N@N

Innovative Food Holdings, Inc. : Innovative Food Holdings Announces Sequential Revenue Growth of Over 10%

^{Published on 2009-08-18 07:58:20, Last Modified on 2009-08-18 07:58:21 - Market Wire}
 

NAPLES, FL--(Marketwire - August 18, 2009) - Innovative Food Holdings (OTCBB: [ IVFH ]), a marketer and purveyor of high quality gourmet food products throughout the United States to professional chefs and to the gourmet consumer market, commented today on its second quarter fiscal year 2009 results.

Second Quarter Results:

The Company reported operating income (income before interest expenses and other gains and losses) of $10,699, a significant improvement compared to an operating loss of ($151,979) for the same quarter last year.

Net revenues were $1.76 million for the quarter ended June 30, 2009, an approximate 5% increase compared to net revenues of $1.68 million for the same period a year ago.

Operating Highlights for the quarter included:

Achieved dramatically improved positive operating income compared to the same quarter a year ago.

Achieved second straight quarter of positive operating income.

Revenues grew by more than 10% compared to the quarter ended March 31, 2009.

Company's newly launched direct to consumer subsidiary "For The Gourmet" achieved operating profit for the quarter and contributed to the Company's bottom line.

The CEO of Innovative Food Holdings, Inc., Mr. Sam Klepfish, said, "The Company continues to move forward on executing its strategic plan with a strong focus on bottom line profits and on positioning the Company for future revenue and profit growth with the goal of building long term value for Innovative Food Holdings' shareholders. Despite the still struggling economy, and the extremely weak hospitality and restaurant markets in particular, we continue, as a result of what we believe is one of the most compelling comprehensive gourmet offerings available in the market, to be able to drive strong revenue growth across many of our product lines and report our second consecutive quarter of operating profit. In addition, we are pleased at the initial performance of our direct to consumer subsidiary, which as a startup, was profitable in its first quarter of operations and we plan on further expanding the direct to consumer program on a systematic basis going forward."

Mr. Klepfish further noted, "Management has been working on developing several initiatives and partnerships, in both on the foodservice area and on the direct to consumer side, both intended to further drive revenue growth. Some of the initial stages of those initiatives and partnerships were completed towards the end of the second quarter and we plan to continue to aggressively pursue those opportunities throughout 2009. We believe that these initiatives, if successful, will allow for additional distribution channels for our product lines and could allow us to be very well positioned for continued revenue growth in the second half of 2009."

About Innovative Food Holdings: Innovative Food Holdings, Inc., through its wholly owned subsidiaries, is in the business of marketing and selling high quality gourmet food.

Food Innovations, Inc., in partnership with one of the largest foodservice distributors in the Unites States, provides the highest quality gourmet food products to professional chefs throughout the United States. To learn more, visit the Food Innovations website at [ www.foodinno.com ]. Food Innovations is a wholly owned subsidiary of Innovative Food Holdings, Inc.

For The Gourmet, Inc., through its soon-to-be-launched website, and through additional sales channels, provides the highest quality gourmet food products to the retail consumer market. To learn more, visit the For The Gourmet website at [ www.forthegourmet.com ]. For The Gourmet is a wholly owned subsidiary of Innovative Food Holdings, Inc.

This release contains certain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) and information relating to Innovative Food Holdings, Inc. (and its operating subsidiaries) that are based on the beliefs of the Company's management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as should, could, anticipated, believed, intended, planned, potentially or expected. The Company does not intend to update these forward-looking statements.