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Tofutti Brands Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 17, 2010 05:20PM

Tofutti Brands Inc (TOF) filed Quarterly Report for the period ended 2010-07-03. Tofutti Brands Inc has a market cap of $15 million; its shares were traded at around $2.89 with a P/E ratio of 24.1 and P/S ratio of 0.8.

TOF is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

Selling and warehouse expenses decreased slightly to $433,000 for the thirteen weeks ended July 3, 2010 compared with $452,000 for the thirteen weeks ended June 27, 2009. This decrease was due primarily to a $15,000 decrease in commission expense and an $18,000 decrease in payroll expense, which were partially offset by an $11,000 increase in meeting and convention expense.

Marketing expenses increased by $64,000 to $170,000 for the thirteen weeks ended July 3, 2010 compared with $106,000 for the thirteen weeks ended June 27, 2009 due principally to a $23,000 in increase in advertising expense and a $42,000 increase in promotion expense.

General and administrative expenses decreased to $497,000 for the thirteen weeks ended July 3, 2010 compared with $552,000 for the thirteen weeks ended June 27, 2009, due primarily to decreases in payroll expense of $18,000, public relations expense of $18,000, professional fees and outside services expense of $18,000 and data processing and related supplies expense of $12,000, offset by an increase in travel and entertainment expense of $18,000.

Our gross profit in the period ended July 3, 2010 decreased slightly by $22,000, or 1%, to $2,784,000 due to the lower sales figures in the 2010 period. Our gross profit percentage remained unchanged at 30% for the twenty-six week periods ending July 3, 2010 and June 27, 2009 Freight out expense, part of our cost of sales, decreased by $27,000, or 5%, to $485,000 for the twenty-six weeks ended July 3, 2010 compared with $512,000 for the twenty-six weeks ended June 27, 2009. The decrease in freight out expense was a result of our arranging shipments in a more cost-effective manner by shipping our frozen dessert novelties from our plant in Indiana to the West Coast rather than shipping them from our third-party Pennsylvania warehouse.

Selling and warehouse expenses decreased by 9% to $787,000 for the twenty-six week period ended July 3, 2010 compared with $866,000 for the comparable period in 2009. This decrease is due primarily to decreases in commission expense of $17,000, outside warehouse rental of $35,000 and payroll expense of $49,000. These decreases were partially offset by an increase of travel, entertainment and auto expenses of $24,000.

Marketing expenses increased by $112,000 to $303,000 in the twenty-six week period ended July 3, 2010 from $191,000 in the twenty-six weeks ended June 27, 2009 due principally to $56,000 increase in advertising expenses and a $53,000 increase in promotion expense.

Read the The complete Report



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