Inventure Foods, Inc. (NASDAQ:SNAK) (“Inventure Foods” or the
“Company”), a leading specialty food marketer and manufacturer,
today reported financial results for the third quarter and nine
months ended September 30, 2017.
On March 23, 2017, the Company sold certain assets, properties
and rights related to the frozen vegetables business primarily sold
under the Fresh Frozen brand (the “Fresh Frozen Business”) which
was part of the Company’s frozen products segment. On
September 22, 2017, the Company sold the remaining frozen products
segment, which included the sale of certain assets, properties and
rights related to the frozen fruits, vegetable blends and
beverages, and frozen desserts business (the “Frozen Fruit
Business”) of the Company. Accordingly, the results of
operations for the Frozen Fruit Business and the Fresh Frozen
Business have been classified as discontinued operations for all
periods presented. Results from continuing operations consist
of the Company’s snack products segment and corporate
expenses. The assets and liabilities that were included in
the sale of the Fresh Frozen Business and Frozen Fruit Business
have been presented as held for sale as of December 31, 2016.
Third Quarter 2017
Highlights:
- Consolidated net revenues from continuing operations decreased
4.1% to $27.4 million
- Gross profit from continuing operations as a percentage of net
revenues decreased 500 basis points to 12.7%
- Net loss from continuing operations was $5.5 million, or a loss
of $0.28 per share
- EBITDA* and adjusted EBITDA* from continuing operations was
loss of $2.9 million and $2.1 million, respectively
(All comparisons above are to the third quarter
of fiscal 2016)
“We continued to execute on our strategic initiatives, however,
our consolidated financial results reflect a higher fixed cost
structure that supported both our snack and frozen businesses prior
to the completion of our sale of the Frozen Fruit Business late in
the third quarter,” stated Terry McDaniel, Chief Executive Officer
of Inventure Foods. “Our better-for-you private label snacks
generated strong growth and an increase in distribution and
velocity across key sales channels for our Boulder Canyon brand was
offset by a shift in the timing of retail partner promotions and
club channel rotations that did not recur in the third quarter this
year.”
Mr. McDaniel concluded, “As we move forward, we remain excited
about the future pending combination of Inventure Foods and Utz, as
we work diligently towards a targeted closing by the end of the
fourth quarter of 2017.” Third Quarter Fiscal
2017
Continuing Operations
Consolidated net revenues from continuing
operations decreased 4.1% to $27.4 million, compared to $28.6
million in the third quarter of the prior year, primarily as a
result of a decline in Boulder Canyon branded snacks due to timing
of rotations in the club channel, partially offset by an increase
in private label sales driven by new distribution.
Gross profit from continuing operations was $3.5
million, compared to $5.1 million in the third quarter of 2016 and
as a percentage of net revenues decreased 500 basis points to
12.7%, compared to 17.7% in the prior year period. This
decrease in gross margin from continuing operations was primarily
due to product mix as a result of the increase in sales of lower
margin private label products.
Selling, general and administrative (“SG&A”)
expenses from continuing operations were $7.1 million, an increase
of $0.4 million compared to the prior year period. SG&A
expenses as a percentage of net revenues increased to 25.9%,
compared to 23.5% in the third quarter of 2016. Adjusted SG&A
expenses* from continuing operations decreased $0.3 million and as
a percentage of net revenues improved to 23.2%, compared to 23.5%
in the third quarter of 2016 as a result of managing sales and
marketing expenses. Adjusted SG&A expenses exclude a $0.7
million of professional fees associated with the strategic
review.
Interest expense from continuing operations was
$1.8 million for the third quarter of 2017, an increase of $0.4
million, compared to $1.4 million in the prior year period as a
result of higher interest rates.
The third quarter of 2017 EBITDA from continuing
operations* was a loss of $2.9 million and includes $0.7 million
related to professional fees associated with the strategic review.
Adjusted EBITDA from continuing operations* for the third quarter
of 2017 was a loss of $2.1 million compared to adjusted EBITDA of
$0.8 million for the third quarter of 2016.
