PHOENIX — The effects of a product recall early last year related to Fresh Frozen vegetables and Select Jamba “At Home” smoothie kits led to a full-year loss at Inventure Foods, Inc. in fiscal 2015. The company sustained a loss of $20,783,000 in the year ended Dec. 26, 2015, which compared with income of $10,561,000, equal to 54c per share on the common stock, in fiscal 2014.
Excluding the costs of the product recall, related recall insurance recovery, the impairment of the intangible, the bridge loan and debt extinguishment costs, Inventure posted an adjusted net loss of $1,400,000 in fiscal 2015, which compared with adjusted net income of $9,300,000 a year earlier.
Net revenues for fiscal 2015 totaled $282,558,000, down 1.1% from $285,663,000 in fiscal 2014.
Inventure’s snack segment includes potato chips, kettle chips, potato crisps, potato skins, pellet snacks, sheeted dough products, cereal and extruded product. During fiscal 2015, gross profit for the snack segment was $17.6 million, down from $20.8 million a year ago, while revenues increased 9% to $115.4 million from $106.1 million.
Inventure’s frozen product segment includes frozen fruits, vegetables, beverages and desserts. During fiscal 2015, gross profit for the frozen segment was $2.7 million, which compared with $32.3 million a year ago. Revenues in the segment decreased 7% to $167.2 million from $179.5 million.
For the fourth quarter ended Dec. 26, 2015, Inventure recorded a loss of $2,460,000, which compared with income of $3,408,000, or 17c per share, in the same period a year ago. Net revenues totaled $68,664,000, down from $73,746,000.
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| Terry McDaniel, c.e.o. of Inventure Foods |
