Business
HF Foods Reports Third Quarter 2020 Financial Results
CITY OF INDUSTRY, Calif., Nov. 09, 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., Nov. 09, 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 third quarter and pro forma financial results for the period ended September 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. Third Quarter 2020 Financial Summary (which includes the B&R transaction in Q3 2020 but not Q3 2019) Net revenue increased 85% to $139.9 million compared to $75.7 million in the third quarter of 2019.Gross profit was $25.2 million, or 18.0% of total revenue, compared to $12.2 million, or 16.1% of total revenue, in the third quarter of 2019.Net loss was $624,000, or $(0.01) per diluted share. This compares to net income of $1.3 million, or $0.06 per diluted share, in the third quarter of 2019.Adjusted EBITDA was $6.0 million compared to $2.7 million in the third quarter of 2019. Pro Forma Third Quarter 2020 Financial Summary Pro forma net revenue decreased to $139.9 million from $205.1 million.Pro forma gross profit was $25.2 million, or 18.0% of total revenue, compared to $32.4 million, or 15.8% of total revenue, in the third quarter of 2019.Pro forma net loss was $624,000, or $(0.01) per diluted share, compared to net income of $1.5 million, or $0.03 per diluted share, in the third quarter of 2019.Pro forma adjusted EBITDA was $6.0 million compared to $7.3 million in the third quarter of 2019. “While we have faced substantial challenges since the COVID-19 pandemic began impacting the U.S. in March, our flexible organizational structure and resilient customer base have allowed us to adapt to changing circumstances, stabilize the business, and reposition our organization for long-term success,” said Zhou Min Ni, chairman and Co-CEO of HF Foods. “We operate as a market leader in a highly fragmented industry, which provides us with the unique ability to capitalize on opportunities that will be created in the wake of the current environment. While we cannot predict how COVID-19 or the response to the virus will evolve, we remain optimistic that our s...