Cranford, New Jersey, May 16, 2023 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQX Symbol: TOFB) issued its results for the thirteen weeks ended April 1, 2023 today.

Tofutti Brands reported net sales for the thirteen weeks ended April 1, 2023 decreased by $973,000, or 28%, to $2,490,000, from net sales of $3,463,000 for the thirteen weeks ended April 2, 2022. Sales of our vegan cheese products decreased to $2,100,000 for the thirteen weeks ended April 1, 2023 from $2,916,000 for the thirteen weeks ended April 2, 2022 due to the timing of cheese promotions this year. Sales of our frozen dessert products decreased to $390,000 in the thirteen weeks ended April 1, 2023 from $547,000 for the thirteen weeks ended April 2, 2022. We anticipate an increase in sales dollars over the balance of the current fiscal year as our promotions and price increases take full effect.

Our gross profit decreased to $606,000 in the period ended April 1, 2023 from $857,000 in the period ended April 2, 2022, reflecting the decrease in sales. Our gross profit percentage was 24% for the period ending April 1, 2023 compared to 25% for the period ending April 2, 2022.

We had a net loss of $102,000, or $0.02 per share (basic and diluted), for the thirteen weeks ended April 1, 2023, compared to net income of $205,000, or $0.04 (basic and diluted) per share, for the thirteen weeks ended April 2, 2022.

As of April 1, 2023, we had approximately $418,000 in cash and our working capital was approximately $3,554,000 compared with approximately $1,072,000 in cash and working capital of $3,625,000 at December 31, 2022. The decrease in cash during the thirteen weeks ended April 2, 2022 was primarily due to a decrease in payables.

Mr. Steven Kass, Chief Executive and Financial Officer of the Company stated, “We are pleased with our strong cash and working capital position at April 1, 2023. We believe that the production difficulties that impacted our revenues in 2022 have been resolved and that we are poised to achieve improved revenues and profitability,” concluded Mr. Kass.

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 bars. Tofutti also sells a prepared food entrée, Mintz’s Blintzes®, made with Tofutti’s milk-free cheeses such as Better Than Cream Cheese® and Sour Supreme®. For more information, visit

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/Financial Officer
 (908) 272-2400
 (908) 272-9492 (Fax)

Unaudited Condensed Statements of Operations
(in thousands, except per share figures)

  Thirteen weeks  Thirteen weeks 
  ended  ended 
  April 1, 2023  April 2, 2022 
Net sales $2,490  $3,463 
Cost of sales  1,884   2,606 
Gross profit  606   857 
Operating expenses:        
Selling and warehouse  271   264 
Marketing  95   156 
Research and development  28   40 
General and administrative  302   337 
Total operating expenses  696   797 
Income from operations  (90)  60 
SBA loan forgiveness  -   165 
Income before interest expense and income taxes  (90)  225 
Interest expense  1   - 
(Loss) income before income tax  (91)  225 
Provision for income tax expense  11   20 
Net (loss) income $(102) $205 
Weighted average common shares outstanding        
Basic  5,154   5,154 
Diluted  5,154   5,154 
(Loss) earnings per share:        
Basic $(0.02) $0.04 
Diluted $(0.02) $0.04 

Unaudited Condensed Balance Sheets
(in thousands, except share and per share figures)

  April 1, 2023  December 31, 2022 
Current assets:        
Cash $418  $1,072 
Accounts receivable, net of allowance for doubtful accounts and sales promotions was $495 for both periods respectively  940   1,305 
Inventories  2,587   2,463 
Prepaid expenses and other current assets  66   80 
Total current assets  4,011   4,920 
Operating lease right-of-use assets  140   158 
Financing lease right-of-use assets  49   53 
Deferred tax assets  357   367 
Other assets  19   19 
Total assets $4,576  $5,517 
Liabilities and Stockholders’ Equity        
Current liabilities:        
Income taxes payable $41  $41 
Accounts payable  65   684 
Accrued expenses  336   555 
Financing lease liabilities, current  15   15 
Total current liabilities  457   1,295 
Financing lease liabilities, long-term  36   39 
Operating lease liabilities  67   85 
Total liabilities  560   1,419 
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, issued and outstanding 5,153,706 shares  52   52 
Additional paid in capital  283   263 
Retained earnings  3,681   3,783 
Total stockholders’ equity  4,016   4,098 
Total liabilities and stockholders’ equity $4,576  $5,517