricotta®.  For more information, visit www.tofutti.com.
 
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.

 
 

 


TOFUTTI BRANDS INC.
Statements of Operations
(in thousands, except per share figures)

   
Fiscal year
ended
December 27, 2014
   
Fiscal year
ended
December 28, 2013
 
             
Net sales
  $ 14,353     $ 14,692  
Cost of sales
    10,103       10,727  
Gross profit
    4,250       3,965  
Operating expenses
    4,481       4,864  
Loss before provision for income tax
    (231 )     (899 )
Income tax(benefit) expense
    (68 )     9  
Net loss
  $ (163 )   $ (908 )
Weighted average common shares
    outstanding:
   Basic and diluted
    5,154       5,154  
Net loss per common share:
   Basic and diluted
  $ (0.03 )   $ (0.18 )



 
 

 

TOFUTTI BRANDS INC.
Balance Sheets
(in thousands, except per share figures)

Assets
 
December 27,
2014
   
December 28,
2013
 
Current assets:
           
     Cash and cash equivalents
  $ 341     $ 214  
     Accounts receivable, net of allowance for doubtful
        accounts and sales promotions of $275 and $277
        respectively
    1,914       1,954  
     Inventories, net of reserve of $150 and $150, respectively
    1,852       1,844  
     Prepaid expenses
    71       40  
     Deferred costs
    105       138  
                Total current assets
    4,283       4,190  
                 
Fixed assets (net of accumulated depreciation of $2)
    27       --  
                 
Other assets
    16       16  
    $ 4,326     $ 4,206  
                 
Liabilities and Stockholders’ Equity
               
Current liabilities:
               
      Note payable-current
  $ 5     $ --  
     Accounts payable
    1,367       877  
     Accrued expenses
    264       459  
     Deferred revenue
    114       153  
      1,750       1,489  
                 
Note payable-long term
    22       --  
                  Total liabilities
    1,772       1,489  
                 
Commitments and contingencies
    --       --  
                 
Stockholders’ equity:
               
     Preferred stock - par value $.01 per share;
         authorized 100,000 shares, none issued
     Common stock - par value $.01 per share;
         authorized 15,000,000 shares, issued and
         outstanding 5,153,706 shares at December 27, 2014,
         and 5,153,706 shares at December 28, 2013
    --       52       --       52  
     Additional paid-in capital
    --       --  
     Retained earnings
    2,502       2,665  
                 Total stockholders’ equity
    2,554       2,717  
                 Total liabilities and stockholders’ equity
  $ 4,326     $ 4,206  




 


Additional Files
FileSequenceDescriptionTypeSize
0000910662-15-000047.txt   Complete submission text file   119006
$TOF

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