Mama’s Creations, Inc. (NASDAQ: MAMA), a leading national marketer
and manufacturer of fresh Deli prepared foods, has reported its
financial results for the second quarter ended July 31, 2024.
Financial Summary:
|
Three Months Ended July 31, |
|
$ in millions |
|
2024 |
|
2023 |
% Increase |
Revenues |
$ |
28.4 |
$ |
24.8 |
14 |
% |
Gross
Profit |
$ |
6.9 |
$ |
7.5 |
(8 |
%) |
Operating
Expenses |
$ |
5.3 |
$ |
5.2 |
1 |
% |
Net Income |
$ |
1.1 |
$ |
1.7 |
(34 |
%) |
Earnings per Share
(Diluted) |
$ |
0.03 |
$ |
0.05 |
(40 |
%) |
Adj. EBITDA
(non-GAAP) |
$ |
2.7 |
$ |
3.0 |
(9 |
%) |
Key Second Quarter Fiscal 2025 & Subsequent
Operational Highlights:
-
Appointed end-to-end supply chain leader Moore (Skip) Tappan to the
role of Chief Operating Officer.
-
Participated and exhibited at leading industry trade shows
including the National Restaurant Association Show 2024,
International Dairy Deli Bakery Association (IDDBA) 2024 Show,
National Association of College & University Food Services
(NACUFS) 2024 National Showcase, 2024 UNFI Fresh Specialty Show,
and 2024 UNFI Holiday & Winter Show.
-
Introduced multiple incremental products and flavors at IDDBA 2024,
including Breakfast Wraps, Grilled Chicken Breast in Vacuum Packs,
Meatball Entertaining Sleeves and Gourmet Paninis, each of which
have already been sold into customers.
-
Invited to present at leading investor conferences nationally,
including the Planet MicroCap Showcase, Craig Hallum Midwest
Institutional Investor Conference, and BMO Global Farm to Market
Conference.
-
The Company’s common stock was added to the Russell 2000® and
Russell 3000® Indexes.
-
Cash and cash equivalents as of July 31, 2024 were $7.4 million, as
compared to $11.0 million as of January 31, 2024. The change in
cash and cash equivalents was primarily driven by $3.5 million in
capital investments and $2.0 million of debt paydown during the
quarter.
Management Commentary
“The second fiscal quarter delivered 14% revenue
growth to $28.4 million driven by sustained operational execution
and a continued focus on our 4 Cs – Cost, Controls, Culture and
Catapult,” said Adam L. Michaels, Chairman and CEO of Mama’s
Creations. “Continued commodity pressures now reaching multi-year
highs and construction-related disruptions from the installation of
strategic CapEx projects impacted our gross margin profile.
However, successful pricing actions and operating margin gains
through these CapEx projects enabled us to maintain a mid-20% gross
margin profile, validating our profitable growth strategy that is
anchored by our core focus on the 4Cs. We believe we are now
positioned to materially improve margins and profitability to fund
our high ROI marketing and trade promotion efforts starting in
September and beyond, all while more fully realizing our true
growth potential.
“Commodity prices increased as of late to
historic highs, particularly in chicken, and we believe our
proactive efforts to partner with our customers to help offset some
of these commodity pressures, combined with improvements in labor
and procurement efficiencies, will support a return to the high-end
of our historical margin profile. We have also focused on
implementing automation and operational efficiency improvements
across the organization. We have accelerated CapEx investments to
improve our value chain, which are now allowing us to avoid
third-party upcharges and reduce labor costs. Recent CapEx
investments to improve chicken processing capabilities and related
disruptions from construction efforts impacted margins during the
quarter, but are expected to more than double our chicken capacity.
With construction having been largely completed in September, we
now expect margins and chicken throughput to improve materially,
enabling our team to sell with confidence and fulfill pent-up
demand.
“We recently appointed end-to-end supply chain
leader Skip Tappan as our Chief Operating Officer, bringing over 30
years of experience as a senior supply chain executive with
significant end-to-end supply chain mastery from time with Gordon
Food Service, Walmart, Campbell Soup and Procter & Gamble. Skip
has strong strategic and tactical business planning skills and
proven ability to deliver significant improvements in broad based
operating results, and will be focusing on supply chain
optimization, business planning, cash flow and cost optimization,
asset utilization and organizational capability.
“In April we were selected by Costco to
participate in a ‘Costco Roadshow’ in the Northeast Region,
allowing members to sample our products as part of an evaluation
for a more permanent placement in Costco clubs both in the region
as well as nationally. The roadshow was a success, and our sauce is
now confirmed for a full rotation in the Costco Northeast Region
this year. We also received our first ever Costco National Buy in
which our famous 3lb Meatball sleeve offering will be available in
six regions, two of which are new expansions for us, Texas and the
Southeast. Costco’s high-volume warehouses are ideal venues for our
products, while our strict focus on margins ensures each sale meets
our requirements, regardless of customer type.
