Tofutti Charts 1Q Growth

Tofutti Charts 1Q Growth

CRANFORD,N.J.--Toffuti Brands Inc. (AMEX:TOF) posted across-the-board growth forits first quarter ended March 31. Net sales rose 13 percent to $3.4 million from$3.0 million sold in the same quarter last year, while gross profit inched upabout 1.5 percent of sales. Operating expenses expanded by a little more than 2percent of sales to $.91 million for the quarter, and net income increased to$.25 million or $.04 per share from $.23 million or $.04 per share earned in thesame period the year prior.

"The increase in sales and operating income during the first quarterreflects the growing acceptance of our soy-based, dairy-free products,"said David Mintz, chairman and chief executive officer. "We expect thetrend of improved sales and operating results to continue." The rise inoperating costs was attributed to new product start-up costs, including expenseslogged at new packaging locations and higher packaging and freight charges, allof which are expected to affect the remainder of fiscal 2001, according tomanagement.

On the strength of the quarter gains, the company's working capital increasedto $3.9 million, and its cash and short-term investments totaled $1.7 million atquarter's end.