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SNAK.. $3.40.. First Compostable Packaging to Natural Snack Food Category..
Boulder Canyon(TM) Introduces First Compostable Packaging to Natural Snack Food Category
PR Newswire - Apr 22 at 09:29
Company Symbols: NASDAQ-SMALL:SNAK
Leading Natural Food Manufacturer Introduces Snack Chip Bag Made From Wood Pulp
BOULDER, Colo., April 22 /PRNewswire/ -- In the same week the nation celebrates Earth Day, Boulder Canyon™ Natural Foods has unveiled plans for a compostable package for its popular All Natural Kettle Cooked Potato Chip line. The Company believes that the 7.5-ounce bag, made from wood pulp sourced from plantations that have Forestry Stewardship Council (FSC) or similar certification, is the first compostable packaging developed for the natural snack food category. The new packaging is available immediately at Colorado-area Whole Foods stores with a suggested retail price of $3.49-$3.99 per package.
(Photo: http://www.newscom.com/cgi-bin/prnh/20100422/DE91391)
The Boulder Canyon compostable packaging is made from materials that are certified to meet the &;Specification for Compostable Plastics&; standards set by the American Society for Testing and Materials. The bags can be composted in home or industrial composters, recycled through approved organic recycling programs, or incinerated at modern incineration plants.
In contrast to the corn and starch-based compostable bag recently introduced by a leading traditional snack manufacturer, the Boulder Canyon bags are made from wood pulp to mitigate any potential negative impact on existing food supplies.
Consumers interested in the greening of their snacking won&;t be forced to pay a big premium for supporting Mother Earth either; the cost per-ounce is similar to that of Boulder Canyon chips in standard five-ounce bags.
&;At the core of the Boulder Canyon Natural Foods brand is a desire to eat naturally, free of additives and artificial ingredients, while also being good to the planet,&; said Steve Sklar, senior vice president of marketing for Boulder Canyon. &;Our new compostable packaging should make a positive impact on landfill waste, so we&;re excited to see this day come.&;
Boulder Canyon is a national sponsor of American Rivers, the leading river conservation organization in the United States. In addition, Boulder Canyon purchases enough Renewable Energy Credits to offset 100 percent of its operating emissions annually. This effort prevents nearly 3.5 million pounds of carbon dioxide from being emitted into the atmosphere each year.
Boulder Canyon retail sales have grown 31% and outpaced the natural potato chip category from 2007-2009 according to SPINS™ Natural Channel Data.
Since its inception in 1994, Boulder Canyon Natural Foods has challenged the potato chip paradigm with delicious, all-natural kettle cooked chips in several varieties, including Malt Vinegar & Sea Salt, Spinach & Artichoke, and The Company&;s new Rice & Adzuki Bean snack chip. Today, Boulder Canyon offers more than 20 unique snack products made with only the freshest all natural ingredients.
Boulder Canyon™ Natural Foods is a member of The Inventure Group (Nasdaq: SNAK) family of Intensely Different™ specialty brands. The Company&;s better-for-you and indulgent food brands include licensed brands T.G.I. Friday&;s®, BURGER KING® and Jamba™ as well as Inventure Group owned brands Boulder Canyon™ Natural Foods, Rader Farms®, Poore Brothers®, Tato Skins® and Bob&;s Texas Style®.
SOURCE Boulder Canyon Natural Foods
SNAK..$3.40
The Inventure Grp beats by $0.01, beats on revs (3.30)
Briefing.com - Apr 22 at 09:05
Company Symbols: NASDAQ-SMALL:SNAK, NYSE:BKC, NASDAQ-NMS:JMBA
Reports Q1 (Mar) earnings of $0.07 per share, $0.01 better than the two analyst est of $0.06; revenues rose 5.7% year/year to $31.4 mln vs the $30.4 mln two analyst est. "Recognizing that T.G.I. Friday's and BURGER KING did not deliver revenue growth in line with recent historical levels, we remain fully committed to growing these brands and are confident that new product development and growing distribution channels will offset any negative trends in specific channels... Looking ahead, in addition to driving our base business, we have a strong line up of new products scheduled to be launched this summer. We are also rolling out our new line of Jamba(TM) make at home smoothie kits in strategic West Coast markets. We have exceeded internal projections for customer acceptance and will support this launch with strong trade and consumer programs. We are confident in our teams' ability to continue to drive strong revenue and profit growth for the balance of this year."
SNAK.. $3.30 Strong First Quarter 2010 Results
The Inventure Group Reports Strong First Quarter 2010 Results
PR Newswire - Apr 22 at 09:00
Company Symbols: NASDAQ-SMALL:SNAK
Delivered 9th consecutive quarter of year over year earnings growth, grew EPS by 40% and EBITDA by 32%
PHOENIX, April 22 /PRNewswire-FirstCall/ -- The Inventure Group, Inc. (Nasdaq: SNAK), a leading specialty food manufacturer, today reported record financial results for the first quarter ending March 27, 2010, highlighted by a 9th consecutive quarter of year over year earnings growth, EPS increase of 40%, EBITDA gain of 32% and net revenue growth of 6%.
Q1 2010 Results Overview
Consolidated net revenue for the first quarter ending March 27, 2010 was $31.4 million, an increase of 5.6% versus last year&;s quarter.
Rader Farms delivered an exceptionally strong quarter with net revenue of $12.0 million, an increase of 12.5% versus last year despite a double digit price decrease implemented in the fourth quarter of 2009. Total Rader pounds were up 39%, partially attributable to new distribution and organic growth as a result of the price decrease.
Snack division net revenue was $19.3 million, up 1.8% from the prior year. Key growth drivers included a 36.0% net revenue increase for Boulder Canyon™ Natural Foods, and ongoing robust demand for premium private label products which delivered an 11.1% revenue increase. Snack division revenue gains were partially offset by declines in T.G.I. Friday&;s® of 7.5% and BURGER KING™ of 14.0%. These declines reflect softness in Convenience Store and Vending channels, both of which have been negatively impacted by the weak economy.
Consolidated net income rose 40.5% for the quarter to $1.2 million or $0.07 per share versus $0.9 million or $0.05 per share last year.
Consolidated EBITDA rose 31.9% to $3.2 million or 10.2% of net revenue for the quarter, attributable to the sales increase as well as the impact of lower cost berries in the Rader Division.
Other key financial highlights include:
-- Gross profit of $6.8 million, or 21.6% of net revenue, up 11.5% and 1.1
percentage points versus last year.
-- SG&A of $4.5 million and 14.4% of Net Revenue, virtually flat versus
last year in dollars but down 0.7 percentage points.
-- Operating income of $2.3 million, a 41.2% increase versus 2009.
Management Commentary & Future Outlook
&;As anticipated, 2010 is off to an excellent start for the Company,&; said Terry McDaniel, Chief Executive Officer of The Inventure Group. &;On the heels of a record year in 2009, we have now proudly delivered our 9th consecutive quarter of year over year earnings growth and continue to enhance EBITDA, gross profits and operating margins. Our diversification into the healthy/natural segment continues to pay dividends as we achieved impressive results in both our Boulder Canyon and Rader Farms divisions. Growth in Boulder Canyon is directly attributable to continued investments in our people, products and promotion spending as well as strong growth in our Rice and Bean product. Our success with Rader Farms is attributable to increased velocity with current customers as well as new distribution gains. Also, in line with our strategic growth plans, our premium private label products have been an important revenue contributor and continue to experience strong demand.&;
McDaniel continued: &;Recognizing that T.G.I. Friday&;s® and BURGER KING™ did not deliver revenue growth in line with recent historical levels, we remain fully committed to growing these brands and are confident that new product development and growing distribution channels will offset any negative trends in specific channels.&;
McDaniel concluded: &;Looking ahead, in addition to driving our base business, we have a strong line up of new products scheduled to be launched this summer. We are also rolling out our new line of Jamba™ make at home smoothie kits in strategic West Coast markets. We have exceeded internal projections for customer acceptance and will support this launch with strong trade and consumer programs. We are confident in our teams&; ability to continue to drive strong revenue and profit growth for the balance of this year.&;
Conference Call
The Inventure Group&;s executive management team will host a conference call today at 4 p.m. ET to discuss the Company&;s first quarter 2010 results and comment on its future outlook. To participate in the conference call, please call toll-free (877)280-7280 or (707)287-9365 for international callers.
A live webcast of the call will also be available by accessing www.inventuregroup.net and will be archived for one year following the event.
About The Inventure Group, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, The Inventure Group is a marketer and manufacturer of specialty brands in better-for-you and Indulgent categories under a variety of Company owned and licensed brand names, including Boulder Canyon Natural Foods™, Rader Farms®, T.G.I. Friday&;s®, BURGER KING™, Jamba™, Poore Brothers®, Tato Skins® and Bob&;s Texas Style®. For further information about The Inventure Group, visit www.inventuregroup.net.
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this press release and that may affect the Company&;s prospects in general include, but are not limited to, the potential need for additional financing, acquisition-related risks, significant competition, customer acceptance of new products, dependence upon major customers, dependence upon existing and future license agreements, general risks related to the food products industry, deteriorating economic conditions, and such other factors as are described in the Company&;s filings with the Securities and Exchange Commission.
