Innovative Food Holdings Reports Record First Quarter 2017 Financial Results
BONITA SPRINGS, FL--(Marketwired - May 15, 2017) - Innovative Food Holdings, Inc. (OTCQB: IVFH) today reported financial results for the first quarter ended March 31, 2017.
First Quarter Ended March 31, 2017 Financial Highlights:
Revenue increased over 18% to $9.4 million compared to $8 million for the first quarter of 2016
GAAP Fully Diluted EPS increased by over 70% to $0.026 compared to $0.015 per share for the first quarter of 2016
Sam Klepfish, CEO of Innovative Food Holdings, commented, "We are very pleased with our first quarter results which reflect our focus on driving both revenue and bottom line growth. At the same time, we continued to prudently position the Company to capitalize on additional short term and long term revenue opportunities within the specialty food space. In addition, we continue to take tangible actions towards minimizing shareholder dilution and towards streamlining our capital structure."
Mr. Klepfish continued, "We strongly believe that these tangible actions, combined with strong financial results and capitalizing on future specialty food opportunities are key elements towards achieving our goal of increasing value for all Innovative Food Holdings shareholders."
First Quarter Summary
On a GAAP basis, revenues increased by over 18% to $9.4 million compared to revenues of $8 million for the first quarter of 2016. Operating Income increased over 65% to $850,000 compared to operating income of $510,000 for the first quarter of 2016. Net income increased by over 90% to $730,000 compared to net income of $380,000 for the first quarter of 2016.
First quarter GAAP basic earnings per share increased by over 90% to $0.029 per share compared to $0.015 earnings per share for the first quarter of 2016. Fully Diluted GAAP earnings per share for the first quarter increased by over 70% to $0.026 per share compared to $0.015 per share for the first quarter of 2016.
Cash EBITDA increased over 30% to $1.1 million compared to cash EBITDA of $857,000 for the first quarter 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 March 31, | ||||||
2017 | 2016 | |||||
Adjusted Net Income and EPS | ||||||
Revenue | 9,485,164 | 8,015,341 | ||||
Net Income | 734,637 | 380,646 | ||||
Amortization of intangible assets (1) | 103,067 | 65,817 | ||||
Amortization of discount on NP (2) | 92,509 | 92,509 | ||||
Stock related expenses (3) | 160,896 | 242,605 | ||||
Adjusted Net Income | 1,091,109 | 781,577 | ||||
Weighted Average Pro Forma Diluted Shares Outstanding (4) | 31,854,060 | 31,917,834 | ||||
Adjusted Fully Diluted EPS | $ | 0.034 | $ | 0.024 | ||
Three Months Ended March 31, | ||||||
Cash EBITDA | 2017 | 2016 | ||||
Net Income | 734,637 | 380,646 | ||||
Interest, net | 23,690 | 39,140 | ||||
Depreciation & amortization | 130,407 | 102,176 | ||||
Stock related expenses (3) | 160,896 | 242,605 | ||||
Amortization of discounts on NP (2) | 92,509 | 92,509 | ||||
Cash EBITDA | 1,142,139 | 857,076 | ||||
(1) Includes non cash amortization charges related to 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 |
(4) End of Quarter GAAP weighted average pro forma diluted shares outstanding |
