US organic food manufacturer Annie’s Inc has booked mixed annual results, with sales and underlying earnings up but its bottom line hit by a tax charge.
For the 12 months to the end of March, net income slid 52.5% to US$9.6m. The decline was primarily related to a $11.3m reversal of a valuation allowance on deferred tax assets in fiscal 2011.
EBITDA, however, climbed 8.9% to $17.2m, while sales increased 20.1% to $141.3m in the period.
“Fiscal 2012 was a record year, driven by strong growth in the natural and organic food market, as more parents seek healthier food options for their families,” said CEO John Foraker. “Annie’s offers these parents a wide range of great tasting natural and organic food alternatives to mainstream packaged foods.”
For the upcoming fiscal year, Annie’s said it expects net sales growth in the range of 16% to 19% and adjusted net income in the range of $14m to $14.5m, representing year-over-year growth of 20% to 25%.
Click here to view the full earnings release.