Net loss from continuing operations was $5.5
million, or a loss of $0.28 per share, for the third quarter of
2017, compared to net loss of $1.7 million, or a loss of $0.09 per
share, for the prior year period. Adjusted net loss from continuing
operations* was $4.7 million, or an adjusted diluted loss of $0.24
per share*, for the third quarter of 2017, compared to adjusted net
loss of $1.7 million, or an adjusted diluted loss of $0.09 per
share, for the third quarter of 2016.
Discontinued Operations
Discontinued operations represent the operations
of the Frozen Fruit Business, which was sold on September 22, 2017,
and the Fresh Frozen Business, which was sold on March 23,
2017. Discontinued operations also represents substantially
all of the Company’s frozen products segment. Net revenues included
in discontinued operations decreased 46.7% to $20.2 million,
compared to $37.9 million in the third quarter of the prior year,
primarily as a result of the sale of the Fresh Frozen Business in
the first quarter of 2017, along with the Frozen Fruit Business
sale during the third quarter and reduced distribution of private
label and industrial fruit sales.
Gross profit included in discontinued operations
was $3.1 million, compared to $2.9 million in the third quarter of
2016 and as a percentage of net revenues increased 760 basis points
to 15.2%, compared to 7.6% in the prior year period. The
significant improvement in the gross margin was driven by a
reduction in purchases of higher priced frozen berries.
Net loss from discontinued operations was $19.9
million, or a loss of $1.00 per share, for the third quarter of
2017, compared to net loss of $0.8 million, or a loss of $0.04 per
share, for the prior year period.
Year-to-Date Fiscal 2017
Continuing Operations
Consolidated net revenues from continuing
operations increased 4.1% to $84.2 million for the nine months
ended September 30, 2017, compared to $81.0 million in the prior
year period, primarily as a result of a strong increase in private
label sales partially offset by reduced license brand
sales.
For the nine months ended September 30, 2017,
gross profit from continuing operations was $13.8 million, compared
to $15.0 million in the prior year period and as a percentage of
net revenues decreased 220 basis points to 16.3%, compared to 18.5%
in the prior year period. This decrease in gross margin was
primarily due to product mix as a result of the increase in sales
of lower margin private label products and reductions in inventory
standard costs that occurred in the first quarter of
2017. EBITDA from continuing operations* for the nine
months ended September 30, 2017 was a loss of $4.1 million and
includes $1.8 million related to professional fees associated with
the strategic review and a gain of $ 1.2 million related to an
escrow settlement. Adjusted EBITDA from continuing operations* for
the nine months ended September 30, 2017 was a loss of $3.5
million, compared to adjusted EBITDA of $1.4 million for the prior
year period
Discontinued Operations
Net revenues included in discontinued operations
for the nine months ended September 30, 2017 decreased 41.4% to
$73.1 million, compared to $124.7 million in the prior year period,
primarily as a result of the sale of the Fresh Frozen Business in
the first quarter of 2017 along with the sales of the Frozen Fruit
Business during the third quarter of 2017, as well as reduced
distribution of private label and industrial fruit sales.
Gross profit included in discontinued operations
for the nine months ended September 30, 2017 was $11.6 million,
compared to $12.0 million in the prior year period and as a
percentage of net revenues increased 610 basis points to 15.8%,
compared to 9.7% in the prior year period. The significant
improvement in the gross margin was driven by a reduction in
purchases of higher priced frozen berries.
Discontinued operations generated a net loss of
$28.8 million for the nine months ended September 30, 2017,
compared to net income of $1.1 million for the prior year
period. The nine months ended September 30, 2017 includes a
loss on the sale of the Frozen Fruit Business of $22.5 million and
a loss on the sale of the Fresh Frozen Business of $10.3
million.
