BONITA SPRINGS, FL -- (Marketwired) -- 05/16/16 -- Innovative Food Holdings, Inc. (OTCQB: IVFH), an industry leading specialty food platform announced today financial results for the first quarter ended March 31, 2016. The Company will hold a conference call today May 16, 2016 at 6:30 p.m. ET to discuss the results.
Financial Highlights from Continuing Operations:
- Total Revenue of $8 million, an increase of approximately 22% compared to Q1 2015
- GAAP Net Income in Q1 2016 of $380,000 vs ($142,000) in 2015
- Fully Diluted GAAP EPS of $0.015 per share compared to ($0.007) in Q1 2015
- Cash EBITDA (EBITDA excluding stock related expenses) increased by over 90% to $857,000 vs $446,000 in Q1 2015
Sam Klepfish, CEO of Innovative Food Holdings, commented, "We reported record sales in the first quarter of 2016 and strong bottom line results, including $0.015 fully diluted GAAP EPS, as our business continues to gain momentum. In addition, Innovative Food Holdings is a leader in the direct to chef specialty food space with a highly profitable, highly scalable direct to chef specialty food platform. We strongly believe that the current stock price does not adequately reflect the potential of our business and our position within the fast growing specialty food sector. We look forward to continuing to focus on growing top and bottom line results with a goal of driving increased value for Innovative Food Holdings' shareholders."
First Quarter 2016 Continuing Operations Financial Results
Revenue for the quarter ended March 31, 2016 for specialty foodservice was $8 million, up approximately 22% as compared to $6.5 million in the first quarter of 2015. Adjusted net income (net income excluding amortization and stock related expenses) increased by over 87% to $781,000 vs $419,000 in Q1 of 2015. Adjusted fully diluted EPS (see table) increased by over 75% to $0.024 compared to $0.014 in the first quarter of 2015. Cash EBITDA increased over 90% year over year to $857,000 compared to $446,000 in the first quarter of 2015.
Conference call information:
Date: Monday, May 16, 2016
Time: 6:30 p.m. Eastern Time
Toll-free dial-in number: 1-888-481-2877
International dial-in number: 1-719-325-2429
Conference ID: 9194766
The conference call will be broadcast live and will be available for replay at http://public.viavid.com/index.php?id=119698 and via the investor relations section of the Innovative Food Holdings website at www.ivfh.com.
About Innovative Food Holdings
Innovative Food Holdings' (OTCQB: IVFH) industry-leading specialty food platforms in the foodservice and consumer markets provide chefs and consumers across the United States direct access to the highest quality specialty food products.
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 foods 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. Information about other parties was supplied to the Company by other parties and we accept no responsibility for its accuracy.
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March 31
Continuing Operations 2016 2015
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Adjusted Operating Income and EPS
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Revenues 8,015,341 6,576,848
Net Income (Loss) 380,646 (142,947)
Amortization of intangible assets (1) 65,817 75,788
Amortization of discounts (2) 92,509 99,157
Stock Related Expenses (3) 242,605 387,073
Adjusted Net Income 781,577 419,071
Weighted Average Fully Diluted Shares
Outstanding (4) 31,917,834 30,607,551
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Adjusted Fully Diluted EPS (4) $ 0.024 $ 0.014
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March 31
Cash EBITDA 2016 2015
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Net Income (Loss) 380,646 (142,947)
Interest 39,140 9,962
Depreciation & amortization 102,176 93,527
Stock related expenses (3) 242,605 387,073
Amortization of discounts (2) 92,509 99,157
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Cash EBITDA $ 857,076 $ 446,772
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(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) Fully diluted adjusted GAAP EPS via treasury stock method without add-
back to income for any expenses related to the converted or exercised
securities
Management Contact
Ronit Wallerstein
Investor Relations Analyst
(718) 645-1755
Email Contact
