Food Technology Service, Inc. (Nasdaq: VIFL) had revenues of $859,892 during the first quarter of 2011 compared to revenues of $661,824 for the same period in 2010. This is an increase of about 30 percent. The Company had income before taxes during the first quarter of 2011 of $304,711 compared to income before taxes of $227,591 during the first quarter of 2010. This is an increase of about 33.9 percent. The Company’s statement of operations reflects non-cash deferred income tax expense for the first quarter of 2011 in the amount of $90,400. This resulted in net income during the first quarter of 2011 of $214,311 versus net income of $141,991 during the same period in 2010, an increase of 51 percent. About ten percent of the first quarter revenue resulted from an intermittent customer that is anticipated to continue using the Company’s services at least through the first quarter of 2012.
Food Technology Service, Inc. CEO Dr. Richard Hunter said, “I am pleased by the continued growth of our Company. Demand for services continues to grow among base customers and new customers in medical sterilization, food and packaging.”
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.