Innovative Food Holdings, Inc. Announces Third Quarter 2013 Results: Record Revenues and Record EBITDA
Q3 2013 Net Sales Increased 17%
(firmenpresse) - BONITA SPRINGS, FL -- (Marketwired) -- 11/14/13 -- Innovative Food Holdings (OTCQB: IVFH), a leading nationwide provider of , healthcare foods, , and direct from source artisanal foods, to the professional foodservice market, today announced financial results for the third quarter, the period ended September 30, 2013.
Q3 2013 revenues of $6.0 million, up 17% compared to $5.1 million for Q3 2012
Organic revenue growth of approximately 17% vs. Q3 2012
September 2013 represented 50th consecutive month of increased month-over-month revenue
Operating income increased 13% to $395,796, compared to $349,739 in Q3 2012. The year-ago period included $111,288 of operating income due to equity related gains primarily associated with liability accounting for derivatives. Excluding this non-cash gain in the year-ago quarter, operating income would have been $238,451 in Q3 2012 and the comparative gain in 2013 would have been 66%
Adjusted EPS (EPS without amortization and equity related gains/losses) grew approximately 54% to $0.06 per share for Q3 2013 vs. $0.04 per share in Q3 of 2012
Cash EBITDA (EBITDA without equity related gains/losses) grew approximately 64% to more than $481,000 for the third quarter of 2013 vs. approximately $293,000 in Q3 2012
The Company moved into new facilities and expanded its warehouse capabilities through the launch of a wholly-owned Florida warehouse and distribution facility
Improving balance sheet and cash position; the Company generated more than $650,000 in operating cash flow in the third quarter
Revenues for the first nine months of 2013 were $17.1 million compared to $12.8 million for the first nine months of 2012
Operating income in 2013 increased 141.7% to $1.0 million, compared to $433,512 in the first nine months last year.
Year-to-date Adjusted EPS grew 86% to $0.17 per share in 2013 vs. $0.09 per share for the same period in 2012
Cash EBITDA grew approximately 97% to approximately $1.3 million year-to-date vs. approximately $656,000 for the same period last year 2012
Sam Klepfish, CEO of Innovative Food Holdings, commented, "The strong third quarter results, including sales growth and strong bottom line performance, demonstrate our positive momentum and strong positioning in the fast-growing specialty food space. We delivered across the board organic growth by continuing to gain market share, bringing on new customers, adding more chefs and increasing sales to existing customers. Our unique low infrastructure business model, which results in low sales-related costs, enabled us to drive solid bottom-line improvements as well. Turning to new growth catalysts, we expect that our continuing focus on expanding market share in the nationwide specialty foods market through existing and new partners, to make positive contributions in the coming quarters."
Mr. Klepfish added, "We remain focused on the sales and bottom line growth of our core businesses. In addition, we continue to see many unique opportunities in the evolving specialty food space and we are continuing to invest in additional specialty food synergistic areas relating to all our subsidiaries, which we believe will allow us to continue to be uniquely positioned within a growing spectrum of the specialty food market. We strongly believe that a laser-like focus on core sales and profitability, combined with investments in synergistic opportunities, represent key factors to building long-term value for Innovative Food's shareholders."
Third quarter 2013 revenue was $6.0 million, up 17% as compared to the third quarter of 2012. Gross profit was approximately $1.7 million. Total operating expenses were $1.3 million in the third quarter of 2013 compared with total operating expenses of $908,235 in the prior year period. The Company reported operating income of $395,796 in the third quarter of 2013, compared to $349,739 in the third quarter of 2012. The year-ago period included $111,288 related to SGA gains associated with options liability. Excluding non-cash, non-operational adjustments related to equity gains/losses, operating income increased 66% to $395,796 compared to $238,451 in the year-ago period.
Third quarter adjusted EPS was $0.06 per share compared to $0.04 per share in the third quarter of 2012, an increase of approximately 54%. Cash EBITDA, excluding the equity related gains/losses increased approximately 64% to more than $481,000 for the third quarter of 2013 compared to approximately $293,000 in the third quarter last year.
Year-to-date revenue increased 34.2% to $17.1 million compared to $12.8 million in the first nine months last year. The Company's financial results for a portion of the first nine months of 2012 did not include sales and profits associated with the Company's subsidiary, Artisan Specialty Foods, which was purchased by Innovative Food Holdings in May 2012.
Year-to-date gross profit was $4.7 million compared with gross profit of $3.1 million for the first nine months of 2012. Total operating expenses were $3.7 million for the first nine months of 2013 compared with total operating expenses of $2.7 million for the same period last year.
Year-to-date Adjusted EPS was $0.17 per share compared to $0.09 per share for the first nine months of 2012, an increase of 86%. Cash EBITDA grew 97% to approximately $1.4 million year-to-date vs. approximately $656,000 for the same period last year.
As of September 30, 2013, Innovative Food Holdings had more than $1.3 million in cash and cash equivalents. Stockholders' equity increased 34.9% to $1.6 million compared to $1.2 million as of December 31, 2012.
(at)IVFHcompany
Innovative Food Holdings, is a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market. IVFH also markets those products directly to the consumer, through its website at . Many of Innovative Food Holdings' 7,000+ products are used on a daily basis by approximately 30,000 of some of the leading professional chefs across the United States.
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (IVFH) (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.
Sam Klepfish
CEO
(239) 449-3235
James Carbonara
Regional Vice President
Hayden IR
Office: (646) 755-7412
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Datum: 14.11.2013 - 15:58 Uhr
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