US: Inventure hails "record" results, sales slow

By: just-food.com | 25 February 2010

US snack maker The Inventure Group said today (25 February) it was "very excited" after a second consecutive year of "record" sales and earnings in 2009.

The company booked a 7% rise in its sales in 2009, which reached US$121m. Annual net income jumped 60% to $3.8m.

"In an extremely tough economy we managed to grow both the top and bottom lines," said president and CEO Terry McDaniel.

However, Inventure's turnover grew more slowly in the fourth quarter, inching up 0.4% to $27.9m. Fourth-quarter net income rose from $132,000 to a little over $553,000.

Fourth-quarter snacks sales were up 0.5% at $19m as the company's Boulder Canyon Natural Foods business put in a "flat" performance during the quarter due to "significantly increased competitive pressure and a one-time customer issue which has been resolved".

Over the whole of 2009, Inventure's snacks sales grew 7.9% to $80.6m.

McDaniel said the outlook remained bright for Boulder Canyon Natural Foods. "We anticipate that 2010 will be an exceptionally strong year for Boulder as we intend to increase investments in people, new products and increase consumer and trade promotion spending," he insisted.

Sectors: Bakery, Snacks