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Business Observer Tuesday, Nov. 27, 2012 9 years ago

Food purveyor turns profit

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Fine-food purveyor Innovative Food Holdings swings to a quarterly profit.

NAPLES — Innovative Food Holdings, a company that provides fine foods to high-end restaurant chefs, posted net income of $1.6 million on revenues of $5.1 million in the quarter ended Sept. 30.

That compares with a net loss of $142,000 on revenues of $2.9 million in the same quarter one year ago.

In a filing with the Securities and Exchange Commission, Innovative Food says the improved results were due in part to the acquisition in May of Artisan Specialty Foods in Chicago. Innovative financed that acquisition for $1.2 million primarily with debt.

In addition, excluding the acquisition of Artisan, the company says sales rose. “The areas of increased sales included specialty items, produce, meat and game, cheese and seafood, and with a smaller increase in poultry products. We continue to assess the potential of new revenue sources from the manufacture and sale of proprietary food products and additional sales channel opportunities and will implement that strategy if, based on our analysis, we deem it beneficial to us,” the company says in its filing of quarterly results.

In addition to supplying restaurant chefs, Food Innovations sells fine foods to consumers through its website, ForTheGourmet.com. You can read a recent story about Food Innovations in the Business Review here.

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