“Throughout the spring and summer, we continued
to enhance our industry presence at high-ROI industry conferences
to put our products in front of buyers. These successful events
have not only secured new customers but sold new items into
existing customers. Our continued marketing investments in trade
shows such as these have driven exciting new interest – for example
helping us to secure placement of two SKUs in about 2,000 Walmart
stores nationally – securing initial penetration into large
national retailers where we previously lacked a presence. We expect
the same success we have seen recently with our chicken launches in
Albertsons and QVC to be replicated at Wal-Mart. Much like Publix,
BJs and others, once we get our foot in the door, we often see new
items seem to always be requested.
“Looking ahead, with the major construction
pressures mostly behind us and seasonal commodity pricing headwinds
expected to reverse from recent commodity highs, we believe we are
positioned for a return to a steady cadence of margin enhancement
back toward historical highs. We believe our CapEx investments,
including a doubling of chicken capacity, will enable us to invest
surplus gross margin, beyond our goal in the high 20% range, into
more and higher ROI trade promotion – from a low single digit
percent of revenue today toward our long-term goal of 10%. When
taken in tandem with the macro tailwinds supporting the expansion
of the deli prepared food section, we are further positioned for
profitable growth in the quarters ahead and a transformational
fourth quarter and beyond,” concluded Michaels.
Second Quarter Fiscal 2025 Financial
Results
Revenue for the second quarter of fiscal 2025
increased 14% to $28.4 million, as compared to $24.8 million in the
same year-ago quarter. The increase was largely attributable to
successful pricing actions, as well as volume gains driven by
increased demand, successful trade promotions, same-customer cross
selling of new items and new customer door expansion.
Gross profit totaled $6.9 million, or 24.2% of
total revenues, in the second quarter of fiscal 2025, as compared
to $7.5 million, or 30.3% of total revenues, in the same year-ago
quarter. The difference in gross margin was primarily attributable
to significant commodity cost increases from historical averages as
well as a non-recurring impact from construction surrounding the
now completed installation of strategic CapEx projects, which
management estimates negatively impacted corporate gross margins by
approximately 500 basis points.
Operating expenses were relatively flat in the
aggregate at $5.3 million in the second quarter of fiscal 2025, as
compared to $5.2 million in the same year-ago quarter. As a
percentage of sales, operating expenses decreased to 18.6% from
21.1% in the same year-ago quarter. Operating expenses as a
percentage of sales decreased due to lower payroll expenses,
insurance costs, professional fees and freight expenses.
Net income for the second quarter of fiscal 2025
totaled $1.1 million, or $0.03 per diluted share, as compared to
net income of $1.7 million, or $0.05 per diluted share, in the same
year-ago quarter. Second quarter net income totaled 4.0% of
revenue, as compared to 7.0% in the same year-ago quarter.
Adjusted EBITDA, a non-GAAP measure, totaled
$2.7 million for the second quarter of fiscal 2025, as compared to
$3.0 million in the same year-ago quarter.
Cash and cash equivalents as of July 31, 2024
totaled $7.4 million, as compared to $11.0 million as of January
31, 2024. The change in cash and cash equivalents was primarily
driven by $3.5 million in capital investments and $2.0 million of
debt paydown. As of July 31, 2024, total debt stood at $6.8
million.
Conference Call
Management will host an investor conference call
at 4:30 p.m. Eastern time today, Tuesday, September 10, 2024, to
discuss the Company’s second quarter fiscal 2025 financial results,
provide a corporate update, and conclude with Q&A from
telephone participants. To participate, please use the following
information:
Q2 FY2025 Earnings Conference CallDate:
Tuesday, September 10, 2024 Time: 4:30 p.m. Eastern time U.S.
Dial-in: 1-877-451-6152International Dial-in:
1-201-389-0879Conference ID: 13748306Webcast: MAMA Q2 FY2025
Earnings Conference Call
Please join at least five minutes before the
start of the call to ensure timely participation.
A playback of the call will be available through
Thursday, October 10, 2024. To listen, please call 1-844-512-2921
within the United States and Canada or 1-412-317-6671 when calling
internationally, using replay pin number 13748306. A webcast replay
will also be available using the webcast link above.
About Mama’s Creations, Inc.
