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Innovative Food Holdings, Inc. (IVFH)

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  • GlobeNewswire

    Innovative Food Holdings, Inc. Reports Financial Results For Third Quarter And First Nine Months Of 2020

    Third Quarter E-commerce Revenue Increased 165% to a Third Quarter Record of $4.2 Million Third Quarter Active E-commerce Customers Increased Over 150% Compared to the Prior Year Period Enhanced Specialty Food E-Commerce Platform Is Well Positioned for 2020 Online-Centric Holiday Season BONITA SPRINGS, Fla., Nov. 17, 2020 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a direct-to-chef and a direct-to-consumer platform that provides high-quality, unique specialty foods through e-commerce offerings and multichannel partnerships, today reported its financial results for the third quarter and first nine months of 2020.“The third quarter represents the culmination of two years of integrating, planning, and investing in our e-commerce platform. During the quarter, we launched our new igourmet.com website, modernized our corporate website, transitioned to a new warehouse, and re-aligned our e-commerce structure. We were able to achieve record third quarter e-commerce sales as a result of strong customer demand, while undertaking significant structural changes throughout our organization to support our compelling growth dynamics and optimize our platform driven cost structure,” stated Sam Klepfish, CEO of Innovative Food Holdings.“The COVID-19 crisis continues to affect our specialty foodservice business, which has had a material impact on total sales and overall profitability throughout 2020. We are working hard to support our foodservice customers during this period, but we continue to see challenging market conditions within our foodservice business.”“While trends within our foodservice business remain difficult, we are focusing on driving top- and bottom-line growth through our e-commerce platform. This includes leveraging the marketing and customer acquisition experience of our team at Mouth, while also expanding new channel relationships and growing our e-commerce product lines. I am pleased with how our teams have responded and I am extremely excited by our enhanced position heading into the seasonally strong fourth quarter,” concluded Mr. Klepfish.Record E-Commerce Activity For the 2020 third quarter, e-commerce revenue increased over 165%, compared to the same period last year, to a third quarter record of $4.2 million. Year-to-date, e-commerce revenue has increased approximately 166% from $5.5 million to $14.5 million. IVFH had over 20,000 active e-commerce customers in the third quarter, which is an increase of over 150% from the same period last year. Mouth.com continued to experience particularly strong demand as third quarter sales at Mouth.com increased over 500%, driven in part by investments in digital marketing. E-commerce Realignment As part of IVFH’s ongoing e-commerce transformation, the experienced digital marketing team at Mouth.com is now managing the entire e-commerce front end of IVFH’s platform including igourmet.com, and the Company’s brand strategy and branding, marketing strategy and execution, content, and photography. igourmet’s best-in-class operating team and platform will now support the Company’s procurement, inventory management and tracking, warehousing and warehouse management, fulfillment, logistics and customer service capabilities. The team at Mouth is now focused on developing successful digital marketing strategies at igourmet.com for the 2020 holiday season, and both Mouth and igourmet.com are well positioned for strong consumer and corporate demand.New igourmet.com Website Successfully Launched The new igourmet.com website was launched in September 2020 and provides epicurean customers with direct access to over 5,000 specialty food and specialty grocery products. Igourmet.com was built from the ground up on Shopify’s e-commerce platform, which supports leading digital, data, and marketing capabilities, and provides users with an intuitive, user friendly, and visually pleasing online gastronomic experience. This is the first major relaunch and re-platform of igourmet.com since it was founded in 1997.Transition to New Mountain Top, Pennsylvania Warehouse Complete During the 2020 third quarter, IVFH opened its new warehouse in Mountain Top, Pennsylvania. The warehouse is located on approximately 15 acres and includes over 200,000 square feet of useable warehouse space, providing capacity for significant