Food Technology Service, Inc. (Nasdaq: VIFL) had revenues of $1,019,823 during the second quarter of 2012 compared to revenues of $910,707 for the same period in 2011. This is an increase of approximately 12 percent. The Company had income before taxes during the second quarter of 2012 of $416,630 compared to income before taxes of $363,977 during the first quarter of 2011. This is an increase of approximately 14.5 percent. For the first half of 2012, the Company had revenues of $2,070,439 and income before taxes of $856,284. Revenues during the first half of 2011 were $1,770,599 and the Company had income before taxes of $668,688. Revenues increased by about 16.9 percent and income before taxes increased by approximately 28 percent in the first half of 2012 compared to the same period in 2011.
The Company’s statement of operations reflects non-cash deferred income tax expense for the second quarter of 2012 in the amount of $157,300. This resulted in net income during the second quarter of 2012 of $259,330 versus net income of $226,077 during the same period in 2011, an increase of approximately 14.7 percent. Similarly, the Company’s statement of operations reflects non-cash deferred income tax expense for the first half of 2012 in the amount of $323,100. This resulted in net income of $533,184 during the first half of 2012 versus $440,388 during the same period of 2011. This is an increase of approximately 21.1 percent.
Food Technology Service, Inc. CEO Dr. Richard Hunter said: “I am pleased with our results for the second quarter of 2012. We continue to expand our customer base and improve our facility and infrastructure.”
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., 863-425-0039
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