NAPLES, Fla., Nov. 26, 2012 /PRNewswire/ -- Innovative Food Holdings, Inc., (OTCQB: IVFH) a company operating in the gourmet food space through its ownership of a growing number of independent, wholly-owned subsidiaries and brands, today announced its financial results for the third quarter and nine months ended September 30, 2012.
Third Quarter and First Nine Months 2012 Financial Highlights
- Record quarterly revenues of $5,130,418; an increase of approximately 77% compared to the third quarter of 2011;
- Nine month record revenues of $12,768,596; an increase of approximately 57% compared to the first nine months of 2011;
- September 2012 represented 38th consecutive month of increased month-over-month revenue;
- EBITDA (without non-operations related stock, warrant and options gains/losses) for the third quarter of 2012 was $293,280 compared to an EBITDA loss of $96,583 for the third quarter of 2011;
- EBITDA (without non-operations related stock, warrant and options gains/losses) for the first nine months of 2012 increased by over 170% to $656,588 compared to EBITDA of $234,933 for the first nine months of 2011.
"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," stated Sam Klepfish, Chief Executive Officer of Innovative Food Holdings. "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."
Mr. Klepfish continued, "Throughout the quarter we presented the Innovative Food Holdings story to several institutional investors within the microcap space as we continue with our proactive investor relations plan to further increase shareholder value. In general, we believe that the feedback we have received from those investor meetings has been overwhelmingly positive and we look forward to continuing our engagement with investors over the coming quarters."