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The Inventure Group, which owns the Poore Brothers snacks sold to the vending trade, reported financial results for the second quarter ended June 28, 2008. Net revenues for the second quarter of fiscal 2008 were $29.2 million, representing an increase of 28 percent compared to the second quarter of fiscal 2007. Excluding the impact of Rader Farms(r), which contributed $10.1 million of net revenue in the quarter, the snack division revenue was $19.1 million, representing an increase of 2.7 percent as compared to the snack division revenues in the same period of last year. The positive impact of price increases as compared to last year’s second quarter, the addition of $1.2 million of net revenues from BURGER KING(tm) snacks and the growth in Boulder Canyon(tm) Natural Foods snack products of 38% as compared to the same period of last year were all partially offset by continued softness in revenues from T.G.I. Friday’s(r) salted snacks.

Gross profit was $5.3 million for the quarter, representing an increase of 21 percent compared to $4.4 million of gross profit recognized in the same period of last year. Key drivers include Rader Farms(r), which contributed $1.3 million of gross profit as compared to $0.8 million in the second quarter of last year and the snack division where gross profit of $4.0 million for the quarter was 11 percent higher and 1.5 points higher as a percentage of net revenue than the $3.6 million of gross profit recognized in the same period last year, primarily attributable to price increases implemented at the beginning of the year and lower plant costs on a per pound basis.

Selling, general and administrative ("SG&A") expenses for the quarter increased $0.4 million as compared to the second quarter of fiscal 2007 but decreased as a percentage of net revenues to 13.6 percent as compared to 15.7 percent in the same period of last year. The acquisition of Rader Farms(r), while adding some overall SG&A costs, has allowed us to leverage our overall SG&A expenses thereby reducing the overall costs as a percent of net revenue.

Operating income of $1.3 million for the quarter was 74 percent higher and 1.2 percentage points higher as a percentage of net revenue than the $0.8 million of operating income recognized in the second quarter of fiscal 2007.

Net income was $0.7 million for the quarter, or 4 cents per share, an increase of 118% compared to $0.3 million and 1 cent per share for the same period last year.

Net income was $1.1 million for the first half of fiscal 2008, or 6 cents per share, an increase of 159 percent compared to $0.4 million and 2 cents per share in the same period last year.

"We are very pleased with our second quarter results," noted Terry McDaniel, president and CEO of The Inventure Group, in a prepared statement. "We delivered another $2 million of EBITDA in the quarter bringing the first half EBITDA to $3.9 million and management believes that the company is on track to duplicate that result in the second half of 2008 if the Rader Farms crop and orders from our major customers come in as expected.