PHOENIX — It has been a tough past 18 months for Inventure Foods, Inc., as operations have been dragged down by product recalls. But executives now believe the company is regaining its footing, and financial results in the first quarter of fiscal 2016 suggest they may be right.
The company still sustained a loss in the first quarter ended March 26 of $1,018,000, but it was an improvement from a loss of $14,635,000 in the same period a year ago. Inventure said gross profit totaled $8,817,000, up from a loss of $3,700,000 in the same period a year ago.
Net revenues for the first quarter were $69,855,000, down 10% from $77,607,000 a year ago.
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| Terry McDaniel, c.e.o. of Inventure Foods |
“We are pleased with our start to 2016 and believe the sequential improvement across key financial metrics demonstrates our initial steps on our path back to profitability,” said Terry McDaniel, chief executive officer. “Within the snack and frozen segments our key brands generated revenue growth compared to the first quarter of last year, with Boulder Canyon up 5% and Radar Farms brand up 105%. We remain focused on the strategic initiatives that will improve both our operational and financial performance as we progress through the year.”
Gross profit in the Snack segment increased 18% to $4,500,000 in the first quarter, up from $3,800,000 a year ago. Revenues decreased 5% to $24,900,000.
In the Frozen segment, Inventure had a gross profit of $4,300,000, which compared with $7,800,000 a year ago. Net revenues during the quarter decreased 12% to $45,000,000 from $51,300,000.
