Innovative Food Holdings Inc (IVFH)

[value1008]

Klepfish is acknowledging the higher costs and diminished "national brand" revenues, but sounds hopeful about a better bottom line from both factors:

“As we stated last quarter, we are investing in our platform to support and accelerate current growth opportunities. We expanded our team, enhanced our IT infrastructure, and incurred additional costs associated with iGourmet and Mouth, which increased SG&A expenses in the first quarter. While additional investments are needed, especially as we begin to focus on the seasonally strong fourth quarter, we believe we can leverage SG&A expenses in the future as investments stabilize and revenues continue to scale. In addition, we are working to improve efficiencies across all our businesses. Also impacting overall profitability compared to 2018, was the decline in revenues from our national brand category. We are working on initiatives to turn around this high margin business over the coming quarters. Overall, I am pleased with our first quarter results and the direction we are headed to reach our goal of increasing long-term shareholder value.”