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MamaMancini's Reports First Quarter Fiscal Year 2018 Financial Results

Q1 Fiscal 2018 Revenue Up 37%; Q1 2018 Net Income: $128,000 vs. Q1 2017 Net Loss of $226,000; Company reports 3rd consecutive profitable quarter

/EINPresswire.com/ -- EAST RUTHERFORD, NJ--(Marketwired - Jun 13, 2017) - MamaMancini's Holdings, Inc. (the "Company" or "MamaMancini's") (OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated all natural food products (as defined by the United States Department of Agriculture), today announced financial results for the first quarter of fiscal year 2018, ended April 30, 2017.

First Quarter Highlights:

  • First quarter of fiscal year 2018 revenue increased 37% to $5.4 million compared to $3.9 million in prior year period.
  • Net income for the first quarter was $128,000 versus net loss of $(226,000) in prior year period; a $354,000 increase.
  • Net income available to common stockholders was $81,000, or $0.00 per diluted share, during the first quarter of fiscal 2018, compared to a net loss of $(290,000), or $(0.01) per diluted share in the same quarter last year.
  • Cash EBITDA, a non-GAAP financial metric (please refer to Non-GAAP Financial Measures paragraph below), for the first quarter was $513,000 compared to $192,000 in the first quarter of fiscal 2017.
  • Cash flow from operating activities was $526,000 compared to ($438,000) in the year ago quarter.

Carl Wolf, Chief Executive Officer of MamaMancini's, commented, "We are off to a good start in fiscal 2018. Our strategy of focusing on selling our products into the food service area, on the perimeter of the retail grocery store, continues to gain traction. This section of the store offers fresh, minimally or non-processed, healthy foods where superior revenue and margin opportunities exist. This strategy has allowed us to develop larger retail store accounts that drive revenue and permits us to operate more efficiently. Breaking into profitability has been an important strategic goal. We now have now achieved profitability in each of the last three consecutive quarters. Our sites are now focused on achieving our first full year of profitability at the conclusion of the next quarter."

Mr. Wolf concluded, "Looking ahead, our goal is to get to a $40 million run rate by late summer of calendar 2017. This is not our internal projection but our goal. The key to the business right now is execution, which will cause the company to ramp up from a $20 million run rate to a $40 million run rate in less than a year. We expect a double-digit sequential revenue increase in the upcoming second quarter over the first quarter with similar increases in net income and cash EBITDA. That is a major undertaking. We are excited with the opportunities ahead."

First Quarter 2018 Results
Sales, net of slotting fees and discounts, were $5.4 million for the first quarter of fiscal 2018, a 37% increase compared to $3.9 million reported in the first quarter of fiscal 2017. The Company has sold into approximately 38,600 SKU's in 11,700 retail and grocery locations at April 30, 2017 as compared to approximately 35,000 SKU's in 11,400 retail and grocery locations at April 30, 2016. Gross profit for the first quarter of fiscal 2018 was $1.9 million, or 35% of sales, compared to $1.5 million, or 38% of sales, in the year ago period. Net income for the first quarter of fiscal 2018 was $128,000, compared to a net loss of $(226,000) in the first quarter of fiscal 2017.

Outlook
The Company's strategy of developing larger customers and exiting underperforming accounts that do not generate attractive returns has achieved improving operating results. The Company expects a continuation of revenue growth for the foreseeable future as it continues to develop larger accounts and introduce new product lines. As a result, the company is anticipating fiscal 2018 revenues to increase substantially over prior year and report continued profitability.

Non-GAAP Financial Measures
The Company uses Cash EBITDA as a non-GAAP financial measure. The Company defines Cash EBITDA as earnings before income taxes, depreciation and amortization plus any non-cash stock payments for expenses. The Company believes that the use of Cash EBITDA is useful to investors and other users of its financial statements in evaluating the Company's operating performance because it provides them with an additional tool to compare business performance across companies and across periods. The Company uses Cash EBITDA in conjunction with traditional GAAP operating performance measures as part of its overall assessment of its performance, for planning purposes, including the preparation of its annual operating budget, and to evaluate the effectiveness of its business strategies. Management does not place undue reliance on Cash EBITDA as its only measure of operating performance. Cash EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP.

Conference Call
The Company has scheduled a conference call for Wednesday, June 14, 2017, at 9:00 am ET to review the results.

Interested parties may participate on the conference call by dialing (844) 889-4326 or (412) 317-9264. A replay of the conference call will be available by dialing (877) 344-7529 or (412) 317-0088, confirmation code 10103610, through March 31, 2017.

About MamaMancini's
MamaMancini's is a marketer and distributor of a line of beef meatballs, turkey meatballs, and chicken meatballs all with sauce, five cheese stuffed beef, turkey and chicken meatballs all with sauce, original beef and turkey meatloaves and bacon gorgonzola beef meatloaf, and other similar Italian cuisine products. The Company's sales have been growing on a consistent basis as the Company expands its distribution channel, which includes major retailers such as Publix, Shop Rite, Jewel, Save Mart, Lucky's, Lunds and Byerlys, SUPERVALU, Safeway, Albertsons, Whole Foods Market, Shaw's, Kings, Roche Bros., Key Foods, Stop & Shop, Giant, Giant Eagle, Foodtown, Sam's Club, SpartanNash, Hy-Vee, Topps, Kroger, Shoppers, Marsh, King Kullen, Central Markets, Weis Markets, Ingles, and The Fresh Market. The Company sells to distributors such as Sysco, AWI, UNFI, Driscoll Foods, SUPERVALU, Monterrey Provision Co., Burris Logistics and C&S Wholesale Grocers. In addition, the Company sells a wide variety of its products through QVC, the world's largest direct to consumer marketer, via on air presentations, auto ship programs, and direct purchases through the internet.

