US snack maker Inventure Foods has posted a net loss in its third quarter, on the back of higher costs.
The US snack maker yesterday (26 October) reported a net loss of US$190,812 for the three months ending 24 September, compared to a profit of $1.2m in the same period last year.
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The company posted an operating loss of $208,682 down from a profit of $1.6m the same period last year. This was due to higher costs and the closing of its Goodyear plant to install new equipment.
However, Inventure saw sales increase 10.1% to $37.5m for the third quarter. The company said sales were supported by the national roll-out of Jamba All-Natural Smoothies.
The third-quarter loss contributed to a loss over the first nine months of its financial year. The snack maker’s net income almost halved, dropping 45.9% to $2.1m for the nine months ending 24 September. Its operating profit slumped 40.4% to $3.7m for the nine months. Revenues, however, increased 17.3% for the nine-month period, reaching $117.7m.
CEO Terry McDaniel said: “Although our third-quarter results delivered negative earnings, we executed a number of significant planned initiatives which are in line with our expectations.
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