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

May 17, 2010 | About:
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10qk

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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

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10qk
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