Innovative Food Holdings reports Q1 net revenue of US$5.6M, up 70% from year-ago period; adjusted EPS up over 650% to US$0.06
May 13, 2013
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.
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Management Contact Sam Klepfish CEO (239)449-3235 firstname.lastname@example.org
Capital Markets Advisor: Douglas RogersManaging DirectorMerriman 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.