Strong sales key sharp earnings gain at Inventure
PHOENIX — The highest quarterly revenues in the company’s history helped drive strong earnings growth at Inventure Foods, Inc. in the second quarter. Net income in the quarter ended June 30 was $1,623,325, equal to 9c per share on the common stock, up 89% from $859,884, or 5c per share, in the same period a year ago.
Sales for the quarter were $48,015,732, up 10% from $43,609,336 during the same period of the previous year.
“Our healthy/natural portfolio increased 17.7% from the second quarter of 2011 and now represents 61% of total revenue, reiterating a continued consumer interest in better-for-you offerings,” said Terry McDaniel, chief executive officer. “Our revenue growth was led by continued strong sales in our frozen segment with a 58.8% increase in frozen fruit sales from the prior-year quarter.
“The diversity of our products and distribution channels provides us with a solid platform to benefit from the strong performance of certain products while continuing to enhance and grow other products. Boulder Canyon sales were down in the quarter due to packaging transitions and increased price competition. We continue to focus on expanding this brand.
“We continue to offer innovative new products expanding the Jamba `at home’ Smoothies line with a new pair of superfruit smoothies featuring non-fat Greek yogurt. Pomegranate Pick-Me-Up and Acai SuperAntioxidant are the first smoothies in the Jamba `at home’ line to feature Greek yogurt in the formulation. In addition, we recently launched our Jamba Multigrain Fruit Crisps, Cranberry Crave and Blueberry Blast.”
Inventure’s snack division net revenues were basically flat, at $24.8 million compared with $24.9 million a year ago. T.G.I. Friday’s brand sales were down 1.7%, while Boulder Canyon Natural Foods product sales fell 1.8%. Private label sales, meanwhile, increased 11%.
Frozen segment net sales, which include Jamba All Natural Smoothies, totaled $23.2 million in the second quarter, up 24% from the same period a year ago. Jamba net sales for the quarter totaled $3.5 million, down 45% from the same period a year ago.
For the six months ended June 30, net income was $3,344,918, or 18c per share, up 48% from $2,266,066, or 13c per share, in the same period a year ago. Net sales totaled $95,035,796, up 18% from $80,250,018 a year ago.