Inventure Foods Reports First Quarter 2017 Financial Results
Source Inventure Foods, Inc.
PHOENIX, May 11, 2017 (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 first quarter ended April 1, 2017.
First Quarter 2017 Highlights:
- Snack segment net revenues increased 5.1% to $26.2 million
- Boulder Canyon brand net revenues increased 15.3%; Boulder Canyon snack net revenues increased 11.5%
- Snack premium private label net revenues increased 22.8%
- Gross profit as a percentage of net revenues increased 100 basis points to 17.2%
- Net loss from continuing operations was $(1.2) million, or $(0.06) per share
- EBITDA* and Adjusted EBITDA* from continuing operations was $2.8 million and $1.6 million, respectively
- Completed strategic sale of Fresh Frozen business
(All comparisons above are to the first quarter of fiscal 2016)
“We are pleased with the progress we made during the first quarter across key operational and financial areas of our business,” commented Terry McDaniel, Chief Executive Officer of Inventure Foods. “We made two important steps forward with the strong frozen segment gross margin expansion and our snack segment returned to growth driven by the strength of our Boulder Canyon brand and our better-for-you premium private label product offering. As we progress through the year, we are intently focused on the execution of our strategic initiatives across the snack and frozen segments to generate increased sales and profitability. At the same time, our management team and Board of Directors remain committed to maximizing value for our shareholders as we move forward with our ongoing strategic and financial review.”
