Business
HF Foods Reports Second Quarter 2022 Financial Results
Net Revenue up 55% to $300 million LAS VEGAS, Aug. 10, 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 55% to $300 million\nLAS VEGAS, Aug. 10, 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 second quarter unaudited financial results for the quarter ended June 30, 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 second quarter financial results for the quarter ended June 30, 2022, and such information could potentially change depending on the outcome of the SEC comment letter. Second Quarter 2022 Financial Summary Net revenue increased 55% to $299.6 million compared to $193.5 million in 2021.Gross profit was $52.0 million, or 17.4% of total revenue compared to $35.1 million, or 18.2% of total revenue in 2021. Management Commentary “HF Foods delivered solid second quarter results with 55% year-over-year increase in revenues, as overall business at restaurants has significantly recovered to pre-pandemic levels,” said Peter Zhang, CEO of HF Foods. “Our recent acquisitions of Great Wall Group and Sealand Food take our extensive distribution network to 46 states, covering well over 90% of the continental United States.” “I am happy with the significant progress we have made with our leadership team this quarter, with appointments of our new COO, Felix Lin, and, most recently, our CFO, Carlos Rodriguez. Both Felix and Carlos bring valuable experience to the Company and I am excited to have them on my team. Looking ahead, we will continue to strengthen our leadership team and deliver long-term shareholder value through organic growth and acquisitions.” Second Quarter 2022 Results Net revenue was $299.6 million for the second quarter of 2022 compared to $193.5 million in the second quarter of 2021, an increase of $106.1 million, or 54.8%. This increase was primarily attributable to the strong recovery of restaurant demand from the COVID-19 pandemic as well a...