THE INVENTURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Quarter Ended
March 27, 2010 March 28, 2009
(unaudited) (unaudited)
Net revenue $ 31,396,190 $ 29,718,835
Cost of revenue 24,602,947 23,624,489
Gross profit 6,793,243 6,094,346
Selling, general & administrative expenses 4,507,335 4,475,701
Operating income 2,285,908 1,618,645
Interest expense, net 216,383 178,054
Income before income taxes 2,069,525 1,440,591
Income tax provision 823,128 553,416
Net income $ 1,246,397 $ 887,175
Earnings per common share:
Basic $ 0.07 $ 0.05
Diluted $ 0.07 $ 0.05
Weighted average number of common shares:
Basic 17,887,643 18,164,223
Diluted 18,119,638 18,164,223
THE INVENTURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 27, 2010 March 28, 2009
(unaudited) (unaudited)
Current assets $ 29,355,741 $ 26,271,500
Property and equipment, net 23,944,600 24,464,303
Other assets, net 15,024,840 14,830,747
Total assets $ 68,325,181 $ 65,566,550
Current liabilities $ 14,103,298 $ 14,219,832
Long-term debt 9,735,290 10,941,285
Line of credit 6,254,008 7,307,690
Other long-term liabilities 4,040,854 3,520,203
Total liabilities 34,133,450 35,989,010
Shareholders' equity 34,662,926 30,048,735
Treasury stock, at cost (471,195) (471,195)
Total liabilities and shareholders'
equity $ 68,325,181 $ 65,566,550
THE INVENTURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
RECONCILIATION
(unaudited)
Quarter Ended
March 27, 2010 March 28, 2009
Reconciliation – EBITDA (1):
Reported net income $ 1,246,397 $ 887,175
Add back: Interest, net 216,383 178,054
Add back: Income tax expense 823,128 553,416
Add back: Depreciation 916,223 805,703
Add back: Amortization of
intangible assets 15,610 15,610
EBITDA $ 3,217,741 $ 2,439,958
(1) EBITDA is presented as a supplemental performance measure and is not
intended as an alternative to net income or any other measure calculated in
accordance with generally accepted accounting principles. Further, EBITDA
may not be comparable to similarly titled measures used by other companies.
SNAK Background.. target raised to $4.50
The Inventure Group target raised to $4.50 from $4 at Roth Capital
Fly On The Wall - Mar 23 at 09:10
Company Symbols: NASDAQ-SMALL:SNAK
After meeting with The Inventure Group's management, Roth Capital believes the company's earnings and revenue growth are poised to accelerate over the next several years. The firm reiterates a Buy rating on the stock.
SNAK Background.. Expands Popular Burger King(TM) Snack Chip Line...
The Inventure Group Expands Popular Burger King(TM) Snack Chip Line
PR Newswire - Mar 10 at 09:22
Company Symbols: NASDAQ-SMALL:SNAK
New Items from the Leading Retailer Appear as Ready-to-Eat Snacks
PHOENIX, March 10 /PRNewswire-FirstCall/ -- Leading snack food manufacturer, The Inventure Group (Nasdaq: SNAK), builds on the success of its growing Burger King™ line of snack chips with the addition of three new flavors, including Hot Fries, Cheese Fries and Hot & Spicy Onion Rings. All three products are available in serving sizes ranging from .75oz – 3.0-ounces, and carry a suggested retail price between $.99 and $1.99.
(Photo: http://www.newscom.com/cgi-bin/prnh/20100310/DE67920 )
The new Burger King™ flavors join the successful line of snacks that includes Ketchup & Fries, Flame Broiled Chips, Original Onion Rings and French Toast Sticks snacks. The entire ready-to-eat snack line attempts to mirror the great-tasting menu items offered by the leading quick serve restaurant brand.
&;Our Burger King™ snacks are really taking off in part because we&;re able to play off the
BURGER KING® brand&;s popular and well known menu,&; said Steve Sklar, senior vice president of marketing for The Inventure Group, Inc. &;We&;re able to bring Inventure&;s snack innovation into the equation and together we&;re creating snack foods that are way outside the traditional &;chip&; landscape, and consumers are gravitating toward them in a big way.&;
According to Nielsen data from 2009, the entire &;hot-flavored&; category of foods was up 75 percent from the previous year with growth nearly three-times the rate of the traditional snack category. The new Hot Fries and Hot & Spicy Onion Rings flavors will add to this emerging trend.
The original Burger King™ Ketchup & Fries product was launched in 2007. It quickly found acceptance from consumers and retailers alike with distribution across the United States in convenience, grocery, club store and vending channels. Today the snack chips are currently sold in more than 30 countries, including China, Singapore, Malaysia, Turkey and Scandinavia.
The Burger King™ product line marks the second successful restaurant licensing agreement for The Inventure Group, with sales growing steadily each year. The Company introduced the T.G.I. Friday&;s® line of ready-to-eat snack chips in 2000 which has become a top-seller among vending and convenience food sales.
The Company will introduce a line of &;at home smoothies&; under the Jamb™ brand to retailer freezers in March of this year.
About The Inventure Group, Inc.
The Inventure Group (Nasdaq: SNAK) is a marketer and manufacturer of Intensely Different™ specialty brands in indulgent and better-for-you food categories under a variety of Company-owned or licensed brand names, including T.G.I. Friday&;s®, BURGER KING™, Jamba™Rader Farms®, Boulder Canyon™ Natural Foods, Poore Brothers®, Tato Skins® and Bob&;s Texas Style®. All of Company&;s products are manufactured in the United States at facilities in Arizona, Indiana and Washington. For more information about The Inventure Group please visit http://www.inventuregroup.net.
ABOUT BURGER KING CORPORATION
The BURGER KING® system operates more than 12,000 restaurants in all 50 states and in 73 countries and U.S. territories worldwide. Approximately 90 percent of BURGER KING® restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. In 2008, Fortune magazine ranked Burger King Corp. (BKC) among America&;s 1,000 largest corporations and in 2010, Standard & Poor&;s included shares of Burger King Holdings, Inc. in the S&P MidCap 400 index. BKC was recently recognized by Interbrand on its top 100 &;Best Global Brands&; list and Ad Week has named it one of the top three industry-changing advertisers within the last three decades. To learn more about Burger King Corp., please visit the company&;s Web site at www.bk.com.
SOURCE The Inventure Group, Inc.
SNAK.. Background.. Record Quarter and Full Year 2009 Results
The Inventure Group Reports Another Record Quarter and Full Year 2009 Results
PR Newswire - Feb 25 at 09:00
Company Symbols: NASDAQ-SMALL:SNAK
Delivered 8th consecutive quarter of year-over-year earnings growth, grew annual EPS by 62% and EBITDA by 30%
PHOENIX, Feb. 25 /PRNewswire-FirstCall/ -- The Inventure Group, Inc. (Nasdaq: SNAK), a leading specialty snack food manufacturer, today reported record financial results for the fourth quarter and full year for the period ending December 26, 2009, highlighted by an 8th consecutive quarter of year-over-year earnings growth, annual EPS growth of 62%, annual net income increase of 60%, annual EBITDA gain of 30% and an annual net revenue increase of 7%.
Q4 2009 Results Overview
Consolidated net revenue for the fourth quarter ended December 26, 2009 was $27.9 million, an increase of 0.4% vs. last year&;s fourth quarter.
Snack division revenue was $19.0 million, up 0.5% from prior year. Key revenue growth drivers included the on-going success of T.G.I. Friday&;s®, up 4.2% and strong demand for Premium Private Label products which delivered a 42.1% revenue increase. Boulder Canyon™ Natural Foods revenue for the quarter was flat, reflecting significantly increased competitive pressure and a one-time customer issue which has been resolved. Snack division revenue gains were partially offset by continued revenue declines in Poore Brothers® of 35.9% and BURGER KING™ of 4.1%.
Rader Farms net revenue was $9.0 million, an increase of 0.4% despite a double digit percentage price decline. Rader Farms product demand remained especially strong as total pounds sold increased by 29% for the quarter.
Net income for the quarter was $0.6 million or $0.03 per share versus $0.1 million or $0.01 per share last year.
Consolidated EBITDA for the quarter was $2.0 million, an increase of 43% versus last year, attributable to cost savings initiatives in the Snack division as well as a reduction in SG&A expenses. A table reconciling EBITDA to net income is presented at the end of the condensed consolidated financial statements included in this release.
Full Year 2009 Results Overview
Full year 2009 net revenue was $121.0 million, an increase of 7.0% over 2008.
Snack Division revenue was $80.6 million, up 7.9% for the year. Key revenue growth drivers included Boulder Canyon™ Natural Foods growth of 15.0%, T.G.I. Friday&;s® growth of 5.9%, BURGER KING™ growth of 3.8% and Premium Private Label growth of 89.7%. These increases were partially offset by a decline in the Poore Brothers® brand, down 29.7%.
