Associated tags: Meal, OTCQB, E-commerce
Locations: BONITA SPRINGS, FL, US, CHICAGO, UNITED STATES, SCANDINAVIA, SOUTH AFRICA, MALAY, CARIBBEAN, FINLAND, ROMAN, NEW ENGLAND, SOUTH
Included in the Company’s Proxy Statement for its upcoming Annual Meeting of Shareholders is the following letter from the Company’s Chief Executive Officer, Bill Bennett:
Key Points:
- Included in the Company’s Proxy Statement for its upcoming Annual Meeting of Shareholders is the following letter from the Company’s Chief Executive Officer, Bill Bennett:
What a year it’s been!
- I recently re-read my letter from last year, which I wrote when I’d been with the company for only a few weeks.
- In Q1 of 2024, our Professional Chef business finally turned the corner and moved back into slight growth.
- Most importantly, I want to thank you for coming along on the ride with us as we chart a new course for Innovative Food Holdings.
Cheney Brothers is a southeast broadline distributor generating more than $3 billion in revenue, and one of the fastest growing distributors in the United States.
Key Points:
- Cheney Brothers is a southeast broadline distributor generating more than $3 billion in revenue, and one of the fastest growing distributors in the United States.
- IVFH’s products will be available for sale on the new Cheney Brothers Stock Room drop-ship platform.
- Bill Bennett, Chief Executive Officer of IVFH, remarked, “This new contract is an exciting step forward in demonstrating the growth potential for IVFH.
- Most importantly, this contract is evidence of our platform’s wide appeal, strong value proposition, and ease of deployment.
BONITA SPRINGS, Fla., March 21, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs, today reported its financial results for the fourth quarter and fiscal year of 2023.
Key Points:
- Bill Bennett, Chief Executive Officer of IVFH, remarked, “2023 marked an incredible turnaround for Innovative Food Holdings.
- Excluding the effect of restructuring, severance, and one-time related outflows and expenses during the year, the company has become cash flow positive.
- Revenues in fiscal year 2023 decreased 8.5% to $72.2 million, impacted by a 6.5% decrease in specialty foodservice revenue.
- The following table sets forth IVFH’s revenue by business category for the year ended December 31, 2023, and December 31, 2022 (unaudited):
BONITA SPRINGS, Fla., March 14, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs nationwide, today announced that the Company will host an investor call on March 21, 2024 at 9:00 am Eastern Time via Zoom and by phone.
Key Points:
- BONITA SPRINGS, Fla., March 14, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs nationwide, today announced that the Company will host an investor call on March 21, 2024 at 9:00 am Eastern Time via Zoom and by phone.
- The purpose of the meeting will be for management to discuss the Company's fourth fiscal quarter results for the quarter ended December 31, 2023, followed by Q&A with investors.
- Investors and other interested participants may attend the call on the web or by phone, though investors who intend to ask a question may wish to join digitally through Zoom, rather than on the phone, as the “raise hand” interface is easier to manage through Zoom.
- Details for the meeting are as follows:
Retrieved on:
Thursday, February 22, 2024
BONITA SPRINGS, Fla., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs, today announced the completion of the sale of its Bonita Springs, Florida building.
Key Points:
- BONITA SPRINGS, Fla., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs, today announced the completion of the sale of its Bonita Springs, Florida building.
- The Company sold the building for $2.455 million, netting approximately $1.9 million in cash proceeds after accounting for the agent fee of $147,300, the loan payoff of approximately $355,603, and other closing costs of $56,439.
- The net effect of the changes will also save the company approximately $60,000 per year in operating expenses.
- These actions, combined with our stronger margins, improved operating performance, and lower interest expense are setting us up to be a significantly stronger and more profitable company.
IVFH also announced the completion of its previously announced sale of two entities: Oasis Sales Corp and Organic Food Brokers, LLC (together dba “Grow Brand Management”).
Key Points:
- IVFH also announced the completion of its previously announced sale of two entities: Oasis Sales Corp and Organic Food Brokers, LLC (together dba “Grow Brand Management”).
- The restructuring of the Home Gourmet business entails a reduction in workforce of approximately 20 of our employees, the halt of all paid marketing associated with this business, and a 50% reduction in assortment.
- The consideration for the Grow transaction was $225,000, inclusive of its cash balance, or $75,000 net of its cash balance.
- Restructuring a business is never an easy process, and we understand the personal toll it takes.
Tyson Foods,
CFO,
Food industry,
University,
Treasury,
Walmart,
Financial management,
OTCQB,
Growth,
Organization,
Management BONITA SPRINGS, Fla., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs and Home Gourmets, today announced that Gary Schubert has assumed the role of Chief Financial Officer (“CFO”) at IVFH effective January 1, 2024. The Company’s previous CFO, Richard Tang, will stay on with the company to help with the transition through the end of January. We thank Richard for his tremendous contributions over the last three years, bringing the company back to profitability post-COVID, recapitalizing all company debt, improving net working capital, and strengthening the accounting team, enabling them to meet all SEC deadlines.
Key Points:
- The Company’s previous CFO, Richard Tang, will stay on with the company to help with the transition through the end of January.
- Incoming CFO Gary Schubert brings a wealth of public company and food industry experience to IVFH from his 15 years at Walmart and 3 years at Tyson Foods.
- We believe Gary’s skillset will help drive and execute our strategic objectives and deliver significant value to our shareholders,” stated Bill Bennett, CEO of Innovative Food Holdings.
- I’m thrilled to welcome Gary to IVFH as we pursue the incredible opportunities that lie ahead of the Company.”
Retrieved on:
Monday, December 18, 2023
Key Points:
- They are as follows:
First, the Company has received and accepted an offer to purchase its building in Bonita Springs, FL.
- Second, the Company has listed its e-commerce fulfillment center in Mountain Top, PA for sale or lease through CBRE, a national commercial broker.
- We are highly focused on first stabilizing the company, then reallocating resources, capital, and focus to our core, profitable business.
- We also continue to search for the right bolt-on acquisitions that can be immediately accretive, and unlock growth synergies with our existing business.”
Retrieved on:
Thursday, November 9, 2023
BONITA SPRINGS, Fla., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs and home gourmets, today reported its financial results for the third quarter of 2023.
Key Points:
- “During the third quarter, we continued to focus on profit during our year of stabilization, with gross margins increasing 568 basis points to 28.2%.
- The B2B sales cycle is long, but we are optimistic about how today’s efforts will drive results next year.
- Revenues in the 2023 third quarter decreased 13.8% to $17.3 million, compared to $20.1 million for the three months ended September 30, 2023.
- The following table sets forth IVFH’s revenue by business category for the months ended September 30, 2023, and September 30, 2022 (unaudited):
Retrieved on:
Tuesday, October 31, 2023
BONITA SPRINGS, Fla., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs and Home Gourmets, today announced that the Company will host an investor call on November 9, 2023 at 9:00 am Eastern Time via Zoom and by phone.
Key Points:
- BONITA SPRINGS, Fla., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs and Home Gourmets, today announced that the Company will host an investor call on November 9, 2023 at 9:00 am Eastern Time via Zoom and by phone.
- The purpose of the meeting will be for management to discuss the Company's third fiscal quarter results for the quarter ended September 30, 2023, followed by Q&A with investors.
- The company will also provide additional details on its future strategy.
- Details for the meeting are as follows:
