PHOENIX — A focus on building its “better-for-you” product portfolio and the strength of its indulgent product offerings helped support earnings for Inventure Foods, Inc., during the first quarter of fiscal 2011, ended March 26. Net income during the quarter was $1,406,182, equal to 8c per share on the common stock, up 13% from $1,246,397, or 7c per share, in the same period a year ago.
Sales for the quarter were $36,640,683, up 17% from $31,396,190 during the same period of the previous year.
“Our record first-quarter 2011 earnings have carried Inventure Foods’ momentum into the new year,” said Terry McDaniel, chief executive officer. “We are off to quality starts in both our Snack and Rader divisions as we continue to deliver year-over-year revenue and earnings growth. Our Healthy/Natural portfolio now represents 53% of total revenue, having increased 27% from the first quarter of 2010. As we continue to focus resources on building our “better-for-you” group of products, we hope that it will continue to gain a larger share of total company revenues.”
Inventure’s snack division net revenue increased 12% over the same quarter a year ago to $21.7 million, which was led by a 45% increase in revenues and continued strong demand for Boulder Canyon Natural Foods products. The Snack division also experienced a second consecutive quarter of growth in the T.G.I. Friday’s brand, which increased 18% from the prior year. Other growth drivers for the division included a 31% gain in private label products and a 8% increase in licensed Burger King brand of snacks. The gains partially were offset by a decline in the company’s Poore Brothers brand.
Rader division net revenue, which includes Jamba smoothies, totaled $14.9 million for the quarter, up 24% over the prior-year period. Excluding Jamba, Rader division net revenues increased 7% for the quarter. Jamba net revenue for the quarter totaled $2.1 million, which the company said was in line with its expectations.