July 30, 1996
Orlando, Florida
Angelo S. Morini, Galaxy's President stated, "We are very excited about our first quarter results for several reasons. With $3.9 million in sales for the entire fiscal year ended March 31, 1996, we were pleased to post over $3.3 in sales for the first three months of our new fiscal year. We have experienced significant upward trends in all three divisions - mainstream supermarkets, health food stores and food service; and, as we enter our second quarter, the trend continues. Our sales focus continues to be on volume and profit goals established for each Company division and we are properly capitalized to see our way through to reaching these goals."
Morini further stated, "The loss for the quarter was a bit higher than projected due in part to initial marketing costs associated with launching new products. These new products included Soyco Foods retail Rice Line of cheese slices, chunks and grated parmesan, Galaxy's retail no cholesterol Sandwich slices and formägg Veggie cheese slices in food service sizes. All of these new products are selling extremely well. In fact, sales are rising so steadily, we have ordered new equipment, to be delivered in October, which will enable the Company to become a significant player in the individually wrapped cheese slice category. