Innovative Food Holdings Announces Third Quarter Financial Results: 15% Revenue Growth From Third Quarter 2007, Strong Increases
November 11 2008 - 9:33AM
Marketwired
Innovative Food Holdings, Inc. (OTCBB: IVFH), a provider of the
highest quality gourmet food products to Professional chefs
throughout the United States, today announced its third quarter
financial results for the quarter ending Sept 30, 2008.
Innovative Food Holdings reported total revenues of $1.79
million for the third quarter of fiscal year 2008, an increase of
15% from the $1.55 million in revenues for the third quarter of
2007.
"We believe that our third quarter performance is indicative of
our strong business strategy and demonstrates our increasing
momentum," said Sam Klepfish, CEO of Innovative Food Holdings. "The
company performed exceptionally well as we continue to focus on
leveraging our unique product line and expand our value added
offerings. Furthermore, we are very pleased by the expansion of our
end-user customer base, increasing our potential for higher
revenues in the future."
Quarter Highlights
-- Increased end-user customer base by approximately 25% compared to the
same quarter last year.
-- Increased sales by approximately 15% as compared to the same quarter
last year.
-- Managed gross margins of approximately 20% -- despite fuel-increased
shipping costs and price increases by our suppliers.
-- Selling General and Administrative Expenses decreased to 25% of sales
vs. 29% for the same quarter in 2007.
Innovative Food Holdings' additional Highlights
-- Initiated the design and build out of a customized e-commerce
solution. This initiative represents a new potential source of revenues for
the company.
-- Signed extension agreement with major broadline food distributor.
-- Expanded line of organic and sustainable "green" product offerings.
-- Launched direct chat feature on www.foodinno.com website to allow
interaction between customers and our chef advisors online.
-- End-user customer orders included several notable large restaurant and
hotel chains, as well as several smaller regional restaurant groups.
-- Requested and submitted bids on several large National and Regional
restaurants chains.
-- Commenced trading on the OTC Bulletin Board
-- Settled lawsuit with Pasta Italiana. Under terms of the agreement
Innovative Food Holdings is to receive $4,500, monthly over the next three
years, as well as 10% ownership of Pasta Italiana. Pasta Italiana is a
gourmet pasta manufacturer with approximately $3.3 million in sales in 2007
To learn more, please visit our website at www.foodinno.com.
Innovative Food Holdings, Inc. provides the highest quality
gourmet food products to professional chefs throughout the United
States. To learn more, visit Food Innovations Inc. website at
www.foodinno.com.
This release contains certain forward-looking statements and
information relating to Innovative Food Holdings, Inc. (the
"Company") that are based on the 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 anticipated, believed, looking forward, or expected. The
Company does not intend to update these forward-looking
statements.
Contact: Sam Klepfish Innovative Food Holdings, Inc. (239)
449-3235 sklepfish@foodinno.com
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