SOURCE: MamaMancini's Holdings, Inc.

May 16, 2016 10:00 ET

MamaMancini's Expects to Report Significant Operating Improvement in First Quarter Fiscal 2017 Over Prior Year Quarter

Company Expects Over 20% Revenue Growth Versus Prior Year First Quarter

EAST RUTHERFORD, NJ--(Marketwired - May 16, 2016) - MamaMancini's Holdings, Inc. (OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated all natural food products (as defined by the United States Department of Agriculture), expects to report a 21% increase in net sales to approximately $3.9 million for the first quarter fiscal 2017, ended April 30, 2016, compared to $3.2 million (net of coupon expense) reported in the first quarter fiscal 2016, ended April 30, 2015.

Since January 31, 2016, the Company increased its placements with new customers from 10,100 to 11,400 store locations and increased its placements on grocer's shelves from approximately 32,000 to 35,000.

The Company expects gross margin for the first quarter fiscal 2017 to be approximately 38% versus 26% in the prior year's first quarter. The higher gross margin is principally attributable to eliminating underperforming accounts; instituting higher prices; change in product mix to higher margin products; product manufacturing efficiencies and lower beef commodity prices than the prior year.

The Company's first quarter fiscal 2017 cash EBITDA* is expected to be significantly positive. Last year's first quarter cash EBITDA was a loss of approximately $(777,000).

The operating numbers reported above are subject to review by the Company's accounting and audit firms and may change upon review.

The positive operating numbers are a result of orders from new retail grocery and club store chain customers, and higher sales and additional authorizations from existing customers and QVC.

The Company will report final first quarter fiscal 2017 financial results before June 15, 2016.

*Cash EBITDA = EBITDA plus any non-cash stock payments for expenses.

About MamaMancini's
 
MamaMancini's is a marketer and distributor of a line of beef meatballs with sauce, turkey meatballs with sauce, chicken meatballs with sauce, pork meatballs with sauce, and other similar Italian products. The Company's sales have been growing on a consistent basis as the Company expands its distribution channel, which includes major retailers such as Costco, Sams Clubs, Publix, Shop Rite, Price Chopper, Harris Teeter, SaveMarts, Luckys, Lunds/Byerly's, SuperValu, Raley's, BJ's, Whole Foods, Shaw's Supermarkets, Kings, Key Foods, Stop-n-Shop, Giant Stores, Giant Eagle, King Kullen, Food Town, Kroger, Safeway, Albertsons, Lowes, Nash Finch, Spartan Stores, Shoppers, Marsh's Supermarkets, Central Markets, Weis Markets, Ingles, Market Basket, Roche Brothers and The Fresh Market.

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, 2016 and other filings made by the Company with the Securities and Exchange Commission.

Contact Information

  • Contact:

    Carl Wolf
    Chairman and CEO
    MamaMancini's Holdings, Inc.
    Stock Symbol: MMMB
    973-985-0280