Amplify Snack Brands, Inc. Reports Fourth Quarter and Full Year 2016 Financial Results
Source Amplify Snack Brands
AUSTIN, Texas--(BUSINESS WIRE)--Amplify Snack Brands, Inc. (“Amplify” or the “Company”) (NYSE:BETR), a leading marketer and manufacturer of branded better-for-you snack food products, today reported financial results for the three months and year ended December 31, 2016.
Three Months Ended December 31, 2016 Highlights
- Net sales were $88.6 million, up 91.1% year-over-year
- Gross profit was $36.8 million, representing 41.5% of net sales
- GAAP net income was $8.5 million, or $0.11 per fully diluted share
- Non-GAAP adjusted net income was $6.6 million, or $0.09 per fully diluted share
- Adjusted EBITDA was $23.5 million, representing 26.6% of net sales
Full Year Ended December 31, 2016 Highlights
- Net sales were $270.8 million, up 47.2% year-over-year
- Gross profit was $130.1 million, representing 48.0% of net sales
- GAAP net income was $27.3 million, or $0.36 per fully diluted share
- Non-GAAP adjusted net income was $37.0 million, or $0.49 per fully diluted share
- Adjusted EBITDA was $84.9 million, representing 31.4% of net sales
“2016 was a year of transformation for Amplify. We strategically expanded and diversified our better-for-you product offering and began to make key leadership team additions to further strengthen our execution to deliver the growth we know our company is capable of achieving over the next several years,” said Tom Ennis, Amplify’s President and Chief Executive Officer. “Our fourth quarter financial performance reflects the strong momentum for our SkinnyPop, Paqui and Oatmega brands, and the addition of Tyrrells. We continued to generate best-in-class velocities while simultaneously increasing our points of distribution and gaining market share across a wide range of sales channels. Looking ahead, we have a robust innovation pipeline and remain very excited about our acquisition of Tyrrells as we begin to leverage our cross selling opportunities during 2017.”
