For the third quarter ended September 30, 2001, Vita Food Products, Inc. (Amex: VSF) yesterday announced net income of $295,000, or $0.08 per share, compared to a net loss of $89,000 or $0.02 per share in the third quarter of 2000, an improvement of $384,000 or $0.10 per share. The increase in quarterly earnings was due primarily to increased sales and margin improvement resulting in a $304,000 profit improvement for Vita. In addition, Vita completed its acquisition of Virginia Honey Company, Inc., which contributed $80,000 of net income for the quarter.

Net sales for the third quarter were $8.5 million, compared with $5.4 million in the third quarter of 2000. Vita's net sales were approximately $5.8 million with Virginia Honey accounting for approximately $2.6 million. Vita's increase of $0.4 million was attributed largely to an increase in herring product sales from new customer orders and a lessening of sales deductions.

Gross margin for the quarter increased to 31.2% from 24.6% in the prior year. Vita's gross margin was 30.2% and Virginia Honey's gross margin was 33.2%. The operating expense margin for the quarter dropped slightly to 25.4% from 25.5%. The resulting operating profit improvement was $535,000, of the increase Vita contributed $332,000 and Virginia Honey contributed $203,000.

"We are very pleased with the completion of the Virginia Honey Company, Inc. purchase. As a result of the acquisition, both companies plan to introduce a number of new products, beginning in the fourth quarter. We are looking forward to a strong fourth quarter and an exciting 2002 in both sales and profits" said Stephen Rubin, President of the Company.

Nine-Months Results

For the nine months ended September 30, 2001, the Company had net income of $266,000, or $0.07 per share, compared to a net loss of $156,000, or $0.04 per share for the nine months ended September 30, 2000, an improvement of $422,000 or $0.11 per share. Vita's share of net income amounted to $186,000 or $0.05 per share, while Virginia Honey added $80,000 or $0.02 per share.

Vita Food Products, Inc. is the U.S. leader in the herring and retail packaged salmon markets, and is engaged in several other food segments, including cream cheese, cocktail sauce and horseradish. More than 95% of Vita's sales are in kosher foods. Vita's common stock is currently traded on the American Stock Exchange and Chicago Stock Exchange under the ticker symbol VSF.

Virginia Honey, the Company's wholly owned subsidiary, is a manufacturer and distributor of honey, salad dressings, including its' award-winning Vidalia® Onion Vinegarette salad dressing, sauces, jams & jellies, and gift baskets. Virginia Honey operates two manufacturing facilities in Inwood, West Virginia and Berryville, Virginia.

This release contains forward-looking statements about the Company's future growth, profitability, introduction of new products, and competitive position. Any such statements are subject to risks and uncertainties, including changes in economic and market conditions, industry competition, raw material prices, the success of new product introductions, management of growth and other risks noted in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof.

    Statements of Operations                          Vita Food Products, Inc.
                                                                And Subsidiary


                              For three months ended    For nine months ended
                                    September 30,            September 30,
                                   2001        2000         2001         2000
                             (Unaudited) (Unaudited)  (Unaudited)  (Unaudited)

    Net Sales                $8,476,615  $5,433,755  $19,723,013  $16,409,374
    Cost of Goods Sold        5,835,539   4,095,004   14,043,077   12,111,582

    Gross Margin              2,641,076   1,338,751    5,679,936    4,297,792

    Selling and
     Administrative Expenses
      Selling, Marketing &
       Distribution           1,409,714     948,266    3,303,714    2,905,047
      Administrative            744,534     438,302    1,781,132    1,390,929

    Total                     2,154,248   1,386,568    5,084,846    4,295,976

    Operating Profit (Loss)     486,828     (47,817)     595,090        1,816

    Interest (Income)              (657)                    (657)
    Interest Expense            184,803      93,896      373,844      284,028

    Income (Loss) before
     Income Tax Expense
     (Benefit)                  302,682    (141,713)     221,903     (282,212)
    Income Tax Expense
     (Benefit)                    7,855     (52,434)     (43,721)    (126,418)

    Net Income (Loss)          $294,827    ($89,279)    $265,624    ($155,794)

    Basic Earnings (Loss)
     Per Share                    $0.08      ($0.02)       $0.07       ($0.04)
    Weighted Average Common
     Shares Outstanding       3,726,225   3,719,330    3,725,112    3,714,774

    Diluted Earnings (Loss)
     Per Share                    $0.08      ($0.02)       $0.07       ($0.04)
    Weighted Average Common
     Shares Outstanding       3,761,401   3,719,330    3,745,616    3,714,774