US snack food group Inventure posted an increase in third-quarter net income today (21 October), boosted by the group’s Boulder Canyon division.
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For the period to 26 September, net income reached US$1.3m, up 18% on the previous year.
Net revenue in the quarter edged up to $29.9m from $29.8m in the comparable period of 2008. The company’s snack division contributed 3.9% of net revenue growth while Rader division net revenue declined by 6.8% versus last year.
Boulder Canyon was a key driver behind revenue growth, the company said, with an increase of 8% on the previous year.
Net revenue growth in the quarter however, was slower than previous quarters as Inventure ramped up investment in trade spending to secure new distribution.
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By GlobalDataOperating income in the third quarter was $2.44m or 8% of net revenue, an increase of 15% on 2008.
For the first nine months of 2009, Inventure reported net sales of $93.1m, an increase of 9.2%, while EBITDA reached $8.6m, an increase of 27% on the previous year.
“We are pleased to report our seventh consecutive quarter of year-over-year earnings growth,” said Terry McDaniel, president and CEO of The Inventure Group. “Our team continues to deliver profitable growth. Our innovative product pipeline, unique manufacturing capabilities and proven ability to profitably expand distribution has positioned Inventure for continued growth for the remainder of 2009 and should provide a performance kick start for 2010.”