Mama’s Creations, Inc. (Nasdaq: MAMA) is a
leading marketer and manufacturer of fresh deli prepared foods,
found in over 8,000 grocery, mass, club and convenience stores
nationally. The Company’s broad product portfolio, born from
MamaMancini’s rich history in Italian foods, now consists of a
variety of high quality, fresh, clean and easy to prepare foods to
address the needs of both our consumers and retailers. Our vision
is to become a one-stop-shop deli solutions platform, leveraging
vertical integration and a diverse family of brands to offer a wide
array of prepared foods to meet the changing demands of the modern
consumer. For more information, please visit
https://mamascreations.com.
Use of Non-GAAP Financial
Measures
This press release includes the following
non-GAAP measure – Adjusted EBITDA, which is not a measure of
financial performance under GAAP and should not be considered as an
alternative to net income as a measure of financial performance.
Adjusted EBITDA represents net income (loss) before interest,
taxes, depreciation and amortization adjusted for stock-based
compensation and one-time costs associated with a legal settlement.
The company believes this non-GAAP measure, when considered
together with the corresponding GAAP measures, provides useful
information to investors and management regarding financial and
business trends relating to the company’s results of operations.
However, this non-GAAP measure has significant limitations in that
it does not reflect all the costs and other items associated with
the operation of the company’s business as determined in accordance
with GAAP. In addition, the company’s non-GAAP measures may be
calculated differently and are therefore not comparable to similar
measures by other companies. Therefore, investors should consider
non-GAAP measures in addition to, and not as a substitute for, or
superior to, measures of financial performance in accordance with
GAAP. A reconciliation of Adjusted EBITDA to net income, its
corresponding GAAP measure, is shown below.
US-GAAP NET INCOME (LOSS) TO ADJUSTED
EBITDA
RECONCILIATION(Unaudited)(in
thousands)
|
THREE MONTHS ENDED |
|
31-Jul-24 |
|
|
2024 |
2023 |
Net Income (Loss) |
$ |
1,148 |
|
$ |
1,742 |
Depreciation |
|
314 |
|
|
263 |
Amortization |
|
528 |
|
|
315 |
Taxes |
|
401 |
|
|
430 |
Interest, net |
|
59 |
|
|
182 |
Share Based Compensation |
|
205 |
|
|
105 |
Adjusted EBITDA (Non-GAAP) |
$ |
2,746 |
|
$ |
3,016 |
Forward-Looking Statements
This press release may contain forward-looking
statements within the meaning of Section 27 A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements include information about management’s
view of the Company’s future expectations, plans and prospects,
including future business opportunities or strategies and are
generally preceded by words such as “may,” “believe,” “future,”
“plan” or “planned,” “will” or “should,” “expect,” “anticipates,”
“eventually” or “projected.” You are cautioned that such statements
are subject to a multitude of known and unknown 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 , including the impacts
of public health emergencies, such as the COVID-19 pandemic, on our
business, financial condition and results of operations, and our
inability to mitigate such impacts; the adequacy of our liquidity
to pursue our business objectives; reliance on a limited number of
customers; loss or retirement of key executives, including prior to
identifying a successor; adverse economic conditions or intense
competition; pricing pressures in the market and lack of control
over the pricing of raw materials and freight; entry of new
competitors and products; adverse federal, state and local
government regulation (including, but not limited to, the Food and
Drug Administration); liability related to the consumption of our
products ability to secure placement of our products in key retail
locations; wage and price inflation; maintenance of quality
control; and issues related to the enforcement of our intellectual
property rights, and other risks identified in the Company’s 10-K
for the fiscal year ended January 31, 2024 and other filings made
by the Company with the Securities and Exchange Commission.
Investor Relations Contact:Lucas A.
