Innovative Food Holdings, Inc. Reports First Quarter 2014 Financial Results - 19 Action News|Cleveland, OH|News, Weather, Sports

Innovative Food Holdings, Inc. Reports First Quarter 2014 Financial Results

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SOURCE Innovative Food Holdings, Inc.

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    

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