Toffuti Brands Inc. reported net income of $506,000, or $0.10 per share, in fiscal 2009 (ended January 2, 2010). This was more than double the $217,000, or $0.04 per share, reported in fiscal 2008.
Toffuti Brands Inc. reported revenue $18.6 million in fiscal 2009, a slight decrease from the $19.6 million reported in fiscal 2008. The company blamed the economy and the discontinuation of several lines of products that were not selling enough to be commercial.
David Mintz, the CEO of Toffuti Brands Inc. said, “The last fiscal year was a difficult one for both our industry and our country. The entire frozen dessert industry was subject to significant price increases to certain key ingredients and packaging, due mainly to supply shortages as a result of political events in certain foreign countries, the general economic situation here in the United States and the fluctuating cost of petroleum, from which a number of our packaging items are produced.”
Toffuti Brands Inc. also ended the fiscal year with a solid balance sheet. The company had $1.41 million in cash and no debt as of January 2, 2010.
Toffuti Brands Inc. markets soy based frozen deserts, cheese and other food products. The company sells its products through multiple channels including supermarkets, grocery and health food stores. The products are marketed in the United States and two dozen other countries.