Business
HF Foods Reports First Quarter 2022 Financial Results
Net Revenue up 75% to $278.2 Million LAS VEGAS, May 16, 2022 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian
About this update from Hf Foods Group Inc.
[{"type":"text","content":"Net Revenue up 75% to $278.2 Million\nLAS VEGAS, May 16, 2022 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the United States (“HF Foods”, “HF Group” or the “Company”), reported first quarter unaudited financial results for the quarter ended March 31, 2022. The Company is unable to file its unaudited financial results on Form 10-Q due to unresolved comments contained in a Securities Exchange Commission (“SEC”) comment letter relating to the Company’s merger with B&R Global which was consummated on November 4, 2019. The Company intends to file the Form 10-Q as promptly as possible. Accordingly, the Company’s financial results are not yet available. This press release contains certain unaudited financial information relating to first quarter financial results for the quarter ended March 31, 2022, and such information could potentially change depending on the outcome of the SEC comment letter. First Quarter 2022 Financial Summary Net revenue increased 75% to $278.2 million compared to $159.4 million in the year-ago quarter.Gross profit increased 74% to $51.3 million, or 18.4% of total revenue compared to $29.4 million, or 18.5% of total revenue in the year-ago quarter. Management Commentary “HF Foods delivered record first quarter results, highlighted by a 75% year over year increase in revenues, as overall foot traffic to dine-in business for our restaurant clients has significantly recovered to above pre-pandemic levels,\" said Peter Zhang, CEO of HF Foods. \"We continued our integration of the Great Wall Group, aligning management and operations with our nationwide distribution footprint. I am very pleased with the progress we’ve made with the Great Wall Group and I want to thank all of our associates for their dedication and commitment to our success. “Our recent acquisition of Sealand Food takes our extensive distribution network to 46 states covering well over 90% of the contiguous United States. With the completion of the acquisition, we now serve approximately 15,000 restaurants. We will continue to solidify our market leader position to deliver long-term shareholder value through organic growth and accretive acquisitions.” First Quarter 2022 Results Net revenue was $278.2 million for the first quarter of 2022 compared to $159.4 million in the prior year, an i...