Food Technology Service, Inc. (Nasdaq: VIFL) today announced financial results for the year ending December 31, 2010. Food Technology Service, Inc. had revenue of $3,010,320 in 2010 which is a 19.6 percent increase over 2009 revenue of $2,515,978. The Company had net income of $1,137,446 or $0.413 per share in 2010 compared to $698,358 or $0.253 per share in 2009. This is an increase of approximately 62.9 percent. The Company has periodically increased the estimated benefit of deferred tax credits which can make comparisons to prior year operations difficult. To facilitate such comparisons, the Company had income before taxes of $1,094,946 in 2010 compared to income before taxes of $559,358 in 2009. This is an increase of approximately 92.8 percent.
Revenue for the fourth quarter of 2010 was $771,991 compared to $640,739 during the same period in 2009. This is an increase of about 20.5 percent.
Food Technology Service, Inc. CEO Dr. Richard Hunter said, “This year marks a revenue record for the Company. I am pleased by our increased profitability and the fact that we have significant cash reserves and no long term debt.” “I look forward to continuing success in 2011,” said Hunter.
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.
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.