Voya Equity Closed End Funds Declare Distributions

Voya Equity Closed End Funds Declare Distributions

SCOTTSDALE, Ariz.,–(BUSINESS WIRE)–
Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today the monthly distributions on the common shares of two of its closed-end funds (each a “Fund” and collectively, the “Funds”).

With respect to each Fund, the distribution will be paid on December 15, 2020, to shareholders of record on December 2, 2020. The ex-dividend date is December 1, 2020. The distribution per share for each Fund is as follows:

Fund

Distribution Per Share

Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD)

$0.040

Voya International High Dividend Equity Income Fund (NYSE: IID)

$0.030

Each Fund intends to make regular monthly distributions based on the past and projected performance of the Fund. The amount of a Fund’s distribution may vary, depending on a number of factors. As portfolio and market conditions change, the rate of distributions on the common shares may change. There can be no assurance that a Fund will be able to declare a distribution in each period. Past performance is no guarantee of future results.

The tax treatment and characterization of a Fund’s distributions may vary significantly from time to time depending on the net investment income of the Fund and whether the Fund has realized gains or losses from its options strategy versus gain or loss realizations in the equity securities in the portfolio. Each Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital.

The portion of each Fund’s monthly distributions estimated to come from the Fund’s option strategy, for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of each Fund’s option strategy is largely determined by movements in, and gain and loss realizations in the underlying equity portfolio. Under certain conditions, federal tax regulations may also cause some or all of the return of capital to be taxed as ordinary income. The final tax characteristics of the distributions cannot be determined with certainty until after the end of the calendar year, and will be reported to shareholders at that time.

IGD estimates that for the current fiscal year as of October 31, 2020, approximately 27% of each distribution is characterized as net investment income and 73% is characterized as return of capital.

IID estimates that for the current fiscal year as of October 31, 2020, approximately 31% of each distribution is characterized as net investment income and 69% is characterized as return of capital.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of the Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund’s investment objective, risks, charges and expenses.

Certain statements made on behalf of the Funds in this release are forward-looking statements. The Funds’ actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Funds’ investments specifically. Neither the Funds nor Voya Investment Management undertake any responsibility to update publicly or revise any forward-looking statement.

This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.

About Voya® Investment Management

A leading, active asset management firm, Voya Investment Management manages, as of September 30, 2020, over $238 billion for affiliated and external institutions as well as individual investors. With more than 40 years of history in asset management, Voya Investment Management has the experience and resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset strategies and solutions. Voya Investment Management was named in 2015, 2016, 2017, 2018 and 2019 as a “Best Places to Work” by Pensions and Investments magazine. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.

SHAREHOLDER INQUIRIES: Shareholder Services at (800) 992-0180; voyainvestments.com

CONTACT:  Kris Kagel, (800) 992-0180

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Everspin to Participate in Upcoming Investor Conferences

Everspin to Participate in Upcoming Investor Conferences

CHANDLER, Ariz.–(BUSINESS WIRE)–
Everspin Technologies, Inc. (Nasdaq: MRAM), the market leader in MRAM, today announced Kevin Conley, President and CEO, and Daniel Berenbaum, CFO, will participate in the following investor conferences:

  • Craig-Hallum Virtual Alpha-Select Virtual Conference on November 17th, 2020
  • Benchmark Discovery One-on-One Investor Conference on November 18th, 2020
  • Oppenheimer 5G Summit: The Revolution Begins Conference on December 15th, 2020
  • 12th Annual Virtual CEO Summit on December 16th, 2020
  • 23rd Annual Needham Virtual Growth Conference on January 11th through 15th, 2021

Portfolio managers and analysts who would like to request a meeting with management should contact a representative of the respective firm or Everspin’s investor relations.

About Everspin Technologies

Everspin Technologies, Inc. is the world’s leading provider of Magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry’s most robust, highest performance non-volatile memory for Industrial IoT, Data Center, and other mission-critical applications where data persistence is paramount. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com. NASDAQ: MRAM.

