Food Technology Service, Inc. (Nasdaq: VIFL) had revenues of $1,050,616 during the first quarter of 2012 compared to revenues of $859,892 for the same period in 2011. This is an increase of approximately 22.2 percent. The Company had income before taxes during the first quarter of 2012 of $439,655 compared to income before taxes of $304,711 during the first quarter of 2011. This is an increase of approximately 44.3 percent. The Company’s statement of operations reflects non-cash deferred income tax expense for the first quarter of 2012 in the amount of $165,800. This resulted in net income during the first quarter of 2012 of $273,855 versus net income of $214,311 during the same period in 2011, an increase of approximately 27.8 percent.
Food Technology Service, Inc. CEO Dr. Richard Hunter said: “I am pleased with our results for the first quarter of 2012. We continued to have strong growth, particularly in sterilization of packaging and made a number of improvements to our facility and infrastructure.”
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.