Inventure gets boost from better-for-you
In building up its better-for-you portfolio, Inventure Foods, Inc. sees healthier sales ahead. The…In building up its better-for-you portfolio, Inventure Foods, Inc. sees healthier sales ahead.
The company posted record revenues in fiscal 2013 on the strength of such brands as Jamba, as well as Fresh Frozen Foods and Willamette Valley Fruit Co., both of which the company acquired last year.
“We are pleased to report strong net revenues for fiscal 2013, the highest in the company’s history, and remain confident that we will continue our earnings improvement in fiscal 2014,” said Terry McDaniel, chief executive officer. “Our team remains focused on our strategic vision to strengthen our core brand portfolios as we continue to expand our healthy/natural product portfolios. We believe the acquisitions we completed in 2013 will better position us to capitalize on our growth opportunities in the expanding better-for-you and snack food categories and enable us to generate long-term sustainable growth for our shareholders.”
For the year ended Dec. 28, 2013, net income declined 11% to $6,618,000, equal to 34c per share on the common stock, compared with $7,449,000, or 40c per share, in the year before, due to the acquisitions of Willamette Valley Fruit Co. and Fresh Frozen Foods. Net revenues for the year totaled $215,580,000, up 16% from $185,179,000 in fiscal 2012.
Net income for the fourth quarter was $2,007,000, or 10c per share, down 15% from $2,364,000, or 12c per share, in the prior-year period. Net revenues advanced 35% to $58,852,000 in the quarter from $43,542,000 the year before.
Net revenues for the frozen segment increased 59% during the fourth quarter and 29% for the year. In the snack segment, net revenues climbed 10% in the fourth quarter and 4.3% for the year.
“We are pleased with the continued growth of our frozen and snack segments,” Mr. McDaniel said. “These results illustrate the success of our strategic initiatives as we strive to become a leading healthy/natural foods company and work to improve the performance of our indulgent product portfolio. We believe Inventure Foods is better positioned than ever before with the right team, products and financial flexibility to report another record performance in 2014 and to capitalize on the tremendous growth opportunities ahead of us.”
