BONITA SPRINGS, Fla.,
May 15, 2014 /PRNewswire/
-- Innovative Food Holdings (OTCQB: IVFH), a leading
nationwide provider of specialty foods, healthcare foods, gluten
free foods, and direct from source artisanal foods, to the
professional foodservice market, today announced financial results
for the first quarter ended March 31,
2014.
First Quarter 2014 Highlights Compared with First Quarter
2013:
- Revenue increased approximately 6% to $5.6 million from $5.2
million in the first quarter of 2013
- March 2014 represented the 56th
consecutive month of increased month-over-month revenue
- Operating Cash flow grew to $191,981 from ($74,708) in 2013
- Operating Income grew approximately 22% to $455,500 from $372,413 in 2013
- Adjusted Net Income (Net Income without non-recurring
gains/losses, stock related gains/losses and amortization expenses
"Adjusted Net Income") grew by approximately 18% to $508,299 from $431,528 in 2013
- GAAP Basic EPS increased to $0.025 per share from $0.005 per share in 2013
- Cash EBITDA (EBITDA without non-recurring gains/losses,
stock-related gains/losses, or "Cash EBITDA," grew over 18% to
$576,662, from $487,063 in 2013
Sam Klepfish, CEO of Innovative
Food Holdings, commented, "We delivered 6% revenue growth and
continued bottom line improvements, expanding Adjusted Net Income
by approximately 18%. We achieved this even while overcoming the
temporary impact of severe winter weather on our national direct to
chef business and in our Chicago
area Artisan Specialty Foods subsidiary. We believe that the
continued top- and bottom-line growth demonstrates the strength of
our business model and underscores our ability to execute."
Mr. Klepfish continued, "During the quarter and continuing into
the second quarter we made progress in the expansion of our
business into new potential growth areas, including specific niches
of the retail market and expansion of our direct to consumer
business. We have also had increased partnership discussions in the
e-grocery space, increased our activity within certain areas of the
foodtech space and expanded the wholesale distribution of certain
proprietary lines of products. Our core focus in each of those
mentioned segments is the expansion of the synergies of the
Innovative Food Holdings' platform to additional areas of the
specialty food and foodtech market. Along those lines, we have been
methodically exploring opportunities in this market and we have
identified several specific market prospects in certain high growth
areas of the specialty food and foodtech markets, that we are
working tirelessly to execute on as quickly as possible."
Mr. Klepfish concluded, "We are also pleased to announce that as
we move towards the middle of the second quarter, we are seeing
improving sales trends across all the core areas of our
business."
Financial Results
First quarter 2014 revenue was approximately $5.5 million, up approximately 6% as compared to
$5.2 million in the first quarter of
2013.
First quarter Adjusted Net Income grew approximately 18% to
$508,299, in the first quarter.
Adjusted EPS was $0.07 per share
compared to $0.07 per share in the
first quarter of 2013. Cash EBITDA, increased over 18% to
$576,662 for the first quarter of
2014 compared to approximately $487,063 in the first quarter last year.
Operating Cash flow increased 357% to $191,981 and the Company ended the first quarter
with approximately $2 million in cash
on the balance sheet and with the full availability of its
$1 million line of credit with Fifth
Third Bank.
About Innovative Food Holdings, Inc.
Innovative Food
Holdings, is a leading nationwide provider of specialty foods,
healthcare foods, gluten free foods, and direct from source
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 and in our
public filings. 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.
Contact:
|
|
Management
Contact
|
Investor Relations
Contact
|
Sam
Klepfish
|
James
Carbonara
|
CEO
|
Regional Vice
President, Hayden IR
|
(239)
449-3235
|
(646)
755-7412
|
sklepfish@innovativefoodholdings.com
|
james@haydenir.com
|
|
|
Follow us on
Twitter: @IVFHcompany
|
|
Three Months
Ended
|
|
March 31,
|
Adjusted
EPS
|
2014
|
2013
|
GAAP Net
Income
|
188,706
|
29,848
|
Amortization of
intangible assets
|
45,970
|
45,970
|
Amortization of
discount on NP and accrued interest1
|
260,035
|
305,048
|
One time gain on
adjustment of accrued liability
|
(20,000)
|
|
Equity Related
Expenses/Gains2
|
33,588
|
50,662
|
Adjusted Net
Income
|
508,299
|
431,528
|
Weighted Average
Shares Outstanding
|
7,538,537
|
6,226,388
|
|
|
|
Adjusted
EPS
|
0.07
|
0.07
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
Cash
EBITDA
|
2014
|
2013
|
GAAP Net
Income
|
188,706
|
29,848
|
Interest
|
26,759
|
37,517
|
Taxes
|
0
|
0
|
Depreciation &
amortization
|
67,574
|
63,988
|
Amortization of
discount on NP and accrued interest1
|
260,035
|
305,048
|
Equity Related
Expenses/Gains2
|
33,588
|
50,662
|
|
|
|
Cash
EBITDA
|
576,662
|
487,063
|
|
|
1
|
Includes non cash
Amortization charges mainly associated with the GAAP recording of
the discount on certain notes
|
2
|
Includes stock and
options based compensation
|
SOURCE Innovative Food Holdings, Inc.