NAPLES, Fla., Aug. 20, 2012 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCQB: IVFH), a technology driven marketer and purveyor of over 5,800 high quality gourmet food products throughout the United States to professional chefs and the gourmet consumer market, today announced its financial results for the second quarter and six months ended June 30, 2012.
Second Quarter and First Six Months 2012 Highlights
- Record quarterly revenues of $4,352,871; an increase of approximately 57%
- Six month record revenues of $7,638,178; an increase of approximately 46%
- June 2012 represented 35th consecutive month of increased month-over-month revenue
- EBITDA (without operations related stock, warrant and options related gains/losses) for the 2nd quarter of 2012 was $292,156 an increase of more than 30% compared to the 2nd quarter of 2011
- Completed acquisition of Artisan Specialty Foods
- Improved capital structure and positioned company for increased visibility throughout the investment community with the completion of a reverse stock split
"We are very pleased with the financial results we achieved in the second quarter as they exceeded our internal expectations," stated Sam Klepfish, Chief Executive Officer of Innovative Food Holdings. "The completion of the Artisan acquisition was an important milestone for our company as we expanded our portfolio of wholly owned synergistic operating businesses which leverage the Innovative Food Holdings core gourmet platform. With this acquisition, coupled with 35 consecutive months of record revenues and over 50% revenue growth this quarter alone, the company continues to demonstrate its success in executing its business strategy. Additionally, after a comprehensive interview process, we have engaged a highly reputable, tech savvy, investor relations firm to work with Innovative Food Holdings to help us increase awareness among the investment community."
Mr. Klepfish concluded, "We believe the strong financial and operating accomplishments of the second quarter and year-to-date leaves the company very well positioned to increase shareholder value in the near term and the long term. We further believe that this positive trend will continue into the second half of the year as we continue to uncover new opportunities to grow our business."
During the second quarter the Company completed the acquisition of Artisan Specialty Foods, a Chicago based gourmet foodservice distributer with repacking capabilities. Artisan markets, sells and warehouses over 1500 products and distributes to over 500 customers. Artisan sells products to some of the finest foodservice establishments in the Chicago area as well as to nationwide customers via Artisan's virtual ship program.
In addition, the management team took several actions during the quarter to position the company for increased awareness within the investment community. Included in those activities were a reverse stock split designed to improve and simplify the company's stock structure, as well as obtaining an 18 month extension of the due date on all its institutional investor notes. As part of the company's efforts to grow value for shareholders, the company intends to continue focus on growing and leveraging its core business.
Net revenues were a record $4,352,871 for the quarter ended June 30, 2012, an approximate 57% increase compared to net revenues of $2,776,276 for the second quarter of 2011. Revenues for the first six months of 2012 were $7,638,178, an approximate 46% increase compared to revenues of $5,247,806 for the first six months of 2011. Also, June 2012 represented the 35th consecutive month of increased month-over-month revenues for the Company.
Despite several one-time expenses the Company incurred associated with the Artisan acquisition and other corporate activities, including the reverse split, second quarter 2012 EBITDA (without operations related stock, warrants and options related gains/losses) grew over 30% to $292,156 compared to $224,608 to the same quarter the previous year. In addition, EBITDA (without operations related stock, warrants and options related gains/losses) for the first six months of 2012 increased by over 9% to $363,308 compared to $331,516 (without operations related stock, warrant and options related gains/losses) for the same period of 2011.
About Innovative Food Holdings
Innovative Food Holdings, Inc., through its wholly owned subsidiaries, is in the business of marketing and selling high quality gourmet food.
About Food Innovations
Food Innovations, Inc., in partnership with one of the largest Foodservice distributors in the United States, provides over 5,000 of the highest quality gourmet food products to professional chefs throughout the United States. To learn more, visit the Food Innovations website at www.foodinno.com. Food Innovations is a wholly owned subsidiary of Innovative Food Holdings, Inc.
About For The Gourmet, Inc.
Through its website, and through additional sales channels, For The Gourmet, Inc. provides the highest quality gourmet food products to the retail consumer market under the For The Gourmet line at www.forthegourmet.com. To learn more, visit the For The Gourmet website at http://www.forthegourmet.com/. For The Gourmet, Inc. is a wholly owned subsidiary of Innovative Food Holdings, Inc.
About Artisan Specialty Foods, Inc.
Artisan Specialty Foods, Inc. is a Chicago based gourmet foodservice distributer with repacking capabilities. Artisan sells and warehouses over 1500 products and distributes to over 500 customers and its customers include some of the finest foodservice establishments in the Chicago area. Artisan Specialty Foods, Inc. is a wholly owned subsidiary of Innovative Food Holdings.
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.
SOURCE Innovative Food Holdings, Inc.