The Inventure Group, Inc. (Nasdaq:SNAK) completed its third quarter on September 27, 2008, and, as previously announced and further detailed below, the release of third quarter results and related investor conference call is scheduled for Wednesday, October 22, 2008. However, the Company believes that its stock is currently undervalued and that utilizing available cash to purchase stock now under the Company's stock repurchase plan is a good investment and will optimize stockholder value. To facilitate stock purchases prior to the earning's release and conference call on October 22, 2008, the Company is disclosing its current estimate of net revenues and net income for the third quarter in this release.
Consolidated net revenues for the recently completed third quarter are estimated to be $29.8 million, which represents an increase of 17% compared to $25.4 million of net revenues recorded in the third quarter of 2007. This increase is largely attributable to net revenues increases of 17% in the Snack Products and 19% in the Berry Products segments. Year to date net revenues are estimated to be $85.2 million, which represents an increase of 30% compared to $65.3 million of net revenues recorded in the first nine months of 2007. This increase is attributable to net revenue increases of 6% for the Snack products segment and 136% for the Berry products segment, which was acquired in May 2007.
Net income for the third quarter of 2008 is estimated to be $1.1 million, which is significantly higher than the net income of $41,429 recorded in the third quarter of 2007. Year to date net income is estimated to be $2.2 million, which is also significantly higher than the $0.5 million of net income recorded in the first nine months of 2007. These increases are attributable to increased net revenues and continued focus on operational efficiencies and profit.
The Inventure Group, Inc. Announces Earnings Guidance On Third Quarter 2008 Results
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