PHOENIX, Feb. 26, 2015 (GLOBE NEWSWIRE) -- Inventure Foods, Inc. (Nasdaq:SNAK) ("Inventure Foods", or the "Company"), a leading specialty food marketer and manufacturer, today reported financial results for the fourth quarter and fiscal year ended December 27, 2014.
Fourth Quarter 2014 Highlights
- Consolidated net revenues increased 25.3% to $73.7 million.
- EBITDA of $8.0 million, an increase of 38.9% compared to prior year's adjusted EBITDA*.
- Diluted earnings per share was $0.17.
Fiscal Year 2014 Highlights
- Consolidated net revenues increased 32.5% to $285.7 million.
- Adjusted EBITDA* increased 38.5% to $24.9 million.
- Diluted earnings per share was $0.53, or $0.47 adjusted diluted earnings per share*.
Frozen Segment: Net revenues during the fourth quarter of 2014 increased 30.0% to $45.6 million, compared to $35.1 million in the prior year period. Gross profit increased $2.4 million, or 33.8%, to $9.5 million in the fourth quarter of 2014, compared to $7.1 million in the prior year period. As a percentage of net revenues, fourth quarter gross profit increased 60 basis points to 20.9% compared to the prior year period. This margin increase was primarily due to the use of the Company's higher margin grown frozen berries compared to the use of lower margin purchased berries in the prior year as a result of the timing of purchases partially offset by increased trade spending in our frozen vegetable business.
Net revenues for fiscal 2014 increased 53.3% to $179.5 million, compared to $117.1 million in the prior year. Gross profit increased $9.6 million, or 42.1%, to $32.3 million in 2014, compared to $22.7 million in the prior year.
Snack Segment: Net revenues during the fourth quarter of 2014 increased 18.4% to $28.1 million, compared to $23.8 million in the prior year period. Gross profit increased $1.9 million, or 50.7%, to $5.6 million in the fourth quarter of 2014, compared to $3.7 million in the prior year period. As a percentage of net revenues, fourth quarter gross profit increased 430 basis points to 20.0% compared to the prior year period.
Net revenues for fiscal 2014 increased 7.8% to $106.1 million, compared to $98.5 million in the prior year. The year-over-year increase was impacted by a $4.2 million reduction in net sales as a result of the Company's decision to discontinue lower margin sales; adjusting for these discontinued sales, fiscal 2014 Snack segment net revenues increased 12.7%. Gross profit increased $4.7 million, or 28.8%, to $20.8 million in 2014, compared to $16.1 million in the prior year. View full report here.