Rader Farms revenue was $40.5 million, an increase of 5.3% despite the aforementioned fourth quarter price decline. Total Rader pounds, however, were up 21% for the year.
Key Financial Highlights for 2009:
-- Gross profit was $23.8 million, representing 19.7% of net revenue and an
increase of 7.3% and 0.1 percentage points versus 2008. An increase in
both gross profit dollars and margin was achieved without the benefit of
any price increases and with a double digit price reduction in the
fourth quarter for Rader Farms.
-- SG&A expenses were $16.7 million or 13.8% of net revenue, virtually flat
in dollars but down 1.1 percentage points versus 2008.
-- Operating income was $7.1 million or 5.8% of net revenue, an increase of
32% and 1.1 percentage points versus 2008.
-- Net income for the year was $3.8 million or $0.21 per share, an increase
of 60% and 8 cents per share versus 2008.
-- Total year EBITDA was $10.6 million or 8.8% of net revenue, an increase
of 30% and 1.6 percentage points vs. 2008. A table reconciling EBITDA to
net income is presented at the end of the condensed consolidated
financial statements included in this release.
Management Commentary & Future Outlook
&;We are very excited about our second year in a row of record revenue and earnings,&; said Terry McDaniel, President and CEO. &;In an extremely tough economy we managed to grow both the top and bottom lines. Our Rader Farms business continues to perform very well. Despite a double digit price decrease in the fourth quarter, Rader sales grew due to a significant increase in consumption as evidenced by a growth in pounds sold of 29%. We expect to see a continuation in the growth of unit sales. We are launching our new at home Jamba™ smoothie product late in the first quarter of 2010 and we are extremely pleased with the response from the trade thus far.&; McDaniel continued: &;Looking at our snack business, Boulder Canyon™ Natural Foods was up 15% for the year despite a slowdown in Q4 sales growth. We anticipate that 2010 will be an exceptionally strong year for Boulder as we intend to increase investments in people, new products and increase consumer and trade promotion spending. T.G.I. Friday&;s®, an important earnings contributor, continued its successful turnaround this year by delivering a 5.9% increase in sales, the first annual increase since 2005. We were successful in expanding distribution channels, introducing new products and executing an exciting cross promotion program with T.G.I. Friday&;s® restaurants. BURGER KING™ was up 3.8% for the year. Looking ahead, we are introducing a series of innovative new products for the BURGER KING™ line, which will utilize our newly developed pellet technology and continue to expand internationally.&;
&;One of our key strategic goals for 2009 was to grow our premium private label business and we were very successful as evidenced by total private label business growth of 90% vs. last year. Aside from the benefit of revenue gains, growth in our private label business also allows us to leverage our plant overhead more efficiently and enhances relationships with existing and potential new retail partners.&;
McDaniel concluded: &;In summary, 2009 was another exciting year for The Inventure Group and we anticipate positive momentum to carry forward to 2010. In the year ahead we will be launching our new at home Jamba™ Smoothie line towards the end of Q1, continue to invest aggressively in Boulder Canyon™ Natural Foods and remain focused on our indulgent specialty line of products. Private label will remain a strategic focus of ours and we have already added new private label customers which we expect to begin shipping this summer and which could add more than $2 million in incremental annualized sales. We will also be announcing a major Bluffton facility project in the second quarter which should drive efficiencies and help leverage the existing plant infrastructure. On the heels of two years of record results, we will continue to execute according to our long term plan of investing in brands, plants and people and look to achieve even greater success.&;
Conference Call
The Inventure Group&;s executive management team will host a conference call today at 4 p.m. ET to discuss the Company&;s fourth quarter and full year 2009 results and comment on its future outlook. To participate in the conference call, please call toll-free (877) 280-7280 or (707) 287-9365 for international callers.
A live webcast of the call will also be available by accessing www.inventuregroup.net and will be archived for one year following the event.
About The Inventure Group, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, The Inventure Group is a marketer and manufacturer of specialty brands in better-for-you and Indulgent categories under a variety of Company owned and licensed brand names, including Boulder Canyon Natural Foods™, Rader Farms®, T.G.I. Friday&;s®, BURGER KING™, Jamba™, Poore Brothers®, Tato Skins® and Bob&;s Texas Style®. For further information about The Inventure Group visit www.inventuregroup.net.
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this press release and that may affect the Company&;s prospects in general include, but are not limited to, the potential need for additional financing, acquisition-related risks, significant competition, customer acceptance of new products, dependence upon major customers, dependence upon existing and future license agreements, general risks related to the food products industry, deteriorating economic conditions, and such other factors as are described in the Company&;s filings with the Securities and Exchange Commission.
THE INVENTURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Quarter Ended Twelve Months Ended
------------- -------------------
Dec. 26, Dec. 27, Dec. 26, Dec. 27,
2009 2008 2009 2008
--------- --------- --------- ---------
(unaudited) (unaudited) (unaudited) (unaudited)
Net revenue $27,935,533 $27,816,849 121,011,309 $113,058,715
Cost of revenue 23,280,485 23,111,156 97,189,028 90,864,406
---------- ---------- ---------- ----------
Gross profit 4,655,048 4,705,693 23,822,281 22,194,309
Selling, general &
Administrative expenses 3,597,257 4,051,628 16,746,148 16,827,692
--------- --------- ---------- ----------
Operating income 1,057,791 654,065 7,076,133 5,366,617
Interest expense, net 197,548 275,408 878,807 1,275,535
------- ------- ------- ---------
Income before income
taxes 860,243 378,657 6,197,326 4,091,082
Income tax provision 306,911 246,441 2,415,687 1,721,791
------- ------- --------- ---------
Net income $553,332 $132,216 $3,781,639 $2,369,291
-------- -------- ---------- ----------
Earnings per common share:
--------------------------
Basic $0.03 $0.01 $0.21 $0.13
----- ----- ----- -----
Diluted $0.03 $0.01 $0.21 $0.13
----- ----- ----- -----
Weighted average number
of common shares:
------------------
Basic 17,887,580 18,483,086 17,955,165 18,736,331
---------- ---------- ---------- ----------
Diluted 18,007,819 18,483,086 18,239,380 18,736,331
---------- ---------- ---------- ----------
THE INVENTURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Dec. 26, Dec. 27,
2009 2008
---- ----
(unaudited) (unaudited)
Current assets $30,730,825 $26,039,814
Property and equipment, net 23,734,921 24,548,060
Other assets, net 14,969,543 14,673,168
---------- ----------
Total assets $69,435,289 $65,261,042
----------- -----------
Line of credit $9,870,590 $8,188,990
Other current liabilities 12,870,696 13,353,748
Long-term debt 10,037,902 11,251,510
Other long-term liabilities 3,749,538 3,415,488
--------- ---------
Total liabilities 36,528,726 36,209,736
Shareholders&; equity 33,377,758 29,051,306
Treasury stock, at cost (471,195) --
-------- ---
Total liabilities and shareholders&; equity $69,435,289 $65,261,042
----------- -----------
THE INVENTURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
RECONCILIATION
(unaudited)
Quarter Ended Twelve Months Ended
------------- -------------------
Dec. 26, Dec. 27, Dec. 26, Dec. 27,
2009 2008 2009 2008
-------- -------- -------- --------
Reconciliation – EBITDA (1):
Reported net income $553,332 $132,216 $3,781,639 $2,369,291
Add back: Interest, net 197,548 275,408 878,807 1,275,535
Add back: Income tax expense 306,911 246,441 2,415,687 1,721,791
Add back: Depreciation 916,816 721,780 3,450,267 2,737,626
Add back: Amortization of
intangible assets 15,610 15,610 62,442 49,025
------ ------ ------ ------
EBITDA $1,990,217 $1,391,455 $10,588,842 $8,153,268
---------- ---------- ----------- ----------
(1) EBITDA is presented as a supplemental performance measure and is not intended as an alternative to net income or any other measure calculated in accordance with generally accepted accounting principles. Further, EBITDA may not be comparable to similarly titled measures used by other companies.
SOURCE The Inventure Group, Inc.
Press Release Source: The Inventure Group, Inc.
The Inventure Group, Inc. Announces Second Quarter 2008 Results
Wednesday July 23, 7:45 am ET
Net Income Up 118 Percent Vs. Last Year
PHOENIX, July 23, 2008 (PRIME NEWSWIRE) -- The Inventure Group, Inc. (NasdaqCM:SNAK - News) today reported financial results for the second quarter ended June 28, 2008. Net revenues for the second quarter of fiscal 2008 were $29.2 million, representing an increase of 28% compared to the second quarter of fiscal 2007. Excluding the impact of Rader Farms(r), which contributed $10.1 million of net revenue in the quarter, the snack division revenue was $19.1 million, representing an increase of 2.7% as compared to the snack division revenues in the same period of last year. The positive impact of price increases as compared to last year's second quarter, the addition of $1.2 million of net revenues from BURGER KING(tm) snacks and the growth in Boulder Canyon(tm) Natural Foods snack products of 38% as compared to the same period of last year were all partially offset by continued softness in revenues from T.G.I. Friday's(r) salted snacks.
