EAST RUTHERFORD, NJ--(Marketwired - Feb 14, 2017) - MamaMancini's Holdings, Inc. (the "Company" or "MamaMancini's") (OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated all natural food products (as defined by the United States Department of Agriculture), today announced preliminary record financial results for the fourth quarter and fiscal year 2017, ended January 31, 2017. For the fourth quarter, the company expects to report revenue of approximately $5.40 million, a 65% increase from $3.27 million in the prior year fourth quarter. For the fiscal year, the company anticipates to report revenue of $18.0 million, which would represent an increase of 43% from $12.6 million reported in the prior year.
The Company anticipates operating results for the fourth quarter to be sequentially improved from the third quarter. The Company expects to report positive net income and earnings per share ("EPS") on a GAAP basis for the fourth quarter. The Company's fourth quarter fiscal 2017 cash EBITDA (as defined below) is expected to be significantly positive. Last year's fourth quarter cash EBITDA was a loss of approximately $(32,000).
Carl Wolf, Chief Executive Officer of MamaMancini's, commented, "We felt compelled to update investors with the results of the fourth quarter and the fiscal year since year-end audited results will not be available for a number of weeks. We are very pleased with the revenue growth for both the fourth quarter and fiscal year 2017 and the profitability for the fourth quarter. Our strategic decision to focus on the development of larger accounts that will reward our efforts with improved margins, along with the introduction of several new products to major grocery retailers and club store chain customers, is delivering the operational results we expect."
Mr. Wolf continued, "The fact that our products are all-natural and made with the highest quality ingredients is translating into greater acceptance by our customers. As these shipments continue in the first quarter, combined with our expanded offerings, we believe the Company will continue along the recent growth trajectory. We look forward to discussing the fiscal 2017 financial results in further detail on our year-end conference call."
The financial results reported above are subject to review by the Company's accounting and audit firms and may be subject to change.
The Company expects to report final fourth quarter and fiscal 2017 financial results on or before April 15, 2017.
Non-GAAP Financial Measures
The Company uses Cash EBITDA as a non-GAAP financial measure. The Company defines Cash EBITDA as earnings before income taxes, depreciation and amortization plus any non-cash stock payments for expenses. The Company believes that the use of Cash EBITDA is useful to investors and other users of its financial statements in evaluating the Company's operating performance because it provides them with an additional tool to compare business performance across companies and across periods. The Company uses Cash EBITDA in conjunction with traditional GAAP operating performance measures as part of its overall assessment of its performance, for planning purposes, including the preparation of its annual operating budget, and to evaluate the effectiveness of its business strategies. Management does not place undue reliance on Cash EBITDA as its only measure of operating performance. Cash EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP.
MamaMancini's is a marketer and distributor of a line of beef meatballs, turkey meatballs, and chicken meatballs all with sauce, five cheese stuffed beef, turkey and chicken meatballs all with sauce, original beef and turkey meatloaves and bacon gorgonzola beef meatloaf, and other similar Italian cuisine 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, Publix, Shop Rite, Price Chopper, Jewel, SaveMarts, Luckys, Lunds/Byerly's, SuperValu, Safeway, Albertsons, Spartan Stores, Bashas, Whole Foods, Shaw's Supermarkets, Kings, Roche Brothers, Key Foods, Stop-n-Shop, Giant Stores, Giant Eagle, Food Town, Randalls, Kroger, Shoppers, Marsh's Supermarkets, King Kullen, Lowes Stores, Central Markets, Weis Markets, Ingles, 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.