Frozen fruit sales propel Inventure earnings
PHOENIX — Strong sales in the company’s frozen segment helped drive a sharp earnings gain at Inventure Foods, Inc. in fiscal 2012.
Net income in the year ended Dec. 29, 2012, was $7,448,634, equal to 40c per share on the common stock, up 164% from $2,816,837, or 16c per share, in fiscal 2011. Excluding the gain on the sale of the company’s D.S.D. business, net income for the full year increased nearly 140% to $6.7 million.
Sales for fiscal 2012 were $185,179,427, up 14% from $162,232,418 during fiscal 2011.
The increase in sales was driven by gains in the company’s frozen segment, where net sales rose 35% to $90.8 million. Continued growth in branded and private label frozen fruit sales led the way, while Jamba net revenues for the full year were relatively flat.
Inventure’s snack division net revenue, meanwhile, decreased 0.7% in fiscal 2012, falling to $94.4 million. T.G.I. Friday’s and private label sales increased 4% and 20%, respectively, while Boulder Canyon sales were mostly flat.
During the fourth quarter of fiscal 2012, net income increased to $2,364,068, or 12c per share, from $741,583, or 4c per share, in the same period a year ago. Net revenues fell to $43,542,299 from $44,464,066.
“We communicated a strategic vision beginning in 2011 that included key investments in our facilities, brands and also our operations,” said Terry McDaniel, chief executive officer. “As we close out 2012, a year of double-digit growth in year-over-year net revenues as well as new records for annual net revenues and earnings, we remain encouraged by our team’s delivery of our strategic plan. Our results are a testament to the diversity of our brand portfolio and the distribution channels for each of our brands.”
Going forward, Mr. McDaniel said the company will continue to make the necessary investments to strengthen its brand portfolios.
“We’ve made significant strides in building our healthy/natural portfolio and remain optimistic as we expand existing channels,” he said. “Our ability to provide consumers innovative and first-to-market products is further underscored by our recent announcement of the exclusive licensing agreement with Seattle’s Best Coffee to market and manufacture a healthier and affordable line of delicious, at-home frozen coffee drinks.”