The Inventure Group, Inc. (Nasdaq:SNAK), a leading specialty snack food manufacturer, today reported financial results for the third quarter ended September 26, 2009, highlighted by a seventh consecutive quarter of year-over-year earnings growth, an 18% net profit increase, EBITDA growth of 19% and new distribution gains.
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Net income in the third quarter of 2009 was $1.3 million up 18% compared to $1.1 million for the same period in 2008. This represents the highest third quarter earnings in the Company's history. Diluted earnings per share were $0.07, an increase of 17% compared to $0.06 in the same quarter of 2008. Earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter of 2009 were $3.35 million, an increase of 19% versus last year. A table reconciling EBITDA to net income is presented at the end of the condensed consolidated financial statements included in this release. The Reports for the 7th consecutive quarter of year-over-year demonstrate earnings growth, new distribution gains. Net revenue in the third quarter of 2009 was $29.9 million, up 0.4% compared to $29.8 million for the same period in 2008. The Snack Division contributed 3.9% of net revenue growth while the Rader Division net revenue declined by 6.8% vs. last year. On the Snack side, Boulder Canyon(TM) was a key driver behind revenue growth with an increase of 8% versus last year. This quarter's net revenue growth rate was slower than previous quarters as Inventure ramped up investment in Trade spending in securing new distribution. Other Snack division growth drivers included T.G.I. Friday's®, up 11.3% vs. 2008, and a 61% increase in Private Label sales vs. last year. These gains were offset by a decline in Poore Brothers® which was impacted by last years' pipeline fill of Inventure's first national account and the loss of low margin Food Service business as well as a decline in the BURGER KING(TM) brand. As anticipated, Rader Farms net revenues were down 6.8% for the quarter. The abundance of fresh berries at discounted prices adversely affected sales, evidenced by the fact that July/August sales were down while September sales were up double digits as the retail trade sold through fresh product. With manufacturing facilities in Arizona, Indiana and Washington, The Inventure Group is a marketer and manufacturer of Intensely Different(TM) specialty brands in indulgent and better-for-you food categories under a variety of Company owned or licensed brand names, including T.G.I. Friday's®, BURGER KING(TM), Rader Farms®, Boulder Canyon(TM) Natural Foods, Poore Brothers®, Tato Skins® and Bob's Texas Style.
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