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Tofutti Brands, Inc. (TOFB0.00%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The company reported net sales of $8,820,000, a decrease of 12% from the previous year. This decline was primarily due to increased competition in the plant-based cheese market and a general decline in ice cream sales.
Gross profit for the year was $2,251,000, down from $2,797,000 in the previous year. The gross profit margin decreased from 28% to 26%, attributed to increased costs of packaging and key ingredients.
Operating expenses totaled $2,858,000, a decrease of 6% from the previous year. This decrease was mainly due to reduced selling and warehousing expenses.
Tofutti reported a net loss of $860,000 for the fiscal year, compared to a net loss of $366,000 in the prior year.
The company's cash balance at the end of the fiscal year was $462,000, down from $837,000 at the end of the previous year. Working capital also decreased from $3,440,000 to $2,893,000.
Tofutti Brands continues to focus on expanding its product line of plant-based, dairy-free products while managing competition and cost pressures.
The company highlighted its reliance on a limited number of suppliers and distributors, which poses a risk to its supply chain and sales.
Tofutti's management noted the importance of maintaining strong customer relationships and the potential impact of economic conditions on consumer spending.
The company does not anticipate paying cash dividends in the foreseeable future, as it plans to reinvest earnings into business operations.
Tofutti's board of directors and management continue to address internal control weaknesses, particularly in financial reporting and resource allocation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tofutti Brands, Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.