Food Technology Service, Inc. (Nasdaq: VIFL) today announced financial results for the year ending December 31, 2009. The Company had revenue of $2,515,978 in 2009 which is comparable to the $2,507,078 realized in 2008. Income before taxes was $559,358 in 2009 compared to $505,387 in 2008, an increase of about 10.7 per cent. Income per share before taxes was $0.203 for 2009 compared to $0.183 for 2008.
The Company periodically evaluates the value of tax-loss carry-forward credits on its financial statements as required by Generally Accepted Accounting Principles. In 2008, the Company increased the value of the tax-loss carry-forward credits which increased net income in 2008 and stockholders equity at December 31, 2008 by $525,000. Based on increased profitability in 2009 and potential future profitability, the Company again increased the value of the tax-loss carry-forward credits which increased net income in 2009 and stockholders equity at December 31, 2009 by $139,000. Due to the tax credit adjustments, the Company had net income of $698,358 or $0.253 per share in 2009 compared to net income of $1,030,387 or $0.374 per share in 2008.
Revenue for the fourth quarter of 2009 was $640,039 compared to $641,731 during the same period in 2008.
Food Technology Service, Inc. CEO Dr. Richard Hunter said, “I am pleased by our increased profitability despite the loss of a large customer that was purchased and moved to Texas early in 2009. The fact that annual and fourth quarter revenues were nearly identical between 2009 and 2008 is an indication that the Company has replaced much of that business. We continue to generate over $1,000,000 per year in cash flow and retired nearly $630,000 in debt during 2009. This negates all stock conversion rights held on that debt and we are debt-free.”Food Technology Service, Inc. provides irradiation services for food items, medical products and consumer goods to enhance the safety of those products. The Company is certified to ISO 13485:2003 standards for radiation sterilization services for medical devices.