Innovative Food Holdings Reports Record Fourth Quarter and Full Year 2016 Financial Results

In Press Releases by Innovative Food Holdings

Revenue up 15% to a Record $35 Million

Full Year 2016 GAAP Fully Diluted Earnings of Ten Cents per Share

BONITA SPRINGS, FL- Innovative Food Holdings, Inc. (OTCQB: IVFH), an industry leading specialty food platform, announced results today for the fourth quarter and full year ended December 31, 2016. The Company will hold a conference call today March 30, 2017 at 5:00 p.m. ET to discuss the results.

Full Year Ended December 31, 2016 Financial Results:

  • Revenue increased 15% to $35 million compared to $30.6 million for the full year 2015
  • Net Income was $2.8 million compared to a loss of $373,000 for the full year 2015
  • GAAP Basic EPS was $0.11 compared to a loss of $0.016 per share for the full year 2015
  • GAAP Fully Diluted EPS was $0.10 compared to a loss of $0.016 per share for the full year 2015
  • Cash EBITDA (see table) increased over 55% to $4.76 million compared to $3 million for the full year 2015
  • Adjusted Net Income (see table) increased 58% to $4.45 million compared to $2.8 million for the full year 2015
  • Adjusted fully diluted EPS (see table) increased 59% to $0.14 compared to $0.09 for the full year 2015

Fourth Quarter 2016 Financial Results:

  • Revenue increased 16% to $9.7 million compared to $8.4 million for the fourth quarter of 2015
  • Net Income was $993,000 compared to a loss of $59,000 for the fourth quarter of 2015
  • Adjusted Net Income increased over 90% to $1.5 million compared to $803,000 for the fourth quarter of 2015
  • Adjusted Fully Diluted EPS increased over 90% to $0.048 compared to $0.025 for the fourth quarter of 2015
  • Cash EBITDA increased over 80% to $1.6 million compared to $881,000 for the fourth quarter of 2015

Sam Klepfish, CEO of IVFH, commented, “With record revenue and record profits, including record GAAP Fully Diluted EPS of 10 cents per share, our 2016 financial results are reflective of the strength and execution of our specialty food business model. Going forward, we believe that the specialty food market continues to remain poised for continued growth, as consumer demand shifts towards higher quality specialty food products resulting in potentially significant overall market opportunities across multiple markets, including specialty foodservice.  We believe Innovative Food Holdings is uniquely positioned for 2017 and beyond, and we look forward to executing on multiple specialty food market opportunities and to delivering significant value to our shareholders.”

Conference call information:

Date: Thursday, March 30, 2017
Time: 5:00 p.m. Eastern Time
Toll-free dial-in number: 1-877-718-5108
International dial-in number: 1-719-325-4779
Conference ID: 9810112

The conference call will be broadcasted live and will be available for replay at http://public.viavid.com/index.php?id=123479.

 

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 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.

 

Management Contact

Ronit Wallerstein

Investor Relations Analyst

(718) 645-1755

rwallerstein@ivfh.com

 

 

Three Month Ended Dec 31, Twelve Months Ended Dec 31,
2016 2015 2016 2015
Adjusted Net Income and EPS
Revenue 9,759,377 8,412,111 35,172,388 30,648,381
Net Income (Loss) 993,889 (59,760 ) 2,816,405 (373,603 )
Amortization of intangible assets (1) 50,567 72,464 232,768 299,828
Amortization of discount on NP (2) 92,509 92,509 370,036 489,187
Stock related expenses (3) 402,624 697,937 1,076,147 2,427,231
Adjusted Net Income 1,539,589 803,150 4,495,356 2,842,643
Weighted Average Fully Diluted Shares Outstanding (4) 31,984,945 32,128,054 31,984,945 32,128,054
Adjusted Fully Diluted EPS $ 0.048 $ 0.025 $ 0.14 $ 0.09
Three Month Ended Dec 31, Twelve Months Ended Dec 31,
Cash EBITDA 2016 2015 2016 2015
Net Income (Loss) 993,889 (59,760 ) 2,816,405 (373,603 )
Interest, net 25,112 39,581 113,349 86,727
Depreciation & amortization 88,692 110,780 390,911 384,451
Stock related expenses (3) 402,624 697,937 1,076,147 2,427,231
Amortization of discounts on NP (2) 92,509 92,509 370,036 489,187
Cash EBITDA 1,602,826 881,047 4,766,848 3,013,993
(1) Includes certain 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) Year End GAAP weighted fully diluted share count