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May 28, 2015 9:03 PM ET

Food Products

Company Overview of Inventure Foods, Inc.

Company Overview

Inventure Foods, Inc. manufactures and markets healthy/natural and indulgent specialty snack food products in the United States and internationally. It operates in two segments, Frozen Products and Snack Products. The company’s healthy/natural food products include Rader Farms frozen berries; Boulder Canyon Authentic Foods branded kettle cooked potato chips; Willamette Valley Fruit Company branded frozen berries; Fresh Frozen branded frozen vegetables; Jamba branded blend-and-serve smoothie kits; Seattle’s Best Coffee Frozen Coffee Blends branded blend-and-serve frozen coffee beverage; and private label frozen fruits and healthy/natural snacks. Its indulgent specialty snack food products inc...

5415 East High Street

Suite 350

Phoenix, AZ 85054

United States

Founded in 1986

606 Employees

Phone:

623-932-6200

Fax:

602-522-2690

Key Executives for Inventure Foods, Inc.

Chief Executive Officer, President and Director
Age: 57
Total Annual Compensation: $470.0K
Chief Financial Officer, Senior Vice President, Treasurer and Secretary
Age: 62
Total Annual Compensation: $309.6K
Senior Vice President and General Manager of the Snack Division
Age: 50
Total Annual Compensation: $268.6K
Senior Vice President and General Manager of Frozen Division
Age: 52
Total Annual Compensation: $160.5K
Senior Vice President of Operations
Age: 51
Total Annual Compensation: $242.8K
Compensation as of Fiscal Year 2014.

Inventure Foods, Inc. Key Developments

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

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

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.

Inventure Foods, Inc. Initiates Precautionary Recall of Certain Varieties of Its Fresh Frozen Line of Frozen Vegetables

On April 23, 2015, Inventure Foods, Inc. announced that it has initiated a precautionary recall of certain varieties of its Fresh Frozen line of frozen vegetables, as well as select varieties of its Jamba At Home line of smoothie kits, due to the finding of Listeria monocytogenes, in its Jefferson, Georgia facility. Listeria is an organism that can cause infections in young children, frail or elderly people, and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, listeria infection can cause miscarriages and stillbirths among pregnant women. To date, there are no known illnesses linked to consumption of Fresh Frozen IQF frozen vegetables or Jamba At Home smoothies. However, the company has decided to err on the side of utmost caution and issue a voluntary recall because Listeria monocytogenes was identified within its facility. The company expects to record costs associated with the recall, which are too early to ascertain, in the first quarter and additional costs in future quarters. The company expects to reverse the charges for any portion of such costs that are recovered from its existing insurance policies. Any recovery of losses will be recorded in the period in which such recovery is determined to be probable. While it is too soon to reliably estimate the impact of this recall on the Company's future sales of the Fresh Frozen brand, net revenues of the products affected by the recall are expected to be reduced for the second fiscal quarter of 2015 and potentially subsequent periods. The safety of its consumers is the company's number one priority and the Company is taking the appropriate steps to prevent this from happening again. The company is committed to ensuring that all of the products it sells are safe and meet the high quality standards.

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