Innovative Food Holdings Reports Record Fourth Quarter and Full Year 2016 Financial Results
Mar 30, 2017 16:15:00 (ET)
Innovative Food Holdings Reports Record Fourth Quarter and Full Year 2016 Financial Results
Revenue up 15% to a Record $35 Million; Full Year 2016 GAAP Fully Diluted Earnings of Ten Cents per Share
BONITA SPRINGS, FL--(Marketwired - Mar 30, 2017) - 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
