CST: 26/06/2016 06:40:56   

Innovative Food Holdings Reports Fourth Quarter and Full Year 2015 Financial Results

87 Days ago

Specialty Foodservice Revenues up 18% to a Record $30.6 Million

BONITA SPRINGS, FL--(Marketwired - Mar 30, 2016) - Innovative Food Holdings, Inc. (OTCQB: IVFH), an industry leading specialty food platform announced today financial results for the fourth quarter and full year ended December 31, 2015. The Company will hold a conference call on March 31, 8:30 a.m. ET to discuss the results.

Financial Highlights from Continuing Operations:

  • Total Revenue of $30.6 million, an increase of approximately 18% compared to full year 2014
  • Cash EBITDA (EBITDA excluding stock related expenses) increased by over 30% to $3.0 million vs $2.3 million in FY 2014
  • Artisan Specialty Foods GAAP sales grew 32% compared to FY 2014
  • Fourth Quarter 2015 sales grew by 22% to $8.4 million compared to the same quarter last year
  • Fourth Quarter 2015 Cash EBITDA grew by over 200% to $881,000 compared to the same quarter last year

Justin Wiernasz, President of Innovative Food Holdings, commented, "2015 was a particularly strong year for our specialty food business as we executed across all areas of our business. Our nationwide specialty food platform continues to be a leading solution for both broadline foodservice providers seeking to offer specialty food products to the their customers and to small specialty food companies seeking access to local and national sales channels which, without our platform, would typically be unavailable to them. In addition, our Artisan Specialty subsidiary, which serves as a key part of our specialty food platform, through its local specialty foodservice business, private label business and its national fulfillment capabilities, demonstrated particularly strong sales growth in 2015." 

Fourth Quarter 2015 Continuing Operations Financial Results

Fourth quarter 2015 specialty foodservice revenue was $8.4 million, up approximately 22% as compared to $6.8 million in the fourth quarter of 2014.

Fourth quarter adjusted net income (net income excluding amortization and stock related expenses) increased by over 230% to $803,000 vs $240,000 in Q4 of 2014.

Fourth quarter adjusted fully diluted EPS (see table) increased by over 120% to $0.025 compared to the fourth quarter of 2014.

Fourth quarter Cash EBITDA increased over 200% year over year to $881,000.

Full Year 2015 Continuing Operations Financial Results

Revenue for the full year of 2015 increased by over 18% to $30.6 million compared to the full year of 2014.

2015 FY adjusted net income grew by 32% to 2.84 million vs. 2.14 million for the full year of 2014.

FY 2015 adjusted fully diluted EPS was $0.09 vs. $0.10 for FY 2014.

FY 2015 Cash EBITDA increased by over 30% to over $3.0 million compared to $2.3 million in 2014.

Sam Klepfish, CEO of IVFH, commented, "We saw strong results from continuing operations in 2015 and particularly strong results in the fourth quarter of 2015 as our specialty food business continued to gain momentum through the end of the year. We believe that we have successfully overcome significant challenges in 2015 and going forward we are looking to relentlessly focus on growing our core specialty food business. Looking at 2016, we believe that we are well positioned to continue to grow our leading specialty food platform, to executing on core growth opportunities within the specialty food space, and to growing value for Innovative Food Holdings' shareholders." 

Conference call information:

Date: Thursday, March 31, 2016
Time: 8:30 a.m. Eastern Time
Toll-free dial-in number: 1-888-359-3624
International dial-in number: 1-719-325-2361
Conference ID: 3411377

The conference call will be broadcast live and will be available for replay at http://public.viavid.com/index.php?id=118802 and via the investor relations section of the Innovative Food Holdings website at www.ivfh.com.

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.

       
       
   
  Dec. 31
Continuing Operations Q4-15   Q4-14
           
Adjusted Operating Income and EPS          
Revenues   8,412,111     6,894,641
Income (Loss)   (59,760)     -886,151
Amortization of intangible assets (1)   72,464     75,789
Amortization of discount on NP (2)   92,509     99,157
Stock Related Expenses (3)   697,937     951,971
Adjusted Net Income   803,150     240,766
Weighted Average Fully Diluted Shares Outstanding   32,110,620     21,841,207
           
Adjusted Fully Diluted EPS (4) $ 0.025   $ 0.011
   
  Dec. 31
Cash EBITDA Q4-14   Q4-15
Net Income (Loss)   (59,760)     (886,151)
Interest   39,581     17,459
Depreciation & amortization   110,780     94,597
Stock related expenses (3)   697,937     951,971
Amortization of discounts (2)   92,509     99,157
Cash EBITDA   881,047     277,033
           
(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) Fully diluted adjusted GAAP EPS via treasury stock method without add-back to income for any expenses related to the converted or exercised securities.
       
       
   
  Dec. 31
Continuing Operations FY 15   FY 14
           
Adjusted Operating Income and EPS          
Revenues   30,648,381     25,883,828
Income (Loss)   (373,603)     82,029
Amortization of intangible assets (1)   299,828     243,514
Amortization of discount on NP (2)   489,187     707,698
Stock Related Expenses (3)   2,427,231     1,112,826
Adjusted Net Income   2,842,643     2,146,067
Weighted Average Fully Diluted Shares Outstanding (4)   31,917,534     21,646,095
           
Adjusted Fully Diluted EPS (4) $ 0.09   $ 0.10
     
  Dec. 31
Cash EBITDA FY 15   FY 14
Net Income (Loss)   (373,603)     82,029
Interest   86,727     81,248
Depreciation & amortization   384,451     323,384
Stock related expenses (3)   2,427,231     1,112,826
Amortization of discounts (2)   489,187     707,698
Cash EBITDA   3,013,993     2,307,185
           
(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) Fully diluted adjusted GAAP EPS via treasury stock method without add-back to income for any expenses related to the converted or exercised securities.
 

Management Contact
Ronit Wallerstein
Investor Relations Analyst
(718) 645-1755
Email Contact