MamaMancini’s, a maker and
distributor of of specialty pre-prepared, frozen and refrigerated “all natural”
food products (as defined by the United States Department of Agriculture), has
provided a preliminary unaudited overview of the company’s operating progress
for the 2013 fiscal year.
Fourth-quarter gross revenue
is expected to be approximately $3.1 million, representing an increase 158
percent compared to $1.2 million in the comparable quarter of 2012. Revenue for
the full year 2013 is expected to be approximately $8.7 million, up 89 percent
compared to $4.6 million in 2012.
Net loss for 2013 will be
approximately $2.9 million, attributed to the company’s ongoing investments in
the expansion of its distribution channel and building recognition for the
MamaMancini’s brand.
The company also offered
several achievements achieved in the fourth quarter and full-year, including
increased distribution and fund raising.
At the end of the fourth
quarter of 2013, MMMB’s products were offered in 7,040 stores with a total of
22,640 shelf placements and an average of 3.22 SKUs per store, an increase from
the prior quarter’s report that products were offered in 6,575 stores
nationwide totaling 19,940 shelf placements, with an average of 3.03 SKUs per
store. The company expects that distribution of MMMB products will increase at
a significant double-digit rate in 2014.
“The company made
significant progress in 2013 toward executing on our goals to achieve broad
national distribution of our products as we work our way toward becoming a
respected brand in the coming years,” Carl Wolf, chairman and CEO of MMMB,
stated in the news release. “Our manufacturer expanded its production
capabilities by adding automation and cutting labor costs; we have attracted
new grocery chains that have given us a commitment to stock our products in
2014; we have developed exciting new products that will be introduced in the
early months of 2014; and we have responsibly raised capital to fund the growth
of the company.”
During 2013, MMMB raised
$5.8 million to continue the growth of the company, and said it hopes to
complete its current financing of approximately $2.5 million by the second
quarter of 2014.MMMB also recently secured a $1.5 million line of credit with
FGI Finance in order to increase production on inventory and finance accounts
receivable for orders from potentially new, and large, accounts.
“We continue to make
investments to grow the business and drive revenue. Our products are in an
important category that stresses natural ingredients with a positive
nutritional profile and a high level of convenience for active families in the
U.S., Canada and Mexico. We believe that we are very well positioned to
continue on the growth trajectory of the past two years. We are very excited
with the opportunities ahead,” Wolf concluded.
MMMB expects to file its
annual report on Form 10-K with its audited financial results for the 2013
fiscal year on or about March, 15, 2014.
For more information, visit
www.mamamancinis.com
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