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MamaMancini's Reports Financial Results of Fiscal 2013

Record revenues; 91% increase from 2012

EAST RUTHERFORD, N.J., March 20, 2014 /PRNewswire/ -- MamaMancini's Holdings, Inc. (OTCQB: MMMB) ("MamaMancini's or the 'Company"), an emerging manufacturer and marketer of specialty pre-prepared, frozen and refrigerated "all natural" food products (as defined by the United States Department of Agriculture), today announced financial results for the quarter and fiscal year ended December 31, 2013.

Fiscal Year 2013 Business Highlights:

  • Revenue for fiscal 2013 was $8.74 million, compared to $4.58 million in the prior year period, an increase of 91%;
  • MamaMancini's products were carried on approximately 22,600 shelves in supermarkets and club stores throughout North America as of December 31, 2013, compared to 16,000 shelves as of December 31, 2012;
  • Continuing to aggressively advertise the Company's products across a number of platforms, including a number of radio spots on SiriusXM radio and building upon social media presence;
  • During 2013 the Company successfully raised $5.8 million to continue the growth of the Company, and secured a $1.5 million line of credit in order to increase production on inventory and finance accounts receivable.

Fiscal Year 2013 Results
For the fiscal year ended December 30, 2013, MamaMancini's reported revenue of $8.47 million versus $4.58 million in the comparable period of the prior year, a 91% increase. Revenue growth was driven by an increase in the number of locations that carry MamaMancini's products, and sell through to those customers.

Selling General &Administrative Expense for the 2013 fiscal year was $5.47 million compared to $3.27 million as the Company continued to increase spending on advertising and marketing in order to create brand awareness.

Net loss for the 2013 fiscal year end was $2.95 million or $(0.13) per basic and diluted share, compared to a net loss of $2.00 million, or $(0.12) per basic and diluted share, in fiscal 2012.

Outlook
It is important to note that quarterly revenue in the Company's business is subject to variability given that it works with a large number of mass-market retailers, each having purchasing and promotion plans that become active in different months and quarters throughout the year. Consequently, there can be a concentration of orders in certain quarters resulting in uneven revenue results for MamaMancini's from time-to-time. Recognizing that revenue may not be evenly distributed on a quarterly basis, the Company's overarching goal is to achieve consistent annual revenue growth. The Company hopes to generate breakeven financial results as it approaches the end of the current fiscal year, which ends on January 30, 2015.

Management Discussion
Carl Wolf, chairman and chief executive officer of MamaMancini's, said, "We are pleased with the progress made in the 2013 fiscal year. We continue to move forward in 2014 with our two-pronged approach of increasing the number of distributors that carry our products along with the introduction of new, all-natural, authentic Italian offerings. We believe the Company is making great progress in executing on its goals to expand the MamaMancini's brand and drive sales growth.  Our products are currently carried in approximately 8,100 stores, on more than 26,000 retailer's shelves throughout North America, with each store offering approximately 3.25 SKUs, and that number continues to expand.

"We continue to support the launch of the brand with an aggressive marketing campaign and leverage social media outlets to build upon our brand and get our message into the marketplace. For example, our Facebook presence continues to broaden, thanks to the creativity of Dan Mancini, and recently surpassed 60,000 'Likes.'

Mr. Wolf continued, "While we are still in the early stages of building the MamaMancini's brand, the results have been promising. We continue to believe that there is a growing trend among consumers to seek products with an excellent nutritional and convenience profile. While beef prices continue to remain elevated, we believe that pricing will moderate in the not-too-distant future; however, we have been able to successfully offset those increases by managing our resources aggressively and operating with greater efficiency."

Mr. Wolf concluded, "As a reminder, we changed our fiscal year end to January 30, and will file a transition report  in the coming weeks. We will refer to the current fiscal year as the 2015 fiscal year, which ends January 31, 2015. In closing, all of our growth metrics are showing continued progress and are indicative that our products are being well received. I look forward to continued growth in fiscal 2015 and beyond."

About MamaMancini's
MamaMancini's is a manufacturer and distributor of a line of all natural, beef meatballs with sauce, turkey meatballs with sauce, chicken meatballs with sauce, pork meatballs with sauce, and other similar Italian products. The Company's sales have been growing on a consistent basis as the Company expands its distribution channel, which includes major retailers such as Costco, Publix, Shop Rite, Price Chopper, Redners, Pathmark, A&P, Waldbaums, Food Emporium, Whole Foods, Shaw's Supermarkets, Kings, Key Foods, Giant Eagle, Stop-n-Shop, Giant Stores, Food Town, Kroger, Winn Dixie, Market Basket, Albertsons, Shoppers, Wal-Mart, Marsh's Supermarkets, Bashas, Bi-Lo, Central Markets, Weis Markets, Ingles, and The Fresh Market. For more information visit the company's website at www.mamamancinis.com.

Forward Looking Statement
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 December 31, 2012 and other filings made by the Company with the Securities and Exchange Commission.

