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Inventure Foods Reports Mixed Q2 Earnings (SNAK)

Inventure Foods, Inc. (NASDAQ: SNAK) reported second quarter EPS of $0.07 versus the estimated $0.08.. EPS were down 13 percent year over year. Revenue came in at $53.70 million versus the estimated $51.95 million. Sales were Up 12 percent from the same period last year.

Highlights from the release include:

  • Net revenues increased 11.8% to a record $53.7 million, or 14.3% adjusting for the prior year sale of the Company’s DSD business.
  • Diluted earnings per share were $0.07, compared to $0.08, as a result of increased brand investments and acquisition costs.
  • Newly acquired Willamette Valley Fruit Company (“WVFC”) added $1.0 million in net revenues.
  • Seattle’s Best Coffee® frozen coffee blends launch contributed $2.0 million to gross revenues.

“We are pleased with double-digit net revenue growth across the vast majority of our brand portfolio during the second quarter,” said Terry McDaniel, Chief Executive Officer of Inventure Foods, Inc.  “Our healthy/natural portfolio continues to track strongly in the marketplace and provided for 65% of net revenues during the quarter.  In addition, the healthy/natural portfolio net revenues increased 16.9% in the quarter versus the prior year, attributable to strong performance in our frozen fruit products, continued increases in our Boulder Canyon brand, as well as favorable results in our frozen beverage businesses.  Our Jamba® At-Home smoothies benefited from the successful launch of the Green Fusion flavor, and our market share in the category continues to increase.  During its first full quarter in the market, our new Seattle’s Best Coffee Frozen Coffee Blends contributed $2.0 million in gross revenue, with increased distribution slated for the second half of the year.  Additionally, this quarter marked the third consecutive quarter of increased net revenues for our Boulder Canyon brand as we continued to execute our product and channel growth plan.”

 

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