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Innovative Food Holdings, Inc. Reports Financial Results for Second Quarter 2024
https://www.otcmarkets.com/stock/IVFH/news/Innovative-Food-Holdings-Inc-Reports-Financial-Results-for-Second-Quarter-2024?id=450039
Wow, you ain't just whistling dixie. https://www.otcmarkets.com/filing/html?id=17691687&guid=bbO-kee5FM2pJth
I guess that answers my share structure question.
Nice action today, insiders buying!
CEO definitely executing on his strategy. Is it the right strategy? I hope so.
IVFH up 250% on Noble Roman's Portfolio, and I have it on good authority that he has all 71,000 of his shares still.
Time to review his post from 8-22-22:
---------------------------------------------------
1. You really don't know what's happening. The letter is fresh, and he wasn't able to talk to Banderas and Pappas according to his letter. We don't know if they are in discussions now or not.
2. It's not possible to conclude if Pappas and Banderas bought in or IFFF Denver Smith proposed it. But with Denver's allies and his recent buying, Pappas and Banderas, it doesn't take a big percentage of the retail investors to get in board. And the onlne consensus there is pretty clear. There is that path.
3. It's not that logical to conclude they see no way out of the mess. Banderas put up $3M of his own money last year. That's not very long ago and the landscape hasn't changed. Whatever he saw then, he sees now. And #2 is another fork in the road and way out. If they don't take it, that too is most likely bullish. Or, it means they were duped. Which I dn't find logical, but it may be a good coping mechanism for others that may have been duped. The more logical thing to concluce is that these high IQ's that may or may not be on the same page as Sam now -- or Sam on board with them now -- is that an intelligent plan fails. And that's called risk. And the floor is not that far below. It's only 20 cents. Unless someone were to have all their eggs in this basket, no reason to panic as the nervous nellies around here 24/7.
4. The fact that the stock doesn't trade high enough means they have no liquidity, as I noted. And that they are underwater, as I noted. So, they are stuck. That's bullish to me. A fire under their rears and a short runway without taking on more debt or more dilution at their own expense. It's called having Mr. Market in a headlock.
5. It's not obvious what, if anything, Denber presented or whether or not the board supported it or an agreement was reached. There will be a plan. There always is. And the fact that there is no way out for them but crash, burn, or fly, is good enough for me.
___________________________________________________
Please don't argue with Noble Roman again. Or me, for that matter. As you can see, it's very costly when you think it's more important to be not wrong than it is to be right.
Seems a little early for an earnings run up.
Looks like $IVFH is breaking out of the sideways funk it's been in for 2-3 weeks.
$IVFH bid has been moving up in .0001 increments, this morning.
I am. Been in for a few months.
Legit question, not FUD. Share count. It's right on the edge of being too high. I would think they are going to want to uplist. Do they reverse split? Buy back? Go private?
I think the company is easily worth $50 million, so patience likely gets them to the magic $1 mark, but I think NASDAQ needs them at at least $3 to list them. Reverse split is the fastest and cheapest way to get to $3+. Buy back would be better for shareholders, but costs money. Going private right now is probably another relatively inexpensive option and if Yahoo is correct, around 62% of the company is owned by insiders and institutions, so that wouldn't take much work.
Or does does the board just say "whoa. We have way bigger fish to fry and the stock is going to do whatever it's going to do."
Hopefully Bennett can keep the current trajectory. I think current fair value is ~$1.
Is anyone awake and paying attention here?
$IVFH
Three Form 4's were filed yesterday indicating insider purchases over the past few days:
https://www.otcmarkets.com/filing/conv_pdf?id=16879114&guid=kvN-kHadOtVaJth
https://www.otcmarkets.com/filing/conv_pdf?id=16879218&guid=kvN-kHadOtVaJth
https://www.otcmarkets.com/filing/conv_pdf?id=16879365&guid=kvN-kHadOtVaJth
$IVFH
$IVFH pps is taking another breather, but the BxA looks ready to go, again.
I am back in with a small position, I wish I had a larger position. I may have to add some more on any dips.
GLTA!!!
Looks like this week's consolidation could be finished. Currently, the pps is at .55, above Monday's high/close of .54. Obviously, the day isn't over and anything could happen, but things are looking good.
The pps hasn't been in the mid-.5s in over two years.
$IVFH
$IVFH Form 10-Q (2Q23 quarterly report):
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000312257/000118518523000791/innovfood20230630c_10q.htm
Finally looks like IVFH is turning the corner and ready to move ahead.
Ah .... what quality mgmt brings to the table eh ? A breath of fresh air.
Might have to start dipping toe into this name again.
Amigo Mike
The conference call sounded solid, I see better things coming in the future here!!!
