MamaMancini's Reports Financial Results for the Third Quarter of Fiscal 2013

EAST RUTHERFORD, N.J., Nov. 14, 2013 /PRNewswire/ -- MamaMancini's Holdings, Inc. (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 announced financial results for the quarter ended September 30, 2013.

Third Quarter 2013 and Other Recent Business Highlights:

• Revenue for the third quarter of fiscal 2013 was $2.17 million, compared to $0.97 million in the prior year period, an increase of 124%;
• MamaMancini's products are carried on approximately 19,500 shelves in supermarkets and club stores throughout North America compared to 12,000 in the third quarter last year;
• Acquired an additional 570 distribution locations during the month of October;
• Continuing to aggressively advertise the Company's products across a number of platforms, including radio spots on SiriusXM radio;
• Completed a $5.0 million equity financing in early October, of which $4.2 million closed prior to the end of the company's third quarter;
• Revenue for the fourth quarter of fiscal 2013 is expected to range between $2.8 million and $3.1 million, which would represent an increase of 133% to 158% compared to the fourth quarter of the prior year.

Quarterly Results
For the third fiscal quarter ended September 30, 2013, MamaMancini's reported revenue of $2.17 million versus $0.97 million in the comparable period of the prior year, an increase of 124%. Revenue growth was driven by an increase in the number of locations that carry MamaMancini's products, and sell through to those customers.

SG&A for the quarter was $1.1 million compared to $712,000 as the Company continued to increase advertising and marketing of the MamaMancini's product in order to create brand awareness of the products and drive customers to try the product for the first time.

Net loss for the third quarter of fiscal 2013 was $494,000 or $(0.02) per basic and diluted share, compared to a net loss of $455,000, or $(0.03) per basic and diluted share, in the third quarter of fiscal 2012.

Adjusted EBITDA, a non-GAAP metric, for the third quarter of fiscal 2013 was $(468,000) compared to $(446,000) in the third quarter of fiscal 2012.

Outlook
Revenue for the fourth quarter of fiscal 2013 is expected to range between $2.8 million and $3.1 million, which would represent an increase of 133% to 158% compared to the fourth quarter of the prior year. It is important to note that quarterly revenue in the Company's business is subject to variability given that it works with a large number of mass-market retailers; each having purchasing and promotion plans that become active in different months and quarters throughout the year. Consequently, there can be a concentration of orders in certain quarters resulting in uneven revenue results from time-to-time. Recognizing that revenue may not be evenly distributed on a quarterly basis, the Company's overarching goal is to drive consistent annual revenue growth.

Management Discussion
Carl Wolf, chairman and chief executive officer of MamaMancini's, said, "The Company is making great progress in executing on our goals to expand the MamaMancini's brand and drive sales growth.  Sales during the most recent quarter increased 124% compared to last year's comparable quarter and up 27% sequentially. During the quarter, we continued to expand the number of retail locations that carry MamaMancini's products as well as the number of SKUs per location.  We are currently carried on more than 19,500 retailer's shelves throughout North America and that number continues to expand."

"With our recently completed financing," commented Mr. Wolf, "we plan to continue investing in the marketing of the brand through radio, social media and other platforms, to drive incremental sales growth. While we are early in the process of building the potential of the MamaMancini's brand, the results we are achieving provide us with great confidence that our strategy is gaining traction. We are also ramping production capabilities to meet the growing demand for our products by further automating our manufacturing plant and enhancing operating efficiencies."

Mr. Wolf concluded, "Experience has taught me that in order to create a trusted food brand, you must have products that taste great, with an excellent nutritional profile, and offers convenience to the retail customer. I believe that our "all natural" products share these critical attributes and that the success of our marketing campaign indicates that consumers look for these attributes in the products that they serve their families. I am pleased that MamaMancini's is building a reputation that consumers can trust."

About MamaMancini's

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 our website at www.mamamancinis.com.

Forward Looking Statement
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.

Financial Tables on Following Pages
 

SOURCE MamaMancini’s Holdings, Inc.