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Tofutti Brands Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 10, 2009 04:23PM

Tofutti Brands Inc (TOF) filed Quarterly Report for the period ended 2009-09-26. TOFUTTI BRANDS is engaged in the development, production and marketing of TOFUTTI brand nondairy frozen desserts and other food products. The Company's products are non-dairy, soya-based products which contain no butterfat, cholesterol or lactose. The Company's products are 100% milk free yet offer the same texture and full-bodied taste as their dairy counterparts. The Company's products are also free of cholesterol and derive their fat from soy and corn, both naturally lower in saturated fat than dairy products. TOFUTTI products are sold in grocery stores, supermarkets, health and convenience stores throughout the United States and in approximately twenty-five other countries. Tofutti Brands Inc has a market cap of $6.3 million; its shares were traded at around $1.21 with and P/S ratio of 0.3.

Highlight of Business Operations:

Selling and warehouse expenses decreased to $369,000 for the current fiscal quarter compared with $497,000 for the comparable period in 2008. This decrease is due primarily to decreases in commission expense of $6,000, bad debt expense of $45,000, payroll expense of $38,000 and outside warehouse rental expense of $39,000.

Marketing expenses were $136,000 in the fiscal 2009 period compared to $137,000 in the fiscal 2008 period. An increase in newspaper advertising expense of $30,000 was offset by reductions in artwork and plate expense of $8,000 and promotion expense of $30,000. The reduction in promotion expense reflects the lower level of sales in the 2009 period.

General and administrative expenses increased to $546,000 for the current quarter compared with $498,000 for the comparable period in 2008, due primarily to an increase in travel and entertainment expense of $16,000, public relations expense of $16,000 and professional fees and outside services expense of $15,000. We anticipate that the current period's general and administrative expenses will continue on the same level, or increase slightly, for the balance of 2009.

Selling and warehouse expenses decreased by 11% to $1,235,000 for the current thirty-nine week period compared with $1,391,000 for the comparable period in 2008. This decrease is due primarily to decreases in commission expense of $37,000, travel and entertainment expense of $23,000, bad debt expense of $45,000 and outside warehouse expense of $40,000.

Marketing expenses decreased by $104,000 to $328,000 in the current thirty-nine week period due principally to a decrease in expenses for television advertising of $33,000, artwork and plate expense of $10,000 and promotion expense of $99,000, which were partially offset by an increase in newspaper advertising expense of $50,000. The reduction in promotion expense reflects the lower level of sales in the 2009 period.

General and administrative expenses increased to $1,579,000 for the current thirty-nine week period compared with $1,462,000 for the comparable period in 2008 due primarily to an increase in payroll costs of $24,000, travel and entertainment expense of $88,000 and professional fees and outside services of $96,000.

Read the The complete Report



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