Business
HF Foods Reports Second Quarter 2020 Financial Results
CITY OF INDUSTRY, Calif., Aug. 10, 2020 (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., Aug. 10, 2020 (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 second quarter and pro forma financial results for the period ended June 30, 2020.\n As previously announced in a press release on November 4, 2019, HF Foods merged with B&R Global Holdings (“B&R”). The pro forma results reflect the combined results of HF Foods Group and B&R as if the transaction had occurred on the first day of the prior period presented. Second Quarter 2020 Financial Summary (which includes the B&R transaction in Q2 2020 but not Q2 2019) Net revenue increased 40% to $104.6 million compared to $74.7 million in the second quarter of 2019.Gross profit was $20.6 million, or 19.7% of total revenue, compared to $12.5 million, or 16.7% of total revenue, in the second quarter of 2019.Net loss was $4.1 million, or $(0.08) per diluted share. This compares to net income of $1.0 million, or $0.05 per diluted share, in the second quarter of 2019.Adjusted EBITDA was $3.4 million compared to $3.6 million in the second quarter of 2019. Pro Forma Second Quarter 2020 Financial Summary Pro forma net revenue decreased to $104.6 million from $208.0 million.Pro forma gross profit was $20.6 million, or 19.7% of total revenue, compared to $33.7 million, or 16.2% of total revenue, in the second quarter of 2019.Pro forma net loss was $4.1 million, or $(0.08) per diluted share, compared to net income of $1.4 million, or $0.03 per diluted share, in the second quarter of 2019.Pro forma adjusted EBITDA was $3.4 million compared to $8.9 million in the second quarter of 2019. “Following the initial shock of the COVID-19 pandemic, we swiftly adjusted our delivery operations to better align with the needs of our customers, and we improved our cost structure to ensure the business’s long-term viability,” said Zhou Min Ni, chairman and Co-CEO of HF Foods. “The decisive actions we took in April improved our liquidity position and ensured that we could continue supporting our customers’ and our communities’ essential needs during an unprecedented time in which our customers’ traditional means of doing business were upended. Since May, our sales have increased each month as consumers and our customers have adapted to the ...