The changing of the year is always a bittersweet moment for some, but for others, it’s a window to new beginnings. Such is the concept we’re given as MamaMancini’s releases its financial results for its fiscal third quarter and the announcement of its new ready-to-eat product line. With revenues topping $10.9 million at the end of October 31, 2021, the specialty pre-prepared, frozen, and refrigerated product company saw a 12.1 percent increase in sales.
“We notably advanced our ongoing active acquisition program in the third quarter, which could significantly expand our existing business in the prepared foods segment,” said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s. “Any acquisition we make will be financed in a shareholder-friendly way, targeting zero shares to be issued, leveraging cash on hand and attractive bank financing we have available to us. Given our growth expectations and the revenue from potential near-term acquisition targets, we believe MamaMancini’s could approach $100 million in annual sales within 18 months.”
According to the financial, the increase in revenue for the third quarter was a result of major new business with Whole Foods and Publix. The company advanced its acquisition program to target complementary food product firms with sales in the $12 to $35 million per year range, which generated positive EBITDA.
“We are particularly excited by the growth opportunities of companies we may acquire, made possible by leveraging our national network of tier-1 retailer and club store accounts,” continued Wolf. “We believe we can significantly grow sales in the years to come by leveraging our nationwide platform, pushing through more of our SKUs per relationship, and driving stronger sales per location in aggregate.”
Other notable takeaways from the report include being named Today’s Special Value deal on QVC for December 8; receiving several product recognitions from QVC; and announcing a new Ready-to-Eat product line ready to begin distribution.
“We continue to innovate our core product lines as well, as we will soon begin to ship a major new line of ready-to-eat meals in up to 11 varieties. Due to the immense labor shortages facing retailers, we believe that this line will have great success,” Wolf elaborated. “Our new, convenient Meatballs-in-a-Cup™ product will launch for testing in the first quarter at an attractive $3.99 price point. The high protein content of 16 grams and very modest calories are attractive attributes to health-conscious consumers. This product has the potential to efficiently service the exciting convenience store, supermarket, and university foodservice opportunities. We have added to production capacity to handle $10–12 million in incremental annualized sales in both these lines.”
To learn more about the new products and the financial results, click here.
Stay tuned as we report on the latest.