Company Contact:

Daniel Berenbaum, CFO

T: 480-347-1099

E: daniel.berenbaum@everspin.com

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Semiconductor Data Management Technology Other Technology Internet Hardware

MEDIA:

Mayville Engineering Company, Inc. Named to Wisconsin 75

Mayville Engineering Company, Inc. Named to Wisconsin 75

MEC Climbs to Number 39 on the List of Largest Closely Held Companies in Wisconsin

MAYVILLE, Wis.–(BUSINESS WIRE)–
Mayville Engineering Company, Inc. (NYSE: MEC) (“MEC”) is proud to announce their ranking as number 39 on the list of the largest closely held companies in the state of Wisconsin. This is the 17th consecutive year that MEC has received this recognition.

The Wisconsin 75 program is an annual listing of the largest closely held companies headquartered in Wisconsin. The distinguished program recognizes business contributions to the communities in which the firms operate, the individuals who shape the business and the overall Wisconsin economy.

“We are proud to be recognized once again and be part of such a fantastic group of companies,” said Robert D. Kamphuis, Chairman, President and CEO of Mayville Engineering Company. “This recognition is a testament to the ongoing dedication to excellence exhibited by our employee shareholders every day. This has been a year like no other, and our teams have risen to the challenges we have faced and consistently delivered for our customers.”

MEC has extensive manufacturing operations in Wisconsin with several facilities located in Mayville, Beaver Dam, Neillsville and Wautoma. Overall, the company operates 20 facilities in seven states with nearly 3,000,000 sq. ft. of manufacturing space.

MEC is approximately 60% employee-owned with over 2,000 employee shareholders.

The Company completed a public offering in May 2019 and is listed on the New York Stock Exchange under the symbol “MEC”. Public companies are eligible when more than 50 percent of the value or vote of the shares are owned by individuals, family, ESOP, or private equity.

About Mayville Engineering Company

MEC is a leading U.S.-based value-added manufacturing partner that provides a broad range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction, powersports, agriculture, military and other end markets. We have developed long-standing relationships with our blue-chip customers based upon a high level of experience, trust and confidence.

Our one operating segment focuses on producing metal components that are used in a broad range of heavy- and medium-duty commercial vehicles, construction, powersports, agricultural, military and other products. For more information, please visit www.mecinc.com.

Nathan Elwell

Lincoln Churchill Advisors

(847) 530-0249

nelwell@lincolnchurchilladvisors.com

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Engineering Chemicals/Plastics Manufacturing

MEDIA:

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Gordon Brothers to Manage Store Closure Program of Singapore Retailer Robinsons

Sydney, Nov. 16, 2020 (GLOBE NEWSWIRE) — Gordon Brothers, the global advisory, restructuring and investment firm, has been engaged by provisional liquidators KordaMentha to manage the store closure program of heritage department store retailer, Robinsons, in Singapore, with SGD$25 million of retail inventory.

KordaMentha were appointed as provisional liquidators of the remaining Robinsons’ department stores located at The Heeren and Raffles City Shopping Centre on October 29, by Robinsons’ parent company, who had been financially supporting the department stores for several years.      

Robinsons, originally known as Spicer and Robinson, had been operating in Singapore for over 160 years. While not a direct result of the COVID-19 pandemic, the impact of the ongoing global health crisis and the shift in consumer shopping habits from offline to online accelerated the decision to close the two remaining Robinsons stores.

“Whilst we have previously supported clients in Indonesia and Malaysia, this project represents our first engagement in Singapore and marks a significant new partnership with KordaMentha,  whom we look forward to working with again in the future,” said Richard Ansell, Retail Director for Gordon Brothers in Australia.

“The professionalism and experience of the Gordon Brothers’ retail team made them the obvious choice to partner with,” said Cameron Duncan, KordaMentha. “Their knowledge and expertise in the retail space compliments our local restructuring experience. We are confident that the combined experience across both teams will maximise returns”.

The project also includes the disposition of all furniture, fixtures and equipment from the department stores, and the procurement of augment inventory sourced from the surrounding region, which has already started with packages from Japan in transit by air freight.

For more information, please contact Richard Ansell at ransell@gordonbrothers.com



-Ends-

 

About Gordon Brothers

Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.

 

About Robinsons

Founded in 1858, Robinsons established itself to become a household name in Singapore, and as a mecca for elevated shopper experiences with their extraordinary product and service innovations. The first flagship – Robinsons The Heeren – opened in November 2013, redefined a new standard for retail experiences in Singapore. Designed as a one-stop lifestyle destination, Robinsons The Heeren offers a gamut of lifestyle options such as personalised beauty services in private suites, personal shopping expertise in VIP lounges, as well as the trendiest merchandise consisting of the latest fashion, gourmet dining (indoors and al fresco) and curated home collections. www.robinsons.com.sg.



