Business
Mama’s Creations Reports First Quarter Fiscal 2025 Financial Results
First Quarter Revenues Increase 29% to Record $29.8 Million, Driving $3.6M in Cash Flow from Operations EAST RUTHERFORD, NJ, June 11, 2024 (GLOBE NEWSWIRE) --
About this update from Mama's Creations, Inc.
[{"type":"text","content":"First Quarter Revenues Increase 29% to Record $29.8 Million, Driving $3.6M in Cash Flow from Operations EAST RUTHERFORD, NJ, June 11, 2024 (GLOBE NEWSWIRE) -- Mama’s Creations, Inc. (NASDAQ: MAMA), a leading national marketer and manufacturer of fresh deli prepared foods, has reported its financial results for the first quarter ended April 30, 2024. Financial Summary: Three Months Ended April 30,$ in millions 2024 2023% Increase Revenues$29.8$23.129%Gross Profit$7.5$6.417%Operating Expenses*$6.7$4.451%Net Income*$0.6$1.4(61)%Earnings per Share (Diluted)$0.01$0.04(75)%Adj. EBITDA (non-GAAP)$2.5$2.5- * Net income was impacted by a $0.9M one-time charge to operating expenses of $0.9M– $0.5M of which was non-cash stock compensation expense – to rectify certain options purported to be granted by the company in 2018 and 2019 during the term of the former management team. Key First Quarter Fiscal 2025 & Subsequent Operational Highlights: Selected by Costco Wholesale Corporation (“Costco”) to participate in a ‘Costco Roadshow’ in the Northeast Region, allowing members to sample the Company’s products as part of an evaluation for a more permanent placement in Costco clubs both in the region as well as nationally.Participated and exhibited at leading industry trade shows including the UNFI Spring and Summer Shows in San Diego and Orlando, NATSO Connect, DOT Innovations 2024, the National Restaurant Association Show 2024, and the International Dairy Deli Bakery Association (IDDBA) 2024 Show.Introduced multiple incremental products and flavors at IDDBA 2024 – the industry’s most significant event – including Breakfast Wraps, Grilled Chicken Breast in Vacuum Packs, Meatball Entertaining Sleeves and Gourmet Paninis.Invited to present at leading investor conferences nationally, including the 36th Annual ROTH Conference, LD Micro Invitational, Planet MicroCap Showcase, Craig Hallum Midwest Institutional Investor Conference, and BMO Global Farm to Market Conference.Cash and cash equivalents as of April 30, 2024 increased to $13.0 million, as compared to $11.0 million as of January 31, 2024. The increase was driven by $3.6 million in cash flow from operations in the first quarter of fiscal 2025. Management Commentary “Our continued focus on purposeful and profitable growth drove a 29% increase in first quarter revenues to a record $29.8 million,”...