News Column

MamaMancini's Posts Preliminary 2013 Corporate Operating Update

February 12, 2014

MamaMancini's Holdings, a manufacturer and marketer of specialty pre-prepared, frozen and refrigerated "all natural" food products (as defined by the United States Department of Agriculture), provided a preliminary unaudited overview of the Company's operating progress for the 2013 fiscal year.

In a release on February 7, the Company noted that it expects to file its annual report on Form 10-K with its audited financial results for the 2013 fiscal year on or about March, 15.

Preliminary Financial Results:

-2013 revenue expected to be approximately $8.7 million compared to $4.6 million in 2012; representing an 89 percent increase.

-Q4 2013 gross revenue expected to be approximately $3.1 million, representing an increase 158 percent compared to $1.2 million in Q4 2012.

-As anticipated, net loss for 2013 will be approximately $2.9 million as the Company continues to invest in expanding its distribution channel and building recognition for the MamaMancini's brand.

Product Placements:

-At the end of Q3 2013, The Company's products were offered in 6,575 stores nationwide totaling 19,940 shelf placements, with an average of 3.03 SKUs per store.

-At the end of Q4 2013, The Company's products were offered in 7,040 stores with a total of 22,640 shelf placements and an average of 3.22 SKUs per store.

-The Company expects that distribution of MMMB products will increase at a significant double-digit rate in 2014.

Financing:

-During 2013 the Company successfully raised $5.8 million to continue the growth of the Company.

-The Company hopes to complete its current financing of approximately $2.5 million by the second quarter of 2014.

-The Company recently secured a $1.5 million line of credit with FGI Finance in order to increase production on inventory and finance accounts receivable for orders from potentially new, and large, accounts.

New Products:

-New Products tentatively scheduled to rollout in the First Quarter of 2014:

-Gluten-Free Slow Cooked Italian Sauce and Beef Meatballs

-Slow Cooked Italian Sauce and Gluten-Free Turkey Meatballs

-Mac 'n Mama's (Ziti with Crushed Meatballs and Sauce and Cheeses)

-Orrecchiette with Broccoli and Pork Meatballs

-Slow Cooked Italian Sauce and Antibiotic-Free Beef Meatballs

-Slow Cooked Italian Sauce and Antibiotic-Free Turkey Meatballs

-Five Cheese Stuffed Meatballs.

Manufacturing Capacity:

-The Company's co-packer substantially completed an automated manufacturing upgrade;

-New automated systems are expected reduce labor costs;

-The Company's third party manufacturer increased its manufacturing capacity by more than 150 percent percent.

Carl Wolf, chairman and chief executive officer of MamaMancini's, said, "The Company made significant progress in 2013 toward executing on our goals to achieve broad national distribution of our products as we work our way toward becoming a respected brand in the coming years. Our manufacturer expanded its production capabilities by adding automation and cutting labor costs; we have attracted new grocery chains that have given us a commitment to stock our products in 2014; we have developed exciting new products that will be introduced in the early months of 2014; and we have responsibly raised capital to fund the growth of the Company."

Wolf continued, "We continue to make investments to grow the business and drive revenue. Our products are in an important category that stresses natural ingredients with a positive nutritional profile and a high level of convenience for active families in the U.S., Canada and Mexico. We believe that we are very well positioned to continue on the growth trajectory of the past two years. We are very excited with the opportunities ahead."

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.

More information:

www.mamamancinis.com

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Source: Food and Beverage Close - Up


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