Inventure Foods income falls 37% in year
March 1, 2012
PHOENIX — Income for Inventure Foods, Inc. during 2011 was down 37% on support for the launch of Jamaba smoothies.
For the year ended Dec. 31, 2011, the company had income of $2,816,837, equal to 16c per share on the common stock, which compared with $4,468,716, or 25c per share, during fiscal 2010. Revenue during fiscal 2011 totaled $162,232,418, up 21% from $133,987,442 during the previous year.
“2011 was a very important year for Inventure Foods with several planned investments made toward our anticipated future growth,” said Terry McDaniel, chief executive officer. “While we did not experience earnings growth this year due to the investment required to properly support the national launch of our Jamba smoothies, we continued to deliver net revenue growth in both of our divisions, while executing the quality strategic investments in our brands, plants and people needed to support and strengthen our position for the new year. We finished the year with strong momentum by delivering a net revenue increase of 32% in the fourth quarter and posting gains in both our Snack and Frozen divisions. In the Snack division, we were able to grow T.G.I. Friday’s 34% through the successful execution of several large retail programs. Our Boulder Canyon products continue to benefit from recognition in consumer and trade media, supported by new offerings in the portfolio, which resulted in 20% growth for the brand. In addition, the fourth-quarter launch of our Nathan’s Famous Crinkle Cut Fry has been met with strong acceptance from our customer base.”
For the fourth quarter ended Dec. 31, the company had income of $741,583, or 4c per share, up 17% from $634,149, also 4c per share, during the same quarter of the previous year. Revenue for the quarter was $44,464,066, up 32% from $33,606,030 during the previous year.