Inventure Foods Expands its Successful TGI Fridays Line of Snacks with New Sweet Potato Skins Variety
Sep 2 15
Inventure Foods, Inc. is expanding on its popular TGI Fridays licensed snack line with the introduction of Sweet Potato Skins. The Fridays Potato Skins Snacks are among the best-selling packaged snacks in the market and the new Fridays Sweet Potato Skins will appear in convenience and grocery stores nationwide this month in 2.75 ounce and 5 ounce bags, respectively. A convenient 1.35 ounce single-serve bag will also available in vending machines. The suggested retail price ranges from $1.00 to $2.69 per package.
Inventure Foods, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 27, 2015
Aug 5 15
Inventure Foods, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 27, 2015. For the quarter, the company reported net revenues of $66,422,000 compared to $71,852,000 a year ago. Operating loss was $2,192,000 compared to operating income of $4,432,000 a year ago. Loss before income taxes was $3,120,000 compared to income before income taxes of $3,848,000 a year ago. Net loss was $1,951,000 or $0.10 per diluted share compared to net income of $2,472,000 or $0.12 per diluted share a year ago. LBITDA was $406,000 compared to EBITDA of $6,438,000 a year ago. Adjusted EBITDA was $1,988,000 compared to $5,922,000 a year ago. Adjusted net loss was $454,000 or $0.02 per diluted share compared to adjusted net income of $2,141,000 or $0.11 per diluted share a year ago.
For the six months, the company reported net revenues of $144,029,000 compared to $139,361,000 a year ago. Operating loss was $24,321,000 compared to operating income of $7,597,000 a year ago. Loss before income taxes was $25,979,000 compared to income before income taxes of $6,343,000 a year ago. Net loss was $16,586,000 or $0.85 per diluted share compared to net income of $4,069,000 or $0.20 per diluted share a year ago. LBITDA was $20,533,000 compared to EBITDA of $11,520,000 a year ago. Adjusted EBITDA was $6,631,000 compared to $11,004,000 a year ago. Adjusted net income was $766,000 or $0.04 per diluted share compared to $3,738,000 or $0.19 per diluted share a year ago.
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.