$MMMB - First quarter 2017 revenue increased 21% to $3.9 million compared to first quarter 2016 revenue of $3.2 million.
First quarter 2017 gross margin increased substantially to 38% compared to 26% in the first quarter of fiscal 2016. Gross margin for full year fiscal 2017 expected to be approximately 35%.
Total operating expenses for the first quarter decreased nine percent versus the comparable quarter of fiscal 2016 as the Company continued to enhance operating efficiencies.
Loss from Operations for the first quarter fiscal 2017 improved 94% to $(55,220) versus $(852,647) in the prior year first quarter.
Net loss for first quarter fiscal 2017 improved 79% to $(226,107) compared to $(1.1 million) in the first quarter of fiscal 2016. EPS for first quarter fiscal 2017 was $(0.01) compared to $(0.04) in first quarter fiscal 2016.
Initial shipments commenced in the first quarter of fiscal 2017 to several new chain customers contracted in fiscal 2016 and in the first quarter of 2017.
Since January 31, 2016, the Company increased its placements with new customers from 10,100 to 11,400 store locations and increased its placements on grocer's shelves from approximately 32,000 to 35,000.
*Cash EBITDA, a non-GAAP financial metric, for the first quarter of fiscal 2017 was positive $200,691 compared with negative $(783,405) in the first fiscal quarter of 2016.
Carl Wolf, Chief Executive Officer of MamaMancini's, commented, "We are off to a very strong start in fiscal year 2017. Revenue for the quarter increased 21% as product deliveries commenced to many of the new retail store chain customers developed in the latter part of fiscal 2016 and in the just completed first quarter. Our strategy of developing larger customers and exiting underperforming accounts that do not generate reasonable returns has achieved measurable results.
