Cheese alternatives and organic dairy specialist Galaxy Nutritional Foods has posted first-quarter net income of US$150,000 against a net loss in the same quarter last year of $1.3m.
Income from operations in the first three months reached $0.27m, on sales down from $7.8m to $5.9m, the company stated. Operating expenses during the first quarter included a non-recurring employment contract expense of $0.35m. Exclusive of that charge, Galaxy said first-quarter net income would have been $0.50m.
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“I’m pleased to report continued positive operating results which have established themselves over the past several quarters,” said CEO Michael E. Broll. “The company’s core products continue to produce healthy margins and operating income remained relatively stable and positive for the first quarter of FY2008.”
Broll continued: “With a recent launch of new products, we hope to see some moderate growth in top-line sales beginning in the second half of the current fiscal year.”
