BONITA SPRINGS, Fla., March 29, 2018 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB:IVFH) today reported financial results for the fourth quarter and full year ended December 31, 2017.
Full Year Ended December 31, 2017 Financial Highlights:
- Revenue increased by 17% to $41 million compared to $35 million for the full year of 2016
- GAAP Net Income increased by 61% to $4.52 million compared to net income of $2.81 million for the full year of 2016
- GAAP Fully Diluted EPS increased by 51% to $0.151 compared to $0.10 per share for the full year of 2016
Sam Klepfish, CEO of Innovative Food Holdings, commented, “Our record full year financial results reflect the overall strength of our business in 2017. We enter 2018 with record 2017 GAAP fully diluted EPS, a strong balance sheet, and a simplified cap table including the complete elimination of warrants and convertible notes. I believe that these financial results represent important milestones for Innovative Food Holdings and I would like to take the opportunity to recognize our team for their extraordinary efforts towards accomplishing these goals.”
Mr. Klepfish concluded “We believe that Innovative Food Holdings is uniquely positioned to capitalize on significant changes occurring across multiple market segments within the food space. Our focus for 2018 is to continue to execute on those opportunities with the goal of driving long term top and bottom line growth and growing future value for all shareholders.”
Fourth Quarter Summary Ended December 31, 2017:
On a GAAP basis, revenues increased by 10% to $10.75 million compared to revenues of $9.75 million for the fourth quarter of 2016. Operating income decreased to $1.04 million compared to operating income of $1.11 million for the fourth quarter of 2016. Net income increased to $1.04 million compared to net income of $993,000 for the fourth quarter of 2016. GAAP Fully Diluted earnings per share for the fourth quarter decreased to $0.032 per share compared to $0.034 per share for the fourth quarter of 2016. The financial results for the full year 2017 also included one-time increases of approximately $300,000 in SGA expenses in the 4th quarter, which included increases in certain legal costs, and costs associated with the iGourmet LLC transaction which was completed in the first quarter of 2018.
Full Year Summary Ended December 31, 2017:
On a GAAP basis, revenues increased by 17% to $41 million compared to revenues of $35 million for the full year of 2016. Operating income increased 42% to $4.68 million compared to operating income of $3.29 million for the full year of 2016. Net income increased 61% to $4.52 million compared to net income of $2.81 million for the full year of 2016.
GAAP Fully Diluted earnings per share for the full year of 2017 increased by 51% to $0.151 per share compared to $0.10 per share for the full year of 2016.
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. and its subsidiaries (collectively, 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. Forward-looking statements are not guarantees of future performance as they necessarily involve known and unknown risks and uncertainties that are difficult to predict and which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein. These risks and uncertainties include, among other factors, changes in demand for the Company's services and products, changes in the economic environment and changes in technology. Additional risk factors are included in the Company’s public filings with the SEC. Forward-looking statements can be identified by the use of words such as “should,” “could,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially,” “expect,” or words of a similar nature. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Management Contact
Ronit Wallerstein
Investor Relations Analyst
(718) 645-1755
rwallerstein@ivfh.com
| Three Months Ended Dec 31, | Twelve Months Ended Dec 31, | |||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||
| Adjusted Net Income and EPS | ||||||||||
| Revenue | 10,750,255 | 9,759,377 | 41,244,717 | 35,172,388 | ||||||
| Net Income | 1,047,371 | 993,889 | 4,529,262 | 2,816,405 | ||||||
| Amortization of intangible assets (1) | 82,317 | 50,567 | 370,768 | 232,768 | ||||||
| Amortization of discount on NP (2) | - | 92,509 | 185,018 | 370,036 | ||||||
| Stock related expenses (3) | 123,806 | 402,624 | 439,774 | 1,076,147 | ||||||
| Adjusted Net Income | 1,253,494 | 1,539,589 | 5,524,822 | 4,495,356 | ||||||
| Weighted Average Shares Outstanding Diluted (4) | 29,969,699 | 31,984,945 | 29,969,699 | 31,984,945 | ||||||
| Adjusted Fully Diluted EPS | $ | 0.042 | $ | 0.048 | $ | 0.184 | $ | 0.141 | ||
| Three Months Ended Dec 31, | Twelve Months Ended Dec 31, | |||||||||
| Cash EBITDA | 2017 | 2016 | 2017 | 2016 | ||||||
| Net Income | 1,047,371 | 993,889 | 4,529,262 | 2,816,405 | ||||||
| Interest, net | 1,808 | 25,112 | (25,298 | ) | 113,349 | |||||
| Depreciation & amortization | 124,190 | 88,692 | 533,473 | 390,911 | ||||||
| Stock related expenses (3) | 123,806 | 402,624 | 439,774 | 1,076,147 | ||||||
| Amortization of discounts on NP (2) | - | 92,509 | 185,018 | 370,036 | ||||||
| Cash EBITDA | 1,297,175 | 1,602,826 | 5,662,229 | 4,766,848 | ||||||
| (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) Full Year GAAP weighted average fully diluted share count | ||||||||||