Forward Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2017 and other filings made by the Company with the Securities and Exchange Commission.

Financial Tables to Follow

 
MamaMancini's Holdings, Inc.
Condensed Consolidated Balance Sheets
 
    April 30, 2017     January 31, 2017  
    (Unaudited)        
Assets            
                 
Assets:                
Cash   $ 436,447     $ 666,580  
Accounts receivable, net     2,301,737       1,817,820  
Inventories     180,929       443,623  
Prepaid expenses     79,686       135,747  
Due from manufacturer - related party     2,016,046       2,079,708  
Total current assets     5,014,845       5,143,478  
                 
Property and equipment, net     1,311,777       1,175,508  
                 
Deposit on machinery and equipment     423,383       -  
Total Assets   $ 6,750,005     $ 6,318,986  
                 
Liabilities and Stockholders' Equity            
                 
Liabilities:                
Accounts payable and accrued expenses   $ 770,071     $ 484,752  
Line of credit, net     1,608,191       1,363,145  
Term loan     140,004       140,004  
Note payable - net     1,666,950       1,401,906  
Total current liabilities     4,185,216       3,389,807  
                 
Term loan - net of current     478,327       513,328  
Note payable - net of current portion     751,055       1,298,819  
Notes payable - related party     117,656       117,656  
Total long-term liabilities     1,347,038       1,929,803  
                 
Total Liabilities     5,532,254       5,319,610  
                 
Commitments and contingencies                
                 
Stockholders' Equity:                
Series A Preferred stock, $0.00001 par value; 120,000 shares authorized; 23,400 shares issued and outstanding, respectively     --       --  
Preferred stock, $0.00001 par value; 19,880,000 shares authorized; no shares issued and outstanding     --       --  
Common stock, $0.00001 par value; 250,000,000 shares authorized; 27,947,539 and 27,810,717 shares issued and outstanding, respectively     279       278  
Additional paid in capital     15,961,978       15,825,029  
Common stock subscribed, $0.00001 par value; 66,667 shares, respectively     1       1  
Accumulated deficit     (14,595,007 )     (14,676,432 )
                 
Less: Treasury stock, 230,000 shares, respectively     (149,500 )     (149,500 )
Total Stockholders' Equity     1,217,751       999,376  
                 
Total Liabilities and Stockholders' Equity   $ 6,750,005     $ 6,318,986  
                 
 
MamaMancini's Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
 
    For the Three Months Ended  
    April 30, 2017     April 30, 2016  
                 
Sales - net of slotting fees and discounts   $ 5,357,301     $ 3,923,977  
                 
Cost of sales     3,457,723       2,448,778  
                 
Gross profit     1,899,578       1,475,199  
                 
Operating expenses                
  Research and development     25,588       30,562  
  General and administrative expenses     1,557,828       1,499,857  
    Total operating expenses     1,583,416       1,530,419  
                 
Income (loss) from operations     316,162       (55,220 )
                 
Other expenses                
  Interest expense     (170,657 )     (161,762 )
  Amortization of debt discount     (17,280 )     (9,125 )
    Total other expenses     (187,937 )     (170,887 )
                 
Net income (loss)     128,225       (226,107 )
                 
Less: preferred dividends     (46,800 )     (64,521 )
                 
Net income (loss) available to common stockholders   $ 81,425     $ (290,628 )
                 
Net income (loss) per common share - basic   $ 0.00     $ (0.01 )
Net income (loss) per common share - diluted   $ 0.00     $ (0.01 )
                 
Weighted average common shares outstanding                
- basic     27,810,717       26,507,516  
- diluted     32,532,135       26,507,516  
                 
 
MamaMancini's Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
    For the Three Months Ended  
    April 30, 2017     April 30, 2016  
                 
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net income (loss)   $ 128,225     $ (226,107 )
  Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                
    Depreciation     107,081       76,703  
    Amortization of debt discount and debt issuance costs     17,280       9,125  
    Share-based compensation     90,150       179,208  
Changes in operating assets and liabilities:                
  (Increase) Decrease in:                
  Accounts receivable     (483,917 )     (248,619 )
  Inventories     262,694       (254,233 )
  Prepaid expenses     56,061       (15,087 )
  Due from manufacturer - related party     63,662       51,730  
  Increase (Decrease) in:                
  Accounts payable and accrued expenses     285,319       (10,582 )
    Net Cash Provided by (Used In) Operating Activities     526,555       (437,862 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Cash paid for fixed assets     (666,733 )     (18,650 )
    Net Cash Used In Investing Activities     (666,733 )     (18,650 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Repayment of note payable     (300,000 )     -  
Borrowings (repayments) of line of credit, net     245,046       481,039  
Repayment of term loan     (35,001 )     (30,000 )
Repayment of promissory notes     -       (79,490 )
    Net Cash (Used In) Provided By Financing Activities     (89,955 )     371,549  
                 
Net Decrease in Cash     (230,133 )     (84,963 )
                 
Cash - Beginning of Period     666,580       587,422  
                 
Cash - End of Period   $ 436,447     $ 502,459  
                 
SUPPLEMENTARY CASH FLOW INFORMATION:                
Cash Paid During the Period for:                
  Income taxes   $ -     $ -  
  Interest   $ 66,941     $ 72,311  
                 
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:                
                 
Stock issued for Series A Preferred dividends   $ 46,800     $ 131,513  
Accrued dividends   $ 46,800     $ 64,521  
Debt extension fee included in principal balance of note   $ 52,236     $ -  
                 

Contact:

Carl Wolf
Chairman and CEO
MamaMancini's Holdings, Inc.
Stock Symbol: MMMB
973-985-0280

www.mamamancinis.com
carl@mamamancinis.com