Amplify Snack Reports Second Quarter 2017 Results
Source Amplify Snack Brands, Inc.
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 and 26 weeks ended July 1, 2017.
13 Weeks Ended July 1, 2017 Highlights
- Net sales were $101.0 million, an increase of 68.7% year-over-year
- Gross profit was $38.5 million, representing 38.1% of net sales
- Net income was $1.2 million, or $0.02 per fully diluted share
- Adjusted net income (non-GAAP) was $6.0 million, or $0.08 per fully diluted share
- Adjusted EBITDA (non-GAAP) was $22.6 million, representing 22.4% of net sales
26 Weeks Ended July 1, 2017 Highlights
- Net sales were $188.2 million, an increase of 64.8% year-over-year
- Gross profit was $73.8 million, representing 39.2% of net sales
- Net income was $1.7 million, or $0.02 per fully diluted share
- Adjusted net income (non-GAAP) was $10.3 million, or $0.13 per fully diluted share
- Adjusted EBITDA (non-GAAP) was $42.7 million, representing 22.7% of net sales
“We are pleased with the continued growth and momentum across our portfolio of better-for-you brands. SkinnyPop’s ready-to-eat offering and compelling new product innovation fueled velocity and distribution gains and we benefited from growth in our Paqui and Oatmega brands, in spite of ongoing challenges in the U.S. food retail environment. Our International team continued to make good progress on the improvement of our operating performance during the second quarter, although we continue to expect it to take time for us to return to the rate of growth and profitability we know the business is capable of achieving. Although we are encouraged by our first half performance, success of our new innovation and international momentum, we are updating our annual outlook for 2017 to reflect the continued near-term market headwinds we are experiencing in the U.K. and continued softness in U.S. Food. We are in the right space, with the right brands with plenty of whitespace and runway ahead of us for continued profitable growth. We remain committed to executing on our strategic initiatives to drive sales growth, profitability and value for our shareholders,” said Tom Ennis, Amplify’s President and Chief Executive Officer.
