MamaMancini's Provides Preliminary 2013 Corporate Operating Update
EAST RUTHERFORD, N.J., Feb. 7, 2014 /PRNewswire/ -- MamaMancini's Holdings, Inc. (the "Company") (OTCQB: MMMB), an emerging manufacturer and marketer of specialty pre-prepared, frozen and refrigerated "all natural" food products (as defined by the United States Department of Agriculture), today provided a preliminary unaudited overview of the Company's operating progress for the 2013 fiscal year. The Company expects to file its annual report on Form 10-K with its audited financial results for the 2013 fiscal year on or about March, 15, 2014.
Preliminary Financial Results:
- 2013 revenue expected to be approximately $8.7 million compared to $4.6 million in 2012; representing an 89% increase.
- Q4 2013 gross revenue expected to be approximately $3.1 million, representing an increase 158% compared to $1.2 million in Q4 2012.
- As anticipated, net loss for 2013 will be approximately $2.9 million as the Company continues to invest in expanding its distribution channel and building recognition for the MamaMancini's brand.
- At the end of Q3 2013, The Company's products were offered in 6,575 stores nationwide totaling 19,940 shelf placements, with an average of 3.03 SKUs per store.
- At the end of Q4 2013, The Company's products were offered in 7,040 stores with a total of 22,640 shelf placements and an average of 3.22 SKUs per store.
- The Company expects that distribution of MMMB products will increase at a significant double-digit rate in 2014.
- During 2013 the Company successfully raised $5.8 million to continue the growth of the Company.
- The Company hopes to complete its current financing of approximately $2.5 million by the second quarter of 2014.
- The Company recently secured a $1.5 million line of credit with FGI Finance in order to increase production on inventory and finance accounts receivable for orders from potentially new, and large, accounts.
- New Products tentatively scheduled to rollout in the First Quarter of 2014:
- Gluten-Free Slow Cooked Italian Sauce and Beef Meatballs
- Slow Cooked Italian Sauce and Gluten-Free Turkey Meatballs
- Mac 'n Mama's (Ziti with Crushed Meatballs and Sauce and Cheeses)
- Orrecchiette with Broccoli and Pork Meatballs
- Slow Cooked Italian Sauce and Antibiotic-Free Beef Meatballs
- Slow Cooked Italian Sauce and Antibiotic-Free Turkey Meatballs
- Five Cheese Stuffed Meatballs.
- The Company's co-packer substantially completed an automated manufacturing upgrade;
- New automated systems are expected reduce labor costs;
- The Company's third party manufacturer increased its manufacturing capacity by more than 150% percent.
Carl Wolf, chairman and chief executive officer of MamaMancini's, said, "The Company made significant progress in 2013 toward executing on our goals to achieve broad national distribution of our products as we work our way toward becoming a respected brand in the coming years. Our manufacturer expanded its production capabilities by adding automation and cutting labor costs; we have attracted new grocery chains that have given us a commitment to stock our products in 2014; we have developed exciting new products that will be introduced in the early months of 2014; and we have responsibly raised capital to fund the growth of the Company."
Mr. Wolf continued, "We continue to make investments to grow the business and drive revenue. Our products are in an important category that stresses natural ingredients with a positive nutritional profile and a high level of convenience for active families in the U.S., Canada and Mexico. We believe that we are very well positioned to continue on the growth trajectory of the past two years. We are very excited with the opportunities ahead."
MamaMancini's is a manufacturer and distributor of a line of all natural, beef meatballs with sauce, turkey meatballs with sauce, chicken meatballs with sauce, pork meatballs with sauce, and other similar Italian 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, Redners, Pathmark, A&P, Waldbaums, Food Emporium, Whole Foods, Shaw's Supermarkets, Kings, Key Foods, Giant Eagle, Stop-n-Shop, Giant Stores, Food Town, Kroger, Winn Dixie, Market Basket, Albertsons, Shoppers, Wal-Mart, Marsh's Supermarkets, Bashas, Bi-Lo, Central Markets, Weis Markets, Ingles, and The Fresh Market. For more information visit the company's website at www.mamamancinis.com.
Forward Looking Statements
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 December 31, 2012 and other filings made by the Company with the Securities and Exchange Commission.
Robert Blum, Joe Dorame, Joe Diaz
Lytham Partners, LLC
Chairman and CEO
SOURCE MamaMancini's Holdings, Inc.