Snack food company Poore Brothers has announced rises in revenues and income for the second quarter ended 25 June 2005.
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Net revenues for the second quarter were $23.3m compared with $17.4m in the same period last year. Net income was $1.52m, compared with $1.491m last year.
The company’s strong second-quarter revenue growth of 34% versus last year was the result of across the board gains for all of the company’s brands, it said.
T.G.I. Friday’s brand salted snacks increased 7.5% to $13.7mn, buoyed modestly by initial shipments of the new meat snacks products. As we continue to diversify our portfolio of products, T.G.I. Friday’s brand salted snacks will become a smaller percentage of our total, it said. The brand represented 59% of total net revenue in the second quarter versus over 70% last quarter while continuing to show solid growth in the high single digits. The Cinnabon brand cookie introduction generated $2.5m in revenues driven by unusually large introductory promotional orders from a large mass merchandiser. The company’s potato chip brands rose 35% mostly due to very strong promotional activity, particularly on the company’s repositioned Boulder Canyon Natural Foods brand. Distributed products also grew 79% over the prior year due to increased product lines.
“We are thrilled that our second quarter performance this year set a record in comparison to all prior quarters,” said president and CEO Thomas W Freeze. “Initial shipments of our three new Cinnabon cookies commenced during this past quarter and, while it’s too early to predict their success, early indications are that they have been well received by retailers and consumers alike. In addition, we have several other Cinnabon products under development with plans for market testing later this year. A renewed focus on growing our potato chip brands has also proven productive.”
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By GlobalDataFor the six months ended 25 June 2005, net revenue increased 13% to a record $39.9m, compared with revenue of $35.2m in the first half of the previous year. Net income was $1.7m in the first half of 2005 as compared to $0.5m in the prior year.
