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Fourth Quarter Revenues Increased 35.2% to $58.9 Million Full Year Revenues Increased 16.4% to $215.6 Million
PHOENIX, Feb. 27, 2014 (GLOBE NEWSWIRE) -- Inventure Foods, Inc. (Nasdaq:SNAK) ("Inventure Foods"), a leading specialty food marketer and manufacturer, today reported financial results for the fourth quarter and fiscal year ended December 28, 2013.
Fourth Quarter 2013 Highlights
Net revenues increased 35.2% to $58.9 million.
Adjusted EBITDA * increased 46.4% to $5.8 million.
Diluted earnings per share was $0.10, or $0.14* adjusted for transaction related expenses.
Fiscal Year 2013 Highlights
Net revenues increased 16.4% to $215.6 million.
Adjusted EBITDA * increased 12.2% to $18.0 million.
Diluted earnings per share was $0.33, or $0.38* adjusted for transaction related expenses.
"We are pleased to report strong net revenues for fiscal 2013, the highest in the Company's history, and remain confident that we will continue our earnings improvement in fiscal 2014," said Terry McDaniel, Chief Executive Officer of Inventure Foods. "Our team remains focused on our strategic vision to strengthen our core brand portfolios as we continue to expand our healthy / natural product portfolios. We believe the acquisitions we completed in 2013 will better position us to capitalize on our growth opportunities in the expanding better-for-you and snack food categories and enable us to generate long-term sustainable growth for our shareholders."
(All comparisons above are to the fourth quarter and fiscal year 2012)
*Please see the tabular reconciliation of financial measures prepared in accordance with United States generally accepted accounting principles ("GAAP") to non-GAAP financial measures included at the end of this press release for the definition and information concerning certain items affecting comparability and reconciliations of the non-GAAP terms adjusted diluted earnings per share, EBITDA and adjusted EBITDA to the most comparable GAAP financial measures. This news release includes the financial measures "EBITDA" and "adjusted EBITDA", "adjusted net income" and "adjusted diluted earnings per Share." These measurements are deemed "non-GAAP financial measures" under rules of the SEC, including Regulation G. This non-GAAP financial information may be determined or calculated differently by other companies.
Fourth Quarter Fiscal 2013
Net revenues increased 35.2% to $58.9 million, compared to $43.5 million in the prior year period. The increase in net revenues was due to a 55.8% increase in the healthy / natural product portfolio. Gross profit as a percent of net revenues decreased 190 basis points to 18.5% compared to 20.4% in the prior year. This decline is due to a decrease in gross margin in the snack segment related to increased manufacturing of co-packed products during the period, as well as a reduction in sales of certain licensed products.