Definitive Merger Agreement, Limited
Waiver and Bank Amendment
On October 25, 2017, Inventure Foods and Utz
Quality Foods, LLC (“Parent”), the largest privately held and
family managed branded salty snack manufacturer and marketer in the
United States, announced that they entered into an Agreement and
Plan of Merger (the “Merger Agreement”), pursuant to which, among
other things, Parent has agreed to make, through its indirect
wholly-owned subsidiary, Heron Sub, Inc., a cash tender offer (the
“Offer”) to purchase any and all of the outstanding shares of the
Company’s common stock, par value $0.01 per share (the “Shares”),
at a purchase price of $4.00 per Share. The Offer will initially
remain open for twenty (20) business days from the date of
commencement of the Offer.
The transaction, which was unanimously approved
by the boards of directors of both Inventure Foods and Parent, is
subject to the tender of more than 50% of the fully diluted shares
of the Company’s common stock, the receipt of certain regulatory
approvals and other customary closing conditions. The transaction
is not subject to a financing contingency and is expected to close
by the end of the fourth quarter of 2017.
In addition, as a result of this transaction,
BSP Agency, LLC and the other lenders have agreed to further extend
the temporary waivers under the Credit Agreement (the “Credit
Agreement”) from October 31, 2017 to January 15, 2018, and have
agreed to provide the Company $5 million of additional financing,
which will be used for paying interest on outstanding indebtedness
under the Credit Agreement and payment of trade payables in the
ordinary course of business, subject to certain restrictions.
As previously announced, in connection with the
proposed transaction, the Company will not be holding an earnings
conference call.
*Please see the tabular reconciliations of financial measures
prepared in accordance with United States generally accepted
accounting principles (“GAAP”) to non-GAAP financial measures
included at the end of this press release for the definition and
information concerning certain items affecting comparability and
reconciliations of the non-GAAP terms from continuing operations:
Adjusted SG&A expenses, EBITDA, adjusted EBITDA, adjusted net
income (loss) and adjusted diluted earnings per share to the most
comparable GAAP financial measures.
About Inventure FoodsWith manufacturing
facilities in Arizona and Indiana, 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
Foods™, TGI Fridays™, Nathan's Famous®, Vidalia Brands®, Poore
Brothers®, Tato Skins®, and Bob's Texas Style®. For further
information about Inventure Foods, please visit
www.inventurefoods.com.
Contact Katie Turner, ICR (646) 277-1200
Cautionary Note Regarding Forward-looking
Statements
This press release contains forward-looking statements,
including, but not limited to, the Company’s ability to execute on
its strategic initiatives and statements regarding the proposed
transaction between Inventure Foods and Parent, the expected
timetable for completing the transaction, strategic and other
potential benefits of the transaction, and other statements about
Inventure Foods or Parent’s future expectations, beliefs, goals,
plans or prospects. 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,
ability to execute strategic initiatives, ability to continue as a
going concern, general economic conditions, increases in cost or
availability of ingredients, packaging, energy and employees, price
competition and industry consolidation, 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
the Company will need additional financing due to future operating
losses or in order to implement the Company's business strategy,
acquisition and divestiture-related risks, the volatility of the
market price of the Company's common stock, and such other factors
as are described from time to time in the Company's filings with
the Securities and Exchange Commission (“SEC”). All
forward-looking statements are based on information available to
the Company as of the date of this news release, and the Company
assumes no obligation to update such statements.
Additional Information The Offer has not yet
commenced. This communication is not an offer to buy nor a
solicitation of an offer to sell any securities of the Company. The
solicitation and the offer to buy Shares will only be made pursuant
to a tender offer statement on Schedule TO, including an offer to
purchase, a letter of transmittal and other related materials that
Parent, intends to file with the Securities and Exchange Commission
(the “SEC”). In addition, the Company will file with the SEC a
Solicitation/Recommendation Statement on Schedule 14D-9 with
respect to the Offer. The Company and Parent intend to mail these
documents to the Company’s stockholders. In addition, once filed,
investors will be able to obtain the tender offer statement on
Schedule TO, the offer to purchase, the Solicitation/Recommendation
Statement of the Company on Schedule 14D-9 and related materials
with respect to the Offer and the Merger free of charge at the
SEC’s website at www.sec.gov. Investors may also obtain, at no
charge, any such documents filed with or furnished to the SEC by
the Company under the “Investor Relations” section of the Company’s
website at www.inventurefoods.com. Investors are advised to read
these documents when they become available, including the
Solicitation/Recommendation Statement of the Company and any
amendments thereto, as well as any other documents relating to the
Offer and the merger that are filed with the SEC, carefully and in
their entirety prior to making any decision with respect to the
Offer because they contain important information, including the
terms and conditions of the Offer.
