BONITA SPRINGS, Fla.,
Aug. 14, 2014 /PRNewswire/
-- Innovative Food Holdings, Inc. (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 second quarter and six months ended June 30, 2014. The Company will hold a conference
call August 20, 2014 at 5 p.m. ET.
Second Quarter 2014 Financial Highlights Compared to Second
Quarter 2013:
- Revenue increased 21% to $6.4
million.
- The quarter ended June 30, 2014
represented the 19th consecutive quarter of year-over-year revenue
growth.
- Operating income grew 143% to approximately $682,000.
- Net income increased to approximately $427,000 compared to $(92,000).
- Adjusted net income (net income excluding non-recurring
gains/losses, stock related gains/losses and amortization expenses
"adjusted net income") grew by 160% to over $745,000, up from $286,000 in the same period last year.
- GAAP Basic EPS increased to $0.05
per share, up from a loss of $(0.015)
per share in the second quarter of 2013.
- Operating cash flow grew 100% to $490,000, up from $244,000 in the year ago period.
- Cash EBITDA (EBITDA without non-recurring gains/losses,
stock-related gains/losses, or "Cash EBITDA"), grew over 129% to
$787,000, up from $343,000 in 2013.
Year-to-Date 2014 Financial Highlights Compared to
Year-to-Date 2013:
- Revenue increased 13% to $12.0
million.
- Operating income grew 74% to $1.1
million.
- Net income increased to approximately $616,000 compared to $
(63,000).
- Adjusted Net Income grew by 78% to $1.3
million, up from $703,000 in
the same period last year.
- GAAP Basic EPS increased to $0.08
per share, up from a loss of $(0.01)
per share in the first half of 2013.
- Operating Cash flow increased 301% to $681,861, up from $170,000 in the year ago period.
- Cash EBITDA grew 67% to approximately $1.4 million, up from $815,000 in 2013.
Sam Klepfish, CEO of Innovative
Food Holdings, commented, "Leveraging the strength of our platform,
we delivered strong revenue growth and improved financial metrics
across the board, as we capitalized on the operating leverage
inherent in our business model. The continued growth in revenue and
profits demonstrates the expansion power of our platform and
highlights our ability to execute on our business plan. Our
performance also reflects continued and growing demand for our
solutions, as professional chefs, forward-thinking restaurants and
discerning consumers seek the freshest, highest quality specialty
foods delivered with unrivaled logistics."
Mr. Klepfish concluded, "In addition to our core foodservice
market we continue to focus on platform type of opportunities that
can be scaled, can handle incremental growth without extensive
infrastructure investments and which solve existing shortfalls in
current specialty, artisanal and direct-from-source food
distribution systems. We believe the rapidly changing food
consumption trends towards high quality, artisanal foods, presents
a compelling market opportunity and due to our proven platform, we
are confident that Innovative Food Holdings is uniquely positioned
to pursue and execute on those opportunities."
Second Quarter 2014 Financial Results
Second quarter 2014 revenue was $6.4
million, up 21% as compared to $5.3
million in the second quarter of 2013.
Net Income grew to approximately $427,000 in the second quarter of 2014
compared to $(92,000) in the second
quarter of 2013. GAAP Basic EPS in the second quarter of 2014 was
$.05 per share compared to
$(0.015) per share in the second
quarter of 2013. Cash EBITDA increased over 129% to $787,000 for the second quarter of 2014 compared
to $343,000 in the second quarter
last year.
Year-to-Date 2014 Financial Results
For the six months ended June 30,
2014 revenue was $12 million,
up 13% as compared to $10.5 million
in the first six months of 2013.
Net Income grew to $616,000 in the
first six months of 2014 compared to $(63,000) in the same period of 2013. GAAP basic
EPS in the first half of 2014 was $0.08 per share compared to $(0.01) per share in the year ago period. Cash
EBITDA increased over 67% to $1.4
million for the first six months of 2014 compared to
$815,000 in the first six months of
last year.
