Business
HF Foods Reports Third Quarter 2022 Financial Results
Net Revenue up 40% to $300.7 million LAS VEGAS, Nov. 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 40% to $300.7 million\nLAS VEGAS, Nov. 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 third quarter unaudited financial results for the quarter ended September 30, 2022. The Company is unable to file its unaudited financial results on Form 10-Q due to its ongoing review of complex technical and accounting issues relating to the independent investigation by the Special Investigation Committee of the Company’s Board of Directors, regarding a previously disclosed SEC subpoena and investigation. As previously reported, the Company's Form 10-K for the year ended December 31, 2021, Form 10-Q for the quarter ended March 31, 2022, and Form 10-Q for the quarter ended June 30, 2022 had been delayed as a result of an ongoing review of accounting issues relating to the Company’s business combination with B&R Global Holdings, Inc. on November 4, 2019 (the “B&R Merger”) in response to an SEC comment letter. After the Company engaged in correspondence and discussions with the Staff of the SEC (the “SEC Staff”) regarding the accounting issues surrounding the B&R Merger, on September 12, 2022 the SEC Staff informed the Company by written notice that the SEC Staff had completed their review of the Company’s past periodic reports. The Company and its external consultant, under the oversight of the Audit Committee of the Company’s Board of Directors, are working to file the outstanding periodic reports on Forms 10-K and 10-Q, and will file its Form 10-Q for the Quarter ended September 30, 2022 as promptly as possible after outstanding periodic reports for such prior periods have been filed. Accordingly, the Company’s financial results are not yet available. This press release contains certain unaudited financial information relating to financial results for the third quarter ended September 30, 2022, and such information could potentially change depending on the outcome of the Company’s ongoing accounting review. Third Quarter 2022 Financial Summary Net revenue increased 40% to $300.7 million compared to $215.5 million in 2021.Gross profit was $52.1 million, or 17.3% of total revenue compared to $41.9 million, or 19.4% of total revenue in 2021. Management Commentary “HF Foods delivered another...