Galaxy Nutritional Foods, a producer of plant-based dairy alternatives for the retail and foodservice markets, has said that previous cost-saving and other tactical initiatives have positively impacting the company’s operating expenses as well as its EBITDA.
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All newly installed, modern production equipment is currently producing much higher efficiencies and superior quality products. The company is also experiencing significant savings from recent manufacturing restructuring initiatives and strengthened internal controls. These major operating cost reductions are expected to result in annual operating savings of about US$10m, and as a result of these reductions, Galaxy is experiencing a positive EBITDA trend based on current sales.
“Even though sales growth has been stymied by new production equipment not being operational when expected,” said Angelo S. Morini, Galaxy’s president, chairman & CEO, “we are very pleased to now be operating at such high efficiency levels in every facet of our business.
“We are poised for a major turnaround and have every reason to feel confident that our sales growth will return to its previous fast track for our new fiscal year which begins 1 April 2002.
“Our Veggie(TM) brand dairy alternatives remain the number one selling dairy alternative in the country, with over a 90% share of market, even through a difficult period,” Morini concluded.
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