Inventure Foods Inc., a leading specialty food maker and marketer, today reported its financial results for the first quarter ended March 26, 2011, posting record first-quarter earnings of $0.08 per fully diluted share.
“Our record first quarter 2011 earnings have carried Inventure Foods’ momentum into the new year,” Terry McDaniel, CEO of Inventure Foods stated in the press release. “We are off to quality starts in both our Snack and Rader divisions as we continue to deliver year-over-year revenue and earnings growth. Our Healthy/Natural portfolio now represents 53 percent of total revenue, having increased 27 percent from the first quarter of 2010. As we continue to focus resources on building our “better-for-you” group of products, we hope that it will continue to gain a larger share of total company revenues.”
Revenue for the first quarter increased 16.7 percent to $36.6 million compared to $5.2 million versus the prior-year first quarter. Snack division net revenue posted a 12.4 percent increase over the same quarter a year ago to $21.7 million. The Snack division also experienced a second consecutive quarter of growth in the T.G.I. Friday’s brand, which increased 17.6 percent from the prior year.
Rader division net revenue, which includes Jamba All Natural Smoothies, totaled $14.9 million for the quarter, up 23.6 percent over the prior-year period. Excluding Jamba, Rader division net revenues increased 6.7% for the quarter. Jamba net revenue for the quarter totaled $2.1 million ($2.5 million gross), reflecting Jamba’s nationwide rollout and the adding of a fourth flavor, Caribbean Passion.
Consolidated net income for the quarter was $1.4 million, or $0.08 per fully diluted share, compared to $1.2 million, or $0.07 per fully diluted share, in the first quarter of 2010.
Gross profit of $7.9 million, or 21.6 percent of net revenues, increased 15.8 percent. Selling, General and Administrative (SG&A) expenses totaled $5.5 million for the quarter, or 15.0 percent of net revenues.
McDaniel said the company will continue to invest in its brands, supplying them with new sales to support expansion, noting Jamba and Boulder Canyon in particular.
“Jamba continues to perform above our expectations, delivering $2.5 million in gross revenues, which was achieved with very little new business. We believe Jamba is poised for a strong second quarter as we continue to execute the national roll-out. Early customer feedback and acceptance has been very encouraging and reflective of our expectations relating to the original roll out. Boulder Canyon continues its strong momentum as we expand geographically and add new products to the portfolio. We are also excited by the resurgent first quarter growth of T.G.I.Friday’s. The 7.0 percent increase in our Indulgent/Specialty portfolio was primarily the result of its strength,” McDaniel stated.
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