Business
Mama’s Creations Reports Second Quarter Fiscal 2024 Financial Results
Second Quarter Gross Margins Grew to 30.3%, Driving $1.7 Million in Net Income Successful Cross Selling Initiatives Spur Increase in Weighted Average Items
About this update from Mama's Creations, Inc.
[{"type":"text","content":"Second Quarter Gross Margins Grew to 30.3%, Driving $1.7 Million in Net Income Successful Cross Selling Initiatives Spur Increase in Weighted Average Items Carried By More Than One Full Point to Over 7 in the Second Quarter EAST RUTHERFORD, NJ, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Mama’s Creations, Inc. (NASDAQ: MAMA), a leading national marketer and manufacturer of fresh Deli prepared foods, has reported its financial results for the fiscal second quarter ended July 31, 2023. Financial Summary: Three Months Ended July 31,$ in millions 2023 2022 % Increase Revenues$24.8$22.9 8.5%Gross Profit$7.5$2.7 175%Operating Expenses$5.2$3.6 47%Net Income (Loss)$1.7$(0.7)335%Earnings per Share (Diluted)$0.05$(0.02)- Adj. EBITDA (non-GAAP)$2.9$(0.4)857% Key Second Quarter Fiscal 2024 & Subsequent Operational Highlights: Acquired remaining 76% interest in sales agent Chef Inspirational Foods (CIF) for $3.65 Million in a combination of cash and stock, which is expected to immediately enhance gross margins, add sales talent and drive meaningful overhead synergies.Announced corporate name change to Mama’s Creations and ticker symbol change to “MAMA”, reflecting the Company’s transition into a national deli prepared foods platform companyAttended 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. Invited to present at leading investor conferences nationally, including the 13th Annual LD Micro Invitational, the Planet MicroCap Showcase, the H.C. Wainwright 25th Annual Global Investment Conference and the Lake Street Capital Markets BIG7 Conference. Management Commentary “I am pleased to announce another strong quarter – hig...