Inventure Group Inc. (SNAK, Financial) filed Quarterly Report for the period ended 2009-03-28.
POORE BROS INC. is engaged in the production marketing and distribution of salty snack food products that are sold primarily through grocery retail chains in the southwestern U.S. and through vend distributors across the U.S. Inventure Group Inc. has a market cap of $40.6 million; its shares were traded at around $2.27 with a P/E ratio of 14.2 and P/S ratio of 0.4.
Net interest expense was $0.2 million in the first quarter of 2009 compared to net interest expense of $0.6 million in the first quarter of 2008. The decrease primarily relates to a change in accounting treatment of swap instruments. See Interest Rate Swaps for further detail. The Company recognized $0.2 million of interest expense as a result of an interest rate swap in the first quarter of 2008, with no similar expense incurred in the first quarter of 2009.
Net income was $0.9 million, or $0.05 per basic and diluted share, compared to net income of $0.4 million, or $0.02 per basic and diluted share last year.
Net working capital was $4.7 million (a current ratio of 1.2:1) at March 28, 2009 and $4.5 million (a current ratio of 1.2:1) at December 27, 2008. For the quarter ended March 28, 2009, the Company generated cash flow of $2.4 million from operating activities, invested $0.7 million in equipment, utilized $1.2 million to pay down its line of credit and other debt and purchased $0.5 million of treasury shares. For the quarter ended March 29, 2008, the Company generated cash flow of $3.2 million from operating activities, invested $1.1 million in equipment and utilized $2.6 million to pay down its line of credit and other debt.
The Companys Bluffton, Indiana manufacturing and distribution facility was purchased for $3.0 million in December, 2006. The facility is subject to a $2.3 million mortgage loan from U.S. Bank National Association, bears interest at the 30 day LIBOR plus 165 basis points and is secured by the building and the land on which it is located. The interest rate associated with this debt instrument was fixed to 6.85% via an interest rate swap agreement with U.S. Bank National Association in December 2006. The loan matures in December, 2016; however monthly principal and interest installments of $18,392 are determined based on a twenty-year amortization period.
· a $15,000,000 revolving line of credit maturing on June 30, 2011; based on asset eligibility, there was $5.1 million of borrowing availability under the line of credit at March 28, 2009.
Read the The complete Report
POORE BROS INC. is engaged in the production marketing and distribution of salty snack food products that are sold primarily through grocery retail chains in the southwestern U.S. and through vend distributors across the U.S. Inventure Group Inc. has a market cap of $40.6 million; its shares were traded at around $2.27 with a P/E ratio of 14.2 and P/S ratio of 0.4.
Highlight of Business Operations:
Results of Operations Quarter ended March 28, 2009 compared to the quarter ended March 29, 2008 Net revenues for the first quarter of fiscal 2009 were $29.7 million, 14% higher than last years first quarter net revenues of $26.2 million. Snack division net revenues were $19.0 million, up 15% over last years first quarter net revenues. Rader Farms net revenues were $10.7 million, up 11% over last years first quarter net revenues.Net interest expense was $0.2 million in the first quarter of 2009 compared to net interest expense of $0.6 million in the first quarter of 2008. The decrease primarily relates to a change in accounting treatment of swap instruments. See Interest Rate Swaps for further detail. The Company recognized $0.2 million of interest expense as a result of an interest rate swap in the first quarter of 2008, with no similar expense incurred in the first quarter of 2009.
Net income was $0.9 million, or $0.05 per basic and diluted share, compared to net income of $0.4 million, or $0.02 per basic and diluted share last year.
Net working capital was $4.7 million (a current ratio of 1.2:1) at March 28, 2009 and $4.5 million (a current ratio of 1.2:1) at December 27, 2008. For the quarter ended March 28, 2009, the Company generated cash flow of $2.4 million from operating activities, invested $0.7 million in equipment, utilized $1.2 million to pay down its line of credit and other debt and purchased $0.5 million of treasury shares. For the quarter ended March 29, 2008, the Company generated cash flow of $3.2 million from operating activities, invested $1.1 million in equipment and utilized $2.6 million to pay down its line of credit and other debt.
The Companys Bluffton, Indiana manufacturing and distribution facility was purchased for $3.0 million in December, 2006. The facility is subject to a $2.3 million mortgage loan from U.S. Bank National Association, bears interest at the 30 day LIBOR plus 165 basis points and is secured by the building and the land on which it is located. The interest rate associated with this debt instrument was fixed to 6.85% via an interest rate swap agreement with U.S. Bank National Association in December 2006. The loan matures in December, 2016; however monthly principal and interest installments of $18,392 are determined based on a twenty-year amortization period.
· a $15,000,000 revolving line of credit maturing on June 30, 2011; based on asset eligibility, there was $5.1 million of borrowing availability under the line of credit at March 28, 2009.
Read the The complete Report