GLTA!!!
Seeing a bit of consolidation, taking a breather, after a nice run before possibly resuming the uptrend.
$IVFH
Indeed, the uptrend is continuing. Today's volume was a little light, less than 50K shares traded, but buys outnumbered sells by more than 6x:
https://ih.advfn.com/stock-market/USOTC/innovative-food-qb-IVFH/trades
$IVFH
IVFH...BEST OTC AND ONLY OTC PLAY...HEADING NORTHGREAT EARNINGS...AMAZING CHART!
$IVFH Highest pps since late September/early October 2021.
$IVFH PR: Innovative Food Holdings, Inc. To Hold Investor Call August 10
$IVFH PR: Innovative Food Holdings, Inc. Announces Recap of First 100 Days of CEO Bill Bennett
Company plans to begin quarterly earnings calls in August; long-term strategy to be outlined later this year
James Pappas now the new Chairman.
We should look to see what everybody was saying one year ago on 5-31-22. I call that the lag time to understanding. Not sure what they didn't understand. Stay tuned for next year to understand what's happening now!
Kroger, Walmart, and Freddie Mac are in this gentleman's resume. Appears not to be a lightweight.
$IVFH
Good to see big names coming to IVFH
Innovative Food Holdings Appoints Brady Smallwood as Chief Operating Officer
8:00 AM ET 5/17/23 | GlobeNewswire
Innovative Food Holdings Appoints Brady Smallwood as Chief Operating Officer
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d24cc2e-c412-49b6-b465-581c28553c7b
BONITA SPRINGS, Fla., May 17, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (IVFH), a national seller of gourmet specialty foods to professional and home chefs today announced the hiring of Brady Smallwood as Chief Operating Officer. As Chief Operating Officer, Mr. Smallwood will develop, integrate, and oversee companywide strategies designed to maximize efficiencies and drive growth across all business categories.
"We are excited to welcome Brady to IVFH. His extensive experience developing and implementing profitable retail strategies at complex, multi-billion-dollar companies, including Kroger and Walmart, is complemented by his smaller company, eCommerce experience in the direct-to-consumer space. We believe Brady's skillset will help drive and execute our strategic objectives and deliver value to our shareholders," states Bill Bennett, CEO of Innovative Food Holdings. "As Brady and I have worked together in several capacities over the last decade, we have repeatedly focused on providing organizations with strategic structure and strong execution. I'm thrilled to welcome Brady to IVFH as we pursue the potentially incredible opportunities that lie ahead of the Company."
Mr. Smallwood was most recently Sr. Director -- eCommerce at The Kroger Co. In this role, he was responsible for the strategy, planning, and operations of Kroger's $10+ billion eCommerce business. He also led the recent launch and implementation of Kroger's rapid grocery delivery business. He joined Kroger from Walmart where he last served as Director -- Merchandise Operations leading multiple digital transformation initiatives. Mr. Smallwood's previous experience spans leading consumer, retail, and financial organizations including Younique Products, a former subsidiary of Coty, Inc., American Capital, and Freddie Mac. Mr. Smallwood received a bachelor's degree in Business Management from Brigham Young University and obtained a master's degree in Business Administration from The University of Chicago Booth School of Business, where he was an honors graduate and marketing scholarship recipient.
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world's best artisan food makers with top professional chefs and passionate home chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional and home chefs create unforgettable experiences for their guests and families. IVFH's owned online retail brands include www.igourmet.com, www.plantbelly.com and www.mouth.com.
Additional information is available at www.ivfh.com.
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," "will," "anticipate," "believe," "intend," "plan," "might," "potentially" "targeting" or "expect." Additional factors that could also cause actual results to differ materially relate to the global COVID-19 crisis, international crisis, environmental and economic issues and other risk factors described in our public filings. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.
names coming on board to
this company...
so far so good.....
will it break 50c soon?i hope so,just pick up few more shares around 43c today.
Attitudes sure changed around here. Perhaps it's time to take a look a Noble Roman's post here that I'm responding too. Perhaps some apologies are in order. Who would like to go first. To recap a few things he said:
1. You really don't know what's happening. The letter is fresh, and he wasn't able to talk to Banderas and Pappas according to his letter. We don't know if they are in discussions now or not.
2. It's not possible to conclude if Pappas and Banderas bought in or IFFF Denver Smith proposed it. But with Denver's allies and his recent buying, Pappas and Banderas, it doesn't take a big percentage of the retail investors to get in board. And the onlne consensus there is pretty clear. There is that path.
3. It's not that logical to conclude they see no way out of the mess. Banderas put up $3M of his own money last year. That's not very long ago and the landscape hasn't changed. Whatever he saw then, he sees now. And #2 is another fork in the road and way out. If they don't take it, that too is most likely bullish. Or, it means they were duped. Which I dn't find logical, but it may be a good coping mechanism for others that may have been duped. The more logical thing to concluce is that these high IQ's that may or may not be on the same page as Sam now -- or Sam on board with them now -- is that an intelligent plan fails. And that's called risk. And the floor is not that far below. It's only 20 cents. Unless someone were to have all their eggs in this basket, no reason to panic as the nervous nellies around here 24/7.
4. The fact that the stock doesn't trade high enough means they have no liquidity, as I noted. And that they are underwater, as I noted. So, they are stuck. That's bullish to me. A fire under their rears and a short runway without taking on more debt or more dilution at their own expense. It's called having Mr. Market in a headlock.
5. It's not obvious what, if anything, Denber presented or whether or not the board supported it or an agreement was reached. There will be a plan. There always is. And the fact that there is no way out for them but crash, burn, or fly, is good enough for me.
So, simple logic alone rules the day. Overthinking, as usual, kept people from buying below .20. You can lead a mule to water...
Let's take a look at this letter today from the new CEO. Didn't even have to spill blood to get a new CEO. Oh, what was that earlier about the former CEO would never step down. Oh, he had a secret weapon up his sleeve. Was that right?
You know, I read this letter, and I just know he gets it.
I think it's safe to conclude that nobody would step down from a $10-billion dollar division in a much more stable company to a company with a $17-million market cap on shaky ground. Unless they are a High School Track star on the Varsity team and asked to join the little league team with the condition that if they take them to State, you get Olympic sized income and sponsorship.
"Most recently, I led eCommerce for The Kroger Co., responsible for Kroger’s $10 billion eCommerce business. "
Since the former only used to happen in my dreams, I think it's safe to conclude that dreams do happen on Wall Street.
My current 14.7% paper return is chump change. Not acceptable for this risk/return/duration. I'm looking forward to 140% return here. I think it's quite doable. Actually, to be honest, 400% is quite doable. 140% is also chump change.
Truth!
Letter to shareholders from new CEO, Bill Bennett:
here i go again without sam's baggage...
after latest er,i picked up 10000 shares at 37c/38c because of
gross margin 25%
sg&a 20%
new projection:
2024(current year) 5c or pe=37/5c=7.5 at current trade price
2025 8c
2026 11c
i believe this about what i paid 6+ years ago before the price gone on a roller coaster ride,all for nothing.will this time different?odds going back to the old glory days again,are 75% on the long side.
i would buy.....
if revenue is up above $22 million and expense is kept below $4.5 million,what is the odds of both hits? 25% chance and my powder is ready for action.
Maybe my earlier post was too soon to determine if today's action was capitulation. It could have been, but the February 7 gap was filled, today, then the pps moved back up nicely. Buys outnumbered sells by a huge margin:
https://ih.advfn.com/stock-market/USOTC/innovative-food-qb-IVFH/trades
$IFVH
$IVFH 2/7 gap is filled on heavy volume; almost looks like capitulation.
I'm just waiting for Noble Roman to come take his victory lap dance. Wonder what the hold up is. He was right. Through simple logic alone. He must be too busy rolling in the money somewhere.
I just wonder if this new CEO is going to understand that he is dealing with a small business and not a mature version of a big business like Kroger. He's going to come in and I am concerned that he'll find that the company is ill-equipped to grow. The company's direct to consumer business was a one hit wonder suitable only for the Pandemic. It's too expensive, it lacks a marketing niche, and it doesn't have the distribution to ship to many people quickly and inexpensively.
As for the company's base business of serving restaurants, growth will be expensive. The company needs to shrink its reliance on US Foods - not because USF is unreliable, but because it is a major red flag to possible acquirers. This means the company is going to need other distributors or ship direct to foodservice clients. The company will need additional fulfillment centers to make that happen.
Bottom line - expect a step back in profitability before the company can move two steps forward. But from a leadership standpoint, this is excellent news.
legacy issues on the table thanks to sam.....
it is all about the numbers and nothing personal.
structural vulnerability need to be addressed:
drive gross margin back up above 25%(of revenue) consistently vs historical 27% norm.
keep expense below 22% is a must,like what was achieved in the latest q,vs 30% norm.
what i like to see going forward(in term of revenue):
2023: both gross margin up 1% and expense down 1%
2024: repeat above
2025: repeat above
eps projection:
with 5% revenue growth and inflation effect passed on to customers
2023: 25-22+1(from growth)=4% or 2c
2024: 26-22+1.5=5% or 3c
2025: 27-22+2=6% or 4c
again i believe what urgently needed to be focus on is to maintain expense ratio at 22% or lower which is easier said than done.
i hope the new ceo is determined to re-transform the company back to 10%+ profitability many years ago,unfortunately this take time,and need to be slugged out 24/7.we should know how he was doing in q3,2023.
