MamaMancini's Expects 37% Q1 2018 Revenue Increase Versus Year Ago Quarter
June 13 2017 - 6:00AM
Marketwired
MamaMancini's Expects 37% Q1 2018 Revenue
Increase Versus Year Ago Quarter Company expects to report third consecutive
profitable quarter; Net Income of $128,000; Cash on Hand exceeds
$436,000; Cash EBITDA* of approximately $513,000; Company announces
GOAL of $40 million revenue run rate and cash flow run rate of over
$6 million by autumn calendar 2017EAST 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
preliminary financial results for the first quarter of fiscal year
2018, ended April 30, 2017.The Company expects first quarter fiscal 2018
sales of approximately $5.4 million, an increase of approximately
37% over the comparable quarter in fiscal 2017, with cash EBITDA of
approximately $513,000. The Company expects to report a profit of
approximately $128,000 on a GAAP basis for the quarter versus a net
loss of $(226,000) in the first quarter last year. Cash on hand is
estimated to be over $436,000. The Company will be reporting its
financial results in a Form 10-Q filing with the Securities and
Exchange Commission on or about June 13,
2017.Carl Wolf, chairman and chief executive officer
of MamaMancini's Holdings, said, "We are pleased with the progress
being made in successfully executing on our strategic business
plan. We continue to gain traction on getting our products
prominently featured in the faster growing deli and hot bar
sections of grocery stores throughout the country. We expect to
report our third consecutive quarter of profitability; an important
step toward achieving our first full 12-month period of
profitability. "Looking ahead, our goal is to get to a $40
million run rate by late summer 2017. If we get to that run rate we
believe cash flow to the company will be in the range of $6 million
to $7 million per year. That level of cash flow includes the pay
down of the receivable from its contract manufacturer Joseph
Epstein Foods, Inc. 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 with
similar increases in net income and cash EBITDA. That is a major
undertaking. We are excited with the opportunities
ahead." 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. About MamaMancini'sMamaMancini'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 Costco, Publix, Shop Rite, Price
Chopper, Jewel, SaveMarts, Luckys, Lunds/Byerly's, SuperValu,
Safeway, Albertsons, Spartan Stores, Bashas, Whole Foods, Shaw's
Supermarkets, Kings, Roche Brothers, Key Foods, Stop-n-Shop, Giant
Stores, Giant Eagle, Food Town, Randalls, Kroger, Shoppers, Marsh's
Supermarkets, King Kullen, Lowes Stores, Central Markets, Weis
Markets, Ingles, and The Fresh
Market.Forward
Looking StatementsThis 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, 2016 and other filings made by the Company with the Securities
and Exchange Commission.Contact:Carl WolfChairman and CEOMamaMancini's
Holdings, Inc.Stock Symbol:
MMMB973-985-0280www.mamamancinis.comcarl@mamamancinis.com