Business
HF Foods Reports Fourth Quarter and Full Year 2022 Financial Results
Full Year Net Revenue up 47% to $1.2 Billion Distribution Network Services Over 15,000 Customers Across 46 States LAS VEGAS, March 16, 2023 (GLOBE NEWSWIRE)
About this update from Hf Foods Group Inc.
[{"type":"text","content":"Full Year Net Revenue up 47% to $1.2 Billion Distribution Network Services Over 15,000 Customers Across 46 States LAS VEGAS, March 16, 2023 (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 unaudited financial results for the fourth quarter and full year ended December 31, 2022. On January 31, 2023, HF Foods filed its Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022, and regained compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic reports. The Company does not expect to file its Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) with the Securities and Exchange Commission (the “SEC”) by the due date of March 16, 2023, due to the time required to prepare and file the reports referenced above and to complete its year end procedures for fiscal year 2022. The Company expects to file the 2022 Annual Report by the end of this month. This press release contains unaudited financial information as of and for the year ended December 31, 2022, and such information could potentially change depending on the outcome of the Company’s year end audit. Fourth Quarter 2022 Financial Results Net revenue increased 28% to $291.9 million compared to $228.4 million in the prior year.Gross profit increased 13% to $50.7 million, or 17.4% gross profit margin compared to $45.0 million, or 19.7% gross profit margin in the prior year.Net (loss) income decreased 135% to a net loss of $3.5 million compared to net income of $9.9 million in the prior year.Adjusted EBITDA decreased 75% to $4.3 million compared to $17.2 million in the prior year. Full Year 2022 Financial Results Net revenue increased 47% to $1,170.5 million compared to $796.9 million in the prior year.Gross profit increased 36% to $205.5 million, or 17.6% gross profit margin compared to $151.5 million, or 19.0% gross profit margin in the prior year.Net income decreased 99% to $0.2 million compared to $22.8 million in the prior year.Adjusted EBITDA decreased 21% to $40.1 million compared to $50.8 million in the prior year. Management Commentary “I am ver...