volume expansion at a minimal cost. The new facility features a modern and efficient layout and includes freezer and refrigeration space to support the Company’s entire product line. As part of our operational improvement and e-commerce initiatives, we have enhanced our warehouse management system, added new logistics technologies, and created new processes. We believe these efforts will increase operating efficiencies and enhance overall profitability in the coming quarters.Financial ResultsIVFH’s revenue were $11.2 million during the three months ended September 30, 2020, compared to $13.5 million for the three months ended September 30, 2019. E-commerce revenue increased over 165%, driven by the Company’s ability to increase customers, conversion and sales at its e-commerce properties and partially offset a 42% decline in specialty foodservice revenues. The decline in foodservice revenue was driven by the continued impact the COVID-19 pandemic has had on the Company’s foodservice customers. For the 2020 nine months ended September 30, 2020, total revenue was $36.5 million, compared to $40.3 million last year.The following table sets forth IVFH’s revenue by business category for the three and nine months ended September 30, 2020, and September 30, 2019 (unaudited): Three Months Ended  September 30, 2020  % of Net Sales  September 30, 2019 % of Net Sales  % Change Specialty Foodservice$6,733,000 60% $11,575,000 86% -42% E-commerce 4,158,000 37%  1,572,000 12% 165% National Brand Management 254,000 2%  319,000 2% -21% Logistics 90,000 1%  - -  -  Total IVFH$11,235,000 100% $13,466,000 100% -17%  Nine Months Ended  September 30, 2020  % of Net Sales  September 30, 2019  % of Net Sales  % Change Specialty Foodservice$20,751,000 57% $33,542,000 83% -38% E-commerce 14,490,000 40%  5,452,000 14% 166% National Brand Management 787,000 2%  1,256,000 3% -37% Logistics 510,000 1%  - -  -  Total IVFH$36,538,000 100% $40,250,000 100% -9% For the 2020 third quarter, selling and administrative (SG&A) expenses were $4.5 million, compared to $3.8 million for the same period last year, and $4.8 million for the 2020 second quarter. The year-over-year increase, which included costs associated with COVID-19, was primarily due to an increase in payroll related costs, higher advertising costs, and increased IT and computers expenses, credit card fees, and other operating expenses. For the 2020 nine months, SG&A expenses were $14.0 million, compared to $11.6 million in the prior year period.The Company reported a net loss for the 2020 third quarter of $(1.6 million), or $(0.05) per share, compared to a net loss of $(158,000), or $(0.00) per share, in the prior year’s third quarter. For the first nine months of 2020, the Company reported a net loss of $(6.6 million), or $(0.19) per share, compared to net income of $28,000, or $0.00 per diluted share, for the first nine months of 2019. The net loss of the 2020 nine-month period included a non-cash $1.7 million impairment charge recorded during the 2020 first quarter.Net income adjusted for non-core items for the 2020 third quarter was a loss of $(1.5 million), or $(0.042) per share, compared to adjusted net income of $149,000, or $0.004 per diluted share, for the same period last year. For the nine months ended September 30, 2020, adjusted net income was a loss of $(4.0 million), or $(0.116) per share, compared to adjusted net income of $1.0 million, or $0.030 per diluted share, for the same period last yearCash EBITDA, a non-GAAP metric (see tables below), for the 2020 third quarter was a loss of $(1.3 million), compared to Cash EBITDA of $234,000 in the prior year third quarter. For the nine months ended September 30, 2020, Cash EBITDA was a loss of $(3.5 million), compared to Cash EBITDA of $1.3 million for the same period a year ago.About Innovative Food Holdings, Inc. Innovative Food Holdings, Inc. is a direct-to-chef and a direct-to-consumer platform providing over 7,000 of the highest quality, unique specialty food products directly to chefs and direct to consumers nationwide, through e-commerce offerings and multichannel partnerships. Our direct-to-consumer offerings includes www.igourmet.com and www.mouth.com.Additional information is available at www.ivfh.com.Forward-Looking StatementsThis 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,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect.” Additional factors that could also cause actual results to differ materially relate to the global COVID-19 crisis. