NAPLES, Fla., Oct. 17, 2005 (PRIMEZONE) -- Food Innovations, Inc. (FII), wholly-owned subsidiary of Innovative Food Holdings, Inc. (Pink Sheets:IVFH), announces unaudited profit before taxes of over $70,000 for the months of August and September 2005 combined.
Strong sales, combined with aggressive cost-cutting and pricing strategies, led to the record profits. FII's sales in September were also positively impacted by increased marketing support from US Foodservice, subsidiary of Dutch grocer Royal Ahold (NYSE:AHO). According to FII's CEO and President Jonathan D. Steckler, FII forecasts fourth quarter sales of $1.7 million, or a 30% increase from the fourth quarter of 2004, and profit before taxes of approximately $150,000 for the quarter.
IVFH holding company expenses have historically run approximately $40,000 per month, which are not included in the above figures.
Chef Joe DiMaggio, Jr., CEO of IVFH, added, "We are pleased that our business model has begun to prove itself. I couldn't be more proud of the way the Food Innovations team has worked together to turn the corner to profitability."
Food Innovations, Inc. is a distributor of fine perishables and specialty food products to the restaurant industry through overnight shipping channels.
For more information about Food Innovations, Inc., please visit www.foodinno.com.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements, and changing price and market conditions. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statement.