Food Technology Service Inc., (Nasdaq:VIFL) yesterday announced results for the third quarter ending September 30, 2001. Quarterly profits were $16,808 compared to a loss of $82,781 during the third quarter of 2000. This represents the third consecutive profitable quarter for the company. The company had a profit of $109,645 for the year to date versus a loss of $198,161 for the same period in 2000. Total revenue for the first three-quarters of 2001 was $1,062,506 compared to $948,156 for the same period in 2000. This is an increase of twelve percent compared to the same period in 2000.
FoodTech CEO Dr. Richard Hunter said: “The increases reflect a growing demand for safer foods and food packaging. Fortunately, the recent increase in our processing capacity allows us to meet this demand and positions us for continued growth.” In June 2001 FoodTech purchased additional cobalt-60, which increased the production capacity of its Mulberry, Florida facility by about forty percent.
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“As we look forward to the completion of 2001 and beyond, I expect that our strategic partnerships with MDS Nordion, Kemin Americas, and Doyen Medipharm, will help us to expand our service offering and customer base,” said Dr. Hunter. “FoodTech’s ability to provide economical solutions to food processors and retailers seeking to improve the quality and safety of their products is well known.”
Food Technology Service, the country’s most experienced commercial food irradiation company, is dedicated to preventing food-borne illness by providing irradiation services for major meat and poultry processors. The company will continue to work closely with the public health community and industry in a concerted, strategic effort to educate consumers regarding the food safety benefits provided by irradiation.
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.
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