CRANFORD, NJ – Tofutti Brands Inc. (OTC:TOFB), a manufacturer of soy-based, dairy-free frozen desserts and other food products, held its Annual Meeting of Shareholders on Wednesday, where shareholders voted on key company matters.
During the meeting, shareholders elected four individuals to Tofutti's board of directors to serve until the 2025 Annual Meeting of Shareholders. Joseph N. Himy, Scott Korman, Efraim Mintz, and Franklyn Snitow were all re-elected, with each receiving over 64% of the votes cast. The election also saw a significant number of broker non-votes, which do not count towards the final tally of for or against votes.
In addition to the director elections, shareholders ratified the appointment of Rosenberg Rich Baker Berman, P.A. as Tofutti's independent registered public accounting firm for the fiscal year ending December 28, 2024. The approval was substantial, with 82% of votes cast in favor.
Tofutti Brands, originally named Tofu Time Inc., is incorporated in Delaware and has its principal executive offices in Cranford, New Jersey. The company is known for its range of lactose-free and dairy-free products, including ice cream and cheese substitutes.
The company's stock is traded over the counter and is not listed on any major stock exchange. Tofutti's fiscal year end is December 28, and the company is required to file regular reports with the Securities and Exchange Commission.
InvestingPro Insights
As Tofutti Brands Inc. charts its course following the annual shareholder meeting, investors may consider the company's current financial health and market performance. With a market capitalization of just $3.41 million, Tofutti is a relatively small player in the industry. The company's revenue for the last twelve months as of Q1 2024 stands at $9.79 million, which reflects a decrease of 17.41% from the previous year. Despite this, Tofutti holds a positive price/book ratio of 0.97, suggesting that the market values the company's assets fairly in relation to its share price.
Two InvestingPro Tips that are particularly relevant to Tofutti's situation are that the stock generally trades with high price volatility and has seen a significant price decline over the last three months, with a 24.89% drop in total return. Additionally, Tofutti has more liquidity on hand than short-term obligations, which could provide some financial flexibility in challenging times. For investors interested in a deeper dive into Tofutti's financials and future outlook, there are additional InvestingPro Tips available at https://www.investing.com/pro/TOFB. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and discover all the insights that InvestingPro has to offer.
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