Food Technology Service Inc. (Nasdaq:VIFL) yesterday announced record results for the quarter ending March 31, 2001. Revenues and profits were up over the same period a year ago. The company reports a net profit of $92,250 vs. a loss of ($61,209) on revenues of $393,383 vs. $236,647, a 66% increase for the first quarter of fiscal 2001. Packing materials and consumer goods account for most of the increase, augmented by increases in the food area.
Momentum is building as more food processors, retailers, and food service operators join in the effort to improve the safety of the food supply. The FDA is expected to approve a petition shortly that will allow irradiation of ready-to-eat foods such as luncheon meats and hot dogs.
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“As we look forward to the completion of 2001 and beyond, we expect our strategic partnerships with MDS Nordion and food companies will position us well to provide safer food products for the consumer,” said Mr. Pete Ellis, President Food Technology Service. “Awareness of food safety and liability issues has prompted growers, packers, processors and retailers to search for ways to eliminate bacteria from their products and to reduce spoilage. This paves the way to establish an opportunity for Food Technology Service.”
Food Technology Service, the country’s most experienced commercial food irradiation company, is dedicated to preventing food-borne illness by providing irradiation and testing 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 about irradiation’s role in food safety.
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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