Innovative Food Holdings, a provider of direct from source specialty, healthcare, gluten-free, and artisanal foods, reported first-quarter earnings of $0.06 per share, excluding special items, an improvement over earnings of $0.008 per share reported for the prior year period.
Quarterly revenues of $5.6 million represent an increase of approximately 70 percent compared to revenues of $3.3 million recorded for the first quarter of 2012.
Cash EBITDA (EBITDA without equity related gains/losses) grew more than 500 percent to approximately $470,000 for the first quarter of 2013 vs. $72,000 reported in the comparable quarter of 2012.
On an operational front, Innovative Holdings in the first quarter acquired a new office and warehouse building in Bonita Springs, Fla., which will serve as the headquarters for the company and its subsidiaries. In addition, Innovative Food established a lending relationship with one of the nation's largest banks.
"I believe that our strong financial results are an indication of the ability of the Innovative Food Holdings' team to execute on our business model and strategic plans," Sam Klepfish, CEO of Innovative Food stated in the press release. "Furthermore, I believe that several key growing trends in the specialty food space, including increasing demand for direct from source foods, and demand for healthier foods and higher quality artisanal foods, has enabled Innovative Food Holdings to be very well positioned for future growth in the specialty food space."
First quarter results did not include sales and profits associated with the company's subsidiary, Artisan Specialty Foods, which was purchased by Innovative Food in May 2012.
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