Nicole Trice
Gordon Brothers
617-422-6569
ntrice@gordonbrothers.com

CAPREIT Announces November 2020 Distribution

TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX – CAR.UN) announced today its November 2020 monthly distribution in the amount of $0.11500 per Unit (or $1.38 on an annualized basis). The November distribution will be payable on December 15, 2020 to Unitholders of record on November 30, 2020.

To encourage participation and reward our loyal Unitholders, investors registered in our Distribution Reinvestment Plan will continue to receive an additional amount equal to 5% of their distributions paid in the form of additional Units.

CAPREIT is one of Canada’s largest real estate investment trusts. CAPREIT owns approximately 57,200 suites and sites, including townhomes and manufactured housing sites, in Canada and indirectly through its investment in ERES, approximately 5,900 suites in the Netherlands. CAPREIT manages approximately 61,500 of its owned suites in Canada and Netherlands, and additionally, approximately 3,700 suites in Ireland. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 93%. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.caprent.com or www.capreit.net and our public disclosure which can be found under our profile at www.sedar.com.

For further information please contact:

CAPREIT
Mr. Michael Stein,
Chairman
(416) 861-5788
CAPREIT
Mr. Mark Kenney,
President & CEO
(416) 861-9404
CAPREIT
Mr. Scott Cryer,
Chief Financial Officer
(416) 861-5771



RGC Resources, Inc. Reports 2020 Earnings

ROANOKE, Va., Nov. 16, 2020 (GLOBE NEWSWIRE) — RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $10,564,534 or $1.30 per share for the fiscal year ended September 30, 2020. This compares to earnings of $8,698,412 or $1.08 per share for the year ended September 30, 2019. CEO Paul Nester stated, “Our mission statement requires us to create value for shareholders, employees and the communities in which we serve through superior customer service and prudent investments. Despite unprecedented challenges and circumstances, we continue to achieve that mission in 2020. The increase in 2020 earnings is attributable to improved utility margins associated with our infrastructure replacement programs, implementation of new non-gas rates, customer growth, and the ongoing investment in the Mountain Valley Pipeline (MVP).” Nester further commented, “We are committed to safely and reliably serving our communities and we will continue to seek opportunities that increase shareholder value.” 

The Company accelerated the recovery of certain regulatory assets and made one-time maintenance investments in the fourth quarter. Accordingly, the Company experienced a net loss for the quarter ending September 30, 2020 of $329,296 or $0.04 per share compared to net income of $455,605 or $0.06 per share for the quarter ended September 30, 2019.

RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.

From time to time, the Company may publish forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, research and development activities and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company’s forward-looking statements. Past performance is not necessarily a predictor of future results.

Summary financial statements for the fourth quarter and twelve months are as follows:

RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
                 
    Three Months Ended   Twelve Months Ended
    September 30,   September 30,
      2020       2019     2020     2019
                 
Operating revenues   $ 9,780,289     $ 9,851,869   $ 63,075,391   $ 68,026,525
Operating expenses     10,679,365       9,361,167     50,557,209     56,431,061
Operating income (loss)     (899,076 )     490,702     12,518,182     11,595,464
Equity in earnings of unconsolidated affiliate   1,326,621       981,931     4,814,874     3,020,348
Other income, net     108,205       110,254     636,296     351,882
Interest expense     989,477       983,422     4,099,158     3,618,551
Income (loss) before income taxes   (453,727 )     599,465     13,870,194     11,349,143
Income tax expense (benefit)     (124,431 )     143,860     3,305,660     2,650,731
                 
Net income (loss)   $ (329,296 )   $ 455,605   $ 10,564,534   $ 8,698,412
                 
Net earnings (loss) per share of common stock:              
Basic   $ (0.04 )   $ 0.06   $ 1.30   $ 1.08
Diluted   $ (0.04 )   $ 0.06   $ 1.30   $ 1.08
                 
Cash dividends per common share $ 0.175     $ 0.165   $ 0.700   $ 0.660
                 
Weighted average number of common shares outstanding:            
Basic     8,156,023       8,069,934     8,125,938     8,039,484
Diluted     8,156,023       8,102,334     8,146,666     8,078,950
                 
