Innovative Food Holdings Reports Third Quarter 2016 Financial Results
(firmenpresse) - BONITA SPRINGS, FL -- (Marketwired) -- 11/14/16 -- Innovative Food Holdings, Inc. (OTCQB: IVFH) today reported financial results for the third quarter and nine months ended September 30, 2016.
Financial Highlights:
Revenue for the third quarter of $9.1 million, an increase of approximately 13% compared to $8.0 million in the third quarter of 2015
Nine month 2016 revenue increased 14% to $25.4 million as compared to $22.2 million for the same period in 2015
GAAP Net Income for the third quarter increased over 400% to $866,000 compared to ($264,000) in the third quarter of 2015
Fully Diluted GAAP EPS for the third quarter increased by 360% to $0.03 per share compared to ($0.01) in the third quarter of 2015
Cash EBITDA (EBITDA excluding stock related expenses) for the third quarter increased by over 50% to $1.27 million vs $810,800 in the third quarter of 2015
Sam Klepfish, CEO of Innovative Food Holdings, commented, "We are very pleased with the financial results generated by our chef driven specialty food platform, which included record revenues, record GAAP Net Income, record GAAP EPS and record Cash EBITDA for the third quarter. As demonstrated by our financial results, Innovative Food Holdings continues to see increased demand for its specialty food platform offerings and we believe that we are uniquely positioned to take advantage of key trends occurring within the rapidly growing specialty food market."
Three Months Ended
Revenue for the third quarter of 2016 was $9.1 million, up approximately 13% as compared to $8.0 million in the third quarter of 2015. Fully Diluted GAAP EPS for the third quarter increased by 360% to $0.03 per share compared to ($0.01) in the third quarter of 2015. Adjusted net income (net income excluding amortization and stock related expenses) increased by approximately 50% to $1.2 million vs $773,600 in the third quarter of 2015. Adjusted fully diluted EPS (see table) increased approximately 50% to $0.038 compared to $0.025 in the third quarter of 2015. Cash EBITDA increased approximately 50% to $1.27 million compared to $810,800 in the third quarter of 2015.
Nine Months Ended
Revenue for the first nine months of 2016 was $25.4 million, up 14% as compared to $22.2 million for the first nine months of 2015. Fully Diluted GAAP EPS for the first nine months of 2016 increased by over 600% to $0.07 per share compared to ($0.01) in the first nine months of 2015. Adjusted net income increased over 40% to $2.9 million vs $2.0 million in the first nine months of 2015. Adjusted fully diluted EPS increased over 40% to $0.092 compared to $0.065 for the first nine months of 2015. Cash EBITDA increased approximately 50% to $3.1 million compared to $2.1 million in the first nine months of 2015.
Conference call information:
The Conference call will take place on Monday November 14, 2016 at 5:00 p.m. ET. The toll-free dial in number is 1-800-378-1475 and the international dial-in number is 1-719-457-2552 Conference ID: 6026023. Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. The conference call will be broadcast live and will be available for replay until November 21, 2016 at
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.
Management Contact
Ronit Wallerstein
Investor Relations Analyst
(718) 645-1755
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Datum: 14.11.2016 - 15:30 Uhr
Sprache: Deutsch
News-ID 1469866
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BONITA SPRINGS, FL
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Dairy
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