|
INVENTURE FOODS, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share
data) |
(unaudited) |
|
|
Quarter Ended |
|
Nine Months Ended |
|
September 30,
2017 |
|
September 24,
2016 |
|
September 30,
2017 |
|
September 24,
2016 |
Net revenues |
$ |
27,428 |
|
|
$ |
28,587 |
|
|
$ |
84,248 |
|
|
$ |
80,956 |
|
Cost of revenues |
|
23,951 |
|
|
|
23,534 |
|
|
|
70,493 |
|
|
|
65,988 |
|
Gross
profit |
|
3,477 |
|
|
|
5,053 |
|
|
|
13,755 |
|
|
|
14,968 |
|
Operating
expenses: |
|
|
|
|
Selling,
general & administrative expenses |
|
7,100 |
|
|
|
6,706 |
|
|
|
20,156 |
|
|
|
18,678 |
|
Operating
loss |
|
(3,623 |
) |
|
|
(1,653 |
) |
|
|
(6,401 |
) |
|
|
(3,710 |
) |
Non-operating
expense: |
|
|
|
|
Interest
expense |
|
1,839 |
|
|
|
1,376 |
|
|
|
5,221 |
|
|
|
4,010 |
|
Loss from
continuing operations |
|
(5,462 |
) |
|
|
(3,029 |
) |
|
|
(11,622 |
) |
|
|
(7,720 |
) |
Income tax expense
(benefit) |
|
10 |
|
|
|
(1,298 |
) |
|
|
31 |
|
|
|
(2,783 |
) |
Net Loss
from continuing operations |
|
(5,472 |
) |
|
|
(1,731 |
) |
|
|
(11,653 |
) |
|
|
(4,937 |
) |
Net income (loss) from
discontinued operations |
|
(19,900 |
) |
|
|
(833 |
) |
|
|
(28,775 |
) |
|
|
1,077 |
|
Net loss |
$ |
(25,372 |
) |
|
$ |
(2,564 |
) |
|
$ |
(40,428 |
) |
|
$ |
(3,860 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share: |
|
|
|
|
|
|
|
|
|
Basic
loss from continuing operations |
$ |
(0.28 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.59 |
) |
|
$ |
(0.25 |
) |
Basic
income (loss) from discontinued operations |
$ |
(1.00 |
) |
|
$ |
(0.04 |
) |
|
$ |
(1.46 |
) |
|
$ |
0.05 |
|
Basic
loss per share |
$ |
(1.28 |
) |
|
$ |
(0.13 |
) |
|
$ |
(2.05 |
) |
|
$ |
(0.20 |
) |
|
|
|
|
|
Diluted
loss from continuing operations |
$ |
(0.28 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.59 |
) |
|
$ |
(0.25 |
) |
Diluted
income(loss) from discontinued operations |
$ |
(1.00 |
) |
|
$ |
(0.04 |
) |
|
$ |
(1.46 |
) |
|
$ |
0.05 |
|
Diluted
loss per share |
$ |
(1.28 |
) |
|
$ |
(0.13 |
) |
|
$ |
(2.05 |
) |
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares: |
|
|
|
|
Basic |
|
19,790 |
|
|
|
19,671 |
|
|
|
19,735 |
|
|
|
19,634 |
|
Diluted |
|
19,790 |
|
|
|
19,671 |
|
|
|
19,735 |
|
|
|
19,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVENTURE FOODS, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands) |
(unaudited) |
|
|
September
30, 2017 |
|
December
31, 2016 |
|
|
|
|
|
|
|
|
Assets |
|
|
Current assets: |
|
|
Cash and
cash equivalents |
$ |
2,159 |
|
|
$ |
776 |
|
Accounts
receivable, net allowance |
|
8,834 |
|
|
|
8,941 |
|
Inventories |
|
13,608 |
|
|
|
13,398 |
|
Other
current assets |
|
4,712 |
|
|
|
2,578 |
|
Current
assets held for sale |
|
- |
|
|
|
66,821 |
|
Total
current assets |
|
29,313 |
|
|
|
92,514 |
|
|
|
|
Property and equipment,
net |
|
32,352 |
|
|
|
34,367 |
|
Goodwill |
|
5,986 |
|
|
|
5,986 |
|
Trademarks |
|
896 |
|
|
|
896 |
|
Other assets |
|
797 |
|
|
|
785 |
|
Noncurrent assets held
for sale |
|
- |
|
|
|
46,932 |
|
Total
assets |
$ |
69,344 |
|
|
$ |
181,480 |
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
Current
liabilities: |
|
|
Accounts
payable |
$ |
16,720 |
|
|
$ |
18,725 |
|
Accrued
