NAPLES, Fla., May 13, 2013 /PRNewswire/ --
HIGHLIGHTS
- Record EBITDA; increase of over 500% compared to Q1
2012
- $5.6 million in revenues for Q1
2013; revenue growth of over 70% vs Q1 2012
- March 2013 represented 44th
consecutive month of increased month-over-month revenue
- Innovative Food Holdings is a fast growing nationwide leader in
the direct from source, specialty food space
Innovative Food Holdings (OTCQB: IVFH) reported net sales of
$5.6 million for the first quarter of
2013, an increase of approximately 70%, or $2.3 million, compared to $3.3 million in net sales recorded for the first
quarter of 2012.
Adjusted EPS (EPS without amortization expenses) grew over 650%
to $0.06 per share for Q1 2013 vs.
Adjusted EPS of $0.008 per share in
Q1 of 2012. Cash EBITDA (EBITDA without equity related
gains/losses) grew over 500% to approximately $470,000 for the first quarter of 2013 vs.
$72,000 in Q1 2012.
The Company's financial results for the first quarter 2012 did
not include sales and profits associated with the Company's
subsidiary, Artisan Specialty Foods, which was purchased by
Innovative Food Holdings in May
2012.
In the first quarter, the Company also completed the purchase of
a state of the art new office and warehouse building in
Bonita Springs, Florida which will
serve as the headquarters for Innovative Food Holdings
and its subsidiaries. In addition, Innovative Food Holdings
established a lending relationship with one of the largest banks in
the United States and there are
currently ongoing discussions on expanding that relationship.
Sam Klepfish, Chief Executive
Officer of Innovative Food Holdings, commented, "I believe that our
strong financial results are an indication of the ability
of the Innovative Food Holdings' team to execute on our
business model and strategic plans. Furthermore, I
believe that several key growing trends in the specialty food
space, including increasing demand for direct from source foods,
and demand for healthier foods and higher quality artisanal
foods, has enabled Innovative Food Holdings to be very well
positioned for future growth in the specialty food space."
Mr. Klepfish concluded "We are pleased to have recently begun to
see an increase in interest from the investment community in the
Innovative Food Holdings story. We believe that Innovative
Food Holdings has a compelling specialty foods business model, and
we intend to continue establishing additional relationships and
dialogue with investors interested in learning more about
Innovative Food Holdings and its unique position within the fast
growing specialty food industry.
Follow us on Twitter: @IVFHcompany
Management Contact
Sam
Klepfish
CEO
(239)449-3235
sklepfish@innovativefoodholdings.com
Capital Markets Advisor:
Douglas Rogers
Managing Director
Merriman Capital, Inc.
(415) 248-5612
ABOUT INNOVATIVE FOOD HOLDINGS, INC.
Innovative Food
Holdings, through its subsidiaries, is a leading nationwide
provider of direct from source specialty foods, healthcare foods,
gluten free foods, and artisanal foods, to the professional
foodservice market. IVFH also markets those products directly
to the consumer, through its website at
www.forthegourmet.com. Many of Innovative Food Holdings'
7,000+ products are used on a daily basis by approximately 30,000
of some of the leading professional chefs across the United States.
FORWARD-LOOKING STATEMENTS
This release contains
certain forward-looking statements and information relating to
Innovative Food Holdings, Inc. (IVFH) (the "Company") that are
based on the current beliefs of the Company's management, as well
as assumptions made by, and information currently available to, the
Company. Such statements reflect the current views of the Company
with respect to future events and are subject to certain
assumptions, including those described in this release. Should one
or more of these underlying assumptions prove incorrect, actual
results may vary materially from those described herein as
"should," "could," "anticipate," "believe," "intend," "plan,"
"might," "potentially" or "expect." The Company does not intend to
update these forward-looking statements.
SOURCE Innovative Food Holdings