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Revenues Increased 33.9% to $71.9 Million; Earnings per Diluted Share $0.12
PHOENIX, July 31, 2014 (GLOBE NEWSWIRE) -- Inventure Foods, Inc. (Nasdaq:SNAK) ("Inventure Foods"), a leading specialty food marketer and manufacturer, today reported financial results for the second quarter and six months ended June 28, 2014.
Second Quarter 2014 Highlights
Net revenues increased 33.9% to $71.9 million.
EBITDA* increased 79.7% to $6.4 million.
Diluted earnings per share were $0.12.
Year-to-Date Fiscal 2014 Highlights
Net revenues increased 36.3% to $139.4 million.
EBITDA* increased 72.8% to $11.5 million.
Diluted earnings per share were $0.20.
"We reported very strong second quarter EBITDA growth of 79.7% fueled by a strong net revenue increase of 33.9%," said Terry McDaniel, Chief Executive Officer of Inventure Foods. "Our healthy/natural line increased 57.5%, and now represents over 80% of our business. Our overall success this quarter was driven by 79.1% growth of our Boulder Canyon brand, 13.9% growth in frozen berries and the addition of our newly acquired Fresh Frozen Foods business. During the second quarter, we generated a 170 basis point improvement in gross margin, largely driven by a 470 basis point improvement in our snack segment. The continued strong execution of our 2014 strategic initiatives allowed us to deliver another strong quarter of double digit earnings growth."
(All comparisons above are to the second quarter and first six months of 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.
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