Inventure Group Inc. (SNAK, Financial) filed Quarterly Report for the period ended 2010-03-27.
Inventure Group Inc. has a market cap of $67.1 million; its shares were traded at around $3.75 with a P/E ratio of 16.3 and P/S ratio of 0.5. SNAK is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Selling, general and administrative expenses were $4.5 million in the first quarter of 2010, or 14.4% of net revenues for the quarter, which is relatively flat in dollars versus 2009, but down 0.7% from 15.1% of net revenues last year. The improvement represents the Companys ability to drive top-line growth while containing costs. Net income was $1.2 million, or $0.07 per basic and diluted share, compared to net income of $0.9 million, or $0.05 per basic and diluted share last year.
Net working capital was $15.3 million (a current ratio of 2.1:1) at March 27, 2010 and $17.9 million (a current ratio of 2.35:1) at December 26, 2009. For the quarter ended March 27, 2010, the Company generated cash flow of $5.0 million from operating activities, invested $1.0 million in equipment, and utilized $3.9 million to pay down its line of credit and other debt. 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 and utilized $1.2 million to pay down its line of credit and other debt and purchased $0.5 million of treasury shares.
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 $8.2 million of borrowing availability under the line of credit at March 27, 2010.
· a real estate term loan, secured by a leasehold interest in the real property we are leasing from the former owners of Rader Farms in connection with the Acquisition, subject to a $4.0 million real estate term loan from U.S. Bank National Association, bears interest at the 30 day LIBOR plus 165 basis points. The interest rate associated with this debt instrument was fixed to 4.28% via an interest rate swap agreement with U.S. Bank National Association in January 2008. The loan matures in July, 2017; however monthly principal and interest installments of $36,357 are determined based on a fifteen-year amortization period.
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Inventure Group Inc. has a market cap of $67.1 million; its shares were traded at around $3.75 with a P/E ratio of 16.3 and P/S ratio of 0.5. SNAK is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net revenues for the first quarter of fiscal 2009 were $31.4 million, 5.6% higher than last years first quarter net revenues of $29.7 million. Snack division net revenues were $19.3 million, up 1.8% over last years first quarter net revenues. Rader Farms net revenues were $12.0 million, up 12.5% over last years first quarter net revenues. The Rader Farms increase was a result of a strong volume increase achieved while absorbing recent price reductions in the market for berries.Selling, general and administrative expenses were $4.5 million in the first quarter of 2010, or 14.4% of net revenues for the quarter, which is relatively flat in dollars versus 2009, but down 0.7% from 15.1% of net revenues last year. The improvement represents the Companys ability to drive top-line growth while containing costs. Net income was $1.2 million, or $0.07 per basic and diluted share, compared to net income of $0.9 million, or $0.05 per basic and diluted share last year.
Net working capital was $15.3 million (a current ratio of 2.1:1) at March 27, 2010 and $17.9 million (a current ratio of 2.35:1) at December 26, 2009. For the quarter ended March 27, 2010, the Company generated cash flow of $5.0 million from operating activities, invested $1.0 million in equipment, and utilized $3.9 million to pay down its line of credit and other debt. 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 and utilized $1.2 million to pay down its line of credit and other debt and purchased $0.5 million of treasury shares.
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 $8.2 million of borrowing availability under the line of credit at March 27, 2010.
· a real estate term loan, secured by a leasehold interest in the real property we are leasing from the former owners of Rader Farms in connection with the Acquisition, subject to a $4.0 million real estate term loan from U.S. Bank National Association, bears interest at the 30 day LIBOR plus 165 basis points. The interest rate associated with this debt instrument was fixed to 4.28% via an interest rate swap agreement with U.S. Bank National Association in January 2008. The loan matures in July, 2017; however monthly principal and interest installments of $36,357 are determined based on a fifteen-year amortization period.
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