Ladies and gentlemen, good day and welcome to the MamaMancini's Virtual Roadshow webinar. Today's conference is being recorded. The slides accompanying this call are available on the webcast link that was provided in the press release, as well as the company's investor relations website at www.mamamancinis.com. Before we begin, we would like to remind you that some of the statements made today may be considered forward-looking. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual performance or results to differ materially, including the risk that the results may be different than currently anticipated. Please note that these forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update these forward-looking statements in light of new information or future events, except to the extent required by applicable securities laws. Please refer to all SEC filings.
At this time, it's my pleasure to introduce you to Carl Wolf, CEO and Chairman, who will be presenting the story today. Carl, the floor is yours.
Good morning, everyone, and thank you for joining our virtual roadshow today. I'm going to go through an investor deck that is slightly shorter and updated from our prior decks, and then we will have time to take investor calls. Forward-looking statements, which have already been read. Everyone should be aware of them. I'd like to move to deck 3, slide 3, which is MamaMancini’s overview. What we'd like to do on the overview is point out our core business, which is a manufacturer and distributor of specially pre-prepared frozen and refrigerated all-natural food products. We're now in about 45,000 locations, and we're in such national chains as Walmart, which includes Sam's Club, Whole Foods, and Kroger. It's a scalable business model, and we're in a prepared foods market that meets consumers' lifestyle. Today's consumers' demands are for quality, fresh natural foods with nutritional benefits.
Across the board, our operating margins, our return on operating expenses, and expanding cash flows have been positive. We recently announced a partnership with Beyond Meat to offer plant-based Italian foods, greatly expanding our addressable market. We recently entered the foodservice market, and the food service business is approximately as large as our existing supermarket and club store business. I also would like to mention that we are also very actively soliciting business in the C-store market, which has about 300,000 locations across the country as the marketplace has expanded to more quality foods. We also are soliciting business for selling product into Canada. We have an experienced management team with over 48% insider ownership. Our products are real. The gentleman you see in the next slide, Dan Mancini, is our spokesperson. He's very often on QVC.
He was just there a week or so ago and virtually sold out $200,000 worth of product on a Sunday afternoon. Dan has taken the recipes from his grandmother, Anna Mancini, and our products are simple, ingredients you can read and understand. And as Dan says, "Every Sunday, I would wake to the amazing aroma of my grandmother's frying meatballs. I call this a scented memory." One of the key things in the next slide and one of the key things is we want to have a product line that is growing and makes sense. And what we're doing is we're selling to what we call the perimeter of the supermarket. The perimeter of the supermarket is fresh prepared foods that normally are consumed either that day or the next day.
A recent survey shows that about 70% of consumers decide what they want for dinner after 12:00 P.M. Often, people today now eat different things at dinners as well as at different times. So supermarkets, while the center of the store, which is dry goods such as purveyors as Kraft, Campbell's Soup, Heinz, etc., General Mills are selling product, is decreasing 1%-2% a year. Whereas the perishable area is growing. One of the reasons it's growing is that consumers want food that is easy to put out and also tastes delicious. So the supermarket business is growing because they've been competing with takeout food or restaurant dining food. So there's a number of statistics here in this slide that shows that the business is growing very rapidly, and we're swimming the right way on the stream that really helps.
What's very interesting, if you go to the next to the last bullet, the plant-based meat market is expected to grow to $4.5 billion and expected to grow to $85 billion by 2030. And what's happened, though, is that supermarkets that have put an emphasis on high-quality food have seen greater sales increases and greater margins. Our products are all- natural, and we have 26 different items. It's led by meatballs. And as you can see in this slide, some of the products we offer, what's very interesting, what seems to be growing very rapidly is Stuffed Pepper Kit. And what we do is we send the supermarket a kit of the stuffed pepper filling and cheese and sauce, and they supply the peppers.
Recently, we now have a new kit we just started selling where we ship the peppers fresh as well so that they don't have to search in the store for any of it. That area is growing very, very dramatically for us. Another very rapidly growing area for us is Sausage and Peppers, a great-tasting product. Last but not least, which is growing right now, are antibiotic-free Meatballs. Also, as you can see in the square on the lower left, plant-based Meatballs are just beginning right now for business. What's very important, though, is the market survey on the bottom. This survey was taken among 2,000 people twice. As you know, some of the presidential surveys today are among 600 people, 700 people. The larger the survey, the more accurate. We have a 92% intent to purchase again, which is extraordinarily high.
There's actually 0% that said they will definitely not purchase. Our quality really drives our business. Anyway, this is just showing what's going on with the plant-based market. I'm sure all of you have heard the various Beyond Meat new placements, etc. By the way, we just, which was in a press release, recently presented our Beyond Meat product on QVC. We had 11-minute time allocation. We sold out in 7 minutes, and we expect to be on very soon with another showing. Beyond Meat, as you know from everything from McDonald's to Arby's and Kentucky Fried Chicken, is really the brand. We tried about 8-10 different other products besides Beyond, and this worked the best for us. We probably did about 25 reiterations of the recipe, not as easy as anyone would think.
