Financial Data and Key Metrics Changes - For Q2 2024, net revenue increased by 3.4% to $302.3 million from $292.3 million in Q2 2023, driven by product cost inflation in chicken and improved pricing in seafood, partially offset by a $3.1 million loss from exiting chicken processing businesses [12] - Gross profit rose by 3.6% to $52.5 million, with gross profit margins slightly increasing to 17.4% from 17.3% [12] - Operating income improved to $2.6 million from a loss of $1.6 million in the prior year, attributed to lower distribution, selling, and administrative expenses [14] - Net income improved to $0.2 million compared to a net loss of $1.6 million in the prior year, driven by a $4.2 million increase in operating income and a $5.3 million reversal of lease guarantee liability [15] - Adjusted EBITDA increased approximately 26.4% to $10.6 million from $8.4 million in the prior year [15] Business Line Data and Key Metrics Changes - The seafood margin grew significantly year-over-year, helping to offset margin impacts in other categories such as chicken, which faced cost volatility [6][7] - The company expanded its centralized purchasing program to include a portion of chicken buys, successfully expanding margins on a per pound basis despite price volatility [7] - Distribution, selling, and administrative expenses decreased by approximately 4.6% to $49.8 million, primarily due to lower professional fees [13] Market Data and Key Metrics Changes - The company is well-positioned to capitalize on favorable market trends and demographics driving the growing demand for Asian food [16] Company Strategy and Development Direction - The company is focused on a comprehensive operational transformation plan aimed at delivering sustainable long-term growth [5] - Ongoing initiatives include expanding the centralized purchasing program, improving fleet and transportation efficiencies, and implementing a new ERP system across distribution centers [8][10] - The company is exploring M&A opportunities for geographic expansion and realizing meaningful synergies [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the successful settlement of legacy SEC matters and the focus on driving shareholder value [4] - The company anticipates significant progress in operational efficiencies and margin improvements beyond 2024 due to ongoing initiatives [10][16] Other Important Information - The company is renovating its Charlotte facility, which is expected to enhance distribution operations on the East Coast, and is close to finalizing a lease for a new facility in Atlanta to double capacity in that market [10][11] Q&A Session Summary Question: What are the expectations for future growth? - Management indicated that they are focused on long-term growth and success, supported by favorable market trends and a robust infrastructure [16]

HF Foods Group Inc. (HFFG) reported breakeven earnings per share in the second quarter of 2024 against the year-ago period's loss of 2 cents. Revenues in Detail HF Foods registered revenues of $302.3 million in the second quarter, up 3.4% year over year. Per management, the uptick primarily resulted from product cost inflation, volume increases and improved pricing in certain categories, such as chicken and seafood. However, this was partially offset by deflation in commodities, such as cooking oils, and th ...

Exhibit 99.1 HF Foods Reports Second Quarter 2024 Financial Results Increase in Net Revenue, Gross Profit, Gross Profit Margin, Net Income and Adjusted EBITDA Pre-Recorded Earnings Call Webcast Available on Investor Relations Website Las Vegas, NV – August 6, 2024 – HF Foods Group Inc. (NASDAQ: HFFG) ("HF Foods" or the "Company"), a leading food distributor to Asian restaurants across the United States, reported its unaudited financial results for the second quarter and six months ended June 30, 2024. Secon ...

Core Viewpoint - HF Foods Group Inc. has appointed Maria Ross to its board of directors, replacing Dr. Hong Wang, which maintains the board's composition of four independent directors and the CEO, Peter Zhang [1][2]. Company Overview - HF Foods Group Inc. is a prominent food distributor catering primarily to Asian restaurants across the United States, providing fresh produce, frozen and dry food, and non-food products [4]. - The company aims to meet the growing demand for Asian American cuisine by leveraging its extensive distribution network and strong relationships with growers and suppliers in the US, South America, and China [4]. New Board Member Profile - Maria Ross brings over 30 years of experience in supply chain management, having held significant roles in companies such as Nike, The Fresh Market, BJ's Wholesale Club, Oldcastle, Inc., and The Home Depot [3]. - Her expertise in supply chain and logistics is expected to be a valuable asset to the company [4].

As a result of the appointments of Ms. Lim and Ms. Westfall, the Company's board of directors will now include four independent directors and Mr. Peter Zhang, the CEO of the Company. Ms. Westfall is a corporate partner based in the San Francisco office of a US global law firm. As a corporate and securities attorney, Ms. Westfall counsels public companies on corporate governance, securities compliance and mergers and acquisitions. In addition, Ms. Westfall advises clients on US-China cross-border business tr ...

LAS VEGAS, June 10, 2024 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG) ("HF Foods", or the "Company"), a leading food distributor to Asian restaurants across the United States, today announced the appointment of Lisa Lim and Charlotte Westfall to the Company's board of directors effective June 7, 2024. Forward-Looking Statements Ms. Westfall is a corporate partner based in the San Francisco office of a US global law firm. As a corporate and securities attorney, Ms. Westfall counsels public companie ...

LAS VEGAS, June 10, 2024 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG) ("HF Foods", or the "Company"), a leading food distributor to Asian restaurants across the United States, today announced the final resolution of the previously disclosed formal, non-public investigation by the staff of the U.S. Securities and Exchange Commission ("SEC" or "Commission") into allegations that the Company and/or its former executives violated United States securities laws. The Order states that, in determining to ...

Peter Zhang, Chief Executive Officer of HF Foods, said: "HF Foods is pleased to put this matter relating to the conduct of the Company's former executives behind us. We are now focused on expanding the business and operating the Company in a manner that is ethical and consistent with the principles and values that are so important to the Company's future success." Investor Relations Contact: HF Foods Group Inc. is a leading marketer and distributor of fresh produce, frozen and dry food, and non-food product ...

Zacks Investment Research has recently initiated coverage of HF Foods Group Inc. (HFFG) , assigning an "Outperform" recommendation to the company's shares. This bullish stance reflects the company's strategic transformation and robust positioning within the burgeoning Chinese takeout market in North America. HF Foods Group, headquartered in Las Vegas, NV, has carved a niche in the foodservice distribution for Asian restaurants across the United States. With a significant footprint that includes 18 distribut ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to _______________________. Commission File Number: 001-38180 __________________________________________________________________________ ...