2 interesting and positive developments........................
a break from the last 4-5 years of shit show and silliness!
1. Selling, general, and administrative expenses:
Selling, general, and administrative expenses decreased by $677,692 or approximately 14% to $4,320,981 during the three months ended September 30, 2022 compared to $4,998,673 for the three months ended September 30, 2021. The decrease in selling, general, and administrative expenses was primarily due to a decrease in payroll and related costs in the amount of $301,946 and a decrease in advertising and digital marketing costs of $355,378. Other components of the decrease in sales, general, and administrative expenses include a decrease in computer and IT costs of $22,113; a decrease in professional and legal fees of $20,587, and a decrease in banking and credit card fees of $15,736; and a decrease in insurance costs of $7,092. These decreases were partially offset by an increase in travel and entertainment costs of $17,903, an increase in office & facilities costs of $16,432, and an increase in taxes of $11,124. The decrease in sales, general, and administrative expenses represent the results of our overall cost-cutting efforts as well as the restructuring of our marketing and advertising programs.
2. BOARD OBSERVER AGREEMENT
Effective November 28, 2022 the Company entered into a Board Observer Agreement with Denver J. Smith (the “Agreement”). Mr. Smith is part of a Schedule 13D group (the “Group”) which holds approximately 8.3% of our outstanding common stock. The Group had threatened a proxy contest, and to avoid expense and disruption associated with a proxy contest the company has signed the Agreement with the Group. The Agreement provides, among other things, that for up to six (6) months, with certain minor limitations, Mr. Smith will have observer status at all meetings held by our Board of Directors as well as meetings held by the various Committees of our Board of Directors. In addition, the Agreement provides for Mr. Smith to become a member of our Board of Directors on or before the six (6) month anniversary of the Agreement subject to fulfillment of the Board’s fiduciary responsibilities. The Agreement contains certain “standstill” provisions regarding proxy contests, Board membership and joining certain ownership groups. The Agreement is conditional upon the Group maintaining certain minimum ownership of our common stock as well as imposing duties of confidentiality and securities law compliance.
I am taking ivfh off my shit list and just may be I would invest in it after next ER.
Anyone know when q3 earnings are expected?
Maybe I missed it, but I don't see a press release about how the company facility in Bonita Springs did as a result of the storm. Seems off that good, bad, or otherwise, the company doesn't feel that a Cat 4 storm hit doesn't warrant an SEC filing.
If they lost power, and I can only assume they did given their location, one wonders how much food they lost.
hurricane risk....
shipping stops for 1 week?
down to 16c low ...........
where is ds?????not good if he changed his mind and stopped buying more ivfh shares.
ps-50% chance of breaking new lows of 12.5c before end of the year.
healthy volume of 216K.....
where is ds and his buying???if no active investors are buying,the price target is 10c before year end.
I said the largest issue was that they aren't generating enough sales/gp to cover their overhead. Partially related to ineffective marketing, but mostly because they don't have a strong enough value prop.
They are marketing.... and spending quite a bit, here is an excerpt from the most recent 10-q:
"The increase in selling, general, and administrative expenses was primarily due to an increase in advertising and digital marketing costs of $438,216, which includes an expense of $86,866 in digital marketing fees associated with a settlement of digital marketing fees to a service provider"
That's an increase of $432k for 13 weeks on $3M in ecom sales.
Sam also pointed out in the latest press release that their marketing is performing worse, most likely due to the ios update:
"Second quarter and year-to-date sales also reflect the strength of our platforms as record foodservice revenue successfully offset normalizing eCommerce trends and industry wide changes impacting the effectiveness of digital marketing."
"They need to grow the ecomm sales for sure but they aren't marketing and ecomm sales haven't grown in the last 4-5 quarters. So my guess is that's not their strategy."
Ecom sales haven't grown in the past 4-5 quarters, but it isn't due to a lack of marketing, it's due to the influence of COVID in past periods.
And to be clear... ecom is not part of their strategy... it is their strategy.
OUR MISSION
LEVERAGE OUR TRANSFORMATIVE
FOOD-FOCUSED ECOMMERCE PLATFORM TO BUILD, AGGREGATE & GROW ONLINE RETAILERS & DTC BRANDS.
https://www.ivfh.com/mission
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Market Value | Not Available | |
Shares Outstanding | 6.43 Mil | a/o Jun 13, 2013 |
Float | 2.85 Mil | |
Authorized Shares | 500 Mil |
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