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Mama’s Creations Reports Second Quarter Fiscal 2024 Financial Results; Adam L. Michaels Details

Mama’s Creations Reports Second Quarter Fiscal 2024 Financial Results; Adam L. Michaels Details


EAST RUTHERFORD, NJ
Monday, September 18th, 2023

For Mama’s Creations, the second quarter of fiscal 2024 was an eventful period as it announced the acquisition of the remaining 76 percent interest in Chef Inspirational Foods (CIF) as well as a corporate name change, and more. With all of this growth, the supplier has revealed a nearly $2 million increase in revenue from $22.9 million in the same quarter last year to $24.8 million.

Adam L. Michaels, Chairman and Chief Executive Officer, Mama’s Creations“I am pleased to announce another strong quarter—highlighted by 8.5 percent revenue growth and the expansion of our gross margin profile into the 30 percent range—laying the foundation for more robust, profitable growth in the second half,” said Adam L. Michaels, Chairman and Chief Executive Officer. “We continue to fortify our balance sheet to support these near-term growth expectations, growing our cash position to $5.6 million while concurrently paying down $0.6 million in debt and paying the $1 million in cash due at closing as part of the CIF acquisition.”

On top of these events, the report focused on other financial highlights, including:

  • Gross profit increased 175 percent to $7.5 million, or 30.3 percent of total revenues, as compared to $2.7 million, or 11.9 percent of total revenues, in the same year-ago quarter
  • Adjusted EBITDA, a non-GAAP term, increased 857 percent to $2.9 million for the second quarter of fiscal 2024, as compared to an adjusted EBITDA loss of $0.4 million in the same year-ago quarter

Mama’s Creations has further plans to expand and evolve, focusing on improving its operations, according to a release.

In its latest financial report, Mama’s Creations has revealed a nearly $2 million increase in revenue, rising from $22.9 million in the same quarter last year to $24.8 million

“Looking ahead to next year, we see further opportunities for improvement via several strategic CapEx projects, which we expect to drive a higher level of automation while concurrently building new in-house capabilities earlier in the value chain,” explained Michaels. “Turning to the 3 C’s, we continue to formalize processes throughout the company with the goal of building a more standardized, resilient organization. These improvements span from the operational basics—such as formalized hiring/HR processes, a consistent company-wide employee handbook, or holding our first-ever town hall meetings—to the more complex, such as a new approach to trade promotion with defined policies and procedures. In addition, by our next earnings call, we expect to have our NetSuite ERP software fully implemented across all divisions, providing an incredible level of actionable insight into the details of our operations. Mama’s Creations is committed to a culture of transparency and engagement at all levels of the organization, which will ultimately create long-term value for my fellow shareholders.”

To read the report in its entirety, click here.

Keep a tab open for Deli Market News to see what’s in store for Mama’s Creations in third quarter fiscal 2024.

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