Business
MamaMancini’s Reports First Quarter Fiscal 2024 Financial Results
First Quarter Gross Margins Grew to 27.6% with $1.4 Million in Net Income, Driven by Continued Margin Enhancement Initiatives Company Sequentially Grows Cash
About this update from Mama's Creations, Inc.
[{"type":"text","content":"First Quarter Gross Margins Grew to 27.6% with $1.4 Million in Net Income, Driven by Continued Margin Enhancement Initiatives Company Sequentially Grows Cash Position to $5.3 Million and Pays Down $0.5 Million in Debt in the First Quarter, Enabled by $1.6 Million in Cash Flow from Operations EAST RUTHERFORD, NJ, June 13, 2023 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB), a leading national marketer and manufacturer of fresh Deli prepared foods, has reported its financial results for the fiscal first quarter ended April 30, 2023. Financial Summary: Three Months Ended April 30, $ in millions 2023 2022 % Increase Revenues $23.1 $21.8 6%Gross Profit $6.4 $3.9 65%Operating Expenses $4.4 $3.6 23%Net Income (Loss) $1.4 $0.1 1,251%Earnings per Share (Diluted) $0.04 $0.00 - Adj. EBITDA (non-GAAP) $2.5 $0.7 278% Key First Quarter Fiscal 2024 & Subsequent Operational Highlights: Appointed former Mondelēz marketing executive Lauren Sella as Chief Marketing Officer, leveraging 16-years of experience across the Mondelēz family of brands.Attended IDDBA 2023, a premier industry tradeshow with over 10,000 attendees hosted by the International Dairy Deli Bakery Association, where the Company: Launched Mama’s Creations, a new international deli foods platform brand offering Asian, Tex-Mex, Indian and other incremental international cuisine opportunities.Introduced an expanded line of highly incremental on-the-go snacking products – building upon the initial success of Meatballs In a Cup tests in convenience stores – with enhanced packaging that expanded shelf life from 5 days to 21 days.Announced the expansion of the Company’s branded sleeve product line, offering a lunch & dinner entrée in convenient grab-and-go packaging easy for retailers to stock, with initial orders already secured from two large national grocery chains. Expanded upon initial cross-selling success with a major Club chain, growing items carried from one as of last summer to ten today, while concurrently growing another Club chain from one to three regions nationally with the largest orders in the Company’s history.Invited to present at leading investor conferences nationally, including the 35th Annual ROTH Conference, the 13th Annual LD Micro Invitational, the Diamond Equity Research Emerging Growth Invitational, the Planet MicroCap Showcase 2023 and the 19t...