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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Innovative Food Holdings Inc (QB) | USOTC:IVFH | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0197 | 2.03% | 0.9897 | 0.93 | 1.00 | 0.9997 | 0.97 | 0.98 | 10,575 | 21:12:55 |
Q3 2013 Net Sales Increased 17%
BONITA SPRINGS, FL--(Marketwired - Nov 14, 2013) - 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 third quarter, the period ended September 30, 2013.
Third Quarter 2013 Financial and Operational Highlights:
Year-to-Date 2013 Highlights:
Sam Klepfish, CEO of Innovative Food Holdings, commented, "The strong third quarter results, including sales growth and strong bottom line performance, demonstrate our positive momentum and strong positioning in the fast-growing specialty food space. We delivered across the board organic growth by continuing to gain market share, bringing on new customers, adding more chefs and increasing sales to existing customers. Our unique low infrastructure business model, which results in low sales-related costs, enabled us to drive solid bottom-line improvements as well. Turning to new growth catalysts, we expect that our continuing focus on expanding market share in the nationwide specialty foods market through existing and new partners, to make positive contributions in the coming quarters."
Mr. Klepfish added, "We remain focused on the sales and bottom line growth of our core businesses. In addition, we continue to see many unique opportunities in the evolving specialty food space and we are continuing to invest in additional specialty food synergistic areas relating to all our subsidiaries, which we believe will allow us to continue to be uniquely positioned within a growing spectrum of the specialty food market. We strongly believe that a laser-like focus on core sales and profitability, combined with investments in synergistic opportunities, represent key factors to building long-term value for Innovative Food's shareholders."
Financial Results
Third quarter 2013 revenue was $6.0 million, up 17% as compared to the third quarter of 2012. Gross profit was approximately $1.7 million. Total operating expenses were $1.3 million in the third quarter of 2013 compared with total operating expenses of $908,235 in the prior year period. The Company reported operating income of $395,796 in the third quarter of 2013, compared to $349,739 in the third quarter of 2012. The year-ago period included $111,288 related to SGA gains associated with options liability. Excluding non-cash, non-operational adjustments related to equity gains/losses, operating income increased 66% to $395,796 compared to $238,451 in the year-ago period.
Third quarter adjusted EPS was $0.06 per share compared to $0.04 per share in the third quarter of 2012, an increase of approximately 54%. Cash EBITDA, excluding the equity related gains/losses increased approximately 64% to more than $481,000 for the third quarter of 2013 compared to approximately $293,000 in the third quarter last year.
Year-to-date revenue increased 34.2% to $17.1 million compared to $12.8 million in the first nine months last year. The Company's financial results for a portion of the first nine months of 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.
Year-to-date gross profit was $4.7 million compared with gross profit of $3.1 million for the first nine months of 2012. Total operating expenses were $3.7 million for the first nine months of 2013 compared with total operating expenses of $2.7 million for the same period last year.
Year-to-date Adjusted EPS was $0.17 per share compared to $0.09 per share for the first nine months of 2012, an increase of 86%. Cash EBITDA grew 97% to approximately $1.4 million year-to-date vs. approximately $656,000 for the same period last year.
Balance Sheet
As of September 30, 2013, Innovative Food Holdings had more than $1.3 million in cash and cash equivalents. Stockholders' equity increased 34.9% to $1.6 million compared to $1.2 million as of December 31, 2012.
Cash EBITDA: | |||||||||||||||||
3 Months Ended Sept 30, | 9 Months Ended Sept 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
GAAP Income (Loss) | $ | (337,758 | ) | $ | 1,600,903 | $ | (400,392 | ) | $ | 6,644 | |||||||
Add back: | |||||||||||||||||
Depreciation & amortization of assets, taxes: | 85,372 | 54,729 | 213,058 | 69,313 | |||||||||||||
Interest expense: | 33,283 | 39,670 | 110,177 | 97,540 | |||||||||||||
Amortization of discounts on notes payable: | 700,271 | 23,322 | 1,337,934 | 68,493 | |||||||||||||
EBITDA | $ | 481,168 | $ | 1,718,624 | $ | 1,260,777 | $ | 241,990 | |||||||||
Add back: | |||||||||||||||||
Non-cash SGA related to equity instruments: | (111,288 | ) | 35,662 | 153,663 | |||||||||||||
Other non-cash expense (income) related to equity instruments: | (1,314,156 | ) | 260,835 | ||||||||||||||
Cash EBITDA | $ | 481,168 | $ | 293,180 | $ | 1,296,439 | $ | 656,488 | |||||||||
Pro Forma EPS: | 3 Months Ended Sept 30, | 9 Months Ended Sept 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
GAAP Income (Loss) | $ | (337,758 | ) | $ | 1,600,903 | $ | (400,392 | ) | $ | 6,644 | |||||||
Add back: | |||||||||||||||||
(Gain) Loss from change in fair value of derivative liabilities: | (1,429,734 | ) | (621,202 | ) | |||||||||||||
Cost of warrant extension: | 842,100 | ||||||||||||||||
Options issued to officers and directors: | 7,725 | 186,299 | |||||||||||||||
Shares issued in settlement: | 7,302 | ||||||||||||||||
Restricted stock units issued to CEO: | 27,937 | ||||||||||||||||
Adjusted Income (Loss) | $ | (337,758 | ) | $ | 171,169 | $ | (364,730 | ) | $ | 421,143 | |||||||
Add back: | |||||||||||||||||
Amortization of discounts | 700,271 | 23,322 | 1,337,934 | 68,493 | |||||||||||||
Amortization of intangible assets | 45,970 | 36,000 | 137,911 | 36,000 | |||||||||||||
Pro forma income (loss) | $ | 408,483 | $ | 230,491 | $ | 1,111,115 | $ | 525,636 | |||||||||
Weighted-average shares outstanding: | 6,479,385 | 5,673,844 | 6,405,756 | 5,673,844 | |||||||||||||
Adjusted EPS | $ | 0.063 | $ | 0.041 | $ | 0.173 | $ | 0.093 | |||||||||
Follow us on Twitter: @IVFHcompany
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. 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.
Management Contact Sam Klepfish CEO (239) 449-3235 sklepfish@innovativefoodholdings.com Investor Relations Contact James Carbonara Regional Vice President Hayden IR Office: (646) 755-7412 James@haydenir.com
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