We are just shipping our first orders of Beyond. In the next few weeks, we'll be announcing some of the customers that we have. So we're very, very optimistic for the future of this line. This is a slide that just points out the benefits of our product. To give you an example, our Turkey Meatballs have 22 calories an ounce. Hummus has about 55-60 per ounce. And if you look at some of the competitors, as high as 80 calories per ounce for 22. And we have no soy in any of our products or soy flour or soy protein, and we have no artificial ingredients. So we think we have a really great superior line of products. In fact, we put together just on the side, we put together a MamaMancini’s diet, which we didn't go out with for various reasons.
But anyway, it would have if you can take a 10-ounce portion of our meatballs and sauce and put it over lettuce on a salad, you would have a dinner for less than 300 calories. Our sales channel, we're now starting to sell all the major chains, which you can see in the pictures listed here. What's very interesting is that although we may sell someone like Kroger, which is just rolling out right now, that's one item. So we have 26 items. So our growth isn't just from selling a chain. It's from selling new items to existing chains as well as getting new chains. So as you can see, we now are gaining national distribution. More will happen. We will get more placements in the coming year. So we're really very, very excited. The food service area is very, very interesting.
It has not really shown any meaningful sales results to date. However, we have made some changes there, which we are very, very excited about. We have three people right now working on that area. Every day, samples go out, presentations are made, and we believe that in the coming year, we will see some very, very significant business. Our products are delicious and unique. QVC is the largest direct-to-consumer marketer. QVC has moved up with us in volume in each of the last two years and, based upon what we see right now, should have a very substantial increase this year. However, that is very preliminary and yet to be proven. But in any case, we often sell out, and we're often the leading food product or one of the top three in a given show. On the Sirius Radio campaign, it's been very effective for us.
We like to buy over holiday flights, usually 1,000. We've increased the number of flights to eight from originally what was five to six over the last several years, and we are on all the major news channels. Our rates are locked in. This year, which should be an interesting year, we think we'll have a lot of increase in listenership. This shows some of the major chains that we've penetrated. So as an example, we're in all Publix. We sell Publix right now five items. However, three of the items. I'm sorry, we sell Publix seven items. Three of the items are in test of 350 of 1,150 stores. We believe that test's going well, so we would basically double our potential Publix business. We presented to Publix three more items, which we're very hopeful on.
So even though it shows 100% distribution, the key is to try to get anywhere from 7-12 items per customer. So as you can see, going down the line, we have a lot of full distribution but also a lot of potential Whole Foods. So you can see there is a very exciting opportunity. We're now 100% penetration at Whole Foods. And again, this is the same chart on the center of the store versus the perimeter of the store. Our goal is to basically get 5+ major accounts each year generating a $3 million-$5 million in revenue. There are some accounts that would be $15 million-$25 million in revenue. Hopefully, some of them will occur, but right now, if we can do that, our volume would increase with growth in our existing accounts would increase approximately 45% in the next year.
Our manufacturing and testing capabilities is a major project that has occurred and will continue to occur. An announcement today: hiring Steve Burns as our Executive Vice President. Steve has a background in finance and accounting and controls. He was our lead director. And we see very significant operating efficiencies that can be achieved in the next six months or sooner. Our plant is a Level 2 Safe Quality Food plant. We're in the midst of, at modest cost, adding new holding freezer space and loading dock area. For a modest amount of money, I've increased production capacity. So we think we're in pretty good shape to handle increases in business. Our goal would be to be able to handle up to $70 million-$80 million in business from our existing operations plus some outside co-packers which we're working on right now. So we think we're in more than good shape.
Just the financial highlights: the last 12 months, we did $24.7 million in sales. We've already made a guidance of $10 million in sales for this quarter ending January 31. We feel confident on that. So you're talking about close to $35 million in sales versus last year we did $28 million. As you can see, $28.5 million in the bar graph. Our gross profit margins were lower this year. Some of that was offset by reclassification of operating expenses. However, so our goal this year is to move a gross profit margin back up to the 35%-37% range. That is our emphasis this year. We think we can do that, which would be very, very beneficial to the company. In terms of overhead, the company sees a modest increase in overhead, mainly in management.
Cash provided by operations has been very, very strong, although last year shows a very strong number as well. We continue to move down our long-term note, which was $2.5 million, was down to $1.5 million as of October 31, 2021. We know already that it will be substantially lower as of January 31, 2022. And cash and equivalents are approximately $600,000. It could be higher. We have available working capital line, which we're not using. So we think that we have more than available cash. If we do what we hope to do in the coming year, our debt should continue to move down, and we will not have any need to raise capital. We do have, as people are aware, some warrants outstanding. If the stock remains strong, it's very possible that they will be converted.
