Inventure profit eases in third quarter
October 20, 2010
by Eric Schroeder
PHOENIX — Net income at Inventure Foods, Inc., a marketer and manufacturer of snack foods, fell 7% in the third quarter ended Sept. 25, easing to $1,212,517, equal to 7c per share on the common stock, from $1,303,761, or 7c per share, in the same period a year ago. Net sales, meanwhile, rose 16% to $27,013,633 on the strength of increased healthy and natural snack sales.
Snack division sales during the third quarter totaled $22.4 million, up 7% from the same period a year ago. Inventure attributed the gain to a 90% sales increase for Boulder Canyon Natural Foods. The company also said T.G.I. Friday’s and Burger King sales trends improved over recent quarters.
Within the Rader Farms division, net revenue rose 29% to $11.7 million. The gain reflected continued strength of Jamba, which recorded revenues of $1.9 million during the quarter, Inventure said.
“We are pleased to announce another strong quarter of revenue growth driven by our healthy/natural category, which grew 40.1%,” said Terry McDaniel, chief executive officer of Inventure Foods. “Our sustained focus on developing innovative healthy/natural products enabled a net revenue growth of 13.8% for the quarter. The Jamba smoothies roll-out gained strength with net sales of $1.9 million, and gross sales of $2.4 million. We are now in over 6,000 retail stores and growing.”
For the nine months ended Sept. 25, net income totaled $3,834,567, or 21c per share, up from $3,228,307, or 18c per share, in the same period a year ago. Net sales were $100,381,412, up 8% from $93,075,776.