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VIFL > SEC Filings for VIFL > Form 10-Q on 14-Nov-2012All Recent SEC Filings

Show all filings for FOOD TECHNOLOGY SERVICE INC

Form 10-Q for FOOD TECHNOLOGY SERVICE INC


14-Nov-2012

Quarterly Report


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

Food Technology Service, Inc. had revenues of $925,654 during the third quarter of 2012 compared to revenues of $1,011,650 for the same period in 2011. This is a decrease of approximately 8.5 percent. The Company had income before taxes during the third quarter of 2012 of $331,687 compared to income before taxes of $416,825 during the third quarter of 2011. This is a decrease of approximately 20.4 percent. For the first nine months of 2012, the Company had revenues of $2,996,094 and income before taxes of $1,187,971. Revenues during the first nine months of 2011 were $2,782,249 and the Company had income before taxes of $1,085,513. Revenues increased by about 7.7 percent and income before taxes increased by approximately 9.4 percent in the nine months of 2012 compared to the same period in 2011.

The Company's statement of operations reflects non-cash deferred income tax expense for the third quarter of 2012 in the amount of $125,200. This resulted in net income during the third quarter of 2012 of $206,487 versus net income of $259,625 during the same period in 2011, a decrease of 20.5 percent. Similarly, the Company's statement of operations reflects non-cash deferred income tax expense for the first nine months of 2012 in the amount of $448,300. This resulted in net income of $739,671 during the first nine months of 2012 versus $700,013 during the same period of 2011. This is an increase of approximately 5.7 percent. Management attributes the decrease in revenue experienced in the third quarter to a lessened demand by a medical customer. Management believes this issue was largely confined to one month in the third quarter and does not represent a longer term decrease in their demand.

During the third quarter of 2012, processing costs as a percentage of sales were 16 percent compared to 16.6 percent during the third quarter of 2011. These costs are relatively fixed and the slight decrease in 2012 is not significant. General, administrative and development costs as a percentage of sales during the third quarter of 2012 were 31.6 percent. This compares to 29.1 percent in the third quarter of 2011. These costs are also relatively fixed and the increase in general, administrative and development expenses, as a percentage of sales, is due to the decrease in revenue in 2012.

During the first nine months of 2012, processing costs as a percentage of sales were 16 percent compared to 16.5 percent in the first nine months of 2011. Again, these costs are relatively fixed and the variation is not significant. General, administrative and development costs as a percentage of sales were 30.6 percent during the first none months of 2012. This compares to 31.8 percent during the first nine months of 2011. As previously mentioned, these costs are relatively fixed and the decline in general, administrative and development expenses, as a percentage of sales, is primarily due to increased revenue in 2012.

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