PHOENIX — Double-digit revenue growth in both the snack and frozen segments helped drive 22% earnings growth at Inventure Foods, Inc. in the first quarter. Net income in the quarter ended March 31 was $1,721,593, equal to 9c per share on the common stock, up from $1,406,182, or 8c per share, in the same period a year ago.
Sales for the quarter were $47,020,064, up 28% from $36,640,683 during the same period of the previous year.
“We are very pleased to see the momentum continue in both the snack and frozen segments as we delivered year-over-year revenue and earnings growth,” said Terry McDaniel, chief executive officer. “Our healthy/natural portfolio now represents 61% of total revenue, having increased 45% from the first quarter of 2011.
“Our investments made during the prior year to support both our brands and our operations are beginning to pay dividends.”
Inventure’s snack division net revenue increased 11% over the same quarter a year ago to $24.2 million, which was led by an 18% increase in revenues in the T.G.I. Friday’s brand, while Boulder Canyon Natural Foods product sales were up 13% and private label increased 17%.
Frozen segment net sales, which include Jamba All Natural Smoothies, totaled $22.8 million in the first quarter, up 53% from the same period a year ago. Jamba net sales for the quarter totaled $3.5 million, up 68% from the same period a year ago.