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VIFL > SEC Filings for VIFL > Form 10-Q on 14-Nov-2011All Recent SEC Filings

Show all filings for FOOD TECHNOLOGY SERVICE INC | Request a Trial to NEW EDGAR Online Pro

Form 10-Q for FOOD TECHNOLOGY SERVICE INC


14-Nov-2011

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The Company had record revenues of $1,011,650 during the third quarter of 2011 compared to revenues of $815,275 for the same period in 2010. This is an increase of approximately 24.1 percent. The Company had income before taxes during the third quarter of 2011 of $416,825 compared to income before taxes of $319,411 during the third quarter of 2010. This is an increase of approximately 30.5 percent. For the first three quarters of 2011, the Company had revenues of $2,782,249 and income before taxes of $1,085,513. Revenues during the first three quarters of 2010 were $2,238,329 and the Company had income before taxes of $824,626. Revenues increased by about 24.3 percent and income before taxes increased by approximately 31.6 percent in the first three quarters of 2011 compared to the same period in 2010.

The Company has periodically evaluated the value of tax-loss carry-forwards on its financial statements and resulting changes make comparisons of net income between reporting periods difficult. During the third quarter of 2010, based on increased profitability and potential future profitability, the Company decreased its valuation allowance against the deferred tax asset by $480,600 which resulted in an increase in net income of $360,400. The valuation allowance at the end of the third quarter of 2011 is zero. These adjustments resulted in net income during the third quarter of 2011 of $259,625 versus net income of $679,811 during the third quarter of 2010. Similarly, the Company had net income of $700,013 during the first three quarters of 2011 versus $994,926 during the same period in 2010.

During the third quarter of 2011, processing costs as a percentage of sales were 16.6 percent. This compares to 17.3 percent during the third quarter of 2010. These costs are relatively fixed and the decrease in the third quarter of 2011 reflects the increased revenues. General administrative and development costs as a percentage of sales during the third quarter of 2011 were 29.1 percent. This compares to 32 percent in the third quarter of 2010. These costs are also relatively fixed and the decline in general, administrative and development expenses, as a percentage of sales, is primarily due to the increased sales.

During the first three quarters of 2011, processing costs as a percentage of sales were 16.5 percent. This compares to 17.4 percent in the first three quarters of 2010. Again, these costs are relatively fixed and the decrease during the third quarter of 2011 is attributable to increased revenue. General, administrative and development costs as a percentage of sales were 31.8 percent during the first three quarters of 2011. This compares to 33.6 percent during the first three quarters of 2010. This reflects the fixed nature of these costs and the increase in revenue.

The Company's cash on hand increased from $1,294,540 on December 31, 2010 to $1,697,546 on September 30, 2011. Approximately $74,000 of cash was used during the third quarter of 2011 to renovate the Company's administrative offices. This project will be completed in December 2011 at a cost of approximately $125,000.


Table of Contents

Liquidity and Capital Resources

As of September 30, 2011, the Company has cash on hand of $1,697,546 and accounts receivable of $447,028.

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