Financial Tables Follow

 

MamaMancini's Holdings, Inc.

Consolidated Balance Sheets



December 31,


December 31, 


2013


2012





Assets





Assets:




Cash

$   1,741,935


$   2,008,161

Accounts receivable, net

1,063,849


463,565

Inventories

112,279


76,570

Prepaid expenses 

135,525


64,178

Due from manufacturer - related party

781,521


159,200

Deposit with manufacturer - related party

359,506


192,956

Total current assets

4,194,615


2,964,630





Property and equipment, net 

929,496


17,451





Total Assets

$   5,124,111


$   2,982,081





Liabilities and Stockholders' Equity





Liabilities:




Accounts payable and accrued expenses

$      823,044


$      329,233

Line of credit

-


200,000

Total current liabilities

823,044


529,233





Commitments and contingencies








Stockholders' Equity




Preferred stock,  $0.00001 par value; 20,000,000 shares authorized;

-


-

no shares issued and outstanding




Common stock, $0.00001 par value; 250,000,000 shares authorized;  




24,187,375 and 20,054,000 shares issued and outstanding, respectively

242


201

Additional paid in capital

10,600,461


5,804,680

Common stock subscribed; 533,333 shares

5


-

Accumulated deficit

(6,299,641)


(3,352,033)

Total Stockholders' Equity

4,301,067


2,452,848





Total Liabilities and Stockholders' Equity

$   5,124,111


$   2,982,081



MamaMancini's Holdings, Inc.

Consolidated Statements of Operations




For the Year Ended



December 31, 2013


December 31, 2012






Sales - net of slotting fees and discounts


$                 8,741,621


$                     4,582,845






Cost of sales


6,190,595


3,230,589






Gross profit


2,551,026


1,352,256






Operating expenses





Research and development


19,408


68,372

General and administrative expenses


5,470,586


3,271,160

          Total operating expenses


5,489,994


3,339,532






Loss from operations


(2,938,968)


(1,987,276)






Other income (expenses)





     Interest expense


(8,640)


(12,347)

          Total other income (expense)


(8,640)


(12,347)






Net loss  


$               (2,947,608)


$                   (1,999,623)






Net loss per common share - basic and diluted


$                        (0.13)


$                            (0.12)






Weighted average common shares outstanding





  -basic and diluted


22,012,920


17,358,333

 

MamaMancini's Holdings, Inc.

Consolidated Statements of Cash Flows








For the Year Ended



December 31, 2013


December 31, 2012






CASH FLOWS FROM OPERATING ACTIVITIES:





Net loss

$

(2,947,608)

$

(1,999,623)

  Adjustments to reconcile net loss to net cash used in 





     operating activities:





       Depreciation


33,891


12,564

       Share-based compensation


162,933


-

       Loss on disposition of fixed assets


15,343


-

Changes in operating assets and liabilities:





  (Increase) Decrease in:





    Accounts receivable


(600,284)


117,914

    Inventory


(35,709)


24,540

    Prepaid expenses 


(71,347)


23,492

    Due from manufacturer - related party


(622,321)


(159,200)

    Deposit with manufacturer - related party


(166,550)


(90,096)

  Increase (Decrease) in:





    Accounts payable and accrued expenses


410,054


46,739

    Due to manufacturer - related party


-


(69,544)

         Net Cash Used In Operating Activities


(3,821,598)


(2,093,214)






CASH FLOWS FROM INVESTING ACTIVITIES:





Cash paid for machinery and equipment


(877,522)


(10,000)

Deposits on property and equipment


-


(8,288)

Cash paid for acquisition of shell company


(295,000)


-

Loans to related party


(30,000)


-

Related party loans repaid


30,000


-

        Net Cash Used In Investing Activities


(1,172,522)


(18,288)






CASH FLOWS FROM FINANCING ACTIVITIES:





Proceeds from issuance of common stock


5,000,000


5,054,000

Stock issuance costs


(872,106)


(650,842)

Proceeds from common stock subscribed 


800,000


-

Proceeds from credit line


150,000


-

Repayment of credit line


(350,000)


(300,000)

        Net Cash Provided By Financing Activities


4,727,894


4,103,158






Net Increase (Decrease) in Cash 


(266,226)


1,991,656






Cash - Beginning of Year


2,008,161


16,505






Cash - End of Year

$

1,741,935

$

2,008,161






SUPPLEMENTARY CASH FLOW INFORMATION:





Cash Paid During the Period for:





    Income taxes

$

-

$

-

    Interest

$

8,640

$

12,347






SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:





Stock issuance costs paid in the form of warrants

$

731,894

$

438,122

Machinery and equipment purchased on account

$

83,757

$

-

 

Contact:

Carl Wolf 

Joe Diaz, Adam Lowensteiner


MamaMancini's Holdings, Inc. 

Lytham Partners, LLC


Chairman and CEO 

602-889-9700


201-531-1212 

[email protected]

SOURCE MamaMancini's Holdings, Inc.

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