IVFH Reports record first quarter

Aug 27, 2012 by admin

Orlando, FL 5/16/12 (StreetBeat) — Innovative Food Holdings, Inc. (OTCBB: IVFH), a marketer and purveyor of over 5,000 high quality gourmet food products throughout the United States to professional chefs and to the gourmet consumer market, announced today its 2012 first quarter results.

Net revenues were a record $3,285,307 for the quarter ended March 31, 2012, an approximate 33% increase compared to net revenues of $2,471,530 for the first quarter of 2011.

The month of March 2012 represented the 32nd consecutive month of record month over month revenues.

During the first quarter the Company focused on aggressively expanding its market share through the launch of several new product lines. Furthermore, through its Gourmet Foodservice Group, Inc. subsidiary, the Company began to significantly expand the activities of its b2b warehoused foodservice and retail offerings, with several foodservice distributers placing wholesale orders in the quarter. Gourmet Foodservice Group, Inc. offers a rapidly expanding line of specialty gourmet foodservice and retail products targeted to the b2b space. Furthermore, Gourmet Foodservice expanded its gluten free b2b offerings in the quarter including signing an agreement with Schar to be one of two exclusive foodservice providers of Schar Gluten Free Products.

In addition, during the quarter, the Company also completed a proxy solicitation and shareholder vote and held its 2011 annual shareholders meeting. The Company’s focus in the quarter of increasing its market share, launching new into markets and in improving its corporate structure had the effect of increasing expenses through an increase in cost of goods sold as well as an increase in SG&A expenses.

Sam Klepfish, CEO, noted, “We are extremely pleased with the outstanding revenue growth in the first quarter. We did report an increase in expenses in the quarter as the Company made key investments in several areas to further position Innovative Food Holdings for future growth opportunities. During the quarter we believe we made significant progress in regards to several of those specific growth opportunities and we believe that many of those opportunities will come to fruition in 2012. We thank our loyal shareholders for their support and look forward to growing shareholder value in 2012 and beyond.”