liabilities |
|
4,596 |
|
|
|
6,190 |
|
Line of
credit |
|
- |
|
|
|
32,761 |
|
Current
portion of term debt |
|
60,608 |
|
|
|
79,883 |
|
Current
liabilities held for sale |
|
- |
|
|
|
16,576 |
|
Total
current liabilities |
|
81,924 |
|
|
|
154,135 |
|
|
|
|
Deferred income tax
liability |
|
1,959 |
|
|
|
1,376 |
|
Other liabilities |
|
810 |
|
|
|
759 |
|
Noncurrent liabilities
held for sale |
|
- |
|
|
|
1,521 |
|
Total
liabilities |
|
84,693 |
|
|
|
157,791 |
|
|
|
|
Shareholders’
equity: |
|
|
Common stock |
|
202 |
|
|
|
200 |
|
Additional paid-in
capital |
|
37,109 |
|
|
|
35,721 |
|
Accumulated
deficit |
|
(52,189 |
) |
|
|
(11,761 |
) |
|
|
(14,878 |
) |
|
|
24,160 |
|
|
|
|
Less: treasury
stock |
|
(471 |
) |
|
|
(471 |
) |
Total shareholders’
equity |
|
(15,349 |
) |
|
|
23,689 |
|
Total liabilities and
shareholders’ equity |
$ |
69,344 |
|
|
$ |
181,480 |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
In addition to reporting financial results in
accordance with GAAP, the Company presents certain non-GAAP
measures in this earnings announcement to provide transparency to
investors and to assist investors in comparing our performance
across reporting periods on a consistent basis by excluding items
that we do not believe are indicative of our core operating
performance. The Company presents EBITDA from continuing
operations and adjusted EBITDA from continuing operations because
it believes they provide useful information regarding the Company’s
ability to meet its future debt payment requirements, capital
expenditures and working capital requirements and they provide an
overall evaluation of the Company’s financial condition. The
Company also presents adjusted net loss from continuing operations,
adjusted diluted loss from continuing operations per share, and
adjusted SG&A expenses because it believes they provide useful
information regarding the Company’s normal operating results and
allow for better comparability with current period operating
results. These non-GAAP measures are intended to provide
additional information only and have certain inherent limitations
as analytical tools and should not be used in isolation or as a
substitute for results reported under GAAP. Further, non-GAAP
measures may not be comparable to similarly titled measures used by
other companies. Reconciliations of non-GAAP measures to the
most directly comparable GAAP measures are provided below.
INVENTURE FOODS, INC. AND
SUBSIDIARIESNON-GAAP MEASURE
RECONCILIATION (in
thousands)(unaudited)
EBITDA from continuing operations is defined as
net income (loss) from continuing operations with interest expense,
income taxes, depreciation and amortization added back. EBITDA from
continuing operations for the fiscal quarter and nine months ended
September 30, 2017 were further adjusted for professional fees
associated with the strategic review and to exclude the gain on
escrow settlement. These adjustments were made since they are
not related to our core business, to arrive at adjusted EBITDA from
continuing operations. The GAAP financial measure that is most
directly comparable to EBITDA from continuing operations is net
cash provided by operating activities.
