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28 February, 2024 18:04 IST
Amplify Snack Brands first-quarter earnings plunge by 93.72 percent on a YOY basis
Source: IRIS | 15 May, 2017, 03.31PM

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Amplify Snack Brands, Inc. (BETR) has reported 93.72 percent plunge in profit for the quarter ended Apr. 01, 2017. The company has earned $0.53 million, or $0.01 a share in the quarter, compared with $8.40 million, or $0.11 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $4.32 million, or $0.06 a share compared with $10.06 million or $0.13 a share, a year ago.

Revenue during the quarter surged 60.49 percent to $87.22 million from $54.34 million in the previous year period. Gross margin for the quarter contracted 1181 basis points over the previous year period to 40.48 percent. Total expenses were 84.49 percent of quarterly revenues, up from 68.15 percent for the same period last year. That has resulted in a contraction of 1634 basis points in operating margin to 15.51 percent.

Operating income for the quarter was $13.53 million, compared with $17.31 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $20.11 million compared with $19.56 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1293 basis points in the quarter to 23.05 percent from 35.98 percent in the last year period.

"The strength of our better-for-you brands and product innovation in North America exceeded our expectations and continued to gain momentum as we progressed through the first quarter with strong distribution and velocity gains. At the same time, we have taken key strategic steps internationally to drive growth and profitability, particularly in light of the challenging food retail operating environment in the U.K., and started to experience operational improvements that we expect to continue as we progress through 2017. Based on our results to-date and outlook for the balance of the year, we remain confident in our annual operating performance guidance," said Tom Ennis, Amplify's president and chief executive officer.

For fiscal year 2017, Amplify Snack Brands forecasts revenue to be in the range of $404 million to $420 million. The company expects diluted earnings per share to be in the range of $0.42 to $0.50 on adjusted basis.


Working capital turns positive
Working capital of Amplify Snack Brands, Inc. has turned positive to $29.11 million on Apr. 01, 2017 from negative $11.17 million on Mar. 31, 2016. Current ratio was at 1.53 as on Apr. 01, 2017, up from 0.74 on Mar. 31, 2016.

Days sales outstanding went up to 29 days for the quarter compared with 23 days for the same period last year.

Days inventory outstanding has decreased to 19 days for the quarter compared with 24 days for the previous year period.


Debt increases substantially
Amplify Snack Brands, Inc. has witnessed an increase in total debt over the last one year. It stood at $
598.75 million as on Apr. 01, 2017, up 205.69 percent or $402.88 million from $195.86 million on Mar. 31, 2016. Total debt was 70.13 percent of total assets as on Apr. 01, 2017, compared with 56.07 percent on Mar. 31, 2016. Debt to equity ratio was at 9.91 as on Apr. 01, 2017, up from 7.96 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 1.23 for the quarter from 5.72 for the same period last year.


Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
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