MamaMancini's Reports First Quarter Financial Results For Fiscal Year End January 31, 2015

EAST RUTHERFORD, N.J., June 13, 2014 /PRNewswire/ -- MamaMancini's Holdings, Inc. (the "Company") (OTCQB: MMMB), 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 first quarter financial results of fiscal year 2015 for the period ended April 30, 2014.

First Quarter 2015 Business Highlights:

• The most recently completed quarter represents the Company's first quarter under its new fiscal year-end of January 31.
• Revenue for the first quarter of fiscal 2015 was $2.58 million, compared to $1.77 million in the prior year period, an increase of 46%;
• Gross margin for the quarter increased 300 basis points to 31% versus the comparable quarter last year;
• MamaMancini's products were carried on approximately 26,000 shelves in supermarkets and club stores throughout North America as of April 30, 2014, compared to 16,000 shelves as of March 31, 2013;
• The Company launched 7 products available for national distribution during the quarter;
• The Company continued to aggressively market and advertise its products across a number of platforms, including satellite radio and social media;
• During the first quarter, the Company successfully raised $0.8 million to continue the growth of the Company, of which $0.6 million was funded by the Company's directors;

First Quarter Fiscal 2015 Results

Sales, net of slotting fees and discounts increased by approximately 46% to $2.58 million during the three months ended April 30, 2014, from $1.77 million during the corresponding period ended March 31, 2013. The increase in sales is primarily related to the Company executing on its expansion strategy, including adding more distribution outlets to sell its products.

Gross profit margin increased by approximately 3% to 31% for the three months ended April 30, 2014, up from 28% for the three months ended March 31, 2013. This increase is primarily attributable to an improved product mix as well as decreased slotting fees and discounts.

Operating expenses for the quarter ended April 30, 2014 was $1.49 million compared to $1.10 million for the quarter ended March 31, 2013, as the Company continued to increase spending on advertising and marketing in order to create brand awareness.

Net loss for the three months ended April 30, 2014 was $0.70 million or $(0.03) per basic and diluted share, compared to a net loss of $0.61 million, or $(0.03) per basic and diluted share, for the three months period ended March 31, 2013.

As of April 30, 2014, the Company had working capital of $3.52 million, with cash and cash equivalents of $1.08 million and zero long-term debt.

Management Discussion

Carl Wolf, chairman and chief executive officer of MamaMancini's, said, "First quarter results met our expectations and we are pleased with the outcome. We continue to aggressively proceed in the first half of fiscal 2015 with our growth strategy of adding more distributors that carry our products along with the introduction of new, all-natural, authentic Italian offerings. We have added several new products in the past quarter and plan to add more in the coming months. The feedback on the new products has been outstanding and it has opened many new doors for us as each new product appeals to different types of distributors."

"Our products are currently carried in approximately 8,100 stores, on more than 26,000 retailers' shelves throughout North America, with each store offering approximately 3.21 SKUs, and that number continues to expand as we add more products in the coming weeks, including Five Cheese Stuffed Beef Meatballs, Chicken Parmigiana Stuffed Meatballs, Chicken Florentine Stuffed Meatballs and Bolognese Sauce and Rigatoni Pasta."

Mr. Wolf concluded, "We continue to make significant strides in building out the MamaMancini's brand and believe we are on the path for continued growth. We continue to allocate dollars towards our aggressive marketing campaign, which has been successful on satellite radio and in conjunction with our social media presence. We also continue to believe that the demand for all-natural products is strong as consumers today are becoming highly aware of the ingredients in the products they consume. We are extremely excited about the progress achieved to this point. We believe Fiscal 2015 is off to a great start and should be one of continued growth, especially as we ramp-up production of our newly introduced products and add new store shelves in the coming quarters."

Outlook

It is important to note that quarterly revenue in the Company's business is subject to variability given that the Company works with a large number of mass-market retailers.  Each retailer has purchasing and promotion plans that become active in different months and quarters throughout the year. Consequently, from time-to-time there can be a concentration of orders in certain quarters resulting in uneven revenue results for MamaMancini's. 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 31, 2015.

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, 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, 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 Statements

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, 2013 and other filings made by the Company with the Securities and Exchange Commission.

Financial Tables on Following Pages

SOURCE MamaMancini's Holdings, Inc.