$3.3 million actually, 5 million of the warrants are end. Last date is lined up between July and November. So we think that if the stock remains reasonably high, that would be a reasonable conversion to $7, which would add about $5 million-$7 million in cash into the company. And here's our last page for the summary on the key management. I'd like to mention a few people. One, Matt Brown, who runs our operations, is very dedicated. One of the keys in running the business is ability to grow and learn. We have a philosophy in our company: if it's broken, fix it. Let's not dwell on it. Entrepreneurs or entrepreneurial companies probably make more mistakes than do the right thing. The other one is that just keep learning with the mistakes. So we have a philosophy: broken, fix it, move on.
Scott Scheffer is in his 30s, is our Executive Vice President of Sales. He is a tremendous salesperson and been very, very pleased with his ability to dog accounts and follow through. Dan Mancini often goes on sales calls. He's on QVC. He's the face of our brand, and he is a very, very supportive of the company. Steve Burns, whose background you saw today in the press release, is a very integral part of the business. Chris Styler, our Executive Chef, we sent out his bio, I think, about 6 or 9 months ago. You can look it up. He's written 19 cookbooks, has produced several TV shows, and most importantly, aside from developing new recipes for us, he knows how to convert small batches to large batches.
We have a rule that if we have a new product or a tweak in a product, Chris must watch the production to make sure it comes out the way we think it is. So we think we're in pretty good shape. My own background: I'm a serial entrepreneur, as many of you know. Started Alpine Lace Brands, developed it from nothing into a $250 million retail business. We're a NASDAQ. I was involved with 2 other NASDAQ companies as either chairman or co-chairman of the board. So I'm pretty aware of the area we're in. And the key takeaways are the same as before, what we have done. Again, we think we're in the right industry. We have the right product. Our margins are good incrementally. We believe we earn 20%-25% operating profit on each additional sale. So we can leverage those sales, substantial additional sales.
It will flow down to operating profit for the company. Cash flow is very strong, and we continue to develop new products. We think the Beyond Meat product could be the game changer for the company. It's way too early to tell. Product is first just going to customers right now. We will see, but could be a very, very exciting opportunity. Again, our management, I think our team now is pretty complete, and we're very, very happy with that. With that, I'd like to open to Q&A.
Thank you. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, it is star 1 if you would like to ask a question, and we will pause for just a moment to allow everyone an opportunity to signal for questions. We will take our first question from Howard Halpern with Taglich Brothers.
Hi, Carl.
Hi, Howard.
Can you, I guess, talk a little bit about Costco and what your penetration is there, as well as comparing these club stores to the supermarket locations in terms of volume and general consumption by consumers?
Club stores have much higher volume per location than supermarkets. We have had very significant penetration in BJ's and Sam's Club. Costco has had limited penetration up to now. We do get rotations with Costco. It is a number one priority for the company. In fact, I have a call with them by chance later this afternoon. Costco has very, very high volume per store, so we're on it, and our proven success makes us very, very hopeful that we will continue to get additional business with Costco.
Okay. In December, you had announced 3,700 new product placements with tier one retailers. Have shipments begun, or can you just describe the status of that?
All the shipments have begun except for 400 locations, which are now expected in February.
Okay. Just based on those shipments, I know we haven't finished quite the fourth quarter yet, but those shipments in place should get your first quarter off to a pretty good start for the year?
Yes.
Okay. I guess I haven't touched on this before, but what is your opportunity in Canada?
In Canada, we've spent a long time. We started last May in Canada, and we are very, very hopeful. That was found in our projections, and we have indications that we will get our first orders in the next 2 weeks for Canada.
Okay. And.
In terms of our projections, we show modest sales. However, Canada, on a population basis, could add 5 million-7 million in volume just on a pro-rata basis to the United States. What's interesting in Canada is our product is priced very, very competitively based upon the marketplace, and thus for cuttings, it's done very well. We have a major sales trip to Canada in the next 2 weeks.
Okay. And lastly, if you could just talk about the food service. I know you've been working on it, and I guess you said you made a couple little tweaks or changes to it. But in terms of the pipeline, do you have any general anticipation on when a significant or meaningful order might be coming down the road in the next 6-9 months?
We show in our projections for this year, this coming year, 2021, modest sales in food service. However, one major account can add $5 million-$7 million in sales. So right now, we're assuming a number of medium to small accounts happening by the summer. We have a new key person who is selling for us. He's relentless. As soon as I wake up, I have texts. As soon as I go to bed, I have texts, and I believe he will get some and we have a lot of samples and a lot of meetings going on. So I think we'll have some significant business. However, until you have a commitment, it is very, very hard to put that in a projection.
Okay. Well, just keep up the great work that you're doing.
We also have two other people working on food service, by the way. One is on schools and universities, mainly with Beyond products.
Do you anticipate the Beyond Meat product will fit well within that food service area?
Yes, very well.
Okay. Okay. Keep up the good work, Carl.
Thank you.
Ladies and gentlemen, this does conclude our question-and-answer session for today. I would like to turn the conference back to Mr. Wolf for any additional or closing remarks.
Everyone, thank you very, very much for participating in the call, and I hope that we will be able to give you more updates in the near future. Thank you again.
Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.