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) 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.
HF Foods Group Inc. (NASDAQ: HFFG) received a notification from Nasdaq on May 12, 2022, regarding non-compliance with Listing Rule 5250(c)(1) due to delays in filing its Quarterly Report on Form 10-Q for Q1 2022. This follows a prior notification concerning its Annual Report on Form 10-K for the year ended December 31, 2021. The Company has 60 days to submit a plan for regaining compliance. Despite the notification, the letter does not affect the current trading status of HFFG on Nasdaq.
HF Foods Group Inc. (HFFG) reported record first quarter results for 2022, with net revenue increasing 75% to $278.2 million from $159.4 million a year earlier. Gross profit rose 74% to $51.3 million, maintaining margins despite inflationary pressures. The surge in revenue was attributed to a strong recovery in restaurant demand post-pandemic, aided by the acquisition of Great Wall Group and Sealand Food, which expanded their distribution network to 46 states. However, the company awaits resolution on SEC comments regarding a previous merger, delaying the filing of its 10-Q.
HF Foods Group Inc. (NASDAQ: HFFG) announced an agreement to acquire substantially all assets of Sealand Food, Inc., a prominent frozen seafood supplier, for an anticipated 2022 revenue of $90 million. This acquisition strategically expands HF Foods' distribution network to 46 states, allowing it to serve approximately 15,000 restaurants and aiming for over $1 billion in projected revenue. HF Group's leadership emphasized growth through acquisition as a key strategy for enhancing shareholder value.
HF Foods Group (NASDAQ: HFFG) announces the appointment of Mr. Xi Lin as Chief Operating Officer, effective May 1, 2022. Lin, previously an Independent Board Member since November 2019, will also remain on the Board until a successor is appointed. His extensive experience includes leadership roles at Blue Bird Corporation, where he oversaw various operational sectors. CEO Peter Zhang anticipates that Lin's addition will enhance operational efficiency and strengthen market presence. The company aims to meet the growing demand for Asian cuisine in the U.S.
HF Foods Group, Inc. (NASDAQ: HFFG) received a notification from Nasdaq on April 1, 2022, for non-compliance with Listing Rule 5250(c)(1) due to delays in filing its Annual Report on Form 10-K for the year ended December 31, 2021. The delay stems from ongoing accounting issue reviews related to its 2019 acquisition of B&R Global Holdings and COVID-19-related absenteeism. HF Foods has until May 31, 2022, to submit a compliance plan to Nasdaq. The management is actively working to resolve these issues and intends to file the required reports promptly.
HF Foods Group Inc. (NASDAQ: HFFG) reported significant financial growth, with fourth quarter net revenue rising 56% to $228.4 million and gross profit increasing to $45.1 million, or 19.7% of revenue. For the full year 2021, net revenue reached $796.9 million, a 41% increase from 2020. The gross profit also saw a rise of 51% to $151.6 million, improving margins to 19.0%. Despite unresolved SEC comments delaying the audited financial results, management remains optimistic about future growth driven by restaurant recovery and strategic acquisitions.
HF Foods Group Inc. (NASDAQ: HFFG) has successfully completed the acquisition of the Great Wall Group, which includes Great Wall Seafood Supply Inc., Great Wall Restaurant Supplier Inc., and First Mart Inc.
The Great Wall Group is a major supplier of frozen seafood to Asian restaurants, generating approximately $200 million in annual revenue.
This acquisition enhances HF Foods' distribution network to over 40 states and positions the company for projected revenues exceeding $1 billion in 2022, significantly increasing its customer base to over 12,500 restaurant clients.
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.