MamaMancini’s Reports First Quarter 2020 Financial Results; Reports Record Net Income of $0.4 Million

East Rutherford, New Jersey, UNITED STATES

Continues Expansion into Food Service Markets; Grows Product Placements with Customers

Investors Invited to Join Tasting Luncheon at Corporate Offices on June 26th at 11:45 a.m. EDT

EAST RUTHERFORD, NJ, June 14, 2019 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated all-natural food products, has reported its financial results for the first quarter ended April 30, 2019.

Recent Operational Highlights:

  • Introduced an innovative new pasta bowl product line for supermarkets, club stores and the food service segment.
  • Appointed Allan Sabatier as Vice President of Business Development to lead the Company’s entry into the large and growing food service and alternate market segments.
  • Deployed multiple large advertising campaigns via SiriusXM Radio to drive retail awareness surrounding major national holidays in the United States.
  • Commenced initial shipments of nine new products to customers, including Walmart, BJ’s Club Stores and Ahold (Stop n Shop), among others.

Management Commentary

“The first quarter of fiscal 2020 was marked by continued strong sales into supermarkets nationwide, as well as laying the groundwork for our launch into the large and growing food service market later this year,” said Carl Wolf, Chairman and CEO of MamaMancini’s Holdings, Inc. “In fact, the food service market is just as big, if not bigger, than the retail food industry we currently serve, which nearly doubles our addressable market. As part of these efforts, we continue to strategically build our capabilities to service a strong growth in our market—such as the significant improvements we’ve made to our manufacturing capabilities, which provides us with the ability to more easily introduce new products.

“These operational improvements are further being bolstered by renewed marketing campaigns and the launch of several new products, such as our recently unveiled pasta bowl offering at Stop N Shop stores. MamaMancini’s simple, nutritious and delicious Italian food products resonate well with the ethos of leading supermarkets globally, and as a result, we expect continued growth in our already impressive base of national and regional customers, which include giants like Walmart, Sam’s Club, Costco and BJ’s Club Stores, among others.”

“Supporting our strategic initiatives is a strengthened balance sheet, which includes a $3.5 million working capital line and a $2.5 million five-year note at friendly terms. As we look towards the second quarter of 2020 and beyond, we are expecting significant revenue growth via the introduction of new products and customers, while also using our cash flow from operations to reduce our senior debt. Ultimately, we strongly believe that the steps we have taken should provide us with strong sales growth in the second quarter of 2020, while also positioning us for significant shareholder value creation over the long-term,” concluded Wolf.

First Quarter 2020 Financial Results

Revenue for the first quarter of fiscal 2020 totaled $7.4 million, compared to $7.7 million in the same year-ago quarter. The revenue decline was largely precipitated by the recognition of approximately $2.1 million of revenue as a result of a one-time major merchandising event with the Company’s largest customer and one additional shipping week in the first quarter of fiscal 2019, which did not recur in the first quarter of fiscal 2020. Excluding these non-recurring events, period over period sales would have substantially increased in the first quarter of fiscal 2020.

Gross profit totaled $2.4 million in the first quarter of fiscal 2020, compared to $2.8 million in the same year-ago quarter. Gross profit as a percentage of revenue in the first quarter of fiscal 2020 totaled 32.2%, as compared to 36.5% in the same year-ago quarter. Cost of goods sold for the first quarter of fiscal 2020 included higher depreciation expense in comparison to prior year comparable period, which negatively impacted gross profit by 3% of sales for the three months ended April 30, 2019. As the company grows sales, they expect gross margins to increase as a result of the newly implemented and planned manufacturing plant efficiencies.

Operating expenses totaled $1.9 million in the first quarter of fiscal 2020, compared to $2.3 million in the same year-ago quarter. Operating expenses decreased primarily due to higher depreciation expenses last year, as well as higher consumer demonstration expenses related to a one-time major sales event last year.