Key Financial Metrics:
* Gross profit was $5.3 million for the quarter, representing an
increase of 21% compared to $4.4 million of gross profit recognized
in the same period of last year. Key drivers include Rader
Farms(r), which contributed $1.3 million of gross profit as
compared to $0.8 million in the second quarter of last year and
the snack division where gross profit of $4.0 million for the
quarter was 11% higher and 1.5 points higher as a percentage of net
revenue than the $3.6 million of gross profit recognized in the
same period last year, primarily attributable to price increases
implemented at the beginning of the year and lower plant costs on
a per pound basis.
* Selling, general and administrative ("SG&A") expenses for the
quarter increased $0.4 million as compared to the second quarter
of fiscal 2007 but decreased as a percentage of net revenues to
13.6% as compared to 15.7% in the same period of last year. The
acquisition of Rader Farms(r), while adding some overall SG&A
costs, has allowed us to leverage our overall SG&A expenses thereby
reducing the overall costs as a percent of net revenue.
* Operating income of $1.3 million for the quarter was 74% higher and
1.2 percentage points higher as a percentage of net revenue than
the $0.8 million of operating income recognized in the second
quarter of fiscal 2007.
* Net income was $0.7 million for the quarter, or 4 cents per share,
an increase of 118% compared to $0.3 million and 1 cent per share
for the same period last year.
* Net income was $1.1 million for the first half of fiscal 2008, or
6 cents per share, an increase of 159% compared to $0.4 million and
2 cents per share in the same period last year.
* Earnings before interest, taxes, depreciation and amortization
("EBITDA") was $2.0 million for the second quarter, an increase of
51% and 1.1 percentage points as a percent of net revenue compared
to the same period last year. EBITDA for the first half of fiscal
2008 was $3.9 million, an increase of 121% and 2.6 percentage
points as a percentage of net revenue as compared to the first half
of the prior year. A table reconciling EBITDA to net income is
presented at the end of the condensed consolidated financial
statements included in this release.
* Total debt was reduced by $3.0 million as compared to year end 2007
as a result of the strong financial returns and a focus on managing
working capital.
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``We are very pleased with our second quarter results,'' noted Terry McDaniel, President and CEO of The Inventure Group. ``We delivered another $2 million of EBITDA in the quarter bringing the first half EBITDA to $3.9 million and management believes that the company is on track to duplicate that result in the second half of 2008 if the Rader Farms crop and orders from our major customers come in as expected.
``Our three prong strategy focusing on Rader Farms(r), warehouse snacks and Boulder Canyon(tm) kettle chips has started to pay off. Rader Farms(r) continues to contribute significant net revenue and earnings for the Company. Net revenue for the second quarter for Rader Farms(r) was up 19% vs. last year on a stand alone basis.
``Our Snack business net revenues grew 2.7% in the quarter led by our kettle chips with strong results for Boulder Canyon(tm) up 38% for the quarter and Poore Brothers(r) up 48% partially attributable to sales to a new national drug store chain customer. Under our warehouse snack segment, BURGER KING(tm) snacks contributed $1.2 million in net revenue for the quarter. BURGER KING(tm) snacks are on track to be our most successful product launch since we introduced T.G.I. Friday's(r) Cheddar and Bacon in 2000. Based on the success of BURGER KING(tm) snacks, Burger King Corporation has extended the license to international markets including Mexico, South America, Latin America, Caribbean, Hong Kong, Thailand, Taiwan and the Philippines. We are also adding Onion Rings to the lineup which is scheduled to be launched in July.''
McDaniel continued, ``The main challenge for the first half has been the decline in our T.G.I. Friday's(r) snack business which is down 20% in the first half of the year vs. last year. However, our total pounds produced out of our Bluffton plant where T.G.I. Friday's(r) snacks are produced is only down 6.3%, as we continue to seek and attract private label and co-pack opportunities. We intend to increase promotional spending on this brand to begin to address the decline and are working with T.G.I. Friday's(r) group to extend our product offerings into new categories and channels of distribution. We recently developed technology at the Bluffton plant that allows us to use existing equipment to make pellet snacks that are entirely different in appearance and taste from our other product lines, and we believe this technology will allow us to expand our T.G.I. Friday's(r) and BURGER KING(tm) product lines and add new brands into our branded category of snack products.
``We also face the challenge of managing raw material cost increases in 2009. We expect to offset cost increases through price increases, driving operational efficiencies and growing and leveraging our asset base.
``We are pleased to announce the introduction of our new Rice & Bean based product line produced at the Bluffton plant. The product will be sold under the Boulder Canyon(tm) brand to private label customers in the grocery, natural and club channels. To date we have received favorable response from the trade.
``Operations execution has improved, as plant costs per pound decreased from the same period last year. Finally, our focus on working capital management coupled with positive financial results allowed us to reduce overall debt by $3 million on a year to date basis.
``In summary, our recent performance reflects significant improvement over the last several years. Our Rader Farms(r) business is strong and growing, our kettle chip business continues to grow at double digit rates and we believe that our warehouse snack business will be aided by increased spending on TGI Friday's(r), continued growth in BURGER KING(tm) and the launch of new and innovative products.''
About The Inventure Group, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, The Inventure Group is a marketer and manufacturer of Intensely Different(tm) specialty brands in indulgent and better-for-you food categories under a variety of Company owned or licensed brand names, including T.G.I. Friday's(r), BURGER KING(tm), Rader Farms(r), Boulder Canyon(tm) Natural Foods, Poore Brothers(r), Tato Skins(r) and Bob's Texas Style(r). For further information about The Inventure Group or this release, please contact Steve Weinberger, Chief Financial Officer, at (623) 932-6200, or logon to http://www.inventuregroup.net.
The Inventure Group, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3283
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this press release and that may affect the Company's prospects in general include, but are not limited to, the potential need for additional financing, acquisition-related risks, significant competition, customer acceptance of new products, dependence upon major customers, dependence upon existing and future license agreements, general risks related to the food products industry, and such other factors as are described in the Company's filings with the Securities and Exchange Commission.
THE INVENTURE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Quarter Ended Six Months Ended
------------------------ ------------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Net revenue $29,248,655 $22,926,095 $55,419,730 $39,905,992
Cost of revenue 23,946,832 18,564,049 45,043,172 32,447,385
----------- ----------- ----------- -----------
Gross profit 5,301,823 4,362,046 10,376,558 7,458,607
Selling, general &
administrative
expenses 3,965,677 3,595,589 7,781,332 6,503,283
----------- ----------- ----------- -----------
Operating income 1,336,146 766,457 2,595,226 955,324
Interest expense,
net 128,326 176,107 681,237 155,965
----------- ----------- ----------- -----------
Income before
income taxes 1,207,820 590,350 1,913,989 799,359
Income tax
provision 485,280 258,573 780,153 362,073
----------- ----------- ----------- -----------
Net income $ 722,540 $ 331,777 $ 1,133,837 $ 437,286
=========== =========== =========== ===========
Earnings per
common share:
--------------
Basic $ 0.04 $ 0.01 $ 0.06 $ 0.02
=========== =========== =========== ===========
Diluted $ 0.04 $ 0.01 $ 0.06 $ 0.02
=========== =========== =========== ===========
Weighted average
number of common
shares:
-----------------
Basic 18,810,260 19,302,251 18,810,827 19,302,822
=========== =========== =========== ===========
Diluted 18,810,260 19,317,893 18,810,827 19,426,747
=========== =========== =========== ===========
THE INVENTURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 28, Dec. 29,
2008 2007
----------- -----------
(unaudited) (unaudited)
Current assets $23,030,778 $22,572,697
Property and equipment, net 24,265,474 23,436,752
Other assets, net 14,703,992 14,681,269
----------- -----------
Total assets $62,000,244 $60,690,719
=========== ===========
Line of credit $ 5,013,320 $ 7,452,309
Other current liabilities 14,496,345 11,486,331
Long-term debt 11,847,994 12,445,383
Other long-term liabilities 1,552,159 1,574,727
----------- -----------
Total liabilities 32,909,818 32,958,750
Shareholders' equity 32,072,732 30,713,543
Treasury Stock, at cost (2,982,306) (2,981,574)
----------- -----------
Total liabilities and shareholders'
equity $62,000,244 $60,690,719
=========== ===========
THE INVENTURE GROUP, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
RECONCILIATION
(unaudited)
Quarter Ended Six Months Ended
------------------------ ------------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
----------- ----------- ----------- -----------
Reconciliation -
EBITDA (1):
Reported net
income $ 722,540 $ 331,777 $ 1,133,837 $ 437,286
Add back:
Interest, net 128,326 176,107 681,237 155,965
Add back: Income
tax expense 485,280 258,573 780,153 362,073
Add back:
Depreciation 648,083 537,005 1,339,521 819,225
Add back:
Amortization of
intangible
assets 5,685 11,737 7,580 12,711
----------- ----------- ----------- -----------
EBITDA $ 1,989,914 $ 1,315,199 $ 3,942,328 $ 1,787,260
=========== =========== =========== ===========
(1) EBITDA is presented as a supplemental performance measure and is
not intended as an alternative to net income or any other measure
calculated in accordance with generally accepted accounting
principles. Further, EBITDA may not be comparable to similarly
titled measures used by other companies.
