Market Overview

MamaMancini's Reports Record Third Quarter 2020 Financial Results


Q3 2020 Revenues Increase 12% to Record $9.3 Million; Drives Record Net Income of $0.4 Million

Fourth Quarter 2020 Revenues Expected to Increase 45% Year-Over-Year to $10 Million

EAST RUTHERFORD, NJ, Dec. 09, 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 third quarter ended October 31, 2019.

Recent Highlights:

  • Revenues in the third quarter of 2020 increased 12% to a record $9.3 million, compared to $8.2 million in the same year-ago quarter.
  • Net Income increased 15% to a record $409,000, or $0.01 per share, as compared to a net income of $356,000, or $0.01 per share, in the same year-ago quarter.
  • Announced partnership with Beyond Meat to introduce a new line of fully cooked authentic Italian foods using Beyond Meat's plant-based Beyond Beef.
  • Announced multiple expansions of product placements or special merchandising activity in over 2,500 tier-1 grocery retailer locations including Kroger, Albertsons, Sam's Club, Publix and more. MamaMancini's has the potential of adding an additional 2,700 locations with these retailers in the next six months, provided consumer acceptance is positive.
  • Announced new authorizations to existing and new retailers starting in the fourth quarter of 2019, including Sausage n Peppers, four of its innovative new Pasta Bowl product lines for supermarkets, Beef Meatballs and Sauce, Beef Meat Loaf and Several Pasta and Meatball Entrees.
  • Launched new SiriusXM national radio campaign over the Thanksgiving holiday in which the Company aired close to 1,000 commercials on major SiriusXM radio channels including CNN, Fox, CNBC, and more.
  • QVC customers voted MamaMancini's Three Cheese Mini Meatballs as #1 in the "Best Heat & Eat Entrée" category during the 2019 QVC Customer Choice Food Awards.

Management Commentary

"The third quarter of fiscal 2020 was highlighted by our record revenue of $9.3 million and net income of $0.4 million," said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini's Holdings, Inc. "This growth was been driven by our expanding product portfolio—which now includes a plant-based option in partnership with Beyond Meat—as well as our continued growth with current and new national retailers. To that end, during the third quarter we added over 2,500 tier-1 grocery retailer locations which include Kroger, Publix and Albertsons, with an option to add an additional 2,700 locations if initial store-level results are promising. We also announced new authorizations with several current and new national retailers, as well as QVC, the world's largest direct to consumer marketer. Taken together, we are expecting sales to increase at least 45% year-over-year to $10 million in the fourth quarter of 2020. I am very pleased with our recent operational progress, which has set the stage for us to continue driving record revenue and profits while creating long-term value for our shareholders."

Third Quarter 2020 Financial Results      
Revenue for the third quarter of fiscal 2020 increased 12% to a record $9.3 million, compared to $8.2 million in the same year-ago quarter. The revenue growth was primarily a result of increased sales with current and new customers.

Gross profit increased 8% to $2.9 million in the third quarter of fiscal 2020, compared to $2.7 million in the same year-ago quarter. Gross profit as a percentage of revenue in the third quarter of fiscal 2020 totaled 31.3%, as compared to 32.6% in the same year-ago quarter, primarily due to a change in product mix and higher depreciation expense in comparison to the prior year comparable period. As the company grows sales, it expects gross margins to increase as a result of manufacturing plant efficiencies.       

Operating expenses totaled $2.4 million in the third quarter of fiscal 2020, compared to $2.2 million in the same year-ago quarter. Operating expenses decreased as a percentage of sales from 26% to 25%. Operating expenses increased primarily due to increases in advertising and postage and freight.

Net income for the third quarter of fiscal 2020 grew 15% to a record $409,000, or $0.01 per share, as compared to a net income of $356,000, or $0.01 per share, in the same year-ago quarter. The increase in net income was primarily attributable to increased gross profit, lower interest and amortization expenses in 2019.              

Cash and cash equivalents totaled $0.6 million as of October 31, 2019, as compared to $0.6 million as of January 31, 2019. During fiscal 2020, the Company repaid $0.2 million of its senior debt. Cash flow from operations for the nine-month period of fiscal 2020 was $1.0 million, compared to $1.6 million in the same year-ago period.

Conference Call
Management will host an investor conference call at 8:30 a.m. Eastern time today, Monday, December 9, 2019 to discuss the Company's third quarter 2020 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Q3 2020 Earnings Conference Call
Date: Monday, December 9, 2019           
Time: 8:30 a.m. Eastern time 
U.S. Dial-in: 1-844-889-4326
International Dial-in: 1-412-317-9264
Conference ID: 10137297
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 December 16, 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 10137297.

About MamaMancini's Holdings, Inc.

MamaMancini's Holdings, Inc. (OTCQB:MMMB) is a marketer and distributor of specialty prepared, refrigerated and frozen all-natural Italian foods. MamaMancini's product portfolio consists of over 20 products including meatballs, meat loaf, chicken parmesan, sausages and dinner kits, with beef, turkey, chicken and pork varieties. The Company's products are sold in over 45,000 locations nationwide, including at well-known retailers such as Walmart, Kroger, Publix, Costco and Albertsons, as well as through national distributors such as Sysco and United Natural Foods. The Company has a major presence on QVC, the largest direct to consumer marketer in the world. 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


    October 31, 2019     January 31, 2019  
Current Assets:                
Cash   $ 610,574     $ 609,409  
Accounts receivable, net     3,297,769       2,698,562  
Other receivable     163,983       -  
Inventories     1,651,324       1,396,400  
Prepaid expenses     348,038       155,178  
Total current assets     6,071,688       4,859,549  
Property and equipment, net     2,846,254       2,884,594  
Operating lease right of use assets, net     1,524,083       -  
Deposits     20,177       20,177  
Total Assets   $ 10,462,202     $ 7,764,320  
Liabilities and Stockholders' Equity (Deficit)                
Current Liabilities:                
Accounts payable and accrued expenses   $ 3,484,903     $ 3,061,932  
Term loan     500,000       500,000  
Operating lease liability     126,546       -  
Finance leases payable     102,937       53,730  
Total current liabilities     4,214,386       3,615,662  
Term loan – net     899,053       1,914,401  
Line of credit – net     2,897,348       2,612,034  
Operating lease liability – net     1,403,187       -  
Finance leases payable – net     343,324       162,527  
Notes payable - related party     641,844       641,844  
Total long-term liabilities     6,184,756       5,330,806  
Total Liabilities     10,399,142       8,946,468  
Commitments and contingencies                
View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at