Inventure Foods Added to Russell 2000 Index
PHOENIX, June 25, 2012 /PRNewswire/ -- 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.
Russell Investments (Russell) is a global asset manager and one of only a few firms that offers actively managed, multi-asset portfolios and services that include advice, investments and implementation. Working with institutional investors, financial advisors and individuals, Russell's core capabilities extend across capital markets insights, manager research, Indexes, portfolio implementation and portfolio construction.
About Inventure Foods, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, Inventure Foods, Inc. (Nasdaq: SNAK) is a marketer and manufacturer of specialty food brands in better-for-you and indulgent categories under a variety of Company owned and licensed brand names, including Boulder Canyon Natural Foods™, Jamba®, Rader Farms®, T.G.I. Friday's®, Nathan's Famous®, BURGER KING™, Poore Brothers®, Tato Skins® and Bob's Texas Style®. For further information about Inventure Foods, please visit www.inventurefoods.com.
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this press release and that may affect the Company's prospects in general include, but are not limited to, general economic conditions, increases in cost or availability of ingredients, packaging, energy and employees, price competition and industry consolidation, ability to execute strategic initiatives, product recalls or safety concerns, disruptions of supply chain or information technology systems, customer acceptance of new products and changes in consumer preferences, food industry and regulatory factors, interest rate risks, dependence upon major customers, dependence upon existing and future license agreements, the possibility that we will need additional financing due to future operating losses or in order to implement the Company's business strategy, acquisition-related risks, the volatility of the market price of the Company's common stock, and such other factors as are described in the Company's filings with the Securities and Exchange Commission.
SOURCE Inventure Foods, Inc.