Innovative Food Holdings, a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market, today announced financial results for the first quarter ended March 31, 2014.
Revenue increased approximately 6% to $5.6 million from $5.2 million in the first quarter of 2013.
March 2014 represented the 56th consecutive month of increased month-over-month revenue.
Operating Cash flow grew to $191,981 from ($74,708) in 2013. Operating Income grew approximately 22% to $455,500 from $372,413 in 2013.
Adjusted Net Income (Net Income without non-recurring gains/losses, stock related gains/losses and amortization expenses "Adjusted Net Income") grew by approximately 18% to $508,299 from $431,528 in 2013.
GAAP Basic EPS increased to $0.025 per share from $0.005 per share in 2013.
Cash EBITDA (EBITDA without non-recurring gains/losses, stock-related gains/losses, or "Cash EBITDA," grew over 18% to $576,662, from $487,063 in 2013.
Sam Klepfish, CEO of Innovative Food Holdings, commented, "We delivered 6% revenue growth and continued bottom line improvements, expanding Adjusted Net Income by approximately 18%. We achieved this even while overcoming the temporary impact of severe winter weather on our national direct to chef business and in our Chicago area Artisan Specialty Foods subsidiary. We believe that the continued top- and bottom-line growth demonstrates the strength of our business model and underscores our ability to execute."
