Business
MamaMancini’s Reports First Quarter 2022 Financial Results
Company Fortifies Balance Sheet with Record $1.4 Million in Cash Flow from Operations; Stable Pre-Tax Net Income of $0.9 million Sales Lower 5% Due to
About this update from Mama's Creations, Inc.
[{"type":"text","content":"Company Fortifies Balance Sheet with Record $1.4 Million in Cash Flow from Operations; Stable Pre-Tax Net Income of $0.9 million Sales Lower 5% Due to One-Time COVID Impact in CY2020; Sales Up 45% Over 2 Year Period Company Expects Strong Sales Growth Late Summer with Deliveries to Major Accounts EAST RUTHERFORD, NJ, June 14, 2021 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated food products, has reported its financial results for the first quarter ended April 30, 2021. Financial Summary: Three Months Ended April 30, Year-over-Year % Change 2021 2020 Revenues $10.3 million $10.8 million (4.8)%Gross Profit $3.3 million $3.5 million (3.4)%Operating Expenses $2.5 million $2.5 million 0.3%Cash Flow from Operations $1.4 million $1.2 million 20.0%Net Income Before Income Tax Provision $0.9 million $0.9 million (2.9)%Earnings per Share $0.02 $0.03 (33.3)% First Quarter 2022 & Subsequent Operational Highlights: MamaMancini’s files initial listing application with NASDAQ, which upon uplisting is expected to promote brand credibility, liquidity, and capital markets visibility.Began active acquisition program targeting complementary food product companies with sales in the $12 to $20 million per year range, generating positive EBITDA with a product that is symbiotic to the Company’s existing retail, club store and food service distribution network. The Company hopes to make an announcement of significant progress by the end of July.Received new commitments from major retailers such as Walmart and Sam’s Club, expanding the Company’s reach by over 15,000 additional spots on tier-1 retailer shelves by the end of summer.Appointed prominent small-cap investment manager Connor Haley, and tenured hospitality industry executive Michael Stengel to the Board of Directors – bringing valuable executive leadership experience and capital markets insights to the Board.Attended investor conferences nationwide including the 33rd Annual ROTH Conference and the Planet MicroCap Showcase. Management Commentary “We saw strong core sales growth in the first quarter of fiscal 2022, achieving record cash flow from operations, further fortifying our increasingly robust balance sheet,” said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s. “While we saw a slight revenue dec...