US snack and smoothie manufacturer Inventure Foods has hailed a “record” first quarter in which it generated its highest quarterly revenues and earnings per share.
The company, which sells snacks under the T.G.I. Friday’s and Burger King brands under licence, booked net income of US$1.7m for the three months to the end of March, which equated to earnings per share of $0.09. A year earlier, Inventure reported net income of $1.4m and EPS of $0.08.
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Inventure’s first-quarter operating income increased 17.5% to $2.8m on the back of higher sales of snacks and frozen products. EBITDA was up 14.2% at $4m.
Total net revenues were a “record” $47m, up 28.3% on the first quarter of 2011. Snack sales increased 11.3% while revenue from Inventure’s frozen division, which includes Jamba smoothies, leapt 53.1%.
“This quarter marks another record-setting milestone in our company’s history, as the recent financial results further affirm the growing consumer demand for our innovative products,” CEO Terry McDaniel said yesterday (3 May).
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