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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.93 | 0.911 | 0.9797 | 0.9597 | 0.92 | 0.93 | 58,910 | 21:00:00 |
Net Sales Increased 26% and Adjusted Net Income Increased 72% for FY 2013
BONITA SPRINGS, FL--(Marketwired - Mar 31, 2014) - 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 fourth quarter and year ended December 31, 2013. The Company will host an investor conference call at 5:00 pm EDT today to discuss 2013 results.
Full Year 2013 Highlights Compared with Full Year 2012:
Fourth Quarter 2013 Financial and Operational Highlights:
Sam Klepfish, CEO of Innovative Food Holdings, commented, "At the beginning of 2013, we planned to achieve several key goals: increased revenues, higher profits, and continuing to solidify our financial strength. We succeeded with all three of these targets in fiscal 2013, delivering another record year. Revenues increased 26%, as we secured new program customers, increased sales to our current end user chefs and expanded the number of chefs with which we have relationships. Additionally, we made strategic progress in our direct-to-consumer business, 'For the Gourmet.' Leveraging existing infrastructure, our focus in the online specialty food retail and direct to consumer space, is to expand our core business model into the consumer space and to access the sizable consumer market with a low cost shared risk, incremental approach.
Mr Klepfish added, "Our Food Hatch accelerator program, which is designed to provide shareholders additional upside through a portfolio of equity positions in early stage food related companies, continues to provide access to new food ideas, serving as a valuable incubator for promising seed and early stage food related and foodtech related companies. In addition, we believe that the potential appreciation in the value of the current and future holdings in the Food Hatch portfolio can offer additional shareholder upside and create additional incremental positive capital markets opportunities for Innovative Food Holdings shareholders in the future."
Mr Klepfish noted, "In addition, we believe that the accomplishment of several complex, but highly important, strategic initiatives taken in 2013 have strengthened Innovative Food Holdings as a company and has strongly solidified our unique and growing position in the specialty food market.
These accomplishments included:
Mr. Klepfish concluded, "During the year we grew sales, cash flow and profits ending the year with over $2.0 million in cash. In addition to a number of key strategic initiatives targeted for 2014, our goal is to continue generating profitable sustainable growth and significant cash flows from operations, enter into new market segments, and expand market share through existing and new partners in order to fuel growth in 2014, and over the longer term."
Financial Results Fourth quarter 2013 revenue was approximately $6.4 million, up approximately 9% as compared to $5.8 million in the fourth quarter of 2012.
Fourth quarter Adjusted Net Income grew 21% to approximately $515,000 and 4th quarter Adjusted EPS was $.08 per share compared to $.07 per share in the fourth quarter of 2012, an increase of close to 14%. Cash EBITDA, increased approximately 17% to more than $557,000 for the fourth quarter of 2013 compared to approximately $476,000 in the fourth quarter last year.
Full year revenue increased 26% to $23.5 million compared to $18.6 million in the same period last year. The Company's financial results for a portion 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.
Full year Adjusted EPS was $0.28 per share compared to $0.18 per share in 2012, an increase of over 50%. Cash EBITDA grew 65% to over $2 million vs. approximately $1.2 million in 2012.
Operating Cash flow increased 68% to $1.35 million and the Company ended 2013 with over $2 million in cash on the balance sheet.
Conference Call Information
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
Adjusted EPS | 2012 | 2013 | 2012 | 2013 | ||||||||
FY | FY | q4 2012 | q4 2013 | |||||||||
Net Income (loss) | 2,030,494 | (1,486,257 | ) | 2,023,850 | (1,085,565 | ) | ||||||
Amortization of intangible assets (1) | 75,323 | 183,880 | 39,323 | 45,969 | ||||||||
Amortization of discount on notes payable and accrued interest | 925,829 | 2,322,909 | 857,366 | 984,975 | ||||||||
One time gain on extinguishment of debt | (3,797,001 | ) | - | (3,797,001 | ) | - | ||||||
(Gain) loss on change in fair value of derivatives | 517,418 | - | 1,138,620 | - | ||||||||
Cost of warrant extension | 842,100 | - | - | - | ||||||||
Stock based compensation | 355,422 | 372,013 | 161,821 | 321,351 | ||||||||
Non-recurring expenses (note 3) | 96,958 | 408,428 | - | 248,308 | ||||||||
Adjusted Net Income | 1,046,543 | 1,800,973 | 423,979 | 515,038 | ||||||||
Weighted average shares outstanding | 5,968,434 | 6,500,506 | 5,772,745 | 6,949,666 | ||||||||
Adjusted EPS | 0.18 | 0.28 | 0.07 | 0.08 | ||||||||
Cash EBITDA | 2012 | 2013 | 2012 | 2013 | ||||||||
FY | FY | q4 2012 | q4 2013 | |||||||||
Net Income (loss) | 2,030,494 | (1,486,257 | ) | 2,023,850 | (1,085,565 | ) | ||||||
Interest | 131,475 | 129,167 | 33,935 | 18,990 | ||||||||
Taxes | - | 20,052 | - | 3,052 | ||||||||
Depreciation & amortization | 126,855 | 262,882 | 57,542 | 66,824 | ||||||||
Amortization of discounts on notes payable | 925,833 | 2,322,909 | 857,340 | 984,975 | ||||||||
Gain on extinguishment of debt | (3,797,001 | ) | - | (3,797,001 | ) | - | ||||||
(Gain) loss on change in fair value of derivatives | 517,418 | - | 1,138,620 | - | ||||||||
Cost of warrant extension | 842,100 | - | - | - | ||||||||
Stock based compensation | 355,422 | 372,013 | 161,821 | 321,351 | ||||||||
Non-recurring expenses (3) | 96,958 | 408,428 | - | 248,308 | ||||||||
Cash EBITDA | 1,229,554 | 2,029,194 | 476,107 | 557,935 | ||||||||
(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 | |
(3) | Included non-recurring charges related mainly to the following: | |
a) | The Artisan acquisition and integration | |
b) | The subordination of existing notes and restructuring of certain terms of notes | |
c) | The prepayment of the Artisan acquisition loan | |
d) | Entering into a credit line with Fifth Third Bank | |
e) | Entering into a mortgage with Fifth Third Bank | |
f) | The move into new facility and the warehouse build out of the new facility | |
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 Follow us on Twitter: @IVFHcompany
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