Food Technology Service, Inc. (NASDAQ: VIFL) had revenues of $910,707 during the second quarter of 2011 compared to revenues of $761,230 for the same period in 2010. This is an increase of approximately 19.6 percent. The Company had income before taxes during the second quarter of 2011 of $363,747 compared to income before taxes of $277,624 during the second quarter of 2010. This is an increase of approximately 31 percent. For the first half of 2011, the Company had revenues of $1,770,559 and income before taxes of $668,688. Revenues during the first half of 2010 were $1,423,054 and the Company had income before taxes of $505,215. Revenues increased by about 24.4 percent and income before taxes increased by approximately 32.4 percent in the first half of 2011 compared to the same period in 2010. The Company’s statement of operations reflects non-cash deferred income tax expense for the second quarter of 2011 of $137,900. This resulted in net income during the second quarter of 2011 of $226,077 versus net income of $173,124 during the same period in 2010, an increase of 30.6 percent. Similarly, the Company’s statement of operations reflects non-cash deferred income tax expense for the first half of 2011 of $228,300, with net income of $440,388 during the first half of 2011 verses $315,115 during the same period of 2010. This is an increase of 39.8 percent. About fifteen percent of first half revenues resulted from an intermittent customer that is anticipated to continue using the Company’s services into the first half of 2012.
Food Technology Service, Inc. CEO Dr. Richard Hunter said “I am pleased by the continued growth of our Company. We expanded our processing capacity through the purchase of additional Cobalt during the second quarter and are well positioned to accommodate customer 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.