Brief: Tattooed Chef Updates Previously Announced Cost Reduction And Expansion Initiatives Files Form 12B-25 Concerning The Filing Of Its 2022 10-K

Tattooed Chef

17/03/2023 20:34

March 17 (Reuters) - Tattooed Chef Inc  TTCF.O :
    * TATTOOED CHEF UPDATES PREVIOUSLY ANNOUNCED COST REDUCTION
AND
EXPANSION INITIATIVES; FILES FORM 12B-25 CONCERNING THE FILING
OF ITS 2022 10-K
    * TATTOOED CHEF INC - ANTICIPATED COST SAVINGS INCLUDE
REDUCTIONS
IN MARKETING AND PROMOTIONAL EXPENSES, WORKFORCE REDUCTIONS
    * TATTOOED CHEF INC - NOW BELIEVES THAT IT COULD ACHIEVE
ANNUAL
COST SAVINGS OF UP TO $40 MILLION OR MORE IN 2023 PURSUANT TO
NOV 2022 PLAN
    * TATTOOED CHEF INC - SEES A REDUCTION IN 2023 MARKETING
EXPENSES
OF APPROXIMATELY $15 MILLION
    * TATTOOED CHEF INC - SEES OPERATIONAL & AUTOMATION-DERIVED
SAVINGS OF ABOUT $6 MILLION, DRIVEN BY CUT IN LABOR & INCREASED
PRODUCTIVITY IN SAME FOOTPRINT
    * TATTOOED CHEF INC - NET REVENUE FOR FY 2022 IS EXPECTED TO
INCREASE TO APPROXIMATELY $234 MILLION, COMPARED TO PRIOR
GUIDANCE OF $235 - $245 MILLION
    * TATTOOED CHEF INC - GROSS MARGIN FOR FY 2022 IS EXPECTED
TO BE
APPROXIMATELY NEGATIVE 4% - 5%, COMPARED TO PRIOR GUIDANCE OF
POSITIVE 0% - 3%
    * TATTOOED CHEF INC - CONTINUES TO REQUIRE ADDITIONAL DEBT
OR
EQUITY CAPITAL
    * TATTOOED CHEF INC - EXPECTS CASH AT DECEMBER 31, 2022 OF
APPROXIMATELY $6 MILLION

Source text for Eikon:  ID:nGNX5bk9WM 
Further company coverage:  TTCF.O 

 ((Reuters.Briefs@thomsonreuters.com;))