Inventure Foods, Inc. (Nasdaq: SNAK), a leading specialty food marketer and manufacturer, today announced it has been added to the Russell 3000® Index and Russell 2000® Index when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes on June 22, 2012.
"We are excited to be recognized among the influential movers in today's market," said Terry McDaniel, Chief Executive Officer of Inventure Foods. "The addition to the Russell 2000 is a notable highlight and reiterates our positive momentum as we continue to experience investor interest in our stock. We are pleased to share this milestone with all of our key stakeholders and look forward to the new opportunities it will bring."
Inventure Foods recently reported record net revenues of $47.0 million for the first quarter, an increase of 28.3%, versus the prior-year first quarter. Record quarterly earnings resulted in a 22.4% increase and were highlighted by double-digit net revenue growth in both the Snack and Frozen segments, which grew 11.3% and 53.1%, respectively.
Russell indexes are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies. In the institutional marketplace, an industry-leading $3.9 trillion in assets currently are benchmarked to them. The Company will hold its membership until Russell reconstitutes its indexes in June 2013.
The annual reconstitution of the Russell 3000 captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 and the next 2,000 companies become the Russell 2000. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007.
Source: Inventure Foods