ZimmermanManaging DirectorMZ Group – MZ North America(949)
259-4987MAMA@mzgroup.us www.mzgroup.us
Mama’s Creations,
Inc.Condensed Consolidated Balance
Sheets(In thousands, except share and per share
data)
|
|
July 31, 2024 |
|
|
January 31, 2024 |
|
|
|
(Unaudited) |
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,368 |
|
|
$ |
11,022 |
|
Accounts receivable, net |
|
|
8,126 |
|
|
|
7,859 |
|
Inventories, net |
|
|
2,848 |
|
|
|
3,310 |
|
Prepaid expenses and other
current assets |
|
|
1,364 |
|
|
|
1,375 |
|
Total current
assets |
|
|
19,706 |
|
|
|
23,566 |
|
|
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net |
|
|
7,272 |
|
|
|
4,436 |
|
Intangible assets, net |
|
|
4,211 |
|
|
|
4,979 |
|
Goodwill |
|
|
8,633 |
|
|
|
8,633 |
|
Operating lease right of use
assets, net |
|
|
2,643 |
|
|
|
2,889 |
|
Deferred tax asset |
|
|
390 |
|
|
|
503 |
|
Deposits |
|
|
95 |
|
|
|
95 |
|
Total
Assets |
|
$ |
42,950 |
|
|
$ |
45,101 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
$ |
9,793 |
|
|
$ |
12,425 |
|
Term loan, net of unamortized
debt discount of $28 and $38, respectively |
|
|
1,524 |
|
|
|
1,514 |
|
Operating lease
liabilities |
|
|
428 |
|
|
|
434 |
|
Finance leases payable |
|
|
358 |
|
|
|
367 |
|
Promissory notes – related
parties |
|
|
2,250 |
|
|
|
1,950 |
|
Total current
liabilities |
|
|
14,353 |
|
|
|
16,690 |
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
— |
|
|
|
— |
|
Operating lease liabilities –
net of current |
|
|
2,278 |
|
|
|
2,515 |
|
Finance leases payable – net
of current |
|
|
1,044 |
|
|
|
1,062 |
|
Promissory note – related
party, net of current |
|
|
750 |
|
|
|
2,250 |
|
Term loan – net of
current |
|
|
2,228 |
|
|
|
3,003 |
|
Total long-term
liabilities |
|
|
6,300 |
|
|
|
8,830 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
20,653 |
|
|
|
25,520 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Notes 9 and 10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
Equity: |
|
|
|
|
|
|
|
|
Series A Preferred stock,
$0.00001 par value; 120,000 shares authorized; 23,400 issued as of
July 31, 2024 and January 31, 2024, respectively, 0 shares
outstanding as of July 31, 2024 and January 31, 2024,
respectively |
|
|
- |
|
|
|
- |
|
Series B Preferred stock,
$0.00001 par value; 200,000 shares authorized; 0 and 0 issued and
outstanding as of July 31, 2024 and January 31, 2024
respectively |
|
|
- |
|
|
|
- |
|
Preferred stock, $0.00001 par
value; 19,680,000 shares authorized; no shares issued and
outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $0.00001 par
value; 250,000,000 shares authorized; 37,663,041 and 37,488,239
shares issued as of July 31, 2024 and January 31, 2024,
respectively, 37,433,041 and 37,258,239 shares outstanding as of
July 31, 2024 and January 31, 2024, respectively |
|
|
- |
|
|
|
- |
|
Additional paid in
capital |
|
|
24,293 |
|
|
|
23,278 |
|
Accumulated deficit |
|
|
(1,846 |
) |
|
|
(3,547 |
) |
Less: Treasury stock, 230,000
shares at cost |
|
|
(150 |
) |
|
|
(150 |
) |
Total Stockholders’
Equity |
|
|
22,297 |
|
|
|
19,581 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
42,950 |
|
|
$ |
45,101 |
|
Mama’s Creations,
Inc.Condensed Consolidated Statements of
Operations(Unaudited)(in
thousands, except per share data)
|
|
For the Three Months EndedJuly
31, |
|
|
For the Six Months EndedJuly
31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
28,382 |
|
|
$ |
24,790 |
|
|
$ |
58,220 |
|
|
$ |
47,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of
sales |
|
|
21,503 |
|
|
|
17,284 |
|
|
|
43,878 |
|
|
|
34,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
6,879 |
|
|
|
7,506 |
|
|
|
14,342 |
|
|
|
13,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
93 |
|
|
|
95 |
|
|
|
197 |
|
|
|
166 |
|
Selling, general and administrative expenses |
|
|
5,174 |
|
|
|
5,136 |
|
|
|
11,760 |
|
|
|
9,493 |
|
Total operating expenses |
|
|
5,267 |
|
|
|
5,231 |
|
|
|
11,957 |
|
|
|
9,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
|
1,612 |
|
|
|
2,275 |
|
|
|
2,385 |
|
|
|
4,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(122 |
) |
|
|
(182 |
) |
|
|
(249 |
) |
|
|
(359 |
) |
Interest income |
|
|
63 |
|
|
|
— |
|
|
|
155 |
|
|
|
— |
|
Amortization of debt discount |
|
|
(4 |
) |
|
|
(6 |
) |
|
|
(10 |
) |
|
|
(11 |
) |
Other income |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