                 
                 
Condensed Consolidated Balance Sheets    
(Unaudited)    
                 
        September 30,    
Assets         2020     2019    
Current assets       $ 14,436,561   $ 16,385,192    
Utility plant, net         198,445,093     182,002,956    
Other assets         68,797,853     59,965,548    
                 
Total Assets       $ 281,679,507   $ 258,353,696    
                 
Liabilities and Stockholders’ Equity              
Current liabilities       $ 16,570,742   $ 21,633,064    
Long-term debt, net of unamortized debt issuance costs     123,819,631     103,371,358    
Deferred credits and other liabilities       52,401,157     50,252,882    
Total Liabilities         192,791,530     175,257,304    
Stockholders’ Equity         88,887,977     83,096,392    
                 
Total Liabilities and Stockholders’ Equity     $ 281,679,507   $ 258,353,696    
                 

Contact:     Randall P. Burton, II
Vice President and CFO
Telephone:   540-777-3997



Healthcare Realty Trust Announces Formation of Joint Venture With TIAA

NASHVILLE, Tenn., Nov. 16, 2020 (GLOBE NEWSWIRE) — Healthcare Realty Trust Incorporated (NYSE:HR) today announced that it has entered into a joint venture agreement with Teachers Insurance and Annuity Association (“TIAA”) to invest in a broad range of medical office buildings. The joint venture strengthens the Company’s efforts to sustain higher investment volume and earnings growth regardless of market volatility by further diversifying its funding sources. The Company is the managing member of the partnership and manages day-to-day operations and leasing of the properties in the joint venture. Healthcare Realty owns a 50% interest in the joint venture and will fund its pro-rata share of future investments. The joint venture expects to purchase approximately $200 million of properties annually and does not contemplate using property level debt in most instances.

On November 12th, the joint venture purchased its first property for $16.6 million at a 5.1% cap rate. The 92,139 square foot building is located on Allina Healthcare’s Mercy campus in Minneapolis. The joint venture will seek to realize additional value through the lease up of the 80% occupied building. Property level debt was not associated with this initial acquisition.

The Company intends to provide additional disclosure in its future quarterly supplemental materials regarding properties owned by the joint venture. BlackBirch Capital served as advisor to Healthcare Realty on this transaction.

Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of September 30, 2020, the Company owned 211 real estate properties in 24 states totaling 15.5 million square feet and was valued at approximately $5.5 billion. The Company provided leasing and property management services to 11.9 million square feet nationwide.

In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty Trust, including its Annual Report on Form 10-K for the year ended December 31, 2019 under the heading “Risk Factors,” and in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 and other risks described from time to time thereafter in the Company’s SEC filings. Forward-looking statements represent the Company’s judgment as of the date of this release. The Company disclaims any obligation to update forward-looking statements.

Carla Baca
Associate Vice President, Investor Relations
P: 615.269.8175



ROHM Introduces New High Side Switch ICs with User-Definable Protection Achieve Optimized Performance in Automotive Applications

Robust AEC-Q100-qualified design includes variable OCD and OCD mask functions, along with double error flagging

Kyoto, Japan and Santa Clara, CA, Nov. 16, 2020 (GLOBE NEWSWIRE) — ROHM has announced the development of a new family of four AEC-Q100 qualified high side switch ICs targeting the automotive market. Available in both 1- and 2-channel variants with RDS(on) ratings of 45mΩ, 70mΩ and 90mΩ, these IPDs (Intelligent Power Devices) incorporate multiple protection functions, ranging from overcurrent protection (OCP) and thermal shutdown (TSD) to open load detection (OLD) and under voltage lockout (UVLO), as well as a diagnostic output function (ST) for error detection.

In addition, the 70mΩ BV2HD070EFU-C and 45mΩ BV2HD045EFU-C/BV2HC045EFU-C 2ch high side switches feature variable OCD and OCD mask functions that allow users to set limits for the overcurrent threshold and time to achieve the optimum overcurrent protection for a given load. Built-in double error flags make it possible to distinguish between two different fault types for each channel output.

“These smart IPDs allow users to develop optimized solutions for resistive, inductive and capacitive loads in automotive applications, such as automotive ECUs and vehicle cabin climate control,” stated Nobuyuki Ikuta, Senior Solutions Marketing Manager at ROHM USA.

