PHOENIX — Strides in product innovation coupled with strategic acquisitions has positioned Inventure Foods for future success, said Terry McDaniel, chief executive officer of the Phoenix-based specialty foods maker.
In the first quarter ended March 29, net income was $1,597,000, equal to 8c per share on the common stock, up 51% from $1,056,000, or 5c per share, in the same period a year ago. Net revenues also improved year-over-year, rising 39% to $67,509,000 from $48,537,000.
“We are pleased to report a solid start to fiscal year 2014 with robust net revenues and EBITDA growth,” Mr. McDaniel said. “We believe that the progress we have made in product innovation when combined with our strategic acquisitions better position us to capitalize on our growth opportunities across various categories. Looking ahead our team remains committed to delivering improved financial results and we expect that fiscal 2014 will be another strong year for Inventure Foods.”
Net revenues for the frozen segment increased 64% during the first quarter to $43,700,000, while profit increased 59% to $2,900,000. In the snack segment, net revenues climbed 9% to $23,900,000, while profit eased 4% to $200,000.“Our frozen and snack segments continue to experience an increase in revenues fueled by positive consumer response to our expanded healthy/natural and indulgent product offerings,” Mr. McDaniel said. “We expect these product line expansions to help further improve our operating margin as we realize additional accretion from the Fresh Frozen Foods acquisition over the course of fiscal 2014.”