ex10-1.htm


    Exhibit 10.1

     

     

    Innovative
Food Holdings Announces 1st Quarter
Results and Shows Record Positive Operating Income.

    


    Naples,
Florida  May 20, 2009-  Innovative Food Holdings (OTC:BB –
IVFH) a marketer and purveyor of  high quality gourmet food products
throughout the United States, announced today it’s first quarter fiscal year
2009 results.

    


    First
Quarter Results:

    


    The
Company reported net GAAP income of $1.28 million or $0.007 per share vs. a loss
of ($1.95 million) or ($0.011) per share a year
earlier. GAAP income per share for the quarter included one-time gains for the
retirement of debt and other gains as a result of the revaluation of certain
liabilities related to the debt retirement.

    


    The
company reported net operating income (income before interest expenses and other
gains and losses) of $26,420 a significant improvement compared to an operating
loss of  ($19,985) for the same quarter last year.

    


    Net
revenues for the quarter were $1.600 million for the quarter ended March 31,
2009 down slightly from net revenues of $1.603 million for the same period a
year ago.

    


    Operating
Highlights for the quarter included:

    


    Achieved
record operating income and reported positive operating income for the first
time in the company’s history.

    


    Maintained
revenues and a strong customer base despite significant economic challenges
across the United States and especially difficult economic conditions within the
restaurant and hospitality sector.

    


    The
Company also improved its balance sheet through the retirement of liabilities at
a discount resulting in a gain of $222,656 and the reduction of net liabilities
in that amount off the Company’s balance sheet.

    


    The CEO
of Innovative Food Holdings, Inc. Mr. Sam Klepfish said “We are extremely
excited by the first quarter operating results.  We believe that the
our historic positive operating income is a milestone for the company and
provides another validation for our strategic operating plan which emphasizes
our core competencies and a strong focus on bottom line growth.  In
addition, despite overall flat revenues for the quarter, we experienced an
uptick in revenue growth towards the end of the first quarter and that revenue
growth has continued into the second quarter.”

    


    Mr.
Klepfish further noted “These results are a testament to the hard work of all
our employees and to the attractiveness of our offerings. It is important to
point out that we believe that it is a significant achievement for the company
to be able to report strong quarterly results in an extremely challenging
economic environment overall and in an especially difficult economic environment
for the restaurant and hospitality sector.  I believe that the steps
we have taken to solidify our business, which are reflected in our quarterly
results, will allow us to be optimally positioned for further growth when
economic conditions improve.”

    


    About
Innovative Food Holdings: Innovative Food Holdings, Inc., through its wholly
owned subsidiaries, is in the business of marketing and selling high quality
gourmet food.

     

    Food
Innovations, Inc., in partnership with one of the largest foodservice
distributors in the Unites States, provides 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.

     

    For the
Gourmet, Inc., through its soon-to-be-launched website, and through additional
sales channels, provides the highest quality gourmet food products to the retail
consumer market. To learn more, visit the For The Gourmet website at www.forthegourmet.com.
For The Gourmet is a wholly owned subsidiary of Innovative Food Holdings,
Inc.

     

     

    This
release contains certain forward-looking statements and information relating to
Innovative Food Holdings, Inc. (the "Company") that are based on the beliefs of
the Company's management, as well as assumptions made by, and information
currently available to, the Company. Such statements reflect the current views
of the Company with respect to future events and are subject to certain
assumptions, including those described in this release. Should one or more of
these underlying assumptions prove incorrect, actual results may vary materially
from those described herein as should, could, anticipated, believed, intended,
potentially or expected. The Company does not intend to update these
forward-looking statements.

     

    


    


    Contact:

     

         Media
Contact:

         March
Noble Communications

         Dylan
Hundley

         (646)
435-4069

         info@marchnoble.com

          

         Innovative
Food Holdings, Inc.

         Sam
Klepfish

         (239)
449-3235

         sklepfish@innovativefoodholdings.com

          

         Innovative
Food Holdings, Inc.

         IR@Innovativefoodholdings.com