Vita Food Products, the US fish-to-honey producer, today (3 April) posted a net loss of US$1.5m for 2008.

The figure compared to a loss of $454,928 in the previous year.

Net sales crept up slightly to reach $53.9m in comparison to $49.96m in the same period of 2007.

The company however, posted an operating loss of $279,734 compared to an operating profit of $451,070 in the previous year.

In March, Vita announced plans to merge with a business owned by director Howard Bedford.

Each Vita share will be converted into the right to receive a cash payment of US$1.05 a share.

Under the deal, any Vita executive that opts to keep shares will have to enter into a “stockholders agreement” with Bedford.