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein. Innovative Food Holdings, Inc. Consolidated Balance Sheets September 30,   December 31,     2020  2019    (unaudited)      ASSETS         Current assets         Cash and cash equivalents $3,717,545  $3,966,050  Accounts receivable, net  1,792,109   3,309,830  Inventory  3,254,645   2,350,622  Other current assets  373,060   273,689  Total current assets  9,137,359   9,900,191            Property and equipment, net  8,355,674   6,645,389  Investments  480,900   435,225  Right to use assets, operating leases, net  270,951   193,733  Right to use assets, finance leases, net  287,741   174,631  Other amortizable intangible assets, net  98,000   1,342,741  Goodwill and other unamortizable intangible assets  1,532,822   2,183,065  Total assets $20,163,447  $20,874,975            LIABILITIES AND STOCKHOLDERS' EQUITY         Current liabilities         Accounts payable and accrued liabilities $4,049,953  $4,009,956  Accrued interest  24,621   16,973  Deferred revenue  339,785   499,776  Line of Credit  2,000,000   -  Notes payable - current portion, net of discount  1,473,403   727,766  Lease liability - operating leases, current  89,844   133,296  Lease liability - finance leases, current  53,036   29,832  Contingent liability - current portion  187,000   187,000  Total current liabilities  8,217,642   5,604,599            Lease liability - operating leases, non-current  181,107   60,437  Lease liability - finance leases, non-current  251,462   154,905  Contingent liability - long-term  124,600   156,600  Note payable - long term portion, net  6,545,319   3,881,037  Total liabilities  15,320,130   9,857,578            Commitments & Contingencies (see note 16)  -   -            Stockholders' equity         Common stock: $0.0001 par value; 500,000,000 shares authorized; 37,891,225 and 37,210,859 shares issued, and 35,053,645 and 34,373,279 shares outstanding at September 30, 2020 and December 31, 2019, respectively  3,785   3,718  Additional paid-in capital  37,267,757   36,889,818  Treasury stock: 2,623,171 shares outstanding at September 30, 2020 and December 31, 2019, respectively.  (1,141,370)  (1,141,370) Accumulated deficit  (31,286,855)  (24,734,769) Total stockholders' equity  4,843,317   11,017,397            Total liabilities and stockholders' equity $20,163,447  $20,874,975            Innovative Food Holdings, Inc. Consolidated Statements of Operations (unaudited)  For the Three Months Ended September 30,   For the Nine Months Ended September 30,    2020   2019  2020  2019                                      Revenue $11,234,626  $13,465,764  $36,538,195  $40,250,430  Cost of goods sold  8,367,565   9,864,484   27,237,525   28,608,233  Gross margin  2,867,061   3,601,280   9,300,670   11,642,197                    Selling, general and administrative expenses  4,466,631   3,754,012   13,974,822   11,560,838  Impairment of intangible assets  -   -   1,698,952   -  Total operating expenses  4,466,631   3,754,012   15,673,774   11,560,838                    Operating (loss) income  (1,599,570)  (152,732)  (6,373,104)  81,359                    Other (income) expense:                 Other leasing income  10,977   -   32,833   -  Gain on sale of fixed assets  -   12,495   -   12,495  Interest expense, net  (54,749)  (17,377)  (211,815)  (66,004)  Total other (income) expense  (43,772)  (4,882)  (178,982)  (53,509)                    Net (loss) income before taxes  (1,643,342)  (157,614)  (6,552,086)  27,850                    Income tax expense  -   -   -   -                    Net (loss) income $(1,643,342) $(157,614) $(6,552,086) $27,850                    Net (loss) income per share - basic $(0.05) $(0.00) $(0.19) $0.00                    Net (loss) income per share - diluted $(0.05) $(0.00) $(0.19) $0.00                    Weighted average shares outstanding - basic  35,260,060   34,060,498   34,739,378   34,021,245                    Weighted average shares outstanding - diluted  35,260,060   34,060,498   34,739,378   34,021,245                    Innovative Food Holdings, Inc. Consolidated Statements of Cash Flows (unaudited)  For the Nine Months Ended September 30,     2020  2019  Cash flows from operating activities:         Net (loss) income $(6,552,086) $27,850  Adjustments to reconcile net income to net cash used in operating activities:         Impairment of intangible assets  1,698,952   -  Depreciation and amortization  567,803   921,096  Amortization of right-of-use asset  137,712   140,303  Amortization of prepaid loan fees  9,403   -  Stock based compensation  378,006   297,503  Gain on sale of fixed