Food Technology Service, Inc. Reports Earnings
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.
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