Contact:
The Inventure Group, Inc.
Steve Weinberger, Chief Financial Officer
(623) 932-6200
http://www.inventuregroup.net
--------------------------------------------------------------------------------
Source: The Inventure Group, Inc.
The Inventure Group, Inc. Announces the Appointment of Terry McDaniel to President and CEO
Friday May 9, 7:30 am ET
PHOENIX, May 9, 2008 (PRIME NEWSWIRE) -- The Inventure Group, Inc. (NasdaqCM:SNAK - News) reported today that the Board of Directors is pleased to announce the appointment of Terry McDaniel to the position of President and CEO, effective May 19, 2008, replacing Eric Kufel.
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Mr. McDaniel joined the company in April of 2006 as COO. He is a highly regarded snack food industry veteran who brings the company over 20 years of consumer products leadership experience. He has an exemplary track record of success in leadership roles including President and CEO of Wise Foods, Inc., an approximately $400 million snack food manufacturer and distributor, Vice President of Sales and Marketing for Wise Foods, Inc., and Vice President of Sales for Haagen-Dazs Company, Inc., where he led all direct store delivery operations and trade marketing. Prior to these leadership positions, he held sales leadership positions for companies such as the Nestle Corporation, Tropicana Products, Inc. and Unilever. Mr. McDaniel also serves on several Industry associations including serving on the Chairman Advisory Council for the Grocery Products Association of America and serving as First Vice Chairman of the Snack Foods Association.
During his tenure as COO of The Inventure Group, Mr. McDaniel has been responsible for all day to day operations of both the Snack and Fruit divisions. He has focused on creating platforms for growth, improving operational efficiencies, strengthening organizational effectiveness and positioning the Company for driving future shareholder value.
``I am thrilled and honored to take over from Eric. He has provided solid leadership to the Company and I look forward to continuing to drive performance,'' said Mr. McDaniel. ``We have put together a terrific management team and are starting to show good results as evidenced by our first quarter numbers. We have established three great platforms for growth in frozen fruit, warehouse snacks and 'better for you' snacks led by our Boulder Canyon(tm) Natural Foods brand. I would personally like to thank our associates, Directors, and shareholders for their continued support. I would also like to thank Eric for his support and the many contributions he made building this Company.''
Mr. Kufel returned to the Company in December of 2005 as interim CEO after a brief sabbatical with a mandate to build a new leadership team and return the Company to profitability. He will remain in an advisory role with the Company for a period of time.
``I am pleased with the progress made since I returned to the Company,'' said Mr. Kufel. ``During the past year we made a successful acquisition with Rader Farms, secured a major new licensing partner with BURGER KING(tm), delivered exceptional growth in our potato chip brands, led by Boulder Canyon(tm) Natural Foods and strengthened the organization. I am fully confident under Terry's leadership, combined with a strong management team and intensely different associates, this team will take the organization to new heights.''
Form 10-Q for INVENTURE GROUP, INC.
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12-May-2008
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
This Quarterly Report on Form 10-Q, including all documents incorporated by reference, includes "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act"),
Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and The Inventure Group, Inc. (the "Company") desires to take advantage of the "safe harbor" provisions thereof. Therefore, the Company is including this statement for the express purpose of availing itself of the protections of the safe harbor with respect to all of such forward-looking statements. In this Quarterly Report on Form 10-Q, the words "anticipates," "believes," "expects," "intends," "estimates," "projects," "will likely result," "will continue," "future" and similar terms and expressions identify forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, including specifically the possibility that the Company will need additional financing due to future operating losses or in order to implement the Company's business strategy, the possible diversion of management resources from the day-to-day operations of the Company as a result of strategic acquisitions, potential difficulties resulting from the integration of acquired businesses with the Company's business, other acquisition-related risks, lack of consumer acceptance of existing and future products, dependence upon key license agreements, dependence upon major customers, significant competition, risks related to the food products industry, volatility of the market price of the Company's common stock, par value $.01 per share (the "Common Stock"), the possible de-listing of the Common Stock from the Nasdaq SmallCap Market if the Company fails to satisfy the applicable listing criteria (including a minimum share price) in the future and those other risks and uncertainties discussed herein, that could cause actual results to differ materially from historical results or those anticipated. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this Quarterly Report on Form 10-Q will in fact transpire or prove to be accurate. Readers are cautioned to consider the specific risk factors described herein and in "Risk Factors" in the Company' Annual Report pn Form 10-K for thr fiscal year ended December 29, 2007 and not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that may arise after the date hereof. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this section.
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Results of Operations
Quarter ended March 29, 2008 compared to the quarter ended March 31, 2007
Net revenues for the first quarter of fiscal 2008 were $26.2 million, 54% higher than last year's first quarter net revenues of $17.0 million. This increase was primarily attributable $9.6 million of berry products net revenues that occurred in 2008. No such net revenues occurred in the first quarter of fiscal 2007 because these net revenues are the result of the Company acquiring Rader Farms in May 2007. The overall increase in net revenues was slightly offset by a decrease in net revenues of the Company's manufactured snack products of $0.4 million, which was primarily caused by an overall decrease in T.G.I. Friday's® brand salted snack net revenues.
Gross profit for the quarter ended March 29, 2008 increased 64% or 2.0 million as compared to March 31, 2007 and also increased as a percentage of net revenues (19.4% of net revenue at 2008 and 18.2% of net revenue in 2007). This resultant increase in percentage is primarily due to the addition of the berry products division, which generated a 19.4% gross profit during the quarter.
Selling, general and administrative expenses were $3.8 million in the first quarter of 2008 as compared to $2.9 million in the first quarter of 2007. Again, the overall increase is primarily due to the addition of the berry products division, which was acquired during the second quarter of 2007. As a percentage of net revenues, these expenses decreased to 14.5% of net revenues as compared to 17.1% of net revenues in the first quarter of 2007. This decrease is largely attributable to the addition of the berry products division, which did not require a commensurate increase in selling, general and administrative expenses.
Net interest expense was $552,911 in the first quarter of 2008 compared to net interest income of $20,143 in the first quarter of 2007 due primarily to increased interest expense resulting from the acquisition of Rader Farms in May, 2007. Additionally, the Company recognized $230,220 of interest expense as a result of an interest rate swap; no similar expense was incurred in the first quarter of 2007.
Net income was $0.4 million, or $0.02 per basic and diluted share, compared to net income of $0.1 million, or $0.01 per basic and diluted share last year.
Liquidity and Capital Resources
Net working capital was $3.7 million (a current ratio of 1.2:1) at March 29, 2008 and $3.6 million (a current ratio of 1.2:1) at December 29, 2007. For the quarter ended March 29, 2008, the Company generated cash flow of $3.2 million from operating activities, invested $1.1 million in equipment and utilized $2.6 million to pay down its line of credit and other debt. For quarter ended March 31, 2007, the Company used cash flow of $0.3 million in its operating activities and invested $0.7 million in new equipment.
The Company's Goodyear, Arizona manufacturing and distribution facility is subject to a $1.6 million mortgage loan from Morgan Guaranty Trust Company of New York, bears interest at 9.03% per annum and is secured by the building and the land on which it is located. The loan matures on July 1, 2012; however monthly principal and interest installments of $16,825 are determined based on a twenty-year amortization period.
The Company's Bluffton, Indiana manufacturing and distribution facility was purchased for $3.0 million in December, 2006. The facility is subject to a $2.3 million mortgage loan from U.S. Bank National Association, bears interest at the 30 day LIBOR plus 165 basis points and is secured by the building and the land on which it is located. The interest rate associated with this debt instrument was fixed to 6.85% via an interest rate swap agreement with U.S. Bank National Association in December 2006. The loan matures in December, 2016; however monthly principal and interest installments of $18,392 are determined based on a twenty-year amortization period.
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To fund the acquisition of Rader Farms the Company entered into a Loan Agreement (the "Loan Agreement") with U.S. Bank National Association ("U.S. Bank"). Each of our subsidiaries is a guarantor of the Loan Agreement, which is secured by a pledge of all of the assets of our consolidated group. The borrowing capacity available to us under the Loan Agreement consists of notes representing:
† a $15,000,000 revolving line of credit maturing on June 30, 2011; based on asset eligibility, there was $3.9 million of borrowing availability under the line of credit at March 29, 2008.
† an equipment term loan, secured by the equipment acquired, subject to a $5.8 million mortgage loan from U.S. Bank National Association, bears interest at the 30 day LIBOR plus 165 basis points. The loan matures in May, 2014 and monthly principal installments are $71,429 plus interest and
† a real estate term loan, secured by a leasehold interest in the real property we are leasing from the former owners of Rader Farms in connection with the Acquisition, subject to a $4.0 million real estate term loan from U.S. Bank National Association, bears interest at the 30 day LIBOR plus 165 basis points. The interest rate associated with this debt instrument was fixed to 4.28% via an interest rate swap agreement with U.S. Bank National Association in January 2008. The loan matures in July, 2017; however monthly principal and interest installments of $36,357 are determined based on a fifteen-year amortization period.
