Inventure Group Inc. (SNAK, Financial) filed Quarterly Report for the period ended 2009-09-26.
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 $46.2 million; its shares were traded at around $2.5304 with a P/E ratio of 13.3 and P/S ratio of 0.4.
For the nine months ended September 26, 2009 net revenues increased 9.2%, or $7.9 million, to $93.1 million, compared with net revenue of $85.2 million in the first nine months of the previous year. Total net revenues for the nine months ended September 26, 2009 include $31.5 million from Rader Farms, representing an increase of 7%, versus the same period last year. For the snack business, total net revenues for the nine months ended September 26, 2009 were $61.6 million, representing an increase of 10.6%, from the $55.7 million of snack net revenues for the first nine months of 2008.
Gross profit for the nine months ended September 26, 2009 was $19.2 million, or 20.6% of net revenues, compared to $17.5 million, or 20.5% of net revenues for the nine months ended September 27, 2008. This increase of $1.7 million, or 9.6%, was attributable to the revenue growth at both the snack and Rader divisions, and the growth in pounds processed through the snack division plant. These gains were partially offset by a shift in sales in the snack division to lower margin channels, a result of the current economic environment and price increases in certain commodities.
Net interest expense was $0.7 million in the first nine months of 2009 compared to $1.0 million in the first nine months of 2008. The Company changed its accounting treatment of swap instruments. See Interest Rate Swaps for further detail. The Company recognized $0.1 million of interest expense as a result of an interest rate swap in the first nine months of 2008, with no similar expense incurred in the first nine months of 2009.
Net income for the nine months ended September 26, 2009 was $3.2 million, or $0.18 per basic and diluted share, compared with net income of $2.2 million, or $0.12 per basic and diluted share, in the prior-year period.
Net working capital was $7.2 million (a current ratio of 1.3:1) at September 26, 2009 and $4.5 million (a current ratio of 1.2:1) at December 27, 2008. For the nine months ended September 26, 2009, the Company generated cash flow of $0.3 million from operating activities, invested $2.1 million in equipment, borrowed a net $3.2 million on its line of credit, utilized $0.9 million to pay down other debt and purchased $0.5 million of treasury shares. For the nine months ended September 27, 2008, the Company generated cash flow of $1.7 million from operating activities, invested $2.8 million in equipment, borrowed a net $1.9 million on its line of credit and utilized $0.9 million to pay down other debt. Inventories increased $7.1 million as compared to December 27, 2008 balances, primarily due to the processing of the 2009 Rader harvest season, which commenced in June.
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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 $46.2 million; its shares were traded at around $2.5304 with a P/E ratio of 13.3 and P/S ratio of 0.4.
Highlight of Business Operations:
Net income was $1.3 million, or $0.07 per basic and diluted share, compared to net income of $1.1 million, or $0.06 per basic and diluted share in the third quarter of last year.For the nine months ended September 26, 2009 net revenues increased 9.2%, or $7.9 million, to $93.1 million, compared with net revenue of $85.2 million in the first nine months of the previous year. Total net revenues for the nine months ended September 26, 2009 include $31.5 million from Rader Farms, representing an increase of 7%, versus the same period last year. For the snack business, total net revenues for the nine months ended September 26, 2009 were $61.6 million, representing an increase of 10.6%, from the $55.7 million of snack net revenues for the first nine months of 2008.
Gross profit for the nine months ended September 26, 2009 was $19.2 million, or 20.6% of net revenues, compared to $17.5 million, or 20.5% of net revenues for the nine months ended September 27, 2008. This increase of $1.7 million, or 9.6%, was attributable to the revenue growth at both the snack and Rader divisions, and the growth in pounds processed through the snack division plant. These gains were partially offset by a shift in sales in the snack division to lower margin channels, a result of the current economic environment and price increases in certain commodities.
Net interest expense was $0.7 million in the first nine months of 2009 compared to $1.0 million in the first nine months of 2008. The Company changed its accounting treatment of swap instruments. See Interest Rate Swaps for further detail. The Company recognized $0.1 million of interest expense as a result of an interest rate swap in the first nine months of 2008, with no similar expense incurred in the first nine months of 2009.
Net income for the nine months ended September 26, 2009 was $3.2 million, or $0.18 per basic and diluted share, compared with net income of $2.2 million, or $0.12 per basic and diluted share, in the prior-year period.
Net working capital was $7.2 million (a current ratio of 1.3:1) at September 26, 2009 and $4.5 million (a current ratio of 1.2:1) at December 27, 2008. For the nine months ended September 26, 2009, the Company generated cash flow of $0.3 million from operating activities, invested $2.1 million in equipment, borrowed a net $3.2 million on its line of credit, utilized $0.9 million to pay down other debt and purchased $0.5 million of treasury shares. For the nine months ended September 27, 2008, the Company generated cash flow of $1.7 million from operating activities, invested $2.8 million in equipment, borrowed a net $1.9 million on its line of credit and utilized $0.9 million to pay down other debt. Inventories increased $7.1 million as compared to December 27, 2008 balances, primarily due to the processing of the 2009 Rader harvest season, which commenced in June.
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