Food Technology Service, Inc. (Nasdaq: VIFL), had record revenues of $1,011,650 during the third quarter of 2011 compared to revenues of $815,275 for the same period in 2010. This is an increase of approximately 24.1 percent. The Company had income before taxes during the third quarter of 2011 of $416,825 compared to income before taxes of $319,411 during the third quarter of 2010. This is an increase of approximately 30.7 percent. For the first three quarters of 2011, the Company had revenues of $2,782,249 and income before taxes of $1,085,513. Revenues during the first three quarters of 2010 were $2,238,329 and the Company had income before taxes of $824,626. Revenues increased by about 24.3 percent and income before taxes increased by approximately 31.6 percent in the first three quarters of 2011 compared to the same period in 2010. Almost twenty-one percent of revenues for the first three quarters of 2011 resulted from a customer that we had previously identified as intermittent. That customer now anticipates using the Company’s services at least through 2012.
The Company has periodically evaluated the value of tax-loss carry-forwards on its financial statements and resulting changes make the comparison of income before taxes presented above more useful when comparing reporting periods. During the third quarter of 2010, based on increased profitability and potential future profitability, the Company decreased its valuation allowance against the deferred tax asset by $480,600 which resulted in an increase in net income of $360,400. The valuation allowance at the end of the third quarter of 2011 is zero. These adjustments resulted in net income during the third quarter of 2011 of $259,625 versus net income of $679,811 during the third quarter of 2010. Similarly, the Company had net income of $700,013 during the first three quarters of 2011 verses $994,926 during the same period in 2010.
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