Some of that lower GAAP EPS is non-cash items like amortization which can be added back to make a slightly higher non-GAAP EPS figure. E.g., S.Alpha is reporting 0.02 EPS for the qtr.
It's the Q4 that should really pop, with iGourmet's biggest quarter. We'll see what the yearly cumulative EPS is by then.
On the news release, CEO Sam sounds surprisingly upbeat, given the results:
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Management commentary
Sam Klepfish, CEO of Innovative Food Holdings, commented, “Our financial results reflect strong sales growth at Innovative Gourmet (www.igourmet.com) and modest but steady case sales growth at our largest subsidiary of over 4% case growth for the 2nd quarter and over 6% case growth for the first six months of 2018. These case sales increases were offset by declines in average order size due mainly to product mix and pricing strategies. We believe that these order trends are likely to continue through the remainder of 2018. We continue to believe that there are numerous growth opportunities within the specialty foodservice space and we will continue to aggressively focus on bringing those opportunities to fruition.”
Mr. Klepfish continued, “Innovative Gourmet’s revenues exceeded our expectations, including an approximately 23% year over year revenue increase for the second quarter of 2018. Sales growth was driven mainly by investments in operational enhancements including investments into inventory optimization. The longer-term goal is to enhance and expand Innovative Gourmet’s E-Commerce marketing capabilities, with a focus on improvements in key eCommerce metrics including customer conversion and unique visitors.”
Mr. Klepfish concluded, “We remain strongly optimistic in regard to future opportunities within the specialty food space. We intend to continue to focus on expanding Innovative Food Holdings’ capabilities through both internal investments in our platforms and through synergistic acquisition opportunities which have the potential to add significant value to our multifaceted specialty food platform. We believe that this strategy provides significant growth opportunities for Innovative Food Holdings. We will continue to focus on executing on those opportunities with a goal of building value for all Innovative Food Holdings shareholders.”
