Tofutti Brands, Inc. (TOF) swung to a net profit for the quarter ended Oct. 01, 2016. The company has made a net profit of $0.03 million, or $ 0.01 a share in the quarter, against a net loss of $0.13 million, or $0.02 a share in the last year period.
Revenue during the quarter went down marginally by 1.77 percent to $3.61 million from $3.67 million in the previous year period.
Operating income for the quarter was $0.04 million, compared with an operating loss of $0.13 million in the previous year period.
Mr. David Mintz, Chairman and Chief Executive Officer of the Company stated, "We were successful in continuing to achieve improved operating margins in the third quarter of 2016, as our gross profit and gross profit percentage increased to $1,108,000 and 31%, respectively, compared to $875,000 and 24%, respectively, for the period ended October 3, 2015. During the shorter 2016 fiscal period sales of soy-cheese products increased to $2,423,000 from $2,289,000 in the 2015 period and sales of our frozen dessert product line decreased to $1,131,000 from $1,238,000 in 2015, which reflects an immaterial decline when computed on a weekly sales basis. We are continuing to work diligently to achieve positive operating results for the remainder of 2016," concluded Mr. Mintz.
Working capital increases sharply
Tofutti Brands, Inc. has recorded an increase in the working capital over the last year. It stood at $2.88 million as at Oct. 01, 2016, up 35.99 percent or $0.76 million from $2.12 million on Oct. 03, 2015. Current ratio was at 2.82 as on Oct. 01, 2016, up from 2.23 on Oct. 03, 2015.
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