NAPLES, Fla., March 30, 2012 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCQB: IVFH), a marketer and purveyor of over 5,000 high quality gourmet food products throughout the United States to professional chefs and to the gourmet consumer market, announced today full year 2011 record results.
Net revenues were a record $11.5 million for the year ended December 31, 2011, an approximate 17% increase compared to net revenues of $9.8 million for 2010.
The Company's EBITDA (without operations related stock, warrant and options related gains/losses) increased by over 25% to $510,645, compared to $405,318 in EBITDA (without operations related stock, warrant and options related gains/losses) for 2010.
Highlights for 2011 included:
- Continuing improvement in revenues and operating profits
- Further improved balance sheet by the repayment or conversion of over $600,000 in principal and interest of convertible notes
- Continue to improve cash position; Cash at year end was over $860,000
- 29 consecutive months of month over month record revenues
- Launched new website, www.forthegourmet.com, in December 2011
By the end of 2011 the Company had the following profile:
- Manages the premier gourmet food program with one of the leading foodservice providers in the United States.
- High quality demographic: foodservice customer base of over 24,000 professional chefs in some of the finest restaurants, hotels and other Foodservice establishments across the United States.
- Customer satisfaction rate of approximately 99 %.
- An ability to leverage its market position and market reputation to introduce and grow new private label products.
- A platform which enabled the retail and wholesale, purchase, sale and delivery of over 99,000 packages on a yearly basis. This represents a more than a 40% increase versus the number of packages shipped in 2010, while maintaining a very high level of customer satisfaction.
- A logistics, distribution and customer service platform which can handle significant additional sales growth at low incremental cost.
- Overall Sales of over $11.5 million with strong operating profits and strong operating cash flow.
- Approximately $ 860,000 cash in the bank at the end of 2011.
- Market cap of approximately $2.2 million.
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.
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.
Innovative Food Holdings, Inc.
Innovative Food Holdings, Inc.
SOURCE Innovative Food Holdings, Inc.