Business
HF Foods Reports Fourth Quarter and Full Year 2020 Financial Results
CITY OF INDUSTRY, Calif., March 16, 2021 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the
About this update from Hf Foods Group Inc.
[{"type":"text","content":"CITY OF INDUSTRY, Calif., March 16, 2021 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the Southeast, Pacific and Mountain West regions of the United States, reported fourth quarter and full year pro forma financial results for the year ended December 31, 2020. The pro forma results reflect the combined results of HF Foods and B&R Global Holdings (“B&R”) as if their November 4, 2019 merger had occurred on the first day of the prior period presented. Fourth Quarter 2020 Financial Summary (which includes the B&R transaction in Q4 2020 but not Q4 2019) Net revenue decreased to $146.5 million, compared to $162.9 million in 2019.Gross profit was $25.5 million, or 17.4% of total revenue, compared to $25.8 million, or 15.8% of total revenue in 2019.Net income attributable to the Company was $1.6 million, or $0.03 per diluted share, compared to $1.3 million, or $0.06 per diluted share in 2019.Adjusted EBITDA decreased to $6.0 million, compared to $7.0 million in 2019. Pro Forma Fourth Quarter 2020 Financial Summary On a pro forma basis, net revenue decreased to $146.5 million from $206.0 million in 2019.On a pro forma basis, gross profit was $25.5 million, or 17.4% of total revenue in 2020, compared to $32.6 million, or 15.8% of total revenue in 2019.On a pro forma basis, net income attributable to the Company was $1.6 million, or $0.03 per diluted share, compared to $0.1 million, or $0.00 per diluted share in 2019.On a pro forma basis, adjusted EBITDA was $6.0 million compared to $6.6 million in 2019. 2020 Financial Summary (which includes the B&R transaction in 2020 but not 2019) Net revenue increased 46% to $566.8 million, compared to $388.2 million in 2019.Gross profit was $100.3 million, or 17.7% of total revenue, compared to $63.2 million, or 16.3% of total revenue in 2019.Net loss attributable to the Company was $343.0 million, or $(6.58) per diluted share, including a one-time goodwill impairment charge of $338.2 million in the first quarter of 2020. This compares to $5.4 million, or $0.22 per diluted share, in 2019.Adjusted EBITDA increased 17% to $19.7 million, compared to $16.9 million in 2019.As of December 31, 2020, cash and cash equivalents totaled $9.6 million compared to $14.5 million at December 31, 2019. Pro Forma Financial Summary - 2020 vs 2019 On a pro...