Net income for the first quarter of fiscal 2020 totaled $0.4 million, as compared to $0.3 million in the same year-ago quarter. The increase in net income was primarily a result of lower interest and amortization of debt discount expenses.

Cash and cash equivalents totaled $0.7 million as of April 30, 2019, as compared to $0.6 million as of January 31, 2019. During the first quarter of 2020, the Company repaid $325,000 of their senior debt, while already paying down $240,000 in the fiscal second quarter of 2020.

Cash flow from operations for the first quarter of fiscal 2020 increased significantly to $0.7 million, compared to $0.1 million in the same year-ago quarter.

Investor Luncheon Invite

MamaMancini’s will be hosting an investor luncheon with tastings of the Company’s products on June 26, 2019 from 11:45 a.m. to 12:45 p.m. Eastern daylight time. The luncheon will be held at the Company’s corporate offices, located at 355 Meadowlands Parkway, East Rutherford, NJ, 07073. All guest must be registered in advance to attend (by June 24, 2019). Please RSVP at

Conference Call

Management will host an investor conference call at 9:00 a.m. Eastern daylight time on Friday, June 14, 2019, to discuss the Company’s first quarter 2020 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Q1 2020 Conference Call
Date: Friday, June 14, 2019
Time: 9:00 a.m. Eastern time
U.S. Dial-in: 1-877-270-2148
International Dial-in: 1-412-902-6510

Please dial in at least five minutes before the start of the call to ensure timely participation.

A playback of the call will be available through June 21, 2019. To listen, call 1-877-344-7529 within the United States or 1-412-317-0088 when calling internationally. Please use the replay pin number 10132336.

About MamaMancini’s

MamaMancini's Holdings, Inc. (OTCQB: MMMB) 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, and original beef and turkey meat loaves products. In addition, the Company sells Chicken Parmesan, Stuffed Pepper Mix, Sausage n Peppers, Sunday Dinner and Chicken Alfredo. The Company's sales have been growing on a consistent basis as the Company expands its distribution channels, which includes major retailers such as Walmart, Publix, Shop Rite, Jewel, Lunds and Byerlys, SUPERVALU, Safeway, Albertsons, Whole Foods Market, Shaw's, Kings, Roche Bros., Key Foods, Stop & Shop, Giant, Martins, Giant Eagle, Foodtown, Sam's Club, Costco, BJ’s Club Stores, Pavillion Stores, HEB, Rouses, Hannaford, Kroger, Shoppers, King Kullen, Central Markets, Weis Markets, Ingles, KVAT stores, and The Fresh Market. The Company sells to distributors such as Sysco, AWI, UNFI, SUPERVALU, Kehe, Burris Logistics and C&S Wholesale Grocers. In addition, the Company sells a wide variety of its products through QVC, the world's largest direct to consumer marketer, via on air presentations, auto ship programs, and direct purchases through the internet. For more information, please visit

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, 2019 and other filings made by the Company with the Securities and Exchange Commission.

Investor Relations:
Greg Falesnik
Managing Director
MZ Group - MZ North America
(949) 385-6449

