The Inventure Group, Inc. (Nasdaq:SNAK) today reported financial results for the third quarter ended September 27, 2008. Net revenues for the third quarter of fiscal 2008 were $29.8 million, representing an increase of 17.5% compared to the third quarter of fiscal 2007.
The Snack Division net revenues increased 16.7%, led by net revenues increases in the Kettle Potato Chip business of 34% led by increased sales of Boulder Canyon branded products, Poore Brothers Kettle branded products and private label chips. Additionally, $1.7 million of net revenue from BURGER KING(tm) snacks was recognized while the 3rd quarter of last year had no such net revenues.
These increases were partially offset by T.G.I. Friday's(r) salted snacks, which decreased 6% as compared to the 3rd quarter of last year. The Rader Farms division continues to perform very strongly with net revenues up 19.2% compared to the 3rd quarter of last year.
Net Revenues on a year-to-date basis were $85.2 million, up 30.6% vs. last year. Rader Farms contributed $29.5 million, up 17.5% on a stand alone basis, and the Snack Division contributed $55.7 million, up 5.6% vs. last year.
"Our results continue to be very strong," noted Terry McDaniel, President and CEO of The Inventure Group. "We delivered another $2.8 million of EBITDA in the quarter bringing the first nine months EBITDA to $6.7 million which is higher than any full year's EBITDA since it went public in 1996.
"Our Snack Division had the best quarter in recent memory with net revenues up 16.7% in the quarter led by our Kettle Potato Chip business which was up 34% driven by continued growth in Boulder Canyon, Poore Brothers and private label. Under the warehouse snack segment of our Snack Division, BURGER KING snacks contributed $1.7 million in net revenue for the quarter. BURGER KING(tm) snacks continue to be on track to be our most successful product launch since we introduced T.G.I. Friday's(r) Cheddar and Bacon in 2000. On a Year-to Date basis Burger King net revenues were $4.1 million. We also added Onion Rings in July and recognized $0.3 million in net revenues for this new Burger King snack for the quarter."