Innovative Food Holdings, Inc. Announces Fourth Quarter and Fiscal Year 2012 Results: Record Revenues and Record Operating Profits

HIGHLIGHTS

- $18.6 million in revenues for 2012; revenue growth of 61% over 2011

- Q4 revenue growth of 71% over Q4 2011

- FY 2012 Earnings per share grows to $0.36 per share

- Innovative Food Holdings is a fast growing nationwide leader in the direct from source, specialty food space

- Strong sales growth continues into Q1 2013

Innovative Food Holdings (OTCQB: IVFH ) today reported net sales for the fiscal year 2012 of $18.6 million, an increase of 61%, or $7.1 million, over $11.5 million in net sales recorded for the full year 2011. Sales for the 4th quarter of 2012 grew 71% to $5.8 million as compared to $3.4 million in the 4th quarter of 2011.

 

Earnings per share for the twelve months ended December 31, 2012 was $0.36 per share and included a one-time gain associated with the restructuring of a portion of the company's debt.  Adjusted EPS (EPS without non-recurring/non-ongoing gains/losses and amortization expenses  "Adjusted EPS" ) grew 100% to $0.18 per share for FY 2012 vs. adjusted EPS of $0.09 per share in 2011.  EBITDA (EBITDA without non-recurring gains/losses, equity related gains/losses "EBITDA") grew approximately 150% to over $1.25 million in 2012 vs. $0.5 million in FY 2011.

 

The Company significantly improved its balance sheet through the December 2012 restructuring of its secured notes, and as a result current liabilities were reduced by $2.8 million, working capital improved by $4.3 million, and shareholder equity improved by $4.6 million.  In addition, the company's auditors removed the "going concern" qualification associated with the auditors' 2011 audit report.

The Company's financial results for 2011 do not include sales and profits associated with the Company's subsidiary, Artisan Specialty Foods, which was purchased by Innovative Food Holdings in May 2012.

 

Sam Klepfish , Chief Executive Officer of Innovative Food Holdings, commented, "Today's announcements reflect the power of Innovative Food Holdings' specialty foods- focused, synergistic operating model, and confirms our confidence in the Company's growth potential as we look forward to 2013 and beyond. We finished 2012 above our expectations, and we plan on continuing the  strategy of focusing on leveraging our core operating strengths in the specialty food space for Fiscal Year 2013 and beyond. In addition, I am pleased to report that Innovative Food Holdings' strong sales growth continued into the first quarter of 2013."

 

Mr. Klepfish continued, "I am truly appreciative of the hard work and commitment of the entire Innovative Food Holdings team and 2012's financial results reflected the progress we made in delivering and exceeding the goals and commitments we have set.  Revenues, Adjusted EPS and EBITDA reached record levels in 2012. We drove these results while completing and integrating an acquisition and simultaneously working to further improve the Company's position as a leading provider of direct from source specialty food products. Our strategy of targeting the fast growing specialty food space continues to generate results, and we believe that current evolving trends in the food space have become increasingly favorable towards Innovative Food Holdings and its subsidiaries. As we look forward to the remainder of 2013 and beyond, we continue to see opportunities to grow in our existing market, build new markets and expand to new synergistic food related markets. As a result we remain excited about the opportunities ahead of us to continue to grow in all areas of our business."

 

Mr. Klepfish concluded, "All of us at Innovative Food Holdings are working hard towards the goals of continuing to grow Innovative Food Holdings' sales and profits, and it is exciting to begin to see many of the goals we set just a short while ago come to fruition.  At the same time, I am keenly aware that despite the Company's strong financial and operating results, and its unique position in the fast growing specialty food space, that at a current market cap of approximately $1.3 million, those results have not yet been reflected in the Company's stock price.  Along those lines, I believe that, with today's announcement of significant improvements in Innovative Food Holdings'  balance sheet combined with the Company's stellar financial and operating results, Innovative Food Holdings is better positioned than ever before to accomplish its goal of increasing shareholder value.  As a small part of several actions being taken to work towards accomplishing this goal, the Company intends to place a stronger focus on increasing investor awareness within the investment community of the Innovative Food Holdings story and its strong position in the specialty food space."

 

Management Contact

Sam Klepfish / (239)449-3235 / sklepfish@innovativefoodholdings.com

 

Investor Contacts:

 KCSA Strategic Communications Philip Carlson / Josh Dver +1 212.896.1233 / +1 212.896.1239 pcarlson@kcsa.com /jdver@kcsa.com  

 

ABOUT INNOVATIVE FOOD HOLDINGS, INC.

Innovative Food Holdings, through its subsidiaries, is a leading nationwide provider of direct from source specialty foods, healthcare foods, gluten free foods, and artisanal foods, to the professional foodservice market.  IVFH also markets those products directly to the consumer, through its website at www.forthegourmet.com.  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.

 

FORWARD-LOOKING STATEMENTS

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

 

SOURCE Innovative Food Holdings, Inc.

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