All borrowings under the revolving line of credit will bear interest at either
(i) the prime rate of interest announced by U.S. Bank from time to time or
(ii) LIBOR, plus the LIBOR Rate Margin (as defined in the revolving credit facility note). The term loan will bear interest at LIBOR, plus the LIBOR Rate Margin (as defined in the term loan note).
As is customary in such financings, U.S. Bank may terminate its commitments and accelerate the repayment of amounts outstanding and exercise other remedies upon the occurrence of an event of default (as defined in the Loan Agreement), subject, in certain instances, to the expiration of an applicable cure period. The agreement requires the Company to maintain compliance with certain financial covenants, including a minimum tangible net worth, a minimum fixed charge coverage ratio and a debt to equity ratio. At March 29, 2008, the Company was in compliance with all of the financial covenants.
At March 29, 2008, the Company had a net operating loss carryforward available for federal income taxes of approximately $1.2 million. The Company's accumulated net operating loss carryforward will begin to expire in 2018.
Interest Rate Swap
The Company entered into an interest rate swap in December 2006 to effectively convert the interest rate of the mortgage to purchase the Bluffton, IN plant to a fixed rate of 6.85%. The swap is not accounted for as a cash flow hedge, and as result, unrealized gains and losses are recorded in the Company's consolidated statement of income. The swap has a fixed pay-rate of 6.85% and a notional amount of $2.43million at March 29, 2008 and expires in December, 2016. The value of the swap is recorded as a $230,220 liability at March 29, 2008.
The Company entered into another interest rate swap in January 2008 to effectively convert the interest rate of the real estate term loan to a fixed rate of 4.28%. The interest rate swap is structured with a decreasing notional amounts to match the expected pay down of the debt. The notional value of the swap at March 29, 2008 was $3.9 million. The interest rate swap is effective though March 29, 2008 and is accounted for as a cash flow hedge derivative. We evaluate the effectiveness of the hedge on a quarterly basis. During the three months ended March 29, 2008 the hedge is highly effective and a net unrealized loss of $141,810 was recorded in "Accumulated other comprehensive income."
Contractual Obligations
The Company's future contractual obligations consist principally of long-term debt, operating leases, minimum commitments regarding third party warehouse operations services, remaining minimum royalty payments due licensors pursuant to brand licensing agreements and severance charges to terminated executives. As of March 29, 2008 there have been no material changes to the Company's contractual obligations since its December 29, 2007 fiscal year end, other than scheduled payments. The Company currently has no material marketing or capital expenditure commitments.
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Management's Plans
In connection with the implementation of the Company's business strategy, the Company may incur operating losses in the future and may require future debt or equity financings (particularly in connection with future strategic acquisitions, new brand introductions or capital expenditures). Expenditures relating to acquisition-related integration costs, market and territory expansion and new product development and introduction may adversely affect promotional and operating expenses and consequently may adversely affect operating and net income. These types of expenditures are expensed for accounting purposes as incurred, while revenue generated from the result of such expansion or new products may benefit future periods. Management believes that the Company will continue to generate positive cash flow from operations during the next twelve months, which, along with its existing working capital and borrowing facilities, will enable the Company to meet its operating cash requirements for the next twelve months. This belief is based on current operating plans and certain assumptions, including those relating to the Company's future revenue levels and expenditures, industry and general economic conditions and other conditions. If any of these factors change, the Company may require future debt or equity financings to meet its business requirements. There can be no assurance that any required financings will be available or, if available, on terms attractive to the Company.
Critical Accounting Policies and Estimates
The Securities and Exchange Commission indicated that a "critical accounting policy" is one which is both important to the portrayal of the Company's financial condition and results and requires management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. The Company believes that the following accounting policies fit this definition:
Allowance for Doubtful Accounts. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.
Inventories. The Company's inventories are stated at the lower of cost (first-in, first-out) or market. The Company identifies slow moving or obsolete inventories and estimates appropriate loss provisions related thereto. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required.
Goodwill and Trademarks. Goodwill and trademarks are reviewed for impairment annually, or more frequently if impairment indicators arise. Goodwill is required to be tested for impairment between the annual tests if an event occurs or circumstances change that more-likely-than-not reduce the fair value of a reporting unit below its carrying value. Intangible assets with indefinite lives are required to be tested for impairment between the annual tests if an event occurs or circumstances change indicating that the asset might be impaired. During 2007, the Company determined the carrying values of two trademarks were impaired following the completion of a discounted cash flow analysis and recorded a $2.7 million charge as a result. The Company believes the carrying values are appropriate after recognition of the trademark impairment. Further discussion of goodwill and trademarks is expanded upon below:
† The Company's Bob's Texas Style potato chip brand was acquired in 1998 when the business of Tejas Snacks, L.P. was acquired. Following a trademark impairment charge of $0.9 million recorded in 2007, the Bob's Texas Style trademark has a carrying value of approximately $0.3 million.
† The Company's Tato Skins potato chip brand was acquired in 1999 when the business of Wabash Foods was acquired. Following an impairment charge if $1.8 million recorded in 2007, the Wabash - Tato Skins trademark has a carrying value of approximately $0.4 million.
† The Company's Boulder Canyon potato chip brand was acquired in 2000 when the business of Boulder Natural Foods, Inc. was acquired. The Boulder Canyon trademark has a carrying value of $0.9 million.
† The Company's Rader Farms frozen berry brand was acquired in 2007 when the business of Rader Farms was acquired. The acquisition resulted in Goodwill of $5.6 million and trademarks of $1.1 million, which remain the carrying values at March 29, 2008.
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In determining that each of these trademarks has an indefinite life, management considered the factors found in paragraph 11 of SFAS No. 142. Management believes that each of these trademarks has the continued ability to generate cash flows indefinitely. Management's determination that these trademarks have indefinite lives includes an evaluation of historical cash flows and projected cash flows for each of these trademarks. The Company continues making investments to market and promote each of these brands, and management continues to believe that the market opportunities and brand extension opportunities will generate cash flows for an indefinite period of time. In addition, there are no legal, regulatory, contractual, economic or other factors to limit the useful life of these trademarks, and management intends to renew each of these trademarks, which can be accomplished at little cost.
The Company recorded goodwill for each of the four acquisitions noted above. The three acquired potato chip businesses were fully integrated into and are included in the Company's Branded Snack Products business segment. The Rader Farms frozen berry business is included in the Company's Berry Products business segment.
Advertising and Promotional Expenses and Trade Spending. The Company expenses production costs of advertising the first time the advertising takes place, except for cooperative advertising costs which are expensed when the related sales are recognized. Costs associated with obtaining shelf space (i.e., "slotting fees") are accounted for as a reduction of revenue in the period in which such costs are incurred by the Company. Anytime the Company offers consideration (cash or credit) as a trade advertising or promotional allowance to a purchaser of products at any point along the distribution chain, the amount is accrued and recorded as a reduction in revenue. Marketing programs that deal directly with the consumer, primarily consisting of in-store demonstrations/samples and a sponsorship with a professional baseball team, are recorded as a marketing expense in selling, general and administrative expenses. Further discussion of these marketing programs is expanded upon below:
† Demonstrations/Samples: The Company periodically arranges in-store product demonstrations with club stores (i.e. Sam's, Costco or BJ's) or grocery retailers. Product demonstrations are conducted by independent third party providers designated by the various retailer or club chains. During the in-store demonstrations the consumers in the stores receive small samples of our products, and consumers are not required to purchase our product in order to receive the sample. The cost of product used in the demonstrations, which is insignificant, and the fee we pay to the independent third party providers who conduct the in-store demonstrations are recorded as a sales and marketing expense in selling, general and administrative expenses. When we conduct in-store product demonstrations, we do not pay or give any consideration to the club stores or grocery retailers in which the demonstrations occur.
† Sponsorship: The Company has one sponsorship with the Arizona Diamondbacks Major League Baseball team which takes place during their baseball season. We do not sell product to the Arizona Diamondbacks, and the sponsorship clearly involves an identifiable benefit to us as the fans at the stadium see our name on the main scoreboard during each game. The value is reasonably estimated due to the fact that the team charges us a fixed amount per game which we record as a sales and marketing expense in selling, general and administrative expenses.
Income Taxes. The Company has been profitable since 1999; however, it experienced significant net losses in prior fiscal years resulting in a net operating loss ("NOL") carryforward for federal income tax purposes of approximately $1.2 million at March 29, 2008. Generally accepted accounting principles require that the Company record a valuation allowance against the deferred tax asset associated with this NOL if it is "more likely than not" that the Company will not be able to utilize it to offset future taxes. No valuation allowance was required at March 29, 2008.
Stock-Based Compensation. On January 1, 2006, we adopted Statement of Financial Accounting Standards (SFAS) 123R, "Share-Based Payment", under the modified prospective method. SFAS 123R requires us to measure the cost of employee services received in exchange for stock options granted using the fair value method as of the beginning of 2006. We account for our stock options under the fair value method of accounting using a Black-Scholes valuation model to measure stock option fair values at the date of grant. All stock option grants have a 5-year term. The fair value of stock option grants is amortized to expense over the vesting period, generally three years for employees and one year for the Board of Directors.
