USA: Galaxy Nutritional Foods reports loss in FY 2002
Orlando, Fla.-based Galaxy Nutritional Foods, a producer of nutritious plant-based dairy alternatives, has reported a loss for its FY 2002 ended 31 March 2002, after recording around US$15m in non-cash charges and write-downs. For the Q1 2003, ended 30 June 2002, the company is expecting to report a major turnaround in operating results based on the implementation of several cost-cutting measures and increased efficiencies as well as the completion of a strategic capital investment program. The company is also forecasting that sales, gross margin, operating profit, cash flow and EBITDA will steadily improve during FY 2003.
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