MamaMancini's Reports Financial Results for Year ended January 31, 2015

EAST RUTHERFORD, N.J., May 4, 2015 /PRNewswire/ -- MamaMancini's Holdings, Inc. (the "Company" or "MamaMancini's") (OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated all natural food products (as defined by the United States Department of Agriculture), today announced its financial results for the year ending January 31, 2015.

Sales were $12,339,256 for the year ended January 31, 2015, an increase of 41% from $8,741,621 for the year ended December 31, 2013. The increase in sales is primarily related to the Company's execution of its expansion strategy. The Company has sold into approximately 35,800 retail and grocery locations as of January 31, 2015 as compared to approximately 22,600 such locations at December 31, 2013.

The Company's net loss for the fiscal year ended January 31, 2015 was $(4,060,476) or $(0.16) per diluted share compared to a net loss of $(2,947,608) in the prior year or $(0.13) per diluted share. The change in net loss was attributable to the increase in expenses to support the Company's growth and efforts to increase brand awareness as well as to one-time expenses including, but not limited to legal and banking fees, debt retirement, as well as increases in interest expense, depreciation, discount on convertible note and stock compensation incentives.

The net loss for the fiscal year ended January 31, 2015 included a $286,000 increase in non-cash expenses for the year which consisted of depreciation, stock compensation incentives and amortization of debt discount on a convertible note.  The net loss also included $489,000 increase in professional fees and investment banking fees related to equity raises. Other expenses increased by $302,000 including $101,000 loan amortization fees, $163,000 in interest, and the non cash discount on the convertible note of $46,000 (which is included above in the non-cash expense numbers).  The net sum of the non-cash increases, other income increases, and the increase in professional and investment banking fees is $1,030,000. 

"The 41% increase in sales we recorded for the year ended January 31, 2015 is a testament to the increased awareness we have created for the MamaMancini brand.  It is exciting to now be able to find our products on 35,800 shelves in retail locations throughout the United States.  We have kept quality as a priority for all of our products, which we believe has helped create a loyal customer base although the MamaMancini's brand of an all-natural and better quality tasting meatball is still in its nascent phase of awareness.  As we ramp our sales and marketing efforts in 2015, we believe that investments in these areas will fuel our growth trajectory. We have assembled a team of experienced industry veterans that can capitalize on the growth opportunities that are in front of us," commented Carl Wolf, Chief Executive Officer of MamaMancini's.

Mr. Wolf added, "MamaMancini's is unique in that we believe that there are few companies that can offer retailers a fresh, healthy premium meatball made with all natural ingredients.  The Company is well positioned to take advantage of the growing health trend away from frozen processed foods toward fresh products.  With this concept, our expanded salesforce paired with a wider array of products continues to add retailers to our client base.  Furthermore, there is a wealth of opportunity to cross sell our current base of customers and expand into their fresh product and deli sections, which offers a better margin profile, all the while retaining our brand.  Our retail clients are beginning to recognize that their customers are willing to pay a premium for fresh, prepared foods."

Mr. Wolf concluded, "We believe the Company has made great strides this past year with its expansion efforts.  We delivered strong revenue growth and from an operational stand point, and excluding the substantial legal, banking and debenture fees that were non-operating expenses, we believe our operating expenses were well maintained and in line with our growth.  With the majority of these fees being nonrecurring, going forward, we are confident we will report financials that will better reflect the core operation of the business."

About MamaMancini's

MamaMancini's is a marketer 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, A&P, Waldbaums, Food Emporium, Harris Teeter, SaveMarts, Luckys, Lunds/Byerly's, SuperValu, Raley's, BJ's, Whole Foods, Shaw's Supermarkets, Kings, Key Foods, Stop-n-Shop, Giant Stores, Giant Eagle, Food Town, Kroger, Winn Dixie Shoppers, Wal-Mart, Marsh's Supermarkets, Bi-Lo, Central Markets, Weis Markets, Ingles, and The Fresh Market.

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 January 31, 2015 and other filings made by the Company with the Securities and Exchange Commission.

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SOURCE MamaMancini's Holdings, Inc.