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First Quarter Revenues Increased 39.1% to $67.5 Million
First Quarter EBITDA Increased 64.8% to $5.1 Million
PHOENIX, May 1, 2014 (GLOBE NEWSWIRE) -- Inventure Foods, Inc. (Nasdaq:SNAK) ("Inventure Foods"), a leading specialty food marketer and manufacturer, today reported financial results for the first quarter ended March 29, 2014.
First Quarter 2014 Highlights
Net revenues increased 39.1% to $67.5 million.
EBITDA* increased 64.8% to $5.1 million.
Diluted earnings per share were $0.08.
"We are pleased to report a solid start to fiscal year 2014 with robust net revenues and EBITDA growth," said Terry McDaniel, Chief Executive Officer of Inventure Foods. "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."
(All comparisons above are to the first quarter 2013)
*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 term EBITDA to the most comparable GAAP financial measures.
First Quarter Fiscal 2014
Net revenues increased 39.1% to $67.5 million, compared to $48.5 million in the prior year period. The increase in net revenues was due to a 55.1% increase in the healthy/natural product portfolio. Gross profit as a percent of net revenues decreased 110 basis points to 17.1% compared to 18.2% in the prior year. This decline is due to a decrease in gross margin in the snack segment related to weaker product sales mix, including a reduction in sales of certain more profitable licensed products and increased manufacturing of co-packed products.
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