Innovative Food Holdings, Inc. (IVFH) Posts Q3, Nine Months Results

Nov. 27, 2012 2:35 AM ETIVFH
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Innovative Food Holdings, owner of a number of subsidiaries and brands in the gourmet food space, today reported its financial results for the third quarter and nine months ended September 30, 2012.

IVFH achieved record third-quarter 2012 revenues of $5.13 million, an increase of 77 percent over revenues of $2.89 million reported for the third quarter of 2011. Revenues for the first nine months of 2012 were $12.76 million, an increase of approximately 57 percent compared to revenues of $8.14 million for the comparable period of 2011.

Additionally, September 2012 marked the company's 38th consecutive month of increased month-over-month revenues.

Earnings for the 2012 quarter were $0.28 per share, an improvement over a net loss of $0.001 reported for the comparable quarter of 2011. The company attributes 2012 third-quarter earnings to a one-time gain associated with revaluing of options and warrants.

IVFH also noted that in third quarter of 2012, the company completed the first stage of subsidiary Artisan Specialty Foods' IT integration into the IVFH platform; full integration is slated for the end of 2012.

"Innovative Food Holdings had a significantly strong quarter, both financially and operationally, as we continued to successfully execute on our growth strategy and further penetrate the gourmet food market," Sam Klepfish, CEO of IVFH stated in the press release. "We remain focused on building a best in class portfolio of synergistic gourmet food companies that leverage the respective strengths of Innovative Food Holdings' core business model. In addition, as a result of our strong position in the gourmet specialty market, our growing financial strength, and general weak economic conditions, we are now seeing increased opportunities to further grow the Innovative Food Holdings portfolio as we continue to benefit from greater exposure of our products and brands."

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