Food purveyor boosts earnings

BONITA SPRINGS — Innovative Food Holdings posted higher sales and profits in the first quarter, driven by growth of its direct-to-consumer business and other efforts.

The company, which provides professional chefs with specialty and premium foods, posted net income of $188,706 on revenues of $5.5 million in the first quarter ending March 31. That compares with net income of $29,848 on revenues of $5.2 million in the same quarter of 2013.

“We achieved this even while overcoming the temporary impact of severe winter weather on our national direct-to-chef business and in our Chicago area Artisan Specialty Foods subsidiary,” says Sam Klepfish, CEO of Innovative Food Holdings, in a statement. “We believe that the continued top- and bottom-line growth demonstrates the strength of our business model and underscores our ability to execute.”

Klepfish attributed part of the results to growth in new areas. “During the quarter and continuing into the second quarter we made progress in the expansion of our business into new potential growth areas, including specific niches of the retail market and expansion of our direct to consumer business. We have also had increased partnership discussions in the e-grocery space, increased our activity within certain areas of the foodtech space and expanded the wholesale distribution of certain proprietary lines of products.”

You can read a profile of Klepfish and the company in the Business Observer.