Toffuti Brands Inc. (TOF), a soy-based food products maker, Thursday reported a decline in profit for fiscal year 2011, due mainly to lower revenues.
Toffuti's net income for the fiscal year 2011 decreased to $43 thousand or $0.01 per share compared to $462 thousand or $0.09 per share last year.
Net revenue for the period totaled $15.93 million, down 10 percent from $17.71 million last year. The decline in sales was primarily due to lower business with Trader Joe's, formerly the company's largest customer, who decided to cease selling branded goods, subsequently bringing down the company's revenue by $2.0 million from last year.
by RTT Staff Writer
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