The earnings season continued in earnest on Wednesday and a number of companies announced its financial results. One of those was Tofutti Brands Inc (OTC:TOFB), which announced its financial results for the fiscal year that had ended on December 30, 2023. The company announced that it had generated net sales to the tune of $1,006,800, which worked out to a drop of 22% from the net sales of $12,827,000 in the previous fiscal year. The company also provided details of the sales figures of some of its specific products.
Plant based cheese products sales generated by the company stood at $8,564,000, which reflected a significant drop from the sales figure of $10,951,000 in the previous fiscal year. The frozen desert line of products registered $1,504,000 in the form of sales in the 2023 fiscal year. In the fiscal year that ended on December 31, 2022 the company generated sales of $1876000 in the frozen desert line of products. Tofutti Brands stated that in the 2023 fiscal year the plant based cheese products sales were negatively affected to a significant degree due to stiffer competition from other companies which had introduced vegan cheese products.
In the fiscal year, the company generated gross profits of $2,797,000, which was an improvement from the $2,342,000 generated in the previous fiscal year. The company suffered a net loss of $366,000 in the fiscal year, which worked out to loss of $0.07 per basic and diluted share. In the previous fiscal year, the net loss had actually been $535,000, which had worked out to loss per basic and diluted share to the tune of $0.10. At the end of the fiscal year, the company reported cash balance of $837,000 and working capital of $3,440,000. At the end of the previous fiscal year, the cash balance was $1,072,000 and the working capital at hand was $3,625,000.
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