Attachment



Travis Moench
ROHM Semiconductor
858.625.3600
tmoench@rohmsemiconductor.com

Heather Savage
BWW Communications
720.295.0260
heather.savage@bwwcomms.com

AutoZone Announces Change to Executive Committee

MEMPHIS, Tenn., Nov. 16, 2020 (GLOBE NEWSWIRE) — AutoZone, Inc. (NYSE: AZO), today announced that Ron Griffin, Senior Vice President and Chief Information Officer, Customer Satisfaction, will retire in early 2021.

“I give special thanks to Ron for his significant contributions and years of exceptional service to our organization, fellow AutoZoners and customers,” said Bill Giles, Executive Vice President and Chief Financial Officer. “In his 8-year AutoZone career, Ron has led the efforts to dramatically enhance our technological capabilities, driven innovation, and worked tirelessly to ensure a best-in-class shopping experience for our customers. While Ron will certainly be missed, through his leadership, he has developed teams and helped to create an organization that is well-prepared for accelerated growth into the future. I wish Ron and his family the very best in retirement,” said Giles.

About AutoZone:

As of August 29, 2020, the Company had 5,885 stores in the U.S., 621 stores in Mexico and 43 stores in Brazil for a total store count of 6,549. AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the United States. Each AutoZone store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.  Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations, and public sector accounts.  AutoZone also sells the ALLDATA brand diagnostic and repair software through www.alldata.com. Additionally, AutoZone sells automotive hard parts, maintenance items, accessories, and non-automotive products through www.autozone.com and our commercial customers can make purchases through www.autozonepro.com. AutoZone does not derive revenue from automotive repair or installation.

Media: David McKinney at (901) 495-7951, david.mckinney@autozone.com  
Financial: Brian Campbell at (901) 495-7005, brian.campbell@autozone.com 

 



TOFUTTI ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS

Cranford, New Jersey, Nov. 16, 2020 (GLOBE NEWSWIRE) — TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) today announced its results for the thirteen and thirty-nine week periods ended September 26, 2020.

Tofutti Brands reported net sales for the thirteen weeks ended September 26, 2020 of $3,152,000 compared to net sales of $3,122,000 for the thirteen weeks ended September 28, 2019. The Company’s gross profit increased to $1,033,000 for the thirteen weeks ended September 26, 2020 from $892,000 for the thirteen weeks ended September 28, 2019, and its gross profit percentage increased to 33% for the thirteen weeks ending September 26, 2020 compared to 29% for the thirteen weeks ending September 28, 2019.

The Company had net income of $220,000, or $0.04 per share (basic and diluted), for the thirteen weeks ended September 26, 2020, compared to a net loss of $40,000, or $(0.01) per share (basic and diluted), for the thirteen weeks ended September 28, 2019.

Net sales for the thirty-nine week period ended September 26, 2020 were $9,621,000 compared to net sales of $9,766,000 for the thirty-nine week period ended September 28, 2019, a decrease of $145,000. The Company’s gross profit for the thirty-nine week period ending September 26, 2020 was $3,044,000 compared to $2,735,000 for the thirty-nine week period ending September 28, 2019. The Company’s gross profit percentage was 32% for the thirty-nine weeks ended September 26, 2020 compared to 28% for the thirty-nine week period ended September 28, 2019.

The Company had net income of $410,000, or $0.08 per share (basic and diluted), for the thirty-nine weeks ended September 26, 2020 compared to a net loss of $79,000, or $(0.02) per share (basic and diluted), for the thirty-nine weeks ended September 28, 2019.

As of September 26, 2020, the Company had approximately $1,399,000 in cash and cash equivalents and its working capital was approximately $4,511,000, compared with approximately $514,000 in cash and cash equivalents and working capital of $4,482,000 at December 28, 2019.

Small Business Administration Loan (SBA Loan) On May 4, 2020, the Company was granted a loan of $165,000 pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). A portion of the loan may be forgiven under provisions under the CARES Act based on payments for payroll, rent and utilities during the period subsequent to obtaining the loan.

Mr. David Mintz, Chairman and Chief Executive Officer of the Company stated, “We have been fortunate to maintain our operations despite the continuing impact of COVID-19. During the most recent fiscal period we were able to increase our sales and to record net income of $220,000 compared to a net loss during the comparable period in 2019. We are indebted to our employees whose contributions have allowed us to achieve these improved results and meet customer demand,” concluded Mr. Mintz.

