Business
HF Foods Reports Fourth Quarter and Full Year 2021 Unaudited Financial Results
LAS VEGAS, April 05, 2022 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the United States
About this update from Hf Foods Group Inc.
[{"type":"text","content":"LAS VEGAS, April 05, 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 fourth quarter and full year unaudited financial results for the year ended December 31, 2021. The Company is unable to file its audited financial results on Form 10-K 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-K as promptly as possible. Accordingly, the Company’s audited financial results are not yet available. This press release contains certain unaudited financial information relating to fourth quarter and full year financial results for the year ended December 31, 2021, and such information could potentially change depending on the outcome of the SEC comment letter. Fourth Quarter 2021 Financial Summary Vs. Fourth Quarter 2020 Net revenue increased 56% to $228.4 million compared to $146.5 million in 2020.Gross profit was $45.1 million, or 19.7% of total revenue compared to $25.5 million, or 17.4% of total revenue in 2020. Full Year 2021 Financial Summary Vs. Full Year 2020 Net revenue increased 41% to $796.9 million compared to $566.8 million in 2020.Gross profit was $151.6 million, or 19.0% of total revenue compared to $100.3 million, or 17.7% of total revenue in 2020. Management Commentary \"Despite headwinds in the global economy, HF Foods delivered record fourth quarter and full year results, highlighted by a 41% year over year increase in revenues, surpassing pre-pandemic results,\" said Peter Zhang, CEO of HF Foods. \"Due to the easing of COVID-19 related restrictions, resulting in an increase in overall foot traffic to restaurants, dine-in business for our clients has significantly recovered, which has positively impacted our sales and movement of product. Additionally, we continue to use our economies of scale to leverage our purchasing bargaining power, which has bolstered our gross margins. “We expect our growth momentum to continue by taking advantage of both organic and inorganic growth opportunities, such as our acquisition of Great Wall Seafood Supply in the fourth quarter. These growth opportunities will continue to generate ...