MamaMancini’s Announces Estimated Record Preliminary Revenues and Net Income for Fiscal First Quarter 2021
Company Donates the Equivalent of 15,000 meals to Bridges Outreach, Inc. and GRACE to Support Local Community Affected by COVID-19
EAST RUTHERFORD, NJ, April 29, 2020 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (OTCQB: MMMB) (“MamaMancini’s” or the “Company”), a marketer of specialty pre-prepared, frozen and refrigerated food products, has provided preliminary estimated financial results for the fiscal first quarter ended April 30, 2020.
The Company expects estimated revenues to increase at least 45% to a record $10.7 million, compared to $7.4 million in the same year-ago quarter. MamaMancini’s also expects estimated record net income for the fiscal first quarter 2021. Final recognized revenue and net income is subject to MamaMancini's quarterly SEC accounting review and annual audit which may change these financial estimates.
Given the Company’s firm financial footing and record results, MamaMancini’s has decided to return the recently secured $330,000 loan under the Paycheck Protection Program (PPP) contained within the Coronavirus Aid, Relief and Economic Security (CARES) Act. In addition, MamaMancini’s will donate the equivalent of 15,000 meals through social services organizations Bridges Outreach, Inc. and GRACE whose efforts are focused on ending homelessness, particularly in Newark and Summit, New Jersey, and surrounding communities, whose needs have jumped 600% since the outbreak of COVID-19 pandemic.
“We’ve continued our momentum into the first quarter of fiscal 2021, as evidenced by our record sales, which are expected to be at least $10.7 million, an increase of at least 45% when compared to the same year-ago quarter,” said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s. “The sudden shift to consumers eating the majority of meals at home was a fortuitous event for the introduction of our line of specialty pre-prepared, frozen and refrigerated all-natural food products to families looking for healthy alternatives. In addition, we experienced record sales through our partnership with QVC, with QVC selling over $1 million of MamaMancini’s products in the month of April.”
“In light of our robust sales achievement, we have decided to share in our success by donating the equivalent of 15,000 meals of our products to Bridges and GRACE in an effort to help meet the increased need for food during the COVID-19 pandemic. In addition, we have decided to return our previously announced $330,000 loan that was secured under the Paycheck Protection Program (PPP). We believe with our strong first quarter financial results, $1.2 million in cash and $1.2 million in credit availability from M&T Bank as of April 27, 2020, that our business and balance sheet are sufficient to meet our current needs. I would like to thank our dedicated employees and valued customers for their support during this difficult time,” concluded Wolf.
About MamaMancini’s Holdings, Inc.
MamaMancini's Holdings, Inc. (OTCQB: MMMB) is a marketer and distributor of specialty prepared, refrigerated and frozen all-natural Italian foods. MamaMancini’s product portfolio consists of over 20 products including meatballs, meat loaf, chicken parmesan, sausages and dinner kits, with beef, turkey, chicken and pork varieties. The Company’s products are sold in over 45,000 locations nationwide, including at well-known retailers such as Walmart, Kroger, Publix, Costco and Albertsons, as well as through national distributors such as Sysco and United Natural Foods. The Company has a major presence on QVC, the largest direct to consumer marketer in the world. For more information, please visit .
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, 2019 and other filings made by the Company with the Securities and Exchange Commission.
Investor Relations:
Greg Falesnik
Managing Director
MZ Group - MZ North America
(949) 385-6449