The above listing is not intended to be a comprehensive list of all of the Company's accounting policies. In many cases the accounting treatment of a particular transaction is specifically dictated by generally accepted accounting principles, with no need for management's judgment in their application. See the Company's audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2007 which contains accounting policies and other disclosures required by accounting principles generally accepted in the United States.
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New Accounting Policies
In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities ("SFAS No. 159"). SFAS No. 159 allows entities to choose to measure eligible financial instruments at fair value with changes in fair value recognized in earnings of each subsequent reporting date. The fair value election is available for most financial assets and liabilities on an instrument-by-instrument basis and is to be elected on the date the financial instrument is initially recognized. SFAS 159 is effective for all entities as of the beginning of a reporting entity's first fiscal year that begins after November 15, 2007 (with earlier application permitted under certain circumstances). The adoption of SFAS No. 159 had no impact on the Company's financial position or statement of operations.
In December 2007, the FASB issued SFAS No. 141 (revised 2007), "Business Combinations" ("SFAS No. 141(R)"), which replaces SFAS No. 141, "Business Combinations." SFAS No. 141(R) retains the underlying concepts of SFAS No. 141 that require all business combinations to be accounted for at fair value under the acquisition method of accounting, however, SFAS No. 141(R) significantly changes certain aspects of the prior guidance including: (i) acquisition-related costs, except for those costs incurred to issue debt or equity securities, will no longer be capitalized and must be expensed in the period incurred;
(ii) non-controlling interests will be valued at fair value at the acquisition date; (iii) in-process research and development will be recorded at fair value as an indefinite-lived intangible asset at the acquisition date;
(iv) restructuring costs associated with a business combination will no longer be capitalized and must be expensed subsequent to the acquisition date; and
(v) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date will no longer be recorded as an adjustment of goodwill, rather such changes will be recognized through income tax expense or directly in contributed capital. SFAS 141(R) is effective for all business combinations having an acquisition date on or after the beginning of the first annual period subsequent to December 15, 2008, with the exception of the accounting for valuation allowances on deferred taxes and acquired tax contingencies.
The Inventure Group, Inc. Announces First Quarter 2008 Results
PHOENIX, April 23, 2008 (PRIME NEWSWIRE) -- The Inventure Group, Inc. (Nasdaq:SNAK) today reported financial results for the first quarter ended March 29, 2008.
Net revenues for the first quarter of fiscal 2008 were $26.2 million, representing an increase of 54% compared to the first quarter of fiscal 2007. Excluding the impact of Rader Farms(tm), which contributed $9.6 million of net revenue in the quarter, the snack division revenue was $16.6 million, representing a decrease of 2.5% as compared to the snack division revenues in the same period of last year. The positive impact of price increases implemented during the quarter, the addition of BURGER KING(tm) potato snack products and the growth in Boulder Canyon(tm) Natural snack products ("Boulder") of 27% as compared to the same period of last year were all offset by a decrease in revenues from TGI Friday's(r) salted snacks.
Key Financial Metrics:
* Gross Profit was $5.1 million, representing an increase of 64% and
1.2 percentage points as a percent of Net Revenue compared to $3.1
million of gross profit recognized in the same period of last year.
Key drivers include Rader Farms(tm), which contributed $1.9 million
of gross profit, price increases implemented within the snack
division and the impact of a continuous improvement program.
* Selling, General and Administrative ("SG&A") expenses increased
$0.9 million as compared to the first quarter of fiscal 2007 but
decreased as a percentage of net revenues to 14.6% as compared to
17.1% in the same period of last year. The acquisition of Rader
Farms(tm), while adding some overall SG&A costs, is the main cause
of the decrease in SG&A as a percent of net revenues.
* Operating Income of $1.3 million was 569% higher and 3.7 percentage
points higher as a percent of Net Revenue than the $0.2 million of
operating income recognized in the first quarter of fiscal 2007.
* Net Income was $0.4 million, or 2 cents per share, an increase of
290% compared to $0.1 million and 1 cent per share for the same
period of last year.
* Earnings before interest, taxes, depreciation and amortization
("EBITDA") was $2.0 million for the quarter, an increase of 260%
and 4.4 percentage points as a percent of Net Revenue as compared
to the prior year. A table reconciling EBITDA to net income is
presented at the end of the condensed consolidated financial
statements included in this release.
* Total Debt was reduced by $2.6 million as compared to year end 2007
as a result of the strong financial returns and a focus on managing
working capital.
"We are very pleased with our performance in the first quarter of this year," noted Eric Kufel, CEO of the Inventure Group. "We have seen improvement in all of our financial benchmarks for the quarter and this was attributable to a number of factors, including: Rader Farms(tm) continuing to deliver meaningful revenue and profit growth for the company; the snack division price increases have improved margins from last year; the Boulder brand continues to perform well, up 27% in the quarter versus last year's first quarter; and the BURGER KING(tm) potato snack products have shown promising results thus far and a further roll out is planned for the second quarter and beyond. Operations execution was excellent, as plant costs per pound decreased from the same period of last year. Finally, our focus on working capital management has allowed us to reduce overall debt by $2.6 million in just one fiscal quarter."
Kufel continued, "The one challenge for the quarter was lower sales in the TGI Friday's(r) snack business, down 19% as compared to the prior year. We couldn't overcome the increase in sales occurring at the very end of last year in advance of our price increases. We continue to focus significant energy and resources on this business with new products, geographic expansion and new outlets.
"In summary, our overall financial performance was significantly improved in the first quarter. Looking forward we plan on a continued double digit revenue growth for Rader Farms(tm) by adding new customers and new branded products rolling out this summer; further roll out of BURGER KING(tm) to additional channels as well as adding at least one additional flavor; further double digit growth on Boulder Canyon(tm), and a continued focus on operations and managing costs."
About The Inventure Group, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, The Inventure Group is a marketer and manufacturer of Intensely Different(tm) specialty brands in indulgent and better-for-you food categories under a variety of Company owned or licensed brand names, including T.G.I. Friday's(r), BURGER KING(tm), Rader Farms(r), Boulder Canyon(tm) Natural Foods, Poore Brothers(r), Tato Skins(r) and Bob's Texas Style(r). For further information about The Inventure Group or this release, please contact Steve Weinberger, Chief Financial Officer, at (623) 932-6200, or logon to http://www.inventuregroup.net.
The Inventure Group, Inc. to Announce First Quarter 2008 Results On April 23, 2008
PHOENIX, April 15, 2008 (PRIME NEWSWIRE) -- The Inventure Group, Inc. (Nasdaq:SNAK) will release results for the first quarter ended March 29, 2008, on Wednesday, April 23, 2008. The Company will also hold a teleconference to discuss the financial results and future plans and prospects.
Any investor or interested individual can listen to the teleconference, which is scheduled to begin at 4:00 p.m. EDT on April 23. To participate, please call toll-free (877) 548-7907 or (719) 325-4914 for international callers, approximately five minutes prior to the indicated start time.
A webcast of the call will also be available by accessing www.inventuregroup.net and clicking on the investors' link. The webcast will be available for one year following the conference call.
I guess we got those chips at Menard's not Farm Fleet.......very good. Now to the flame broiled and another bag of these chips. I didn't see the others advertised......the chips are great with a sandwich or just as a "snak".
Today I went to Farm Fleet, and picked up a bag of Ketchup & Fries. The chips design is kinda like a Frito but a softer crunch, and a reallllllly good. I first had to try this one and now I wish I would have got both bags.......these are much larger bags than the ones sold at BK.
February 7, 2008 - 7:45 AM EST
The Inventure Group, Inc. to Announce Fourth Quarter 2007 Results On February 20, 2008
PHOENIX, Feb. 7, 2008 (PRIME NEWSWIRE) -- The Inventure Group, Inc. (Nasdaq:SNAK) will release results for the fourth quarter ended December 29, 2007, on Wednesday, February 20, 2008. The Company will also hold a teleconference to discuss the financial results and future plans and prospects.
Any investor or interested individual can listen to the teleconference, which is scheduled to begin at 4:00 p.m. EST on February 20. To participate, please call toll-free (877) 440-5807 (or (719) 325-4927 for international callers) approximately five minutes prior to the indicated start time.
A webcast of the call will also be available by accessing www.inventuregroup.net and clicking on the investors' link. The webcast will be available for one year following the conference call.
About The Inventure Group, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, The Inventure Group is a marketer and manufacturer of Intensely Different(tm) specialty brands in indulgent and better-for-you food categories under a variety of Company owned or licensed brand names, including T.G.I. Friday's(r), BURGER KING(r), Rader Farms(r), Boulder Canyon Natural Foods(tm), Poore Brothers(r), Tato Skins(r) and Bob's Texas Style(r). For further information about The Inventure Group or this release, please contact Steve Weinberger, Chief Financial Officer, at (623) 932-6200, or log on to http://www.inventuregroup.net.
The Inventure Group, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3283
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Check’em out! BURGER KING® joins the family!
