What Caused The MMMB Stock To Rise 45% During After-Hour Trades On Monday?

Shares of MamaMancini’s Holdings Inc. (Nasdaq: MMMB), a nationwide marketer and producer of fresh Deli prepared meals, were up 45.24% at $1.83 at the time of our last check in after-hours trading.

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Which event will MMMB attend?

This week’s Benzinga All-Access Show will feature the management of MamaMancini’s (MMMB). The occasion has been occurring this past Friday, December 16. On Friday, December 16, 2022, at 11:20 a.m. Eastern time, MamaMancini’s Chief Executive Officer Adam Michaels will moderate a fireside conversation with the hosts to discuss third-quarter financial data.

MMMB provided financial results

Yesterday, MMMB released its quarterly results for the third quarter of its fiscal year which concluded on October 31, 2022.

When compared to the same quarter a year prior, MMMB’s revenue for the third quarter of fiscal 2023 rose 137% to a record $25.7 million. Cross-selling and organic growth across all divisions, as well as inorganic growth through the purchase of T&L and Olive Branch, were the key drivers of the third quarter’s gain in revenue.

In the third quarter of fiscal 2023, MMMB’s gross profit grew to a record $6.6 million, or 25.5% of total sales, as opposed to $2.7 million, or 24.4% of overall revenue, in the same quarter last year. On the basis of effective pricing initiatives, a normalization of commodity prices, and solid sales growth, gross profit climbed in the third quarter and returned to planned levels. Through its further purchase of T&L and Olive Branch, MamaMancini’s has been able to increase its purchasing power and find cost-saving logistics and procurement opportunities.

In the third quarter of fiscal 2023, MMMB’s operating costs came to $5.1 million, up from $2.7 million in the same quarter the year before. Operating expenditures as a proportion of revenue fell from 24.4% in the same quarter last year to 19.7% in the third quarter of fiscal 2023. The purchases of T&L and Olive Branch resulted in synergies that reduced operating expenditures as a proportion of sales.

As opposed to a net loss of $(0.0) million, or $(0.00) per diluted share, in the same quarter last year, MMMB reported a net income of $1.1 million, or $0.03 per diluted share. For the third quarter of fiscal 2023, MMMB’s adjusted EBITDA climbed to $2.1 million from the same quarter a year earlier’s $0.3 million.

Liquid assets of MMMB

As of October 31, 2022, MamaMancini’s (MMMB) had $3.5 million in cash and cash equivalents, up from $0.9 million on January 31, 2022. A $3.0 million operating cash flow in the third quarter of fiscal 2023, of which $1.5 million was utilized to settle MMMB’s credit line, was the primary factor in the rise in liquid assets.

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