About Tofutti Brands Inc. Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of plant-based products. The Company sells more than 35 milk-free foods including cheese products, frozen desserts and prepared frozen dishes. Tofutti Brands Inc. is a proven innovator in the food industry and has developed a full line of delicious and healthy dairy-free foods. Available throughout the United States and in more than 15 countries, Tofutti Brands answers the call of millions of people who are allergic or intolerant to dairy or wish to maintain a kosher or vegan diet. Tofutti’s product line includes plant-based ice cream pints, cones, Tofutti Cutie® sandwiches and novelty bars. Tofutti also sells a prepared food entrée, Mintz’s Blintzes®, made with Tofutti’s milk-free cheeses such as Better Than Cream Cheese® and Sour Supreme®. For more information, visit www.tofutti.com.

Forward-Looking Statements. Some of the statements in this press release concerning the Company’s future prospects are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results may vary significantly based upon a number of factors including, but not limited to the impact of COVID-19 on the economy and our operations, business conditions both domestic and international, competition, changes in product mix or distribution channels, resource constraints encountered in promoting and developing new products and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K.

Company Contact: Steve Kass
  Chief Financial Officer
  (908) 272-2400
  (908) 272-9492 (Fax)

TOFUTTI BRANDS INC.

Condensed Statements of Operations

(in thousands, except per share figures)

    Thirteen

weeks ended

September 26, 2020
    Thirteen

weeks ended

September 28, 2019
    Thirty-nine

weeks ended

September 26, 2020
    Thirty-nine

weeks ended

September 28, 2019
 
                         
Net sales   $ 3,152     $ 3,122     $ 9,621     $ 9,766  
Cost of sales     2,119       2,230       6,577       7,031  
Gross profit     1,033       892       3,044       2,735  
                                 
Operating expenses:     782       926       2,514       2,789  
                                 
Income (loss) from operations     251       (34 )     530       (54 )
Interest expense     6       6       19       19  
Income (loss) before income tax     245       (40 )     511       (73 )
Income tax expense     25             101       6  
                                 
Net income (loss)                                
Basic   $ 220     $ (40 )   $ 410     $ (79 )
Diluted   $ 225     $ (40 )   $ 425     $ (79 )
                                 
Weighted average common
shares outstanding:
                               
Basic     5,154       5,154       5,154       5,154  
Diluted     5,436       5,154       5,436       5,154  
                                 
Earnings (loss) per common share:                                
Basic   $ 0.04     $ (0.01 )   $ 0.08     $ (0.02 )
Diluted   $ 0.04     $ (0.01 )   $ 0.08     $ (0.02 )

TOFUTTI BRANDS INC.

Condensed Balance Sheets

(in thousands, except share and per share figures)

    September 26,
2020
(unaudited)
    December 28,
2019
 
Assets                
Current assets:                
Cash and cash equivalents   $ 1,399     $ 514  
Accounts receivable, net of allowance for doubtful
accounts and sales promotions of $442 and $407,
respectively
    1,634       1,819  
Inventories     2,036       1,929  
Prepaid expenses and other current assets     75       120  
Total current assets     5,144       4,382  
                 
Deferred tax assets     144       217  
Fixed assets (net of accumulated depreciation of $13 and $5, respectively)     137       145  
Operating lease right-of-use assets     177       252  
Other assets     35       30  
Total assets   $ 5,637     $ 5,026  
                 
Liabilities and Stockholders’ Equity                
Current liabilities:                
Accounts payable   $ 336     $ 167  
Accrued expenses     326       375  
Total current liabilities     662       542  
                 
Convertible note payable-long term-related party     500       500  
SBA note payable-long term     165        
Operating lease liabilities     72       156  
Total liabilities     1,399       1,198  
                 
Stockholders’ equity:                
Preferred stock – par value $.01 per share;
authorized 100,000 shares, none issued
           
Common stock – par value $.01 per share;
authorized 15,000,000 shares, issued and
outstanding 5,153,706 shares at September 26, 2020
and December 28, 2019
    52       52  
Additional paid-in capital     207       207  
Retained earnings     3,979       3,569  
Total stockholders’ equity     4,238       3,828  
Total liabilities and stockholders’ equity   $ 5,637     $ 5,026