MamaMancini's reports first quarter financial results for fiscal year end 31 January 2015
MamaMancini's Holdings, an emerging manufacturer and marketer of specialty pre-prepared, frozen and…MamaMancini's Holdings, 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), announced first quarter financial results of fiscal year 2015 for the period ended April 30, 2014.
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.
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."