assets  -   (12,495) Provision (recovery) for doubtful accounts  226,254   (1,633)            Changes in assets and liabilities:         Accounts receivable, net  1,291,467   (183,787) Inventory and other current assets, net  (1,049,069)  (444,183) Accounts payable and accrued liabilities  47,645   (1,090,986) Deferred revenue  (159,991)  (361,741) Contingent liabilities  (32,000)  -  Operating lease liability  (137,712)  (140,303) Net cash used in operating activities  (3,573,616)  (848,376)           Cash flows from investing activities:         Cash paid for website development  (14,000)  -  Cash received from the sale of fixed assets  -   12,495  Acquisition of property and equipment  (128,618)  (131,095) Purchase of intangible assets  -   (47,000) Investment in food related company  -   (35,200) Net cash used in investing activities  (142,618)  (200,800)           Cash flows from financing activities:         Sales of common stock  -   250,000  Cash paid in settlement of contingent liabilities in connection with acquisitions  -   (296,719) Proceeds from note payable  -   -  Proceeds from line of credit  2,000,000   -  Proceeds from Payroll Protection Plan Loan  1,650,221   -  Principal payments on debt  (149,705)  (818,819) Principal payments financing leases  (32,787)  (19,108) Net cash provided by (used in) financing activities  3,467,729   (884,646)           Decrease in cash and cash equivalents  (248,505)  (1,933,822)           Cash and cash equivalents at beginning of period  3,966,050   4,759,817            Cash and cash equivalents at end of period $3,717,545  $2,825,995            Supplemental disclosure of cash flow information:                   Cash paid during the period for:         Interest $196,392  $68,812            Taxes $-  $-            Non-cash investing and financing activities:         Issuance of 131,136 shares of common stock previously accrued $-  $93,666  Right to use assets and liabilities - operating, upon adoption of ASU 2016-02 $-  $338,581  Equipment financed under note payable $1,900,000  $-  Return of equipment and reduction in amount due under equipment financing loan $-  $33,075  Fair value of 9,524 shares of common stock issued for services $-  $5,143  Increase in right of use assets & liabilities $214,930  $98,301  Investment in food related company $45,675  $45,500  Capital lease for purchase of fixed assets $152,548  $-   Three Months Ended (unaudited) Nine Months Ended (unaudited)  September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Adjusted Net Income and EPS (1)        Revenue$11,234,626  $13,465,764  $36,538,195  $40,250,430 Net Income (1,643,342)  (157,614)  (6,552,086)  27,850 Amortization of intangible assets (2) -   210,028   210,032   689,726 One-time charges -   -   1,917,891   - Stock related expenses (3) 156,897   96,108   378,006   292,360 Adjusted Net Income $(1,486,445) $148,522  $(4,046,157) $1,009,936 Weighted Avg. Shares Outstanding Diluted (4)  35,260,060   34,060,498   34,739,378   34,021,245 Adjusted Fully Diluted EPS$(0.042) $0.004  $(0.116) $0.030           Three Months Ended (unaudited) Nine Months Ended (unaudited)  September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Cash EBITDA (1)        Net Income$(1,643,342) $(157,614) $(6,552,086) $27,850 Interest expense, taxes & other income 43,772   4,882   178,982   53,509 Depreciation & amortization 125,338   290,430   567,804   921,097 One-time charges -   -   1,917,891   - Stock related expenses (3) 156,897   96,108   378,006   292,360 Cash EBITDA$(1,317,335) $233,806  $(3,509,403) $1,294,816 (1) Adjusted Net Income and Cash EBITDA are each a non-GAAP metric. Management believes that the presentation of these non-GAAP financial measures provides useful information to investors because the information may allow investors to better evaluate ongoing business performance and certain components of the Company’s results. In addition, the Company believes that the presentation of these financial measures enhances an investor’s ability to make period-to-period comparisons of the Company’s operating results. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results.(2) Includes non-cash amortization charges related to assets acquired(3) Includes stock and options-based compensation and expenses(4) Full Year GAAP weighted fully diluted share count   Company Contact:Investor and Media Contact: Ronit WallersteinAndrew M. Berger Investor RelationsManaging Director Innovative Foods Holdings, Inc.SM Berger & Company, Inc. (718) 645-1755(216) 464-6400 rwallerstein@IVFH.comandrew@smberger.com

