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TOFUTTI ANNOUNCES RESULTS FOR THE FISCAL QUARTER ENDED JUNE 29, 2024

Cranford, New Jersey, Aug. 15, 2024 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQX Symbol: TOFB) announced its results for thirteen and twenty-six weeks ended June 29, 2024.

Tofutti Brands reported that net sales for the thirteen weeks ended June 29, 2024 decreased by $436,000, or 16%, to $2,283,000, from net sales of $2,719,000 for the thirteen weeks ended July 1, 2023. Sales of our vegan cheese products decreased to $1,926,000 for the thirteen weeks ended June 29, 2024 from $2,283,000 for the thirteen weeks ended July 1 2023. Sales of our frozen dessert products decreased to $357,000 in the thirteen weeks ended June 29, 2024 from $436,000 for the thirteen weeks ended July 1, 2026. For the twenty-six week period ended June 29, 2024, sales decreased by $713,000 or 14% to $4,495,000 compared to $5,208,000 for the twenty-six week period ended July 1, 2023.

Our gross profit was $667,000 for both the thirteen weeks ended June 29, 2024 and the thirteen weeks ended July 1, 2023. Our gross profit percentage increased to 29% for the thirteen weeks ending June 29, 2024 compared to 25% for the thirteen weeks ending July 1, 2023. Our gross profit decreased to $1,136,000 for the twenty-six week period ended June 24, 2024 from $1,273,000 for the twenty-six week period ended July 1, 2023. Our gross profit percentage increased to 25% for the twenty-six weeks ending June 29, 2024 compared to 24% for the twenty-six weeks ending July 1, 2023.

We had net losses of $32,000, or $0.01 per share (basic and diluted) and $335,000 or $0.06 per share (basic and diluted), for the thirteen and twenty-six weeks ended June 29, 2024, respectively, compared to net losses of $318,000, or $0.06 (basic and diluted) per share, and $420,000 or $0.08 (basic and diluted) per share for the thirteen and twenty-six weeks ended July 1, 2023, respectively.

As of June 29, 2024, we had approximately $489,000 in cash and our working capital was approximately $3,105,000 compared with approximately $837,000 in cash and working capital of $3,440,000 at December 30, 2023. The decrease in cash during the twenty-six weeks ended June 29, 2024 was primarily due to a net loss. A decrease in current assets other than cash was offset by a decrease in current liabilities.

Mr. Steven Kass, Chief Executive and Financial Officer of the Company stated, “While our revenues were disappointing in the first six months of 2024, we were pleased with our improved operating results. We believe that our cash and available cash resources remain strong and we look forward to achieving improved operating results in the second half of 2024,” concluded Mr. Kass.

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About Tofutti Brands Inc. Founded in 1981 in Manhattan, Tofutti Brands Inc. develops and distributes a complete line of plant-based, dairy-free, vegan products. The company sells dairy-free foods including vegan cheese products, sour cream, dips, and frozen desserts. Tofutti Brands Inc. is a proven innovator in the food industry and available throughout the United States and internationally. Tofutti's product line includes plant-based frozen dessert pints, Tofutti Cuties®, vegan cheese products, which includes Tofutti Better Than Sour Cream®, Better Than Cream Cheese®, American cheese slices, and Better Than Ricotta Cheese®; products that are Kosher-Parve, Halal, and vegan. For more information, visit www.tofutti.com.

Forward-Looking Statements. Some of the statements in this press release concerning the Company’s future prospects are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results may vary significantly based upon a number of factors including, but not limited to business conditions both domestic and international, competition, changes in product mix or distribution channels, resource constraints encountered in promoting and developing new products, and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission.