Business
MamaMancini’s Reports Record Second Quarter 2021 Financial Results
Revenues Increase 28% to Second Quarter Record of $10.4 Million; Net Income Grew 107% to $0.7 Million Fortified Balance Sheet, Growing Cash Position by $1.3
About this update from Mama's Creations, Inc.
[{"type":"text","content":"Revenues Increase 28% to Second Quarter Record of $10.4 Million; Net Income Grew 107% to $0.7 Million\n Fortified Balance Sheet, Growing Cash Position by $1.3 Million and Eliminating $1.4 Million in Debt Year-to-Date EAST RUTHERFORD, NJ, Sept. 14, 2020 (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 second quarter ended July 31, 2020. Financial Summary: Three Months Ended July 31, Year-over-Year 2020 2019 % Change Revenues $10.4 million $8.1 million 28%Gross Profit $3.2 million $2.7 million 19%Operating Expenses $2.4 million $2.2 million 7%Net Income $0.740 million $0.358 million 107%Earnings per Share $0.02 $0.01 100% As of As of July 31, 2020 January 31, 2020 Cash & Equivalents $1.7 million $0.4 million 331%Working Capital $3.4 million $1.4 million 142%Debt $2.7 million $4.1 million (35)%Stockholder’s Equity $3.6 million $0.4 million 791% Recent Highlights: Announced new customer authorizations, both in terms of new locations and expansion of existing placements, at several major nationwide retailers in September 2020 including an expansion of locations at 1,250 Publix Super Markets in the Southeast and select Sam’s Club locations nationwide. New product placements included 167 Tops Friendly Markets in the Northeast, 175 Gordon Food Service Marketplace locations across the Midwest and to Lipari Foods, a major distributor in Michigan servicing over 5,000 accounts.Launched an 11 week national marketing campaign on Sirius XM Radio to promote MamaMancini’s new Plant-Based Meatballs and Sauce, made with Beyond Beef®, a plant-based ground meat made by Beyond Meat®.Attended multiple virtual investor conferences including the LD 500 Virtual Investor Conference on September 2nd, Proactive's One2One Virtual Investor Forum on July 28th, the Virtual Investor Summit on June 10th, and Little Grapevine’s G1 Microcap Virtual Conference May 27th . The company has also committed to present at the MicroCap Club Leadership Summit on September 25th. Management Commentary “We continued our pace of operational execution in the second quarter of 2021, further expanding our footprint both in terms of breadth and depth of product distribution at retail storefronts nationwide,” said Carl Wolf, Chairman and Chief Executi...