bsdaddy
13 years ago
News - In case anyone is interested.
Boulder Canyon Natural Foods Kettle Chips to Make NASCAR Debut at SUBWAY Fresh Fit 500(TM)Last update: 2/4/2011 11:04:00 AMFastest growing "natural kettle" potato chip brand partners with NASCAR facility PHOENIX, Feb. 4, 2011 /PRNewswire via COMTEX/ -- Boulder Canyon(TM) Natural Foods has joined the Phoenix International Raceway (PIR) family of corporate partners, PIR President Bryan R. Sperber announced today. Boulder Canyon will make its debut February 24-27 during PIR's SUBWAY Fresh Fit 500(TM) NASCAR event weekend. Boulder Canyon Natural Foods is a subsidiary of Inventure Foods (SNAK). In addition to the fast growing all-natural snack food company, Inventure's brands include Jamba(R) All-Natural Smoothies, Burger King snacks, T.G.I. Friday's(R) snacks, Poore Brothers(R) Kettle Cooked Potato Chips, Tato Skins(R), Braids Pretzels, Bob's Texas Style(R) potato chips and Rader Farms premium frozen fruits. "The Phoenix International Raceway partnership is a great fit for Boulder Canyon," said Terry McDaniel, President and CEO for Inventure Foods. "The Raceway is a Phoenix fixture that offers a truly unique entertainment experience. We're looking forward to being part of the memories created this season." Tickets for the SUBWAY Fresh Fit 500(TM) on Feb. 27 are available now and start at just $25. For Phoenix International Raceway tickets and information, call 866-408-RACE (7223) or visit PhoenixRaceway.com. Let the GO begin. Phoenix International Raceway's corporate partners include: Anheuser Busch, Bashas' Supermarkets, Bennett Lane Winery/Turn 4 Wine, Casino Arizona, Chevrolet, Coca-Cola, Gatorade, Lucas Oil, Sprint, SUBWAY, The Home Depot, Amkus, Banner Health, Crown Royal, Ford Motor Company, GEICO Insurance, Goodyear Tire & Rubber, Greater Phoenix Convention & Visitors Bureau, Inventure Foods/ Boulder Canyon(TM) Natural Foods, Kimberly-Clark Professional, Lowe's Home Improvement Warehouse, Mars Snackfood, Meguiar's Inc., New Holland North America, Safety-Kleen, Perky Jerky, O'Reilly Auto Parts, ServiceMaster Clean, Southwest Ambulance, Sunoco, 3 Amigo's Tequila, Toyota, and UPS. This partnership between Boulder Canyon Natural Foods, Phoenix International Raceway and parent company International Speedway Corporation was arranged in part by Valley-based strategy firm AP & Associates, LLC. "The opportunity to work with PIR to facilitate this project for Boulder Canyon Natural Foods was very exciting," said Alan M. Powell, Chairman and CEO of AP & Associates, LLC. "The brand's synergy with NASCAR's demographic made a launch at Phoenix International Raceway this February a reality and we're also excited for the opportunity to bring Boulder Canyon chips to other ISC facilities soon." For more on AP & Associates, visit: . About Boulder Canyon Natural Foods Boulder Canyon(TM) Natural Foods is a member of the Inventure Foods (SNAK) family of Intensely Different(TM) specialty brands. The Company's better-for-you and indulgent food brands include licensed brands T.G.I. Friday's(R), BURGER KING(R) and Jamba(R), as well as Inventure Foods owned brands Boulder Canyon(TM) Natural Foods, Rader Farms(R), Poore Brothers(R), Tato Skins(R) and Bob's Texas Style(R). About Phoenix International Raceway Since 1964, Phoenix International Raceway has served race fans as the premier motorsports venue in the Southwest. Watch the brightest stars in NASCAR take on PIR's famed one-mile oval - including five-time defending Sprint Cup Series champion Jimmie Johnson, Jeff Gordon, Dale Earnhardt, Jr., Tony Stewart and many more - on February 27, 2011 in the SUBWAY Fresh Fit 500(TM). Tickets for the entire SUBWAY Fresh Fit 500(TM) weekend at Phoenix International Raceway can be purchased online at PhoenixRaceway.com/Tickets or by calling 1-866-408-RACE (7223). For more, visit PhoenixRaceway.com, Facebook.com/PhoenixRaceway and Twitter.com/PhoenixRaceway. PhoenixRaceway.com - SOURCE Phoenix International Raceway Copyright (C) 2011 PR Newswire. All rights reserved
10 bagger
14 years ago
SNAK.. $3.23 A little light on Revs.. hank
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.
