This morning investors may be interested in tracking the Innovative Food Holdings Inc (OTCMKTS:IVFH) stock considering the fact that the company announced its financial results for the second fiscal quarter yesterday.
Trading Data
On Tuesday, IVFH stock ended flat at $0.25 with a 1.8K share, compared to a volume of 26K shares. The stock moved within a range of $0.2400 – 0.2500 after opening trade at $0.24.
Innovative Food Holdings, Inc. Reports 2022 Second Quarter Financial Results and Record Second Quarter Sales
The full-service DTC eCommerce platform operator announced that it had generated record revenues in the second quarter of as much as $20.5 million and that reflected a year-on-year rise of as much as 47% from the $14 million that it had generated in the prior year period. In this context, it is perhaps important to point out that the revenues in the second quarter got a significant boost from the 66% rise in specialty food service revenues.
The specialty foodservice revenue boost was also driven by the reopening of foodservice establishments and restaurants. On the other hand, the selling, general and administrative expenses for the second fiscal quarter stood at $5.5 million, which worked out to 27% of the company’s revenues.
In the prior year period, the same figure had stood at $4.7 million but it made up as much as 33% of the total revenues at the time. It is going to be interesting to see if the Innovative Food Holdings stock manages to get any traction among investors today.
Key Quote
“The strong growth we are experiencing in specialty foodservice revenue is encouraging and helped IVFH produce record second-quarter revenue. Positive momentum remains robust across our foodservice operations, including igourmet’s B2B business, as a result of continued re-opening activities and our ability to grow market share by providing unique specialty foods and excellent customer service to our customers. I am proud of our team’s hard work as we continue to successfully navigate unprecedented logistics, supply chain, and inflationary challenges. Second quarter and year-to-date sales also reflect the strength of our platforms as record foodservice revenue successfully offset normalizing eCommerce trends and industry wide changes impacting the effectiveness of digital marketing,” stated Sam Klepfish, CEO of Innovative Food Holdings.
Technical Data
IVFH stock is below the 20-Day and 50-Day Moving averages of $0.26 and $0.26 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.31. The company has a total market capitalization of $11.75 million. The stock is up 1% over the past month.
