Vita Food Products, Inc. has said it expects to record earnings of between US$0.20 and $0.24 per share in the 2006 fiscal year, against an anticipated loss for fiscal 2005 of US$301,000, net of a tax benefit in relation to costs associated with the termination of its employment agreement with executive vice president, Clark L. Feldman.
The company said the move back into the black was achieved on the back of increased sales as a result of new customers, new product launches and greater production efficiencies.
Vita terminated its existing employment agreement with executive vice president, Clark L. Feldman, in December, and has also decided to reduce substantially the duties to be provided by Feldman in 2006.
However, Steve Rubin, chairman and chief executive officer, said: “Buddy Feldman and I have worked as partners in operating this company for the last 24 years. We recognise Buddy’s very significant contributions to the company’s growth and success during that time and intend to continue to rely on his counsel and wisdom in 2006.”
Rubin added: “Vita is very pleased with the results of its 2005 efforts to reduce costs and add customers and is looking forward to a successful 2006 with the help of new key personnel.”