Business
Mama’s Creations Reports Third Quarter Fiscal 2024 Financial Results
Third Quarter Revenue Grew to Record $28.6 Million, Driving $2.0 Million in Net Income EAST RUTHERFORD, NJ, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Mama’s
About this update from Mama's Creations, Inc.
[{"type":"text","content":"Third Quarter Revenue Grew to Record $28.6 Million, Driving $2.0 Million in Net Income EAST RUTHERFORD, NJ, Dec. 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 third quarter ended October 31, 2023. Financial Summary: Three Months Ended October 31, $ in millions 2023 2022 % Increase Revenues $28.7 $25.7 11.5%Gross Profit $8.6 $6.6 31.6%Operating Expenses $5.9 $5.1 17.0%Net Income (Loss) $2.0 $1.1 83.0%Earnings per Share (Diluted) $0.05 $0.03 66.7%Adj. EBITDA (non-GAAP) $3.5 $2.1 67.6% Key Third Quarter Fiscal 2024 & Subsequent Operational Highlights: ●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 company. ●QVC customers again voted MamaMancini’s products as #1 in the “I Could Eat This Everyday”, “Best Sauce” and “Best Smart Swap” categories during the 2023 QVC Customer Choice® Food Awards. ●Launched the Company’s first direct-to-consumer e-commerce platform, offering popular MamaMancini’s retail products for delivery throughout the continental United States. ●Announced the planned evolution of the Company’s leadership team with two new Vice President of Operations appointments at the Company’s East Rutherford and Farmingdale facilities, in conjunction with the retirement of Chief Operating Officer Matthew Brown. ●Appointed veteran finance leader Lynn L. Blake to its Board of Directors and as Chair of the Audit Committee, bringing over 30 years of financial leadership and public market experience. ●Invited to present at leading investor conferences nationally, including the LD Micro Main Event XVI, Lake Street Capital Markets BIG7 Conference, 14th Annual Craig Hallum Alpha Select Conference, 12th Annual ROTH Deer Valley Conference, H.C. Wainwright 25th Annual Global Investment Conference, the Planet MicroCap Showcase, and the Top 10 Best Ideas from the Buyside – Hosted by iAccessAlpha. Management Commentary “We continued our systematic cadence of operational execution in the third quarter with strong double-digit revenue growth and the year-over-year expansion of our gross margin profile by 460 basis points to 30.1%, validating our strategy and internal focus on our ...