Hf Foods Group Inc Stock Price, News & Analysis

HF Foods Group Inc. (HFFG) announced the appointment of Valerie P. Chase to its board of directors effective December 13, 2021. With over 15 years in accounting and finance, Chase's experience includes roles at Ernst & Young and Magnolia Oil & Gas. This addition expands the board from four to five members, enhancing corporate governance and financial oversight. Chairman Russell T. Libby expressed confidence in Chase's ability to strengthen accounting procedures and support growth initiatives. CEO Peter Zhang emphasized the importance of her qualifications for scaling the business sustainably.

HF Foods Group (NASDAQ: HFFG) reported a robust financial performance for Q3 2021, with net revenue surging 54% to $215.5 million from $139.9 million in Q3 2020. The company achieved a 191% increase in Adjusted EBITDA to $17.4 million and net income of $7.9 million, compared to a net loss in the same quarter last year. Gross profit also rose 66.6% to $41.9 million, driven by strong market recovery and effective cost management. Despite potential government restrictions, management remains optimistic about sustained sales momentum.

HF Foods Group Inc. (NASDAQ: HFFG) appointed BDO USA, LLP as its new independent registered public accounting firm effective September 8, 2021, following a competitive selection process by the Audit Committee. This change aims to enhance financial reporting standards, internal controls, and corporate governance. The Company terminated its previous accountant, Friedman LLP. Felix Lin, Chairman of the Audit Committee, expressed enthusiasm about working with BDO to improve the Company’s financial practices.

HF Foods Group Inc. (HFFG) reported a significant financial turnaround in Q2 2021, with net revenue increasing 85.1% to $193.5 million from $104.6 million in Q2 2020. The company achieved a net income of $3.6 million, reversing a loss of $4.1 million in the same quarter last year. Adjusted EBITDA surged 249.2% to $11.9 million. Despite rising operational costs totaling $29.9 million, the firm anticipates continued growth as market conditions improve and consumer demand rises.

HF Foods Group Inc. (NASDAQ: HFFG) announces the appointment of Ms. Christine Chang as General Counsel and Chief Compliance Officer, effective September 8, 2021. With a legal career spanning over 13 years, Ms. Chang has held prominent roles at Dentons, LLP, Caesars Entertainment, and Boyd Gaming. CEO Peter Zhang expressed confidence in her legal expertise benefiting the company's compliance programs, while Chairman Russell Libby highlighted her role in governance improvements.

HF Foods Group Inc. (NASDAQ: HFFG) reported a net income of $1.5 million and a remarkable 104% increase in adjusted EBITDA to $8.9 million for Q1 2021. Net revenue stood at $159.4 million, down from $175.8 million in Q1 2020. However, gross profit rose to $29.4 million, representing 18.5% of total revenue, up from 16.5% a year earlier. The company experienced a recovery in sales volumes to approximately 90% of pre-COVID-19 levels. Liquidity remains strong with $11.3 million in cash and access to $83.4 million through its line of credit, positioning the company for future growth.

HF Foods Group (NASDAQ: HFFG) reported its fourth quarter and full year results for 2020, revealing a net revenue decline to $146.5 million from $162.9 million in 2019. Gross profit remained stable at $25.5 million, while net income rose to $1.6 million, or $0.03 per diluted share. For the year, total revenue increased by 46% to $566.8 million, but the company faced a significant net loss of $343 million due to a goodwill impairment charge. As of December 31, 2020, cash stood at $9.6 million, with an additional $81.7 million available through credit lines.

HF Foods Group Inc. (NASDAQ: HFFG) announced the voluntary resignation of Mr. Zhou Min Ni as Co-CEO and chairman, effective February 23, 2021. Mr. Peter Zhang will take over as sole CEO, while Mr. Russell T. Libby has been appointed as the new chairman of the board. Libby, an experienced industry professional with nearly 30 years at Sysco Corporation, has been part of the board since July 2020 and is expected to provide strong leadership. Zhang expressed gratitude towards Ni for his contributions while indicating a focus on company growth after a challenging year.

HF Foods Group Inc. (NASDAQ: HFFG) reported Q3 2020 results with net revenue of $139.9 million, an 85% increase from Q3 2019. Despite this growth, the company faced a net loss of $624,000 compared to a net income of $1.3 million in Q3 2019. Pro forma results show revenue down from $205.1 million, with a pro forma gross profit of $25.2 million. Weekly sales volumes stabilized at 70% of pre-COVID-19 levels, supported by strategic cost management and access to a $100 million line of credit.