Business
MamaMancini’s Reports First Quarter 2023 Financial Results
Q1 Fiscal 2023 Revenues Increase 112% to Record $21.8 Million EAST RUTHERFORD, NJ, June 15, 2022 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ:
About this update from Mama's Creations, Inc.
[{"type":"text","content":"Q1 Fiscal 2023 Revenues Increase 112% to Record $21.8 Million EAST RUTHERFORD, NJ, June 15, 2022 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB), a marketer and distributor of specialty pre-prepared all-natural foods, has reported its financial results for the fiscal first quarter ended April 30, 2022. Financial Summary: Three Months Ended April 30, $ in millions 2022 2021 % Increase Revenues $21.8 $10.3 111.7%Gross Profit $3.9 $3.3 15.4%Operating Expenses $3.6 $2.5 44.4%Net Income (Loss) $0.1 $0.6 -69.4%Earnings per Share (Diluted) $0.00 $0.02 -83.6%Adj. EBITDA (non-GAAP) $0.7 $1.1 -34.5% Management Commentary “The first quarter of fiscal 2023 saw record first quarter revenues for MamaMancini’s, reinforced by our recent acquisitions and bringing us significantly closer to our goal of a $100 million annualized sales run-rate by year-end,” said Carl Wolf, Chairman and CEO of MamaMancini’s. “As shared in our fourth quarter fiscal 2022 earnings call a few weeks ago, we have a strong, growing presence in the fresh prepared foods segment. To support these initiatives, we are focusing on product innovation based on customer feedback – creating promising favorites such as our new Original Meatballs in a Cup product – to better meet our customer’s multi-faceted needs. “On the financial front, with non-recurring acquisition related expenses behind us, we returned to profitability and are beginning to enhance margins by rapidly passing along price increases to our customers. From an industry perspective, this phenomenon is new and unique to the inflationary environment we find ourselves in – but it should serve to fortify our margin profile going forward, regardless of future commodity cost increases. In addition, as commodity costs normalize and our input costs come down, we expect to further enhance long-term margins through the defense of our recent price increases. “In summary, we continue to grow our national footprint while concurrently innovating on the product front, driving more SKUs per store. Our positioning as a national platform company is clear and we continue to see attractive multiples for companies in the food products space, providing an exciting pipeline of potential M&A opportunities as we see fit. We are incredibly well positioned to create sustainable, long-term value for my fellow shareholders, and I...