10 bagger
14 years ago
SNAK.. $2.92.. China..
China Food Services, Corp. and Inventure Foods, Inc. Start Distribution of Burger King™ Snack Chip Line in Beijing China
PR Newswire - Jul 13 at 09:19
Company Symbols: NASDAQ-OTCBB:GDHI, OTC-PINK:GDHI, NASDAQ-SMALL:SNAK
BEIJING, July 13 /PRNewswire-FirstCall/ -- China Food Services, Corp. formally known as Golden Dragon Holdings, Inc. (Other OTC: GDHI) http://www.chinafoodservices.com an international food and beverage distributor specializing in the distribution of U.S. food & beverage brands to the Chinese market, announces that it has joined forces with Inventure Foods, Inc. to distribute their popular Burger King™ snack chip line in Beijing, China.
During SNACKEX Asia 2010 held on May 25th- 27th at the China National Congress Centre in Beijing, Inventure Foods Company&;s Vice President of Business Development Ms. Lisa Schommer and China Food Services CEO, Mr. Frank Yglesias both were interviewed by Mrs. Xia Tian, Hostess of CCTV food channel. The companies talked about their marketing and immediate store placement of the Burger King™ snack chips in the Beijing market. To view the interview in its entirety, please click on the following link:
http://xml.vod.cctv.com/html/mp4video2/shipinpindao/2010/05/shipinpindao_300_20100531_8.shtml
Mr. Frank Yglesias, CEO of China Food Services, Corp., said, &;We are very proud and honored to have been entrusted with selling such a well known brand as Burger King™. I have personally committed to Inventure Foods, Inc. that we will make this product line a success in Beijing. I&;m very impressed with the flavors that each line offers. I can close my eyes and the taste automatically transports me inside a BURGER KING® restaurant.&;
Additionally, Ms. Lisa Schommer VP of Business Development from Inventure Foods, Inc. concluded, &;We are thrilled to partner with China Food Services and see this as a great opportunity to expand Burger King™ snacks into the largest market in the world.&;
Mr. Jonathan Shih, general manager, Burger King China believes this new distribution partnership will further enhance the brand&;s presence in the growing market of China. &;Since opening our first BURGER KING® restaurant in China five years ago, our guests in cities like Shanghai, Beijing and Hangzhou have embraced the flame-broiled taste of our famous burgers, our crispy fries and tasty onion rings, &; said Mr. Shih. &;This new opportunity to bring Burger King™ snacks to China will allow consumers in other parts of the country to enjoy the same quality and flavors synonymous with BURGER KING® brand in a tasty snack.&;
About China Food Services, Corp.
China Food Services, Corp. owns and operates Golden Dragon Food & Beverage Import & Export Company of Hong Kong, Ltd. (GDHK) in central Hong Kong and Beijing Flying Golden Dragon International Trading Co., Ltd in China (BFGD). China Food Services, Corp. has agreements with U.S. food manufacturers. GDHI acts as a buying agent for GDHK, negotiating vendor contracts and services with U.S. food and beverage industry partners. The Hong Kong Company plays a strategic role in the importation of products into the Chinese market by leveraging the Closer Economic Partnership Arrangement (CEPA) with China. Through this arrangement, Beijing Flying Golden Dragon International Trading Co., Ltd distributes some of the most popular U.S. food and beverage brand products directly into the hypermarkets, supermarkets and convenience stores in China. The Company is responsible for order fulfillment for its clients in China, as well as providing advertising and promotion (A&P) services for its U.S. food and beverage products.
