Sales gains failed to offset a drop in full-year profits at US snack maker Inventure Foods, which saw earnings fall by nearly 40%.
For the 12 months to the end of December, net profit amounted to US$2.8m, compared to earnings of $4.5m in the prior-year. EBITDA slid 17.2% to $9.9m.
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The company blamed investment to support the national launch of its Jamba smoothies for the declines.
Sales in the period, however, amounted to $162.2m, a 21.1% increase on 2010, boosted by double-digit gains in the firm’s snack and frozen foods divisions.
In the fourth quarter, net income rose 16.6% to $0.7m, boosted by the absence of an impairment charge of $640m that hit quarterly profits in 2010.
EBITDA, however, dropped 3.2% to $2.7m, while sales in the period grew 32.3% to reach $44.5m.
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By GlobalData“2011 was a very important year for Inventure Foods, with several planned investments made towards our anticipated future growth,” said Inventure Foods CEO Terry McDaniel.
“While we did not experience earnings growth this year due to the investment required to properly support the national launch of our Jamba smoothies, we continued to deliver net revenue growth in both of our divisions, while executing the quality strategic investments in our brands, plants and people.”
