Innovative Food Holdings Inc (IVFH)

[Coolhandluke13]

My estimates are a little different. I have total revenues above $16M. We agree on the core revenues but I have IGourmet at $5.8M which is 27% increase on their standalone $4.6M in 4Q2017.

The 27% could be aggressive as it between the 23% and 30% increases that they had in the press releases this year but obviously it's a bigger quarter and maybe they can't maintain the growth rate. I would say worst case that match last year at $4.6M.

I think on the overall gross margin % we are generally in agreement and my big question is on the overall SG&A %. If it s the 28% then yes, basically no earnings. Honestly on SG&A I have no idea and I wouldn't dispute the 50% odds you laid out there.

If Igourmet's SG&A % of revenue is in the 40% range (my estimate from 2Q and 3Q results) then they will never make money in this business. I can understand getting the infrastructure laid out on low IGourmet revenues in the first three quarters of 2018 but if they can't lower that % of a big IGourmet revenue quarter then we have trouble.