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September 04, 2015 7:45 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: 58
Total Annual Compensation: $470.0K
Chief Financial Officer, Senior Vice President, Treasurer and Secretary
Age: 63
Total Annual Compensation: $309.6K
Senior Vice President of Operations
Age: 52
Total Annual Compensation: $242.8K
Senior Vice President and General Manager of the Snack Division
Age: 51
Total Annual Compensation: $268.6K
Senior Vice President and General Manager of Frozen Division
Age: 53
Total Annual Compensation: $160.5K
Compensation as of Fiscal Year 2014.

Inventure Foods, Inc. Key Developments

Inventure Foods Expands its Successful TGI Fridays Line of Snacks with New Sweet Potato Skins Variety

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

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

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.

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