Food Technology Service, Inc. (Nasdaq:VIFL) yesterday announced record results for the year ended December 31, 2000. Revenues for the year were $1.4 million vs. $388,000 in 1999, an increase of over $1 million. The increase in revenue enabled the company to reduce its losses from $888,000 or $.09 per share in 1999 to $154,000 or $.01 per share in 2000. Operating cash flows were positive. Increased revenues resulted mainly from the irradiation of packaging materials, consumer goods and food. The company anticipates that this strong level of sales will continue well into 2001.
“The year 2000 was a milestone for food irradiation,” said Pete Ellis, President and CEO of Food Technology Service. “With the final red meat approvals granted, consumers across the United States now have the opportunity to buy irradiated products. Although quantities are still modest, the flexibility of our gamma technology is allowing us to provide effective and reliable service to producers of beef, poultry, fruits and vegetables.”
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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. Contamination with listera has resulted in numerous recalls in the past two years, including outbreaks involving many illnesses and more than 20 deaths. Irradiation is an excellent technology to safeguard against this bacteria.
“As we look forward to the year 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,” continued Mr. Ellis. “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. We believe this paves the way to establish a new industry and 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 works 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 risks and uncertainties that may affect business and prospects and cause actual results to differ materially from these forward-looking statements.
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