NAPLES, Fla., Nov. 14, 2011 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCBB:IVFH) a nationwide marketer and purveyor of over 5,000 high quality gourmet food products to over 18,000 professional chefs and to the direct to the consumer gourmet market via the web, announced today third quarter results.
Net revenues were $2.89 million for the quarter ended September 30, 2011, an approximate 23% increase compared to net revenues of $2.36 million for the third quarter of 2010.
Net revenues for the first nine months of 2011 rose by approximately 17% to $8.14 million vs. $6.95 million for the first 9 months of 2010.
During the quarter the company incurred a one time non-cash charge of approximately $136,000 relating to its loan to Pasta Italiana Inc., a manufacturer of specialty pasta, which had the effect of reducing operating profits by $136,000. Management wrote off the loan after considering the current financial position of Pasta Italiana Inc., with its inability to currently make payments on the loan among other factors considered. Despite the writeoff, the Company currently owns approximately 15% of Pasta Italiana Inc., and intends to take all available action to monetize both its position in Pasta Italiana and to collect its $136,000 loan which is still owed to the Company.
Commenting on the results, Innovative Food Holdings' CEO, Sam Klepfish, stated, "We are pleased with the third quarter results. Although our operating profits were lower due to the writing off of our Pasta Italiana loan and due to the timing associated with certain expenses in this quarter, we believe that going forward we are well positioned for a very strong 4th quarter both in terms of revenues and in terms of operating profits." In addition, during the quarter the Company continued to aggressively pursue a variety of initiatives and brand related programs to further leverage the Company's position within the gourmet food space and expect these efforts to further drive shareholder value and visibility.
Mr. Klepfish continued, "Finally, I am very excited about the first million dollar month of sales in the Company's history. We believe this is a significant milestone for Innovative Food Holdings and is a direct result of the hard work and efforts of our employees. We believe we continue to be well positioned for sales and profit growth in all areas of the Company and look forward to growing long term value for Innovative Food Holdings' shareholders."
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 and products.
About Food Innovations, Inc.
Food Innovations, Inc., in partnership with one of the largest Foodservice distributors in the Unites 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.
SOURCE Innovative Food Holdings, Inc.