Welcome to our dedicated page for Hf Foods Group news (Ticker: HFFG), a resource for investors and traders seeking the latest updates and insights on Hf Foods Group stock.
HF Foods Group Inc. (NASDAQ: HFFG) is a marketer and distributor of fresh produce, frozen and dry food, seafood, meat and poultry, and non-food products to primarily Asian restaurants and other foodservice customers across the United States. This news page aggregates company announcements, financial updates, and other disclosures related to HF Foods’ operations and strategy.
Readers can find earnings releases in which HF Foods reports on net revenue, gross profit, net income or loss, and non-GAAP measures such as Adjusted EBITDA. These releases also discuss factors affecting performance, such as volume and pricing trends in meat and poultry and seafood, distribution, selling and administrative expenses, and cash flow and liquidity considerations.
HF Foods’ news also covers developments in its distribution network and infrastructure. Examples include the opening of a new distribution warehouse in Powder Springs, Georgia, to support its Atlanta operations and expand capacity in the Southeast, and the company’s entry into a binding purchase agreement to acquire a distribution facility in Chicago, Illinois, which it views as a cornerstone of its Midwest distribution footprint. Such items provide insight into how HF Foods is investing in facilities, technology, and logistics to support its role as a distributor of international foodservice solutions.
Additional news items include participation in investor conferences, the establishment of an at-the-market equity offering program, and governance updates such as executive appointments, board changes, and amendments to executive severance plans. Investors and other interested readers can use this page as a central location to review HF Foods’ press releases and related information about its financial reporting, capital markets activities, operational initiatives, and leadership changes.
HF Foods Group Inc. (NASDAQ: HFFG), a food distributor to Asian restaurants, plans a Combined Shareholders Meeting by June 30, 2023, to regain compliance with Nasdaq Listing Rule 5620(a). The company recently complied with Nasdaq filing requirements and will submit its Annual Report on Form 10-K for 2022 in March 2023. The board assures shareholders that despite addressing legacy financial matters, they continue to execute strategies for value creation. With 18 distribution centers and a customer base of over 15,000 across 46 states, HF Foods aims to meet the growing demand for Asian cuisine.
HF Foods Group Inc. (NASDAQ: HFFG) announced the filing of its Form 10-K for the year ended December 31, 2021, and Form 10-Qs for the quarters ended March, June, and September 2022 with the SEC. This filing indicates the company's compliance with Nasdaq Listing Rule 5250(c)(1). The company plans to file its Form 10-K for 2022 by March 16, 2023. Headquartered in Las Vegas, HF Foods is a distributor of food products to Asian restaurants across the U.S., servicing over 15,000 customers with 18 distribution centers nationwide.
HF Foods Group Inc. (NASDAQ: HFFG) has appointed Prudence Kuai as a new board member as of January 17, 2023. Kuai brings 25 years of experience in the healthcare industry, particularly in technology and operations. Her background includes leadership roles in IT and a focus on merging and acquisition strategies. The board now consists of four independent directors alongside CEO Peter Zhang. Chairman Russell T. Libby emphasized that Kuai's expertise will enhance the company's growth and modernization efforts in the food distribution sector, particularly serving Asian restaurants across the U.S.
HF Foods Group Inc. (NASDAQ: HFFG) announced it received a notification from Nasdaq on November 14, 2022, regarding non-compliance with Listing Rule 5250(c)(1) due to delays in filing required reports, including its Q3 Form 10-Q and previous delinquent filings. Nasdaq granted an extension of delisting proceedings until January 31, 2023, with the company required to update the Hearings Panel by December 30, 2022. Management is working to resolve complex accounting issues linked to an ongoing investigation. The notification has no immediate effect on stock listing or trading.
HF Foods Group Inc. (HFFG) reported a 40% increase in net revenue for Q3 2022, reaching $300.7 million, up from $215.5 million in Q3 2021. The gross profit also rose by 24% to $52.1 million, although the gross profit margin decreased to 17.3% from 19.4% in 2021 due to lower margins on seafood sales from recent acquisitions. The company has faced delays in filing financial results due to ongoing accounting reviews related to its 2019 B&R Merger. Despite these challenges, management remains optimistic about future growth and profitability.
HF Foods Group Inc. (NASDAQ: HFFG) received a Staff Delisting Determination from Nasdaq on September 28, 2022, for failing to comply with Listing Rule 5250(c)(1) due to untimely filings of its periodic reports. The company is appealing the decision and is seeking a hearing to present its compliance plan. The ongoing filing delays relate to accounting issues from the B&R Global Holdings merger and an SEC investigation. HF Foods aims to file all delinquent reports as soon as possible, although no assurance can be given regarding timeliness or appeal success.
HF Foods Group Inc. (NASDAQ: HFFG) announced that it received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to delays in filing its Quarterly Report on Form 10-Q for Q2 2022. This notification follows a previous one regarding the Q1 report. The company submitted a Notification of Late Filing on Form 12b-25 to address ongoing accounting reviews related to its 2019 business combination with B&R Global Holdings. Management is actively working to resolve these issues and intends to regain compliance with Nasdaq's listing requirements promptly.
HF Foods Group Inc. (HFFG) reported a strong 55% increase in net revenue, reaching approximately $299.6 million for Q2 2022, compared to $193.5 million in Q2 2021. Despite this growth, gross profit margin decreased from 18.2% to 17.4%, attributed to a shift in product mix towards seafood sales. The company is currently unable to file its 10-Q due to unresolved SEC comments stemming from its 2019 merger. Liquidity remains solid with $18.8 million in cash and access to $40 million through a line of credit.
HF Foods Group Inc. (NASDAQ: HFFG) announced the appointment of Mr. Carlos A. Rodriguez as Chief Financial Officer effective on or before August 1, 2022. With over 25 years in finance, Rodriguez previously served as Chief Accounting Officer at General Life Sciences. CEO Peter Zhang highlighted Rodriguez's expertise in SEC reporting and M&A due diligence as vital for the company's growth. Valerie Chase, Audit Committee Chairwoman, expressed confidence in Rodriguez's ability to deliver long-term shareholder value.
HF Foods Group Inc. (NASDAQ: HFFG) has appointed Jose Maroto to its board of directors as of July 1, 2022. With 29 years in the foodservice industry, his experience includes successful ventures in Costa Rica and Panama. Maroto's addition aims to strengthen the board's expertise, enhancing support for management in distribution operations and expansion. Concurrently, Felix Lin stepped down as a director but will continue as Chief Operating Officer and interim Chief Financial Officer. The board now includes four independent directors, offering a diversified leadership structure.