-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Re3snSRb45v59VWheT5bVYGdHM7s/jlQtPWwGG0GdKQTty2wkmL4hFL3oq4HEhqS Auwcwo+Yqw7I2nuxKZBrWQ== 0000910662-06-000211.txt : 20060516 0000910662-06-000211.hdr.sgml : 20060516 20060516144506 ACCESSION NUMBER: 0000910662-06-000211 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060516 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060516 DATE AS OF CHANGE: 20060516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOFUTTI BRANDS INC CENTRAL INDEX KEY: 0000730349 STANDARD INDUSTRIAL CLASSIFICATION: ICE CREAM & FROZEN DESSERTS [2024] IRS NUMBER: 133094658 STATE OF INCORPORATION: DE FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09009 FILM NUMBER: 06845404 BUSINESS ADDRESS: STREET 1: 50 JACKSON DR STREET 2: PO BOX 786 CITY: CRANFORD STATE: NJ ZIP: 07016 BUSINESS PHONE: 9082722400 MAIL ADDRESS: STREET 1: 50 JACKSON DRIVE STREET 2: PO BOX 786 CITY: CRANFORD STATE: NJ ZIP: 07016 FORMER COMPANY: FORMER CONFORMED NAME: TOFU TIME INC DATE OF NAME CHANGE: 19860619 8-K 1 tof8k051606.txt FIRST QUARTER 2006 RESULTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 May 16, 2006 ------------ Date of Report (Date of earliest event reported) TOFUTTI BRANDS INC. (Exact name of registrant as specified in its charter) Delaware 1-9009 13-3094658 ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 50 Jackson Drive Cranford, New Jersey 07016 ----------------------------------------------------- (Address of principal executive offices and zip code) (908)272-2400 ---------------------------------------------------- (Registrant's telephone number, including area code) Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On May 16, 2006, the registrant reported its results of operations for the thirteen weeks ended April 1, 2006. A copy of the press release issued by the registrant in this connection is furnished herewith as Exhibit 99.1. The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits Exhibit 99.1 Press Release dated May 16, 2006. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 16, 2006 TOFUTTI BRANDS INC. (Registrant) By: /s/Steven Kass -------------- Steven Kass Chief Financial Officer EX-99.1 2 ex99_1.txt PRESS RELEASE Exhibit 99.1 May 16, 2006 Tofutti Press Release Company Contact: Steve Kass Chief Financial Officer (908) 272-2400 (908) 272-9492 (Fax) TOFUTTI ANNOUNCES FIRST QUARTER RESULTS Cranford, New Jersey -- May 16, 2006 -- TOFUTTI BRANDS INC. (AMEX Symbol: TOF) today announced its results for the thirteen week period ended April 1, 2006. Net sales for the thirteen weeks ended April 1, 2006 increased 8% to $4.6 million compared with net sales of $4.2 million for the thirteen weeks ended April 2, 2005. For the thirteen weeks ended April 1, 2006, the Company reported a slight increase in operating income to $132,000 as compared with operating income of $130,000 for the comparable 2005 period. The Company's operating results continued to be negatively impacted during the thirteen week period ended April 1, 2006 as a result of new product start-up costs, including costs incurred at new co-packaging locations, increased marketing expenses and higher packaging and freight charges. The Company expects that during the remainder of 2006 its operating expenses will continue to be affected by these same factors. Net income for the thirteen weeks ended April 1, 2006 decreased slightly to $71,000 ($0.01 per share) compared to $76,000 ($0.01 per share) for the thirteen week period ended April 2, 2005. Mr. David Mintz, Chairman and Chief Executive Officer of the Company stated, "Our results reflect the increasing demand for our TOFUTTI brand soy-based, dairy-free frozen desserts and food products and positive initial market reaction for our new products. We are continuing our efforts to improve our operating results and look forward to improved margins and increased market penetration during the approaching summer months." TOFUTTI BRANDS INC. is principally involved in the development, production and marketing of TOFUTTI brand soy-based, dairy-free frozen desserts, soy-based dairy free cheese products and other soy-based, dairy-free food products. TOFUTTI products are sold in grocery stores, supermarkets, health and convenience stores throughout the United States and in approximately twenty-five other countries. 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, including its annual report on Form 10-KSB. TOFUTTI BRANDS INC. ------------------- Condensed Statements of Operations ---------------------------------- (in thousands, except per share figures) Thirteen Thirteen weeks weeks ended ended 4/1/06 4/2/05 ------ ------ Net sales ........................................ $4,588 $4,240 Cost of sales .................................... 3,393 3,027 ------ ------ Gross profit ..................................... 1,195 1,213 Operating expenses ............................... 1,063 1,083 ------ ------ Operating income ................................. 132 130 Interest income .................................. -- 1 ------ ------ Income before income taxes ....................... 132 131 Income taxes ..................................... 61 55 ------ ------ Net income ....................................... $ 71 $ 76 ====== ====== Net income per common share: Basic ................................... $ 0.01 $ 0.01 ====== ====== Diluted ................................. $ 0.01 $ 0.01 ====== ====== Weighted average common shares outstanding: Basic ................................... 5,446 5,637 ====== ====== Diluted ................................. 6,013 6,223 ====== ====== TOFUTTI BRANDS INC. Condensed Balance Sheets (in thousands)
April 1, 2006 December 31, 2005 ------------- ----------------- (Unaudited) Assets Current assets: Cash and equivalents $ 306 $1,256 Accounts receivable, net of allowance for doubtful accounts of $308 and $291, respectively 1,999 2,643 Inventories 2,224 2,045 Prepaid expenses 43 51 Deferred income taxes 577 577 --- --- Total current assets 5,149 6,572 Fixed assets (net of accumulated depreciation of $16 and $14, respectively) 32 34 Other assets 16 16 -- --- $5,197 $6,622 ====== ====== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $783 $1,442 Accrued expenses 125 479 Accrued officers' compensation 500 500 Income taxes payable 369 478 --- --- Total current liabilities 1,777 2,899 ----- ----- Commitments and contingencies Stockholders' equity: Preferred stock -- -- Common stock 54 55 Additional paid-in capital -- -- Retained earnings 3,366 3,668 ----- ----- Total stockholders' equity 3,420 3,723 ----- ----- Total liabilities and stockholders' equity $5,197 $6,622 ====== ======
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