Inventure incurs loss due to new products, equipment
Oct. 26, 2011
PHOENIX — Inventure Foods Inc. incurred a loss during the third quarter of fiscal 2011, ended Sept. 24, due to costs associated with new product launches and the installation of new equipment at the company’s Goodyear, Ariz., facility that interrupted production. For the quarter the company suffered a loss of $190,812. During the same quarter of the previous year Inventure Foods earned $1,212,517, equal to 7c per share on the common stock.
Sales for the quarter were $37,518,334, up 10% from $34,072,238 in the third quarter of fiscal 2010.
“Our decision earlier this year to roll-out our Jamba At-Home Smoothies nationally has involved the significant strategic expenditures necessary for an effective launch,” said Terry McDaniel, chief executive officer. “Our continued investment in Jamba has increased overall ACV to 55%, up significantly from 30% just last quarter, and delivered gross revenue of $5.1 million for the quarter and $15.4 million year to date. We also continue to roll out our most recent flavor, Caribbean Passion, which has been met with great response from retailers. Given the strong retail reception thus far, we will begin shipping our fifth item in the line, Orange Dream Machine, during the fourth quarter.”
Mr. McDaniel said Inventure’s Snack division performance was hampered due to capacity issues as the company shut down its Goodyear facility on several occasions to install new equipment.
For the first three quarters of fiscal 2011 Inventure Foods earned $2,075,254, or 11c per share, which compared with $3,834,567, or 21c per share, in the same period of fiscal 2010.
Year-to-date sales have increased to $117,768,352 compared with sales of $100,381,412 during fiscal 2010.