Food Technology Service, Inc. (Nasdaq VIFL) had revenues of $761,230 during the second quarter of 2010 compared to revenues of $652,724 for the same period in 2009. This is an increase of approximately 16.4 percent. The Company had net income before taxes during the second quarter of 2010 of $277,624 compared to net income of $165,926 during the second quarter of 2009. This is an increase of approximately 67.3 percent. For the first half of 2010, the Company had revenues of $1,423,054 and net income before taxes of $505,215. Revenues during the first half of 2009 were $1,327,554 and the Company had net income before taxes of $347,798. Revenues increased by about 7.2 percent and net income before taxes increased by approximately 45.3 percent in the first half of 2010 compared to the same period in 2009.
The Company’s statement of operations reflects non-cash deferred income tax expense of $104,500 for the second quarter of 2010, and $190,100 for the first half of 2010. Prior to December 31, 2009, the Company presented income tax expense with a corresponding benefit as management continued to reduce its valuation allowance for the deferred tax asset. For reporting periods after December 31, 2009, management discontinued reducing the valuation allowance resulting in a non-cash expense for income taxes. This resulted in net income during the second quarter of 2010 of $173,124 versus $165,296 during the second quarter of 2009, and net income of $315,115 during the first half of 2010 verses $347,798 during the same period of 2009.
Included in revenue for the second quarter and first half of 2009 is a settlement fee of $85,229 relating to the termination of a warehouse lease with a large customer that was purchased and moved in April, 2009. Without the settlement fee, revenue from operations for the second quarter and first half of 2009 would have been $567,495 and $1,242,325 respectively.
Food Technology Service, Inc. CEO Dr. Richard Hunter said: “Our second quarter 2010 results demonstrate that we have more than replaced revenue lost when a large customer was bought and moved and that the replacement revenue is more profitable. I am pleased by the speed at which we replaced this revenue and the continued growth of the Company.”
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.
Richard G. Hunter Ph D., President/CEO, 863-425-0039
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