Innovative Food Holdings Inc (IVFH)

[BornAgain]

Innovative Food Holdings sees record sales

By Laura Layden of the Naples Daily News

Bonita Springs-based Innovative Food Holdings Inc. saw record sales in the first quarter.

The specialty food retailer reported total revenues of $8 million for the quarter, up 22 percent from $6.5 million a year ago, from its continuing operations.

With higher revenues, the company swung to a profit in the quarter. Adjusted earnings increased to more than $380,000, or 1.5 cents a share. That compares with a loss of more than $142,000 last year.

"We continue to see growing demand for our specialty food products offered by our platform. We are pleased with our top line and bottom line growth as they once again exceeded our internal expectations. As shown by the numbers, we have a unique platform, which has the ability to scale and accelerate bottom line margin with sales growth," said Sam Klepfish, the company's CEO, in an earnings call with analysts Monday night.

The company sells its products to consumers and to chefs. It distributes more than 7,000 specialty foods daily to thousands of chefs nationwide, a part of its business that has the potential to grow through its existing partners and new ones, Klepfish said.

In the quarter, he said, the company executed well on the top and bottom line. "We believe that our business has strong opportunities for growth in multiple markets and multiple market segments," Klepfish said.

The company paid off $660,000 of debt in the first quarter, and its inventory turnover continued to improve.

"We continue to focus on further improving our balance sheet and allocating capital to provide the best return for our shareholders," Klepfish said.

The company continues to explore stock buyback opportunities.

"Overall, based on the strength of our business, our working capital position and our improving asset mix, we currently anticipate a further improving balance sheet in 2016," Klepfish said.

Looking ahead, the company sees a strong opportunity for growth in the fast-growing specialty food market.

Shares closed at 53 cents on Tuesday, up 10 cents, on the Over-the-Counter Bulletin Board.


http://www.naplesnews.com/business/local/innovative-food-holdings-sees-record-sales-330b932d-5923-3385-e053-0100007f53a4-379868531.html