27 |
|
Total other expenses |
|
|
(63 |
) |
|
|
(181 |
) |
|
|
(104 |
) |
|
|
(343 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before
income tax provision and income from equity method
investment |
|
|
1,549 |
|
|
|
2,094 |
|
|
|
2,281 |
|
|
|
3,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity method
investment |
|
|
— |
|
|
|
78 |
|
|
|
— |
|
|
|
223 |
|
Income tax expense |
|
|
(401 |
) |
|
|
(430 |
) |
|
|
(580 |
) |
|
|
(954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
1,148 |
|
|
|
1,742 |
|
|
|
1,701 |
|
|
|
3,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: series B preferred
dividends |
|
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
(49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income available to common
stockholders |
|
|
1,148 |
|
|
|
1,721 |
|
|
|
1,701 |
|
|
|
3,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– basic |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.09 |
|
– diluted |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– basic |
|
|
37,336 |
|
|
|
36,855 |
|
|
|
37,298 |
|
|
|
36,628 |
|
– diluted |
|
|
39,604 |
|
|
|
37,490 |
|
|
|
39,535 |
|
|
|
37,195 |
|
Mama’s Creations,
Inc.Condensed Consolidated Statements of Cash
Flows(Unaudited)(in
thousands)
|
|
For the Six Months Ended July 31, |
|
|
|
2024 |
|
|
2023 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,701 |
|
|
$ |
3,144 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
606 |
|
|
|
512 |
|
Amortization of debt
discount |
|
|
10 |
|
|
|
11 |
|
Amortization of right of use
assets |
|
|
270 |
|
|
|
112 |
|
Amortization of
intangibles |
|
|
768 |
|
|
|
304 |
|
Stock-based compensation |
|
|
521 |
|
|
|
110 |
|
Allowance for obsolete
inventory |
|
|
- |
|
|
|
93 |
|
Change in deferred tax
asset |
|
|
113 |
|
|
|
649 |
|
Income from equity method
investment |
|
|
- |
|
|
|
(223 |
) |
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Allowance for doubtful
accounts |
|
|
- |
|
|
|
140 |
|
Accounts receivable |
|
|
(267 |
) |
|
|
1,127 |
|
Inventories |
|
|
462 |
|
|
|
234 |
|
Prepaid expenses and other
current assets |
|
|
(522 |
) |
|
|
347 |
|
Security deposits |
|
|
- |
|
|
|
(18 |
) |
Accounts payable and accrued
expenses |
|
|
(2,161 |
) |
|
|
(3,049 |
) |
Operating lease liability |
|
|
(267 |
) |
|
|
(135 |
) |
Net Cash Provided by
Operating Activities |
|
|
1,234 |
|
|
|
3,358 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Cash paid for fixed
assets |
|
|
(2,740 |
) |
|
|
(253 |
) |
Cash paid for investment in
Chef Inspirational Foods, LLC, net |
|
|
- |
|
|
|
(646 |
) |
Net Cash (Used in)
Investing Activities |
|
|
(2,740 |
) |
|
|
(899 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Repayment of term loan |
|
|
(776 |
) |
|
|
(776 |
) |
Repayment of line of credit,
net |
|
|
- |
|
|
|
(390 |
) |
Repayment of related party
note |
|
|
(1,200 |
) |
|
|
- |
|
Repayment of finance lease
obligations |
|
|
(196 |
) |
|
|
(93 |
) |
Payment of Series B Preferred
dividends |
|
|
- |
|
|
|
(49 |
) |
Proceeds from exercise of
stock options |
|
|
44 |
|
|
|
28 |
|
Net Cash (Used in)
Financing Activities |
|
|
(2,128 |
) |
|
|
(1,280 |
) |
|
|
|
|
|
|
|
|
|
Net (Decrease)
Increase in Cash |
|
|
(3,634 |
) |
|
|
1,179 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period |
|
|
11,022 |
|
|
|
4,378 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period |
|
$ |
7,388 |
|
|
$ |
5,557 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH
FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash Paid During the Period
for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
871 |
|
|
$ |
113 |
|
Interest |
|
$ |
223 |
|
|
$ |
313 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Conversion of series B
preferred stock to common stock |
|
$ |
- |
|
|
$ |
- |
|
Finance lease asset
additions |
|
$ |
169 |
|
|
$ |
903 |
|
Right of use asset
recognized |
|
$ |
873 |
|
|
$ |
- |
|
Write-off of right of use
asset |
|
$ |
897 |
|
|
$ |
- |
|
Related party debt incurred
for purchase of Chef Inspirational Foods, LLC |
|
$ |
- |
|
|
$ |
2,700 |
|
Settlement of liability in
common stock |
|
$ |
- |
|
|
$ |
50 |
|
Issuance of stock for director
settlement |
|
$ |
450 |
|
|
$ |
- |
|
Receipt of fixed assets for
deposits which were previously placed |
|
$ |
533 |
|
|
$ |
- |
|
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