Business
MamaMancini’s Announces Estimated Record Preliminary Revenues and Net Income for Fiscal First Quarter 2021
Company Donates the Equivalent of 15,000 meals to Bridges Outreach, Inc. and GRACE to Support Local Community Affected by COVID-19 EAST RUTHERFORD, NJ, April
About this update from Mama's Creations, Inc.
[{"type":"text","content":"Company Donates the Equivalent of 15,000 meals to Bridges Outreach, Inc. and GRACE to Support Local Community Affected by COVID-19\n EAST RUTHERFORD, NJ, April 29, 2020 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (OTCQB: MMMB) (“MamaMancini’s” or the “Company”), a marketer of specialty pre-prepared, frozen and refrigerated food products, has provided preliminary estimated financial results for the fiscal first quarter ended April 30, 2020. The Company expects estimated revenues to increase at least 45% to a record $10.7 million, compared to $7.4 million in the same year-ago quarter. MamaMancini’s also expects estimated record net income for the fiscal first quarter 2021. Final recognized revenue and net income is subject to MamaMancini's quarterly SEC accounting review and annual audit which may change these financial estimates. Given the Company’s firm financial footing and record results, MamaMancini’s has decided to return the recently secured $330,000 loan under the Paycheck Protection Program (PPP) contained within the Coronavirus Aid, Relief and Economic Security (CARES) Act. In addition, MamaMancini’s will donate the equivalent of 15,000 meals through social services organizations Bridges Outreach, Inc. and GRACE whose efforts are focused on ending homelessness, particularly in Newark and Summit, New Jersey, and surrounding communities, whose needs have jumped 600% since the outbreak of COVID-19 pandemic. “We’ve continued our momentum into the first quarter of fiscal 2021, as evidenced by our record sales, which are expected to be at least $10.7 million, an increase of at least 45% when compared to the same year-ago quarter,” said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s. “The sudden shift to consumers eating the majority of meals at home was a fortuitous event for the introduction of our line of specialty pre-prepared, frozen and refrigerated all-natural food products to families looking for healthy alternatives. In addition, we experienced record sales through our partnership with QVC, with QVC selling over $1 million of MamaMancini’s products in the month of April.” “In light of our robust sales achievement, we have decided to share in our success by donating the equivalent of 15,000 meals of our products to Bridges and GRACE in an effort to help meet the increased need for food during the ...