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TOFUTTI ANNOUNCES RESULTS FOR THIRTEEN WEEKS ENDED APRIL 3, 2021

Company Reports Net Income of $80,000 in 2021 Compared to
Net Income of $50,000 in Prior Year

Cranford, New Jersey, May 24, 2021 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) issued its results for the thirteen weeks ended April 3, 2021 today.

Net sales for the thirteen weeks ended April 3, 2021 decreased by $76,000, or 2%, to $3,150,000, from net sales of $3,226,000 for the thirteen weeks ended March 28, 2020. The Company reported net income of $80,000 ($0.02 per share basic and diluted) for the thirteen weeks ended April 3, 2021 compared to net income of $50,000 ($0.01 per share, basic and diluted) for the thirteen weeks ended March 28, 2020.

Sales of our frozen dessert and frozen food products, which consist primarily of frozen dessert products, increased slightly to $430,000 in the thirteen weeks ended April 3, 2021 from $412,000 for the thirteen weeks ended March 28, 2020. Sales of vegan cheese products decreased to $2,720,000 in the 2021 period from $2,814,000 in the 2021 period resulting from production delays.

The Company’s gross profit increased slightly to $1,001,000 in the period ended April 3, 2021 from $996,000 in the period ended March 28, 2020. The Company’s gross profit percentage was 32% for the period ending April 3, 2021 compared to 31% for the period ending March 28, 2020.

As of April 3, 2021, the Company had approximately $2,446,000 in cash and our working capital was approximately $4,693,000, compared with approximately $1,459,000 in cash and working capital of $4,639,000 at January 2, 2021. The increase in cash during the first quarter of 2021 was due to the $987,000 provided by operating activities, which benefitted from improved accounts receivable collection.

To date, the effects of the pandemic have not materially affected the Company’s operations or sales.

Mr. Steven Kass, Chief Executive Officer and Chief Financial Officer of the Company stated, “We continue to be able to operate successfully, maintaining our sales and increasing our net income. We look forward to regaining our upward trajectory during the remainder of fiscal 2021,” concluded Mr. Kass.

About Tofutti Brands Inc. Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of plant-based products. The Company sells more than 35 milk-free foods including cheese products, frozen desserts and prepared frozen dishes. Tofutti Brands Inc. is a proven innovator in the food industry and has developed a full line of delicious and healthy dairy-free foods. Available throughout the United States and in more than 15 countries, Tofutti Brands answers the call of millions of people who are allergic or intolerant to dairy or wish to maintain a kosher or vegan diet. Tofutti’s product line includes plant-based ice cream pints, cones, Tofutti Cutie® sandwiches and novelty bars. Tofutti also sells a prepared food entrée, Mintz’s Blintzes®, made with Tofutti’s milk-free cheeses such as Better Than Cream Cheese® and Sour Supreme®. For more information, visit www.tofutti.com.

Forward-Looking Statements. Some of the statements in this press release concerning the Company’s future prospects are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results may vary significantly based upon a number of factors including, but not limited to the impact of COVID-19 on the economy and our operations, business conditions both domestic and international, competition, changes in product mix or distribution channels, resource constraints encountered in promoting and developing new products and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K.

Company Contact:Steve Kass
 Chief Executive/Financial Officer
 (908) 272-2400
 (908) 272-9492 (Fax)


TOFUTTI BRANDS, INC.

Unaudited Condensed Statements of Income
(in thousands, except per share figures)

  Thirteen
weeks ended
April 3, 2021
  Thirteen
weeks ended
March 28, 2020
 
       
Net sales $3,150  $3,226 
Cost of sales  2,149   2,230 
Gross profit  1,001   996 
Operating expenses:  879   933 
Income before interest expense and income taxes  122   63 
Interest expense  6   6 
Income before income taxes  116   57 
Income tax expense  36   7 
Net income $80  $50 
Weighted average common shares outstanding:        
Basic  5,154   5,154 
Diluted  5,436   5,154 
Earnings per common share:        
Basic $0.02  $0.01 
Diluted $0.02  $0.01 


TOFUTTI BRANDS INC.

Unaudited Condensed Balance Sheets
(in thousands, except share and per share figures)

  April 3, 2021  January 2, 2021 
Assets        
Current assets:        
Cash $2,446  $1,459 
Accounts receivable, net of allowance for doubtful
accounts and sales promotions of $472 and $457, respectively
  1,301   2,078 
Inventories  2,045   1,997 
Prepaid expenses and other current assets  63   88 
Total current assets  5,855   5,622 
         
Equipment, net  132   135 
Operating lease right-of-use assets  197   224 
Deferred tax assets  83   83 
Other assets  39   19 
Total assets $6,306  $6,083 
         
Liabilities and Stockholders’ Equity        
Current liabilities:        
SBA loan payable $120  $112 
Income taxes payable  153   117 
Accounts payable  551   219 
Accrued expenses  338   535 
Total current liabilities  1,162   983 
         
Convertible note payable-long term-related party  500   500 
SBA loan payable, net of current portion  45   53 
Operating lease liabilities  95   123 
Total liabilities  1,802   1,659 
         
Stockholders’ equity:        
Preferred stock - par value $.01 per share; authorized 100,000 shares, none issued and outstanding      
Common stock - par value $.01 per share; authorized 15,000,000 shares, issued and outstanding 5,153,706 shares  52   52 
Additional paid-in capital  207   207 
Retained earnings  4,245   4,165 
Total stockholders’ equity  4,504   4,424 
Total liabilities and stockholders’ equity $6,306  $6,083 


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