EAST RUTHERFORD, N.J., Nov. 18, 2014 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (the "Company") (OTCQB:MMMB), a manufacturer and marketer of specialty pre-prepared, frozen and refrigerated "all natural" food products (as defined by the United States Department of Agriculture), today announced its estimated sales for the third quarter ending October 31, 2014. The Company had estimated sales of $3.7 million versus prior year comparable period ending September 30, 2014 of $2.168 million.
The Company estimates it's net loss for the quarter at $700,000 or $.03 per share, versus a loss of $494,000 or $.02 a share in the prior year's quarter ending September 30. This year's loss included a one-time charge of $99,000 for early termination of its credit facility, as well as costs associated with introduction of new placements.
The increase in the volume of sales principally resulted from the continued expansion of its products into new distribution channels across the country as well as heavy merchandising activity with box store accounts.
The Company's new gluten free products appear to be selling well where placed and the Company has now received new authorizations on its pasta entrée items.
We encourage you to read our full financial statements and footnotes which are expected to be published in December.
Outlook
It is important to note that quarterly revenue in the Company's business is subject to variability given that the Company works with a large number of mass-market retailers. Each retailer has purchasing and promotion plans that become active in different months and quarters throughout the year. Consequently, from time-to-time there can be a concentration of orders in certain quarters resulting in uneven revenue results. Recognizing that revenue may not be evenly distributed on a quarterly basis, the Company's overarching goal is to achieve consistent annual revenue growth.
About MamaMancini's
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. 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, Redners, A&P, Waldbaums, Food Emporium, Harris Teeter, SaveMarts, Luckys, Whole Foods, Shaw's Supermarkets, Kings, Key Foods, Giant Eagle, Stop-n-Shop, Giant Stores, Food Town, Kroger, Winn Dixie, Albertsons, Shoppers, Wal-Mart, Marsh's Supermarkets, Bashas, Bi-Lo, 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 December 31, 2013 and other filings made by the Company with the Securities and Exchange Commission.
For more information on MamaMancini's Holdings, Inc. visit the company's IR website at http://client.irwebkit.com/MamaMancinis
Or please contact Lew Ochs, Chief Financial Officer, MamaMancini's Holdings, Inc. lew@mamamancis.com