Operating Cash flow increased 301% to $682,000 for period ended June 30, 2014 compared to the same period a year
ago.
The company ended the second quarter with over $2.2 million in cash and with the full
availability of its $1 million line
of credit with Fifth Third Bank.
Conference call information:
- Date and time: Wed August 20, 2014 at 5
p.m. ET
- Dial-in number: 1-888-438-5491
(domestic) or 1-719-325-2491 (international)
- Call/Conference ID: 7962271
- Replay number: Dial 1-877-870-5176
(domestic) or 1-858-384-5517 (international). Please use passcode
7962271 to access the replay. The replay will be available until
August 27, 2014.
- Webcast link:
http://public.viavid.com/index.php?id=110633
About Innovative Food Holdings, Inc.
Innovative Food Holdings, Inc. enables, through direct
distribution and through an industry leading fully managed
specialty food platform, the nationwide, efficient, seamless,
transparent and cost effective distribution of high quality direct
from source foods, artisanal foods, gluten free, allergen specific
foods and other high quality, niche, specialty food products across
multiple food distribution channels in the United States.
In the professional foodservice channel, Innovative Food
Holding's platform manages the nationwide sales, sourcing and
procurement, logistics, customer service and distribution of over
7,000 specialty food products. Many of Innovative Food Holdings'
products are used on a daily basis by approximately 40,000 of some
of the leading professional chefs across the United States.
In the direct to consumer channel, IVFH offers products directly
to consumers, through its website at www.forthegourmet.com. In
addition, Innovative Food Holdings' platform offers a comprehensive
white label specialty perishable and nonperishable specialty food
platform for e-commerce retailers and other retailers which are
seeking to offer the nationwide, efficient, seamless, transparent
and cost effective availability of direct from source, specialty
and artisanal products, directly to consumers.
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
Innovative Food
Holdings, Inc.
|
Reconciliation of
GAAP to Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Three Months
Ended
|
|
Six Months
Ended
|
Six Months
Ended
|
|
|
June
30,
|
June
30,
|
|
June 30,
|
June 30,
|
|
|
2014
|
2013
|
|
2014
|
2013
|
|
|
|
|
|
|
|
Income
(Loss)
|
$
427,141
|
$
(92,482)
|
|
$
615,847
|
$
(62,634)
|
|
Interest,
net
|
21,763
|
39,376
|
|
48,522
|
76,894
|
|
Taxes
|
-
|
-
|
|
-
|
-
|
|
Depreciation &
amortization of assets
|
65,729
|
63,698
|
|
133,303
|
127,686
|
|
Amortization of
discount on notes
|
232,741
|
332,616
|
|
492,776
|
637,663
|
EBITDA
|
747,374
|
343,208
|
|
1,290,448
|
779,609
|
|
|
-
|
|
|
|
|
Add: non-cash
compensation
|
39,245
|
-
|
|
72,833
|
35,662
|
Cash
EBITDA
|
$
786,619
|
$
343,208
|
|
$ 1,363,281
|
$
815,271
|
|
|
|
|
|
|
|
|
Increase from prior
year
|
443,411
|
|
|
548,010
|
|
|
|
129%
|
|
|
67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income:
|
|
|
|
|
|
Income
(Loss)
|
$
427,141
|
$
(92,482)
|
|
$
615,847
|
$
(62,634)
|
|
Remove one-time gain:
Haley Group
|
|
-
|
|
(20,000)
|
-
|
|
Add: Amortization of
intangible assets
|
45,970
|
45,970
|
|
91,940
|
91,940
|
|
Add: Amortization of
discount on NP
|
232,741
|
332,616
|
|
492,776
|
637,663
|
|
Add: non-cash
compensation
|
39,245
|
-
|
|
72,833
|
35,662
|
Adjusted Net
Income:
|
$
745,097
|
$
286,104
|
|
$ 1,253,396
|
$
702,631
|
|
|
|
|
|
|
|
SOURCE Innovative Food Holdings, Inc.