With all the talk of competitive cannabis companies in the spotlight, let’s not forget what profits there are to be made in the food industry.
Wednesday, Innovative Food Holdings, Inc. (OTC:IVFH) reported its financial results for the fourth quarter and full year of 2018.
The company, based in Bonita Springs, Florida, reported revenue increased to nearly $18.0 million during the three months ended December 31, 2018, compared to $10.8 million for the three months ended December 31, 2017. For the full fiscal year 2018, total revenue increased 28.3% to $52.9 million, compared to $41.2 million last year.
Fourth-quarter net income was $0.8 million, or $0.02 per diluted share, compared to $1.0 million, or $0.04 per diluted share in the prior year's fourth quarter. For 2018, net income was $1.7 million, or $0.05 per diluted share, compared to $4.5 million, or $0.15 per diluted share for 2017.
CEO Sam Klepfish said, "I am extremely pleased with 2018’s record revenues and favorable financial results, as well as the strong momentum we achieved in the fourth quarter."
IVFH shares rocketed five cents, or 10%, within an hour of the close on Wednesday, to reach 55 cents, on volume totaling more than 559,000.
