Shawshank, VA 5/16/2011 (PennyPayDay) -- Innovative Food Holdings, Inc. (OTC:IVFH), a marketer and purveyor of over 4,000 high quality gourmet food products throughout the United States to professional chefs and to the gourmet consumer market, announced today, in a press release, first quarter results.
Net revenues were $2.47 million for the quarter ended March 31, 2011, an approximate 7 % increase compared to net revenues of $2.30 million for the first quarter of 2010.
The company reported positive operating cash flow of $169,969 in the first quarter and ended the quarter with over $655,000 in cash.
Commenting on the results, Innovative Food Holdings' CEO, Sam Klepfish, stated, "We are pleased with the first quarter results, which historically is our slowest quarter and we continue to see increased acceptance of our offerings in the market. We made several investments in personnel, new programs and in other areas intended to drive additional sales growth and we currently believe that we are well positioned for 2011 sales growth beyond the first quarter's sales growth rate.
Mr. Klepfish continued, "In addition, for the last several months we have been in negotiations with noteholders with respect to reducing our debt as part of a strategy to streamline and improve our capital structure. We believe we have made progress in this area and we intend to update our shareholders in the near future regarding the details of those efforts."
According to the press release, the Company believes that its shares are undervalued and given the opportunity the Company intends to purchase shares in the open market during 2011.
Innovative Food Holdings, through its wholly owned subsidiaries, is in the business of marketing and selling high quality gourmet food and products. Food Innovations, Inc., in partnership with one of the largest Foodservice distributors in the Unites States, provides over 4,000 of 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.