Amplify Snack Brands, Inc. Reports First Quarter 2017 Financial Results
Source Amplify Snack Brands
First Quarter Net Sales of $87.2 Million
Company Reiterates Full Year Fiscal 2017 Revenue and Adjusted EBITDA Outlook
Announces International Leadership Transition
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 13 weeks ended April 1, 2017.
13 Weeks Ended April 1, 2017 Highlights
- Net sales were $87.2 million, up 60.5% year-over-year
- Gross profit was $35.3 million, representing 40.5% of net sales
- Net income was $0.5 million, or $0.01 per fully diluted share
- Adjusted net income (non-GAAP) was $4.3 million, or $0.06 per fully diluted share
- Adjusted EBITDA (non-GAAP) was $20.1 million, representing 23.1% of net sales
“The strength of our better-for-you brands and product innovation in North America exceeded our expectations and continued to gain momentum as we progressed through the first quarter with strong distribution and velocity gains. At the same time, we have taken key strategic steps internationally to drive growth and profitability, particularly in light of the challenging food retail operating environment in the U.K., and started to experience operational improvements that we expect to continue as we progress through 2017. Based on our results to-date and outlook for the balance of the year, we remain confident in our annual operating performance guidance,” said Tom Ennis, Amplify’s President and Chief Executive Officer.
