July 8, 1997
Orlando, Florida
Galaxy Foods Company (Nasdaq: GALX), makers of healthy cheese and dairy-related products, today announced record sales of approximately $5.8 million for its first quarter ended June 30, 1997 and a return to profitability for the quarter. Revenues for the first fourteen weeks of its fiscal year place Galaxy at an annualized sales rate of approximately $24 million, up 40% over annual sales of $17.1 for its fiscal year ended March 31, 1997. Final First Quarter results will be released on July 22, 1997 during market hours.
Angelo S. Morini, Galaxy's President stated, "The past few years have been a rebuilding process for Galaxy since its tragic fire in 1991 and I am happy to report we have returned to profitability. Our growth for the past five quarters is due primarily to the introduction of new and improved products and the continued increase in consumer spending on healthy products. Sales of Galaxy's higher margin retail supermarket and health food products represented 62% of sales for the first quarter. Our focus remains on increasing these higher margin retail sales and continuing our introduction of new products into the retail and food service markets."
Galaxy Foods Company produces a complete line of healthy cheese and dairy related products for the retail, food service and industrial markets. Galaxy Foods is the inventor and originator of form�gg�, a new, healthier and better way to make cheese. Form�gg products are low or no fat, have low or no cholesterol and no lactose and contain more vitamins and minerals than conventional cheese. Other brands names include Soyco�, Soymage�, Veggie Slices�, Lite Bakery�, and Wholesome Valley�. For more information, contact Rebecca Barksdale at 407-855-5500, extension 105.
