Q2 2020 Revenues Expected to Increase Over 38% to At Least $7.8 Million; Net Income Expect to Improve Significantly to At Least $250,000
EAST RUTHERFORD, NJ, Aug. 22, 2019 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (MMMB), a marketer of specialty pre-prepared, frozen and refrigerated all-natural food products, has reported preliminary unaudited financial results for the second quarter ended July 31, 2019.
Q2 2020 Preliminary Financial Results
Revenues for the second quarter ended July 31, 2019 are expected to be at least $7.8 million, an increase of at least 38% when compared to revenues of $5.6 million in the second quarter ended July 31, 2018.
Net income for the second quarter ended July 31, 2019 is expected to be at least $250,000, an increase of at least $460,000 when compared to a net loss of $210,000 in the second quarter ended July 31, 2018.
MamaMancini’s anticipated financial results are preliminary, based on the most current information available and are subject to the completion of the financial statements. The Company anticipates releasing its financial and operations results via a press release and 10-Q by September 14, 2019.
“The robust second quarter 2020 preliminary revenues totaling at least $7.8 million and net income of at least $250,000 is a direct result of the continued traction with new products and customers as well as continued growth with our existing customers,” said Carl Wolf, Chairman and CEO of MamaMancini’s Holdings, Inc. “As we move forward, we expect to continue executing upon our strategic initiatives to drive further growth. Among these are launching into food service market which doubles our addressable market, expanding into current and new customer locations and strategically managing our cash flow from operations to continue marketing while reducing our senior debt. Ultimately, we expect these steps to enhance shareholder value.”
MamaMancini's Holdings, Inc. (MMMB) 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, and original beef and turkey meat loaves products. In addition, the Company sells Chicken Parmesan, Stuffed Pepper Mix, Sausage n Peppers, Sunday Dinner and Chicken Alfredo. The Company's sales have been growing on a consistent basis as the Company expands its distribution channels, which includes major retailers such as Walmart, Publix, Shop Rite, Jewel, Lunds and Byerlys, SUPERVALU, Safeway, Albertsons, Whole Foods Market, Shaw's, Kings, Roche Bros., Key Foods, Stop & Shop, Giant, Martins, Giant Eagle, Foodtown, Sam's Club, Costco, BJ’s Club Stores, Pavillion Stores, HEB, Rouses, Hannaford, Kroger, Shoppers, King Kullen, Central Markets, Weis Markets, Ingles, KVAT stores, and The Fresh Market. The Company sells to distributors such as Sysco, AWI, UNFI, SUPERVALU, Kehe, 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. For more information, please visit www.mamamancinis.com.
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, 2019 and other filings made by the Company with the Securities and Exchange Commission.