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Food Technology Service Inc. Reports Operating Results (10-Q)

May 14, 2009 | About:

Food Technology Service Inc. (VIFL) filed Quarterly Report for the period ended 2009-03-31.

Food Technology Service Inc. owns and operates an irradiation facility that uses gamma radiation produced by Cobalt 60 to treat or process various foods for insect disinfestation shelf life extension and control of certain disease causing microorganisms. The company does not now nor does it intend to produce or sell foods. The company will market its irradiation process to growers and producers as a substitute for and/or a complement to other food processing methods such as canning freezing heat pasteurization and fumigation. Food Technology Service Inc. has a market cap of $6.6 million; its shares were traded at around $2.38 with a P/E ratio of 6.3 and P/S ratio of 2.6.

Highlight of Business Operations:

MARCH 31, DECEMBER 31,

2009 2008

ASSETS - -

- (unaudited) *

Current Assets:

Cash $ 525,822 $ 216,978

Accounts Receivable Less Allowance For

Doubtful Accounts of $2,500 in 2009

and 2008 268,017 268,305

Prepaid Expenses 43,966 33,329

- -

Total Current Assets 837,805 518,612

- -

Property and Equipment:

Cobalt 4,404,543 4,404,543

Furniture and Equipment 1,908,940 1,899,887

Building 3,282,029 3,282,029

Less Accumulated Depreciation (5,718,618) (5,619,783)

- -

Total 3,876,894 3,966,676



Common Stock $.01 par value, 5,000,000 shares authorized,

2,756,458 shares issued and

outstanding on March 31, 2009 and

December 31, 2008 27,564 27,564

Paid in Capital 12,156,199 12,147,444

Deficit (6,797,627) (6,979,499)

Treasury Stock, 5,155 shares at cost (18,491) (18,491)

- -

Total Stockholders' Equity 5,367,645 5,177,018

- -

Total Liabilities and Stockholders' Equity $ 6,066,353 $ 5,836,942

= =



Benefit of Tax

Loss Carryovers 69,111 29,091

- -

Net Income $ 181,872 $ 76,554

= =

Net Income per Common Share $0.066 $0.028

= =



Three Months Three Months

Ended Ended

March 31, March 31,

2009 2008

- -

(unaudited) (unaudited)

Cash Flows from Operations:

Sales Income Received $ 675,118 $ 618,972

Interest Received 719 13

Interest Paid - (5,514)

Cash Paid for Operating Expenses (357,940) (400,650)

- -

317,897 212,821

Cash Flows from Investing:

Property & Equipment Purchase (9,053) (27,555)

- -

(9,053) (27,555)



Food Technology Service Inc. had revenues of $674,830 during the first quarter

of 2009 compared to revenues of $558,869 for the same period in 2008. This is

an increase of 20.7 percent. The Company had net income during the first

quarter of 2009 of $181,872 compared to net income of $76,554 during the first

quarter of 2008. This is an increase of about 137.5 percent. Earnings per

share for the first quarter of 2009 were approximately $0.07. Management

attributes increased revenue to growth of customers requiring irradiation of

medical products.





Liquidity and Capital Resources

-

As of March 31, 2009, the Company has cash on hand of $525,822 and accounts

receivable of $268,017.



Read the The complete Report

Rating: 3.0/5 (1 vote)

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