Inventure Foods Reports Second Quarter 2010 Results
PR Newswire - Jul 27 at 08:00
Company Symbols: NASDAQ-SMALL:SNAK
Tenth straight quarter of year-over-year earnings growth; Net income up 32.6%
PHOENIX, July 27 /PRNewswire-FirstCall/ -- Inventure Foods, Inc. (Nasdaq: SNAK), a leading specialty food manufacturer, today reported record financial results for the second quarter ending June 26, 2010, highlighted by the Company&;s tenth consecutive quarter of year-over-year earnings growth, basic EPS increase of 33%, EBITDA gain of 21% and net revenue growth of 4.5%.
Q2 2010 Financial Results Overview
Inventure generated net revenues of $34.9 million for the second quarter of 2010, up $1.5 million, or 4.5%, compared to net revenues of $33.4 million for the same period in 2009.
Snack division net revenue was $23.1 million, up 6.3% from the prior year, driven primarily by a 56.6% net revenue increase for Boulder Canyon™ Natural Foods. Net revenue from T.G.I. Friday&;s® increased by 2.5% for the quarter, reversing last quarter&;s trend. Snack division net revenue gains were partially offset by a decline in BURGER KING™ of 9.7% from the prior year, reflecting continued economic weakness in the Convenience Store and Vending channels, and a 4.4% decline from the prior year in private label.
In the Rader Farms® division, net revenue was $11.9 million, an increase of 1.3% over the prior year. This was achieved despite a double-digit price decline that carried over from the fourth quarter of 2009 and significant investment in slotting fees for the second quarter related to the Jamba™ launch, which was an offset to gross revenue. Rader pounds sold were up 33% for the quarter.
Consolidated net income increased 32.6% for the quarter to $1.4 million, or $0.08 per basic share, versus $1.0 million, or $0.06 per basic share last year.
Consolidated EBITDA rose 20.8% to $3.4 million, or 9.6% of net revenue for the quarter. A table reconciling EBITDA to net income is presented at the end of the condensed consolidated financial statements included in this release.
Other key financial highlights included:
-- Gross profit of $7.8 million, or 22.4% of net revenue, up 23.4% in dollars and up 3.4 percentage points versus the prior year.
-- SG&A of $5.4 million, or 15.5% of net revenue, an increase of 23.4% in dollars and up 2.4 percentage points versus the prior year as a result of increased marketing support for both the Jamba™ and Boulder brands.
-- Consolidated operating income of $2.4 million, a 23.3% increase versus 2009.
-- Total year-to-date debt paydown of $4.5 million, with total debt of $15.4 million exiting the quarter.
First Half 2010 Revenue, EPS, and EBITDA
Through the first six months of 2010, Inventure reported net sales of $66.3 million compared to net sales of $63.1 million for the first six months of 2009, a 5.0% increase. Basic earnings per share for the first half of 2010 were $0.15 versus $0.11 during the same period in 2009, a gain of 36.4%. EBITDA for the first half of 2010 was $6.6 million, an increase of 26.8% versus last year.
Management Commentary and Future Outlook
&;We are excited that we continue to grow earnings – achieving our tenth consecutive quarter of year-over-year earnings growth,&; said Terry McDaniel, Chief Executive Officer of Inventure Foods. &;Our Healthy/Natural products continue to lead the way with net revenue growth of 10.4% for the quarter. The Jamba™ Smoothies launch is off to a very good start with gross sales of $1.2 million for the quarter. We have earned the support of most retailers in our test markets and are now rolling Jamba™ Smoothies out nationally with Wal-Mart, Safeway and Target supercenters. Boulder continues to do very well with an increase of 57% for the quarter, driven by both kettle products and our new and innovative Rice and Bean product, which was up more than 500% for the quarter. We are also pleased by the 2.5% growth in T.G.I. Friday&;s®, which reversed the previous quarter&;s decline.
&;We continue to invest in our business as evidenced by new capital investment in Bluffton, the hiring of a new senior sales and marketing executive, and increased SG&A expenditures to support brand growth. We also plan additional investments in our Goodyear plant to support growth, increasing Goodyear&;s capacity by 32% with the addition of new kettles and packaging machines. This project should be completed by the end of this year.&;
McDaniel concluded, &;Going forward, we will continue to invest in both the Jamba™ and Boulder brands while increasing our investment in T.G.I. Friday&;s® and BURGER KING™ to improve the trend line in our licensed snack portfolio. While private label snack sales were down for the quarter, due mainly to the timing of promotional activity, we have picked up a significant new private label customer. This product will be produced in our Bluffton plant, commence shipping in August and help our return to growth in private label during the second half of the year.&;
Conference Call
Inventure Foods&; executive management team will host a conference call today at 4 p.m. ET to discuss the Company&;s second quarter and first half 2010 results, and comment on its future outlook. To participate in the conference call, please call toll-free (877) 280-7280, or (707) 287-9365 for international callers.
A live webcast of the call will also be available by accessing www.inventurefoods.com and will be archived for one year following the event.
About Inventure Foods, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, Inventure Foods is a marketer and manufacturer of specialty brands in better-for-you and indulgent categories under a variety of Company owned and licensed brand names, including Boulder Canyon Natural Foods™, Rader Farms®, T.G.I. Friday&;s®, BURGER KING™, Jamba™, Poore Brothers®, Tato Skins® and Bob&;s Texas Style®. For further information about Inventure Foods, visit www.inventurefoods.com.
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The statements relate to future expectations, plans, prospects and projections, which are based upon the Company&;s current expectations and assumptions, and are subject to a number of risks and uncertainties. Factors that may cause actual results to differ from the forward-looking statements contained in this press release and that may affect the Company&;s prospects in general include, but are not limited to, general economic conditions, increases in cost or availability of ingredients, packaging, energy and employees, price competition and industry consolidation, ability to execute strategic initiatives, product recalls or safety concerns, disruptions of supply chain or information technology systems, customer acceptance of new products and changes in consumer preferences, food industry and regulatory factors, interest rate risks, dependence upon major customers, dependence upon existing and future license agreements, and such other factors as are described in the Company&;s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise publicly any forward-looking statement whether as a result of new information, future developments or otherwise.
INVENTURE FOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME Quarter Ended Six Months Ended June 26, 2010 June 27, 2009 June 26, 2010 June 27, 2009 (unaudited) (unaudited) (unaudited) (unaudited) Net revenues $ 34,912,985 $ 33,419,531 $ 66,309,174 $ 63,138,365 Cost of revenues 27,078,536 27,069,402 51,681,482 50,693,891 Gross profit 7,834,449 6,350,129 14,627,692 12,444,474 Selling, general & administrative expenses 5,418,114 4,390,600 9,925,449 8,866,301 Operating income 2,416,335 1,959,529 4,702,243 3,578,173 Interest expense, net 181,479 235,898 397,862 413,952 Income before income taxes 2,234,856 1,723,631 4,304,381 3,164,221 Income tax provision 859,203 686,253 1,682,331 1,239,678 Net income $ 1,375,653 $ 1,037,378 $ 2,622,050 $ 1,924,543 Earnings per common share: Basic $ 0.08 $ 0.06 $ 0.15 $ 0.11 Diluted $ 0.07 $ 0.06 $ 0.14 $ 0.10 Weighted average number of common shares: Basic 17,897,724 17,884,429 17,892,683 18,024,326 Diluted 18,516,077 17,955,071 18,471,104 18,530,386
INVENTURE FOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 26, June 27, 2010 2009 (unaudited) (unaudited) Current assets $ 34,340,801 $ 29,837,664 Property and equipment, net 25,457,510 24,195,964 Other assets, net 15,010,411 14,665,679 Total assets $ 74,808,722 $ 68,699,307 Current liabilities $ 18,958,295 $ 18,918,926 Long-term debt 9,435,495 10,639,234 Line of credit 5,974,206 5,150,946 Other long-term liabilities 4,890,879 3,123,830 Total liabilities 39,258,875 37,832,936 Shareholders' equity 36,021,042 31,337,566 Treasury stock, at cost (471,195) (471,195) Total liabilities and shareholders' equity $ 74,808,722 $ 68,699,307
INVENTURE FOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION (unaudited) Quarter Ended Six Months Ended June 26, 2010 June 27, 2009 June 26, 2010 June 27, 2009 Reconciliation – EBITDA (1): Reported net income $ 1,375,653 $ 1,037,378 $ 2,622,050 $ 1,924,543 Add back: Interest, net 181,479 235,898 397,862 413,952 Add back: Income tax provision 859,203 686,253 1,682,331 1,239,678 Add back: Depreciation 922,641 801,144 1,838,864 1,575,167 Add back: Amortization of intangible assets 15,610 15,610 31,221 31,221 EBITDA $ 3,354,586 $ 2,776,283 $ 6,572,328 $ 5,184,561 (1) EBITDA is presented as a supplemental performance measure and is not intended as an alternative to net income or any other measure calculated in accordance with generally accepted accounting principles. Further, EBITDA may not be comparable to similarly titled measures used by other companies.
SOURCE Inventure Foods, Inc.
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