tofutti brands inc (TOF) Key Developments
Tofutti Brands Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 11 15
Tofutti Brands Inc. announced earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the net sales were $3,624,000 compared to $3,498,000 a year ago. Loss before income taxes was $21,000 compared to $190,000 a year ago. Net loss was $24,000 or $0.00 per basic and diluted common share compared to $190,000 or $0.04 per basic and diluted common share a year ago. Net sales increase reflected increased sales in all three of the company's food categories, frozen desserts, soy-cheese products and frozen food entree products.
For the six months, the net sales were $6,767,000 compared to $7,355,000 a year ago. Loss before income taxes was $393,000 compared to $78,000 a year ago. Net loss was $401,000 or $0.08 per basic and diluted common share compared to $84,000 or $0.02 per basic and diluted common share a year ago. Sales declined in most categories due in great measure to the impact of sales allowance discounts that were approximately $441,000 greater than in the corresponding period in 2014.
Tofutti Brands Receives Approval from NYSE Regulation, Inc. of Compliance Plan
Jun 25 15
Tofutti Brands Inc. announced the receipt of a notice from NYSE Regulation, Inc. that NYSE Regulation, Inc. has granted the Company an extension until October 1, 2016 to regain compliance with the continued listing standards of the NYSE MKT. The Company had received notice on April 1, 2015 from the NYSE MKT informing the Company that it was not in compliance with Section 1003(a)(ii) of the NYSE MKT Company Guide because it reported stockholders’ equity of $2.6 million as of December 27, 2014 and had net losses in three out of its four most recent fiscal years ended December 27, 2014. The Company was afforded the opportunity to submit a plan to NYSE Regulation, Inc. to regain compliance and, on April 28, 2015, presented its compliance plan to NYSE Regulation, Inc. and supplemented such plan on June 12, 2015. On June 23, 2015, NYSE Regulation, Inc. notified the Company that it accepted the Company’s plan of compliance and granted the Company an extension to regain compliance with the continued listing standards of the Company Guide until October 1, 2016. The Company will be subject to periodic review by the staff of NYSE Regulation, Inc. during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE MKT.
Tofutti Brands Inc. Reports Earnings Results for the First Quarter Ended March 28, 2015
May 18 15
Tofutti Brands Inc. reported earnings results for the first quarter ended March 28, 2015. The company reported net sales of $3,143,000, a decrease of $714,000, or 19%, from net sales of $3,857,000 for the thirteen weeks ended March 29, 2014. The company reported a loss before income taxes of $372,000 as compared with income before income taxes of $112,000 for the comparable 2014 period. The company had a net loss for the thirteen weeks ended March 28, 2015 of $377,000, or $0.07 per basic and diluted share, compared to net income of $106,000, or $0.02 per basic and diluted share, for the thirteen weeks ended March 29, 2014.
Tofutti Brands Inc., Annual General Meeting, Jun 10, 2015
May 14 15
Tofutti Brands Inc., Annual General Meeting, Jun 10, 2015., at 10:00 US Eastern Standard Time. Location: Homewood Suites, 2 Jackson Drive. Agenda: To elect five directors to the Board of Directors for the ensuing year; to ratify the selection of EisnerAmper LLP as independent registered public accounting firm for the fiscal year ending January 2, 2016; and to act upon any other matters that may properly be brought before the annual meeting and any adjournment thereof.
Tofutti Brands Inc. announced delayed 10-Q filing
May 12 15
On 05/12/2015, Tofutti Brands Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.