|
Quarter Ended |
|
Nine Months Ended |
|
September 30,
2017 |
|
September 24,
2016 |
|
September 30,
2017 |
|
September 24,
2016 |
Reconciliation – EBITDA
from continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
net loss from continuing operations |
$ |
(5,472 |
) |
|
$ |
(1,731 |
) |
|
$ |
(11,653 |
) |
|
$ |
(4,937 |
) |
Add back:
Interest |
|
1,839 |
|
|
|
1,376 |
|
|
|
5,221 |
|
|
|
4,010 |
|
Add back:
Income tax expense(benefit) |
|
10 |
|
|
|
(1,298 |
) |
|
|
31 |
|
|
|
(2,783 |
) |
Add back:
Depreciation |
|
773 |
|
|
|
820 |
|
|
|
2,340 |
|
|
|
2,351 |
|
Add back:
Amortization of intangible assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
EBITDA from continuing
operations |
|
(2,850 |
) |
|
|
(833 |
) |
|
|
(4,061 |
) |
|
|
(1,359 |
) |
Adjustments: |
|
|
|
|
Add:
Strategic review professional fees |
|
745 |
|
|
|
- |
|
|
|
1,797 |
|
|
|
- |
|
Less:
Gain on escrow settlement |
|
- |
|
|
|
- |
|
|
|
(1,236 |
) |
|
|
- |
|
Adjusted EBITDA from
continuing operations |
$ |
(2,105 |
) |
|
$ |
(833 |
) |
|
$ |
(3,500 |
) |
|
$ |
(1,359 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss from continuing operations and
adjusted diluted loss from continuing operations per share for the
fiscal quarter and nine months ended September 30, 2017 were
further adjusted for professional fees associated with the
strategic review and to exclude the gain on escrow settlement.
These adjustments were made in order to make a more meaningful
comparison of our fiscal 2017 operating performance. A
reconciliation of adjusted net loss from continuing operations to
net loss from continuing operations is as follows (in
thousands):
|
Quarter Ended |
|
Nine Months Ended |
|
September 30,
2017 |
|
September 24,
2016 |
|
September 30,
2017 |
|
September 24,
2016 |
Reported net loss from
continuing operations |
$ |
(5,472 |
) |
|
$ |
(1,731 |
) |
|
$ |
(11,653 |
) |
|
$ |
(4,937 |
) |
Add: Strategic review
professional fees, net of tax |
|
747 |
|
|
|
- |
|
|
|
1,802 |
|
|
|
- |
|
Less: Gain on escrow
settlement, net of tax |
|
- |
|
|
|
- |
|
|
|
(1,236 |
) |
|
|
- |
|
Adjusted net loss from
continuing operations |
$ |
(4,725 |
) |
|
$ |
(1,731 |
) |
|
$ |
(11,087 |
) |
|
$ |
(4,937 |
) |
Adjusted
diluted loss from continuing operations per share |
$ |
(0.24 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses for
the fiscal quarter and nine months ended September 30, 2017 were
adjusted for professional fees associated with the strategic review
and to exclude the gain on escrow settlement. A
reconciliation of reported SG&A expenses to adjusted SG&A
expenses is as follows (in thousands):
|
Quarter Ended |
|
Nine Months Ended |
|
September 30,
2017 |
|
September 24,
2016 |
|
September 30,
2017 |
|
September 24,
2016 |
Selling, general and
administrative expenses as reported |
$ |
7,100 |
|
|
$ |
6,706 |
|
|
$ |
20,156 |
|
|
$ |
18,678 |
|
Less: Strategic review
professional fees |
|
(745 |
) |
|
|
- |
|
|
|
(1,797 |
) |
|
|
- |
|
Add: Gain on escrow
settlement, net of tax |
|
- |
|
|
|
- |
|
|
|
1,236 |
|
|
|
- |
|
Adjusted
selling, general and administrative expenses |
$ |
6,355 |
|
|
$ |
6,706 |
|
|
$ |
19,595 |
|
|
$ |
18,678 |
|
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