Business
MamaMancini’s Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Ongoing Margin Enhancement Initiatives Sequentially Grow Gross Margins to 28.2% with $1.8 Million in Net Income in the Fourth Quarter Company Grows Cash
About this update from Mama's Creations, Inc.
[{"type":"text","content":"Ongoing Margin Enhancement Initiatives Sequentially Grow Gross Margins to 28.2% with $1.8 Million in Net Income in the Fourth Quarter Company Grows Cash Position to $4.4 Million as of January 31, 2023; Concurrently Pays Down $3.2 Million in Debt in the Second Half of Fiscal 2023 EAST RUTHERFORD, NJ, April 26, 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 fourth quarter and fiscal year ended January 31, 2023. Financial Summary: Three Months Ended Jan. 31, Fiscal Year Ended Jan. 31, $ in millions 2023 2022 % Increase 2023 2022 % Increase Revenues $22.8 $13.9 64% $93.2 $47.1 98%Gross Profit $6.4 $2.6 147% $19.4 $11.9 64%Operating Expenses $4.5 $4.0 14% $16.6 $11.8 41%Net Income (Loss) $1.8 $(1.3) 241% $2.3 $(0.3) 1,014%Earnings per Share (Diluted) $0.06 $(0.04) 250% $0.06 $(0.01) 700%Adj. EBITDA (non-GAAP) $2.3 $(0.8) 374% $4.3 $1.1 282% Key Fourth Quarter Fiscal 2023 & Subsequent Operational Highlights: Hired 20-year supply chain veteran Joselina Peralta as Chief Procurement Officer and SVP of End to End Supply Chain, with the objective of optimizing procurement activities across both manufacturing facilities to further enhance the Company’s gross margin profile.Strengthened corporate governance with the appointment of seasoned human resources executive Meghan Henson as well as digital-first operations executive Shirley Romig to the Board of Directors, who each bring more than 20 years of experience in their respective fields.Invited to present at leading investor conferences nationally, including the 35th Annual ROTH Conference and the Diamond Equity Research Emerging Growth Invitational – in addition to hosting a successful in-person Investor Day in East Rutherford, NJ.Continued to expand the breadth and depth of the business, both from new customers as well as from an average items carried perspective in existing customers, with new grocery and club store customers in the West and Midwest, including opening new regions with a major club store chain and selling additional items into another major club store chain. Management Commentary “The fourth quarter of fiscal 2023 was underscored by continuous improvement in our gross margin profile – which drove strong sequential net income growth, ...