-----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, EcwOhpGHJV7ArOCLcVjQEgQJXnxEQMAnOtLsyGWkiUl3DoscxnaQ4n8D3urBwbHx pUi2xSKoCOL/g9iFUEdp5w== 0000910662-07-000169.txt : 20070402 0000910662-07-000169.hdr.sgml : 20070402 20070402101125 ACCESSION NUMBER: 0000910662-07-000169 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070330 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070402 DATE AS OF CHANGE: 20070402 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: 07736079 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 tof8k0330.txt 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 March 30, 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 March 30, 2007, the registrant reported its results of operations for the fifty-two weeks ended December 30, 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 March 30, 2007. 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: April 2, 2007 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 March 30, 2007 Tofutti Press Release Company Contact: Steve Kass Chief Financial Officer (908) 272-2400 (908) 272-9492 (Fax) TOFUTTI ANNOUNCES 2006 RESULTS; NET SALES REACH ALL-TIME HIGH Cranford, New Jersey -- March 30, 2007 -- TOFUTTI BRANDS INC. (AMEX Symbol: TOF) issued its results for the fifty-two week period ended December 30, 2006 today. Net sales for the fifty-two weeks ended December 30, 2006 (fiscal 2006) were the highest ever in the history of Tofutti. For fiscal 2006, net sales were $19,465,000, an increase of $852,000, or 4%, from net sales for the fifty-two weeks ended December 31, 2005 (fiscal 2005). Sales increased in all product categories and most customer categories. Sales to several of our major customers were significantly higher than in the corresponding period in fiscal 2005. Sales to the Company's major customers fluctuate widely from period to period and there is no way to accurately predict that their sales pattern from one year will be repeated in the corresponding period of the next fiscal year. These sales increase were due to higher volumes of products sold and modest price increases. The sales volume increase was driven by promotional specials and consumer advertising in certain key markets. The Company's gross profit in fiscal 2006 increased by $600,000, or 12%, due primarily to the increase in sales. The Company's gross profit percentage increased slightly to 29% in fiscal 2006 from 27% in fiscal 2005. The gross profit percentage continues to be adversely affected by increasing freight expenses. The Company anticipates that its gross profit will increase due to increased unit sales and higher sales prices in 2007, but does not expect its gross profit percentage to improve materially due to promotional allowances associated with the planned introduction of new products and continued high freight expenses. For fiscal 2006, the Company reported an increase in operating income to $1,129,000 from $607,000 in fiscal 2005. The Company's operating results continued to be negatively impacted by the increase in costs of goods sold, the costs of the relocation of our frozen dessert manufacturing facilities and the decline in sales in certain geographic markets where we were forced to change our local distributors. Net income for fiscal 2006 increased 75% to $617,000 ($0.11 per share) compared to $352,000 ($0.06 per share) for fiscal 2005. "Our results in fiscal 2006 reflect our efforts to reduce the number of our product offerings while increasing the sales of our flagship products. We believe that our business plan of concentrating on our core business of non-dairy frozen desserts and soy-cheese products is driving the growth in our sales and operating income," said David Mintz, the Company's Chairman and CEO. "We intend to continue to implement our business plan in 2007 and look forward to continuing improvements in our sales and operating income." 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. ------------------- Statements of Operations ------------------------ (in thousands, except per share figures) Fifty-two weeks Fifty-two weeks ended 12/30/06 ended 12/31/05 -------------- -------------- Net sales.............................. $19,465 $18,613 Cost of sales.......................... 13,885 13,633 ------ ------ Gross profit........................... 5,580 4,980 Operating expenses..................... 4,451 4,373 ----- ----- Operating income....................... 1,129 607 Interest income........................ -- 9 ------ ----- Income before income taxes ............ 1,129 616 Income taxes........................... 512 264 --- --- Net income ............................ $617 $352 ==== ==== Weighted average number of shares outstanding: Basic......................... 5,432 5,604 ===== ===== Diluted....................... 5,992 6,185 ===== ===== Net income per share: Basic......................... $0.11 $0.06 ===== ===== Diluted....................... $0.10 $0.06 ===== ===== TOFUTTI BRANDS INC. ------------------- Balance Sheets -------------- (in thousands, except per share figures)
December 30, December 31, 2006 2005 ---- ---- Assets Current assets: Cash and equivalents $ 289 $1,256 Accounts receivable, net of allowance for doubtful accounts of $243 and $291, respectively 2,084 2,643 Inventories 2,992 2,045 Prepaid expenses 2 51 Deferred income taxes 558 577 ----- ----- Total current assets 5,925 6,572 ----- ----- Fixed assets (net of accumulated amortization of $19 and $14) 29 34 Other assets 16 16 ----- ----- $5,970 $6,622 ====== ====== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 711 $1,442 Accrued expenses 277 479 Accrued officers' compensation 500 500 Income taxes payable 472 478 ----- ----- Total current liabilities 1,960 2,899 ----- ----- Commitment and Contingencies Stockholders' equity: Preferred stock - par value $.01 per share; authorized 100,000 shares, none issued -- -- Common stock - par value $.01 per share; authorized 15,000,000 shares, issued and outstanding 5,443,467 shares at December 30, 2006 and 5,542,267 shares at December 31, 2005 54 55 Additional paid-in capital -- -- Retained earnings 3,900 3,668 ----- ----- Total stockholders' equity 4,010 3,723 ----- ----- Total liabilities and stockholders' equity $5,970 $6,622 ====== ======
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