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Mama's Creations Inc. (MAMA+0.94%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $31.5 million from $28.6 million in the same quarter of the previous year. This increase is attributed to volume gains and successful pricing actions.
Costs of sales for the quarter were $24.4 million, representing 77% of net sales, compared to 70% in the same quarter of the previous year. The increase in cost ratio is due to higher commodity costs and construction-related inefficiencies.
The company reported a gross profit of $7.1 million for the quarter, compared to $8.6 million in the previous year, with the decline attributed to increased costs.
Operating expenses increased to $6.6 million from $5.9 million, primarily due to higher advertising expenses and increased payroll costs.
Net income for the quarter was $410,000, down from $2 million in the previous year.
Cash provided by operating activities was $6 million, while cash used in investing and financing activities was $5 million and $2.7 million, respectively.
Mama's Creations had a working capital of $3.2 million as of October 31, 2024. The company acknowledges the need for potential additional funding to finance growth or achieve strategic objectives.
The filing also details various financial agreements, including a working capital line of credit with M&T Bank and a term loan agreement.
Mama's Creations does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its product offerings and increasing its presence in the market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mama's Creations Inc. quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.