MamaMancini’s Holdings, Inc.
Condensed Consolidated Balance Sheets

  April 30, 2019  January 31, 2019 
Current Assets:        
Cash $686,505  $609,409 
Accounts receivable, net  2,335,516   2,698,562 
Inventories  1,459,984   1,396,400 
Prepaid expenses  253,829   155,178 
Total current assets  4,735,834   4,859,549 
Property and equipment, net  3,001,092   2,884,594 
Operating lease right of use assets, net  1,589,172   - 
Deposits  20,177   20,177 
Total Assets $9,346,275  $7,764,320 
Liabilities and Stockholders’ Deficit        
Current Liabilities:        
Accounts payable and accrued expenses $2,974,521  $3,061,932 
Term loan  500,000   500,000 
Operating lease liability  91,038   - 
Finance leases payable  55,850   53,730 
Total current liabilities  3,621,409   3,615,662 
Term loan – net  1,596,688   1,914,401 
Line of credit – net  2,596,169   2,612,034 
Operating lease liability – net  1,498,941   - 
Finance leases payable – net  200,449   162,527 
Notes payable - related party  641,844   641,844 
Total long-term liabilities  6,534,091   5,330,806 
Total Liabilities  10,155,500   8,946,468 
Commitments and contingencies        
Stockholders’ Deficit:        
Series A Preferred stock, $0.00001 par value; 120,000 shares authorized; 23,400 issued as of April 30, 2019 and January 31, 2019, 0 and 0 shares outstanding as of April 30, 2019 and January 31, 2019  -   - 
Preferred stock, $0.00001 par value; 19,880,000 shares authorized; no shares issued and outstanding  -   - 
Common stock, $0.00001 par value; 250,000,000 shares authorized; 31,866,241 shares issued and outstanding as of April 30, 2019 and January 31, 2019  320    320 
Additional paid in capital  16,564,544   16,547,287 
Accumulated deficit  (17,224,589)  (17,580,255)
Less: Treasury stock, 230,000 shares at cost, respectively  (149,500)  (149,500)
Total Stockholders’ Deficit  (809,225)  (1,182,148)
Total Liabilities and Stockholders’ Deficit $9,346,275  $7,764,320 

See accompanying notes to the condensed consolidated financial statements


MamaMancini’s Holdings, Inc.
Condensed Consolidated Statements of Operations

  For the Three Months Ended 
  April 30, 2019  April 30, 2018 
Sales - net of slotting fees and discounts $7,364,824  $7,741,994 
Cost of sales  4,933,770   4,913,448 
Gross profit  2,371,054   2,828,546 
Operating expenses        
Research and development  25,326   30,096 
General and administrative  1,866,162   2,244,937 
Total operating expenses  1,891,488   2,275,033 
Income from operations  479,566   553,513 
Other expenses        
Interest  (116,612)  (188,141)
Amortization of debt discount  (7,288)  (41,371)
Total other expenses  (123,900)  (229,512)
Net income  355,666   324,001 
Less: preferred dividends  -   - 
Net income available to common stockholders $355,666  $324,001 
Net income per common share - basic and diluted $0.01  $0.01 
Weighted average common shares outstanding        
- basic  31,866,240   31,780,111 
- diluted  32,098,426   34,655,399 

See accompanying notes to the condensed consolidated financial statements

MamaMancini’s Holdings, Inc.
Condensed Consolidated Statements of Cash Flows

  For the Three Months Ended 
  April 30, 2019  April 30, 2018 
Net income $355,666  $324,001 
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation  180,485   155,242 
Amortization of debt discount  7,288   41,371 
Share-based compensation  17,257   42,218 
Amortization of right of use assets  10,658   - 
Changes in operating assets and liabilities:        
Accounts receivable  363,046   (697,253)
Inventories  (63,584)  (298,319)
Prepaid expenses  (98,651)  73,211 
Accounts payable and accrued expenses  (87,411)  498,427 
Current portion of operating lease liability  (9,851)  - 
Net Cash Provided by Operating Activities  674,903   138,898 
Cash paid for fixed assets  (242,820)  (420,220)
Net Cash Used in Investing Activities  (242,820)  (420,220)
Repayment of note payable  -   (300,000)
Borrowings (repayments) of line of credit, net  (15,865)  480,495 
Repayment of term loan  (325,001)  (41,385)
Repayment of capital lease obligations  (14,121)  - 
Proceeds from exercise of options  -   40,000 
Net Cash Provided by (Used in) Financing Activities  (354,987)  179,110 
Net Increase (Decrease) in Cash  77,096   (102,212)
Cash - Beginning of Period  609,409   581,322 
Cash - End of Period $686,505  $479,110 
Cash Paid During the Period for:        
Income taxes $-  $- 
Interest $151,968  $181,204 
Operating lease liability $1,599,830  $- 
Finance lease asset additions $54,163  $-