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Food Technology Service Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 17, 2010 11:15AM

Food Technology Service Inc. (VIFL) filed Quarterly Report for the period ended 2010-03-31. Food Technology Service Inc. has a market cap of $6.31 million; its shares were traded at around $2.29 with a P/E ratio of 5.33 and P/S ratio of 2.51.



Highlight of Business Operations:

Net Income Per Common Share -Basic $ 0.052 $ 0.066 -Diluted $ 0.050 $ 0.064

The components of the provision for income taxes (benefits) attributable to operations are as follows: Three Months Ended March 31, 2010 2009 - - Current Federal $ - $ - State - - - - $ - $ - = = Deferred Federal $ 73,100 $ - State 12,500 - - - $ 85,600 $ - = =

Current Non-Current - - Deferred tax assets NOL carryforwards $ 186,000 $1,042,400 - - Deferred tax asset $ 186,000 $1,042,400 = =

Year Shares Per Share - - - 2006 10,000 $3.28 2007 10,000 $2.52 2008 11,500 $2.18 2009 11,500 $1.89

Out of the money options excluded Three Months Ended March 31, 2010 2009 - - Stock option with an exercise price of $3.60 5,000 5,000 Stock option with an exercise price of $4.96 - 1,500 Stock option with an exercise price of $4.56 2,500 2,500 Stock option with an exercise price of $4.12 7,000 7,000 Stock option with an exercise price of $3.56 2,250 2,250 Stock option with an exercise price of $3.36 2,500 2,500 Stock option with an exercise price of $3.28 10,000 10,000 Stock option with an exercise price of $3.24 100,000 100,000 Stock option with an exercise price of $2.52 - 10,000 Stock option with an exercise price of $2.57 20,000 20,000 - - Total anti-dilutive options excluded from EPS 149,250 160,750 = =

Management's Analysis of Quarterly Income Statements Operations - Food Technology Service, Inc. had revenues of $661,824 during the first quarter of 2010 compared to revenues of $674,830 for the same period in 2009. This is a decrease of about 1.9 percent. The Company had income before taxes during the first quarter of 2010 of $227,591 compared to income before taxes of $181,872 during the first quarter of 2009. This is an increase of about 21.9 percent. Management attributes decreased revenue to a large customer that was purchased and moved during the first quarter of 2009. That customer accounted for approximately 25% of the Company's 2008 revenue and virtually all of that revenue has been replaced.

Read the The complete Report



Stocks Discussed: VIFL,
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