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Innovative Food Holdings Reports Record Second Quarter 2017 Financial Results

/EINPresswire.com/ -- BONITA SPRINGS, FL--(Marketwired - Aug 14, 2017) -  Innovative Food Holdings, Inc. (OTCQB: IVFH) today reported financial results for the second quarter ended June 30, 2017.

Second Quarter and Six Months Ended June 30, 2017 Financial Highlights:

  • Revenue increased over 26% to $10.5 million compared to $8.3 million for the second quarter of 2016
  • GAAP Fully Diluted EPS increased by over 100% to $0.04 compared to $0.02 per share for the second quarter of 2016
  • Revenue increased over 22% to approximately $20 million compared to $16.3 million for the six months of 2016
  • GAAP Fully Diluted EPS increased by 100% to $0.07 compared to $0.035 per share for the first six months of 2016

Sam Klepfish, CEO of Innovative Food Holdings, commented, "We are pleased by our strong financial results for the 2nd quarter and for the first six months of 2017, which included both record revenues and profits as our team continued to execute across multiple sales channels. We will continue to focus on driving top and bottom line growth in existing sales channels and within new, synergistic sales channels."

Mr. Klepfish continued, "We believe that Innovative Food shares are undervalued, and that going forward, the strength of our financial results and business model, combined with our strong balance sheet and streamlined capital structure, provide significant opportunities for unlocking shareholder value for all Innovative Food Holdings shareholders."

Second Quarter Summary

On a GAAP basis, revenues increased by over 26% to $10.5 million compared to revenues of $8.3 million for the second quarter of 2016. Operating Income increased 80% to $1.23 million compared to operating income of $688,000 for the second quarter of 2016. Net income increased by over 110% to $1.21 million compared to net income of $575,000 for the second quarter of 2016.

Second quarter GAAP basic earnings per share increased by over 80% to $0.042 per share compared to $0.023 earnings per share for the second quarter of 2016. Fully Diluted GAAP earnings per share for the second quarter increased by 100% to $0.04 per share compared to $0.02 per share for the second quarter of 2016.

Cash EBITDA increased 50% to $1.54 million compared to cash EBITDA of $1.04 million for the second quarter of 2016.

Six Months Ended June 30, 2017 Summary

On a GAAP basis, revenues increased by over 22% to approximately $20 million compared to revenues of $16.3 million for the first six months of 2016. Operating Income increased over 74% to $2.09 million compared to operating income of $1.2 for the first six months of 2016. Net income increased by over 100% to over $1.9 million compared to net income of $955,000 for the first six months of 2016.

For the six months ended June 30, 2017 GAAP basic earnings per share increased by 90% to $0.072 per share compared to $0.038 earnings per share for the first six months of 2016. Fully Diluted GAAP earnings per share for the first six months of 2017 increased by 100% to $0.07 per share compared to $0.035 per share for the first six months of 2016.

Cash EBITDA increased over 40% to $2.69 million compared to cash EBITDA of $1.89 for the first six months of 2016.

About Innovative Food Holdings

Innovative Food Holdings' (OTCQB: IVFH) industry-leading specialty food platforms in the foodservice and consumer markets provide chefs and consumers direct access to the highest quality specialty food products across the United States.

In the direct-to-chef foodservice market, Innovative Food Holdings' automated direct-to-chef platform offers efficient, cost effective, and transparent direct sourcing and distribution of over 7,000 specialty food products delivered daily to thousands of chefs nationwide.

Forward-Looking Statements
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (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.

                     
         
    Three Months Ended June 30,   Six Months Ended June 30,
    2017     2016   2017     2016
                             
Adjusted Net Income and EPS                            
Revenue     10,513,661       8,303,227     19,998,825       16,318,568
Net Income     1,214,362       575,263     1,948,999       955,909
Amortization of intangible assets (1)     103,067       65,817     206,134       131,634
Amortization of discount on NP (2)     92,509       92,509     185,018       185,018
Stock related expenses (3)     155,072       235,288     315,968       477,893
Adjusted Net Income     1,565,010       968,877     2,656,119       1,750,454
                             
Weighted Average Shares Outstanding- Diluted     30,047,239       31,883,014     27,834,947       31,839,607
                             
Adjusted Fully Diluted EPS   $ 0.052     $ 0.030   $ 0.095     $ 0.055
             
    Three Months Ended June 30,   Six Months Ended June 30,
Cash EBITDA   2017     2016   2017     2016
Net Income     1,214,362       575,263     1,948,999       955,909
Interest, net     (66,935 )     20,380     (43,245 )     59,520
Depreciation & amortization     154,863       111,669     285,270       213,845
Stock related expenses (3)     155,072       235,288     315,968       477,893
Amortization of discounts on NP (2)     92,509       92,509     185,018       185,018
                             
Cash EBITDA     1,549,871       1,035,109     2,692,010       1,892,185
                             
(1) Includes non cash amortization charges related to certain assets acquired
(2) Includes non cash amortization charges mainly associated with the GAAP recording of the discount on certain notes
(3) Includes stock and options based compensation and expenses
   

Management Contact
Ronit Wallerstein
Investor Relations Analyst
(718) 645-1755
Email Contact