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 (TM), Rader Farms(R), T.G.I. Friday&;s(R), BURGER KING(TM), Jamba(R), Poore Brothers(R), Tato Skins(R) and Bob&;s Texas Style(R). For further information about Inventure Foods visit www.inventurefoods.com.
About Burger King Corporation
The BURGER KING® system operates more than 12,100 restaurants in all 50 states and in 74 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.
About CCTV
China Central Television (CCTV) is the national TV station of the People&;s Republic of China and it is one of China&;s most important news broadcast companies. Today, CCTV has become one of China&;s most influential media outlets. In addition to its TV programs, CCTV has also built up a multi-media broadcasting platform and business operation, which includes movies, newspapers and the internet. CCTV is the main news source for the Chinese people. It is also an important window for Chinese to learn about the outside world, and for the world to find out more about China. CCTV is making efforts to become a global media network with increased international influence.
Safe Harbor Statement
Information in this press release may contain &;forward-looking statements.&; Statements describing objectives or goals or the Company&;s future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the &;Safe Harbor&; provisions of the United States Private Securities Litigation Reform Act of 1995.
SOURCE China Food Services, Corp.
10 bagger
14 years ago
SNAK.. $3.92 Recap..
Inventure Group 1Q EPS 7c >SNAK
Dow Jones & Company, Inc. - Apr 22 at 09:05
Company Symbols: NASDAQ-SMALL:SNAK
Added on 04/22 at 09:00 *Inventure Group 1Q Rev $31.4M >SNAK
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2400)
04-22-10 0900ET
Copyright (c) 2010 Dow Jones & Company, Inc.
Added on 04/22 at 09:00 PRESS RELEASE: The Inventure Group Reports Strong First Quarter 2010 Results
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(TM) 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(R) of 7.5% and BURGER KING(TM) 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(R) and BURGER KING(TM) 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(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."
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(TM), Rader Farms(R), T.G.I. Friday's(R), BURGER KING(TM), Jamba(TM), Poore Brothers(R), Tato Skins(R) and Bob's Texas Style(R). 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)
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=GftPXLXUpIijMIpMfBHiow%3D%3D. You can use this link on the day this article is published and the following day.
(MORE TO FOLLOW) Dow Jones Newswires
04-22-10 0900ET
Added on 04/22 at 09:00 PRESS RELEASE: The Inventure Group Reports Strong -2-
--------------- ---------------
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.
SOURCE The Inventure Group, Inc.
/CONTACT: Steve Weinberger, Chief Financial Officer, The Inventure Group, Inc., +1-623-932-6200
/Web site: http://www.inventuregroup.net
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=GftPXLXUpIijMIpMfBHiow%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
04-22-10 0900ET
Added on 04/22 at 09:04 *Inventure Group 1Q Net $1.25M >SNAK
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2400)
04-22-10 0904ET
Copyright (c) 2010 Dow Jones & Company, Inc.
Added on 04/22 at 09:05 *Inventure Group 1Q Revenue Rose 5.6% >SNAK
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2400)
04-22-10 0905ET
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Added on 04/22 at 09:05 *Inventure Group 1Q Radar Farms Rev Rose 12.5% >SNAK
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04-22-10 0905ET
Copyright (c) 2010 Dow Jones & Company, Inc.
Added on 04/22 at 09:05 *Inventure Group 1Q Snack Division Rev Rose 1.8% To $19.3M
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04-22-10 0905ET
Copyright (c) 2010 Dow Jones & Company, Inc.
Added on 04/22 at 09:06 *Inventure Group Sees 'Strong Rev, Profit Growth' For Year SNAK
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2400)
04-22-10 0906ET
Copyright (c) 2010 Dow Jones & Company, Inc.
Added on 04/22 at 09:07 *Inventure Group Says TGI Friday's, Burger King Rev Growth Not In Line With Historical Levels
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2400)
04-22-10 0907ET
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Added on 04/22 at 09:08 *Inventure Group Says 2010 'Off To Excellent Start' >SNAK
(END) Dow Jones Newswires (212-416-2400)
04-22-10 0908ET
Copyright (c) 2010 Dow Jones & Company, Inc.
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