inventure foods inc (SNAK) Key Developments
Inventure Foods Announces Amendment No. 4 to Credit Agreement
Jul 29 15
On July 27, 2015, Inventure Foods, Inc. entered into Amendment No. 4 to Credit Agreement with the Company's subsidiary borrowers party thereto (together with the Company, the Borrowers), the lenders party thereto (the Lenders) and U.S. Bank National Association, as administrative agent, under that certain Credit Agreement, dated as of November 8, 2013, by and among the Borrowers, the Lenders and the Administrative Agent. The Amendment provides for two incremental term loans under the Credit Agreement in an aggregate principal amount of up $15 million, with the first incremental term loan being made on or about July 27, 2015 in the amount of $10 million and the second incremental term loan available to the Company on or after August 17, 2015 (but prior to August 31, 2015) in the amount of $5 million, subject to the prior receipt of an advancement request from the Company. The Amendment provides a maturity date of November 30, 2015 for the Second Bridge Loan and a new maturity date of November 30, 2015 for the prior Bridge Loan recently reported by the Company. The Amendment also modifies the Leverage Ratio and Current Ratio (each as defined in the Credit Agreement) that the Company is required to maintain under the terms of the Credit Agreement. The Second Bridge Loan bears interest at a rate per annum equal to the sum of (i) the quotient of (a) the Eurodollar Base Rate applicable to the relevant Interest Period (as defined in the Credit Agreement) divided by (b) one minus the Reserve Requirement (as defined in the Credit Agreement), expressed as a decimal, applicable to such Interest Period, plus (ii) 8.00% per annum. The proceeds from the Second Bridge Loan will be used for working capital needs, primarily related to the Company's recent precautionary recall of certain products related to its Jefferson, Georgia facility, and other general corporate purposes. Any amounts repaid or prepaid in respect of the Second Bridge Loan may not be reborrowed.
Inventure Foods, Inc. Introduces New TGI Fridays Happy Hour Snack Mixes
Jul 7 15
Inventure Foods, Inc. has introduced the new TGI Fridays Happy Hour Snack Mixes, a new line of snacks featuring nuts, pretzels, crackers and seeds. The new TGI Fridays Happy Hour Snack Mixes include four flavors available in 2.65-ounce and 6-ounce pouches. They appear in select grocery and convenience stores nationwide with a suggested retail price of $2.99 and $4.99, respectively. The Cheddar Bacon flavor features a savory combination of cheese crackers, pretzels, pumpkin seeds and Cajun corn sticks. The Sriracha blend adds smoked almonds, sesame sticks and peanuts to the mix and covers it in mouth-watering siracha ranch seasoning. Sweet Barbeque takes the same irresistible recipe and coats it in a tangy yet sweet barbeque flavor. Finally, Sweet and Spicy Snack Mix adds butter toffee peanuts, wasabi peas, pecans, cashews, rice crackers and honey mustard pretzels to the blend to provide the best of sweet and savory flavors in each delicious bite.
Inventure Foods, Inc. Presents at William Blair’s 35th Annual Growth Stock Conference, Jun-09-2015 10:10 AM
May 28 15
Inventure Foods, Inc. Presents at William Blair’s 35th Annual Growth Stock Conference, Jun-09-2015 10:10 AM. Venue: Four Seasons Hotel, Chicago, Illinois, United States. Speakers: Steve Weinberger, Chief Financial Officer, Senior Vice President, Treasurer and Secretary, Terry McDaniel, Chief Executive Officer, President and Director.
Inventure Foods, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 28, 2015; Reports Impairment Charges for the First Quarter Ended March 28, 2015
May 7 15
Inventure Foods, Inc. reported unaudited consolidated earnings results for the first quarter ended March 28, 2015. For the period, the company reported adjusted diluted earnings per share was $0.06, inclusive of $0.05 per share associated with planned incremental slotting and promotional trade spend investments. Net revenues increased 15.0% to $77.6 million against $67.509 million a year ago. Operating loss was $22.129 million against operating income of $3.165 million a year ago. Loss before income taxes was $22.859 million against income before income taxes of $2.495 million a year ago. Net loss was $14.635 million or $0.75 basic and diluted per share against net income of $1.597 million or $0.08 basic and diluted per share a year ago. LBITDA was $20.127 million against EBITDA of $5.082 million a year ago. Adjusted EBITDA was $4.643 million against $5.082 million a year ago. Adjusted net income was $1.223 million against $1.597 million a year ago. The increase in net Revenue was due to a 17.6% increase in frozen segment net revenues and a 10.1% increase in snack segment net revenues. Net income in the first quarter of 2015 includes approximately $1.5 million, or $0.05 per diluted share, in planned incremental slotting and promotional trade spend investments.
For the quarter, the company reported impairment of intangible asset, net of tax was $5.939 million. During the quarter the company also recorded an impairment of $9.3 million associated with the Fresh Frozen customer relationship intangible asset based on cash flows that include the cost of the recent recall.
Inventure Foods, Inc. Postpones Earnings Release for First Quarter of Fiscal 2015
Apr 28 15
Inventure Foods, Inc. announced that it will postpone the first quarter fiscal 2015 earnings release and conference call originally scheduled for April 30, 2015 to allow for additional time to complete their financial results. The additional time is needed to complete the review of costs and expenses associated with the Company's voluntary product recall. The Company will announce the new earnings release and conference call date as soon as practical.