  • GlobeNewswire

    Innovative Food Holdings to Present at the Virtual MicroCap Leadership Summit

    BONITA SPRINGS, Fla., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or “the Company”), a direct-to-chef and a direct-to-consumer platform that provides high-quality, unique specialty foods through e-commerce offerings and multichannel partnerships, today announced it has been selected to present at the fifth annual MicroCap Leadership Summit on Friday, September 25, 2020. The MicroCap Leadership Summit is a virtual event hosted by MicroCapClub. The Innovative Food Holdings presentation will be made by CEO Sam Klepfish. The MicroCap Leadership Summit utilizes a small group format whereby the Company will present to approximately 50 retail and institutional microcap investors throughout the day. For more information about the MicroCap Leadership Summit, please visit http://microcapclub.com/summit/About Innovative Food Holdings, Inc. Innovative Food Holdings, Inc. is a direct-to-chef and a direct-to-consumer platform providing over 7,000 of the highest quality, unique specialty food products directly to chefs and direct to consumers nationwide, through e-commerce offerings and multichannel partnerships. Our direct-to-consumer offerings includes www.igourmet.com and www.mouth.com. Additional information is available at www.ivfh.com. About MicroCapClub MicroCapClub is an exclusive forum for experienced microcap investors focused on microcap companies (sub $300m market cap) trading on United States, Canadian, European, and Australian equity marketplaces. MicroCapClub was created to be a platform for experienced microcap investors to share and discuss stock ideas. Investors can join our community by applying to become a member or subscribing to gain instant view only access. MicroCapClub’s mission is to foster the highest quality microcap investor Community, produce Educational content for investors, and promote better Leadership in the microcap arena. For more information, visit http://microcapclub.comForward-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,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect.” Additional factors that could also cause actual results to differ materially relate to the global COVID-19 crisis. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.Company Contact:Investor and Media Contact: Ronit WallersteinAndrew M. Berger Investor RelationsManaging Director Innovative Foods Holdings, Inc.SM Berger & Company, Inc. (929) 275-1563(216) 464-6400 rwallerstein@IVFH.comandrew@smberger.com

  • GlobeNewswire

    Innovative Food Holdings Launches New Corporate Website

    Website Reflects Successful Business Evolution to E-commerce, Data, and Technology Driven Specialty Food PlatformBONITA SPRINGS, Fla., Sept. 16, 2020 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or “the Company”), a direct-to-chef and a direct-to-consumer platform that provides high-quality, unique specialty foods through e-commerce offerings and multichannel partnerships, today announced the launch of a new corporate website.  The new corporate website can be found at www.ivfh.com. “Over the past two years we have made significant investments to diversify our selling channels, and to expand our e-commerce and digital marketing capabilities. As a result of these investments, IVFH has evolved from a singular foodservice approach to a strategy based on multiple engagement channels supported by a strong e-commerce, data, and technology driven platform.  Our new corporate website reflects our strategy and provides perspectives on our unique position within the rapidly growing specialty food, giftbox, and specialty grocery e-commerce markets,” stated Sam Klepfish, CEO of Innovative Food Holdings“Our new corporate website is part of a broader initiative to increase IVFH’s profile with customers, partners, and investors, and to help provide key insights into the value-added components and competitive advantages of our specialty food platform. I am excited about the highly positive industry feedback we have received related to the website, and the growing interest from potential partners seeking to leverage our platform,” concluded Mr. Klepfish. About Innovative Food Holdings, Inc. Innovative Food Holdings, Inc. is a direct-to-chef and a direct-to-consumer platform providing over 7,000 of the highest quality, unique specialty food products directly to chefs and direct to consumers nationwide, through e-commerce offerings and multichannel partnerships. Our direct-to-consumer offerings includes www.igourmet.com and www.mouth.com. Additional information is available at www.ivfh.com.  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,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect.” Additional factors that could also cause actual results to differ materially relate to the global COVID-19 crisis. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.Company Contact:Investor and Media Contact: Ronit WallersteinAndrew M. Berger Investor RelationsManaging Director Innovative Foods Holdings, Inc.SM Berger & Company, Inc. (929) 275-1563(216) 464-6400 rwallerstein@IVFH.comandrew@smberger.com