Food Technology Service, Inc. Reports Earnings
November 15 2010 - 9:30AM
Business Wire
Food Technology Service, Inc., (Nasdaq: VIFL) had revenues of
$815,275 during the third quarter of 2010 compared to revenues of
$547,685 for the same period in 2009. This is an increase of
approximately 49 percent. The Company had income before taxes
during the third quarter of 2010 of $319,411 compared to income
before taxes of $62,491 during the third quarter of 2009. This is
an increase of approximately 411 percent. For the first three
quarters of 2010, the Company had revenues of $2,238,329 and income
before taxes of $824,626. Revenues during the first three quarters
of 2009 were $1,875,239 and the Company had income before taxes of
$410,289. Revenues increased by approximately 19.4 percent and
income before taxes increased by approximately 101 percent in the
first three quarters of 2010 compared to the same period in
2009.
Included in revenue for the first three quarters of 2009 is a
settlement fee of $85,229 relating to the termination of a
warehouse lease with a former customer. Without the settlement fee,
revenue from operations for the first three quarters of 2009 would
have been $1,790,010.
The Company’s statement of operations reflects non-cash deferred
income tax benefit for the three months ended September 30, 2010 in
the amount of $360,400. The Company periodically evaluates the
value of tax-loss carry-forwards on its financial statements.
During the third quarter of 2009, the Company increased the value
of the deferred tax asset which increased net income by $281,000.
During the third quarter of 2010, based on increased profitability
and potential future profitability, the Company again increased the
value of the deferred tax asset which increased net income by
$360,400. These adjustments resulted in net income during the third
quarter of 2010 of $679,811 versus net income of $343,491 during
the third quarter of 2009. Similarly, the Company had net income of
$994,926 during the first three quarters of 2010 verses $691,289
during the same period in 2009.
Food Technology Service, Inc. CEO Dr. Richard Hunter said “I am
pleased by the third quarter, 2010 results. They show that the
Company has fully recovered from the loss of a large customer in
2009 and returned to significant revenue growth.”
Food Technology Service, Inc. provides irradiation services for
medical products, food items and consumer goods to enhance the
safety of those products. The Company is certified to ISO
13485:2003 standards for the provision of radiation sterilization
services for medical devices.
Except for historical matters contained herein, the matters
discussed in this press release are forward-looking statements and
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements reflect assumptions and involve risk and uncertainties
that may affect business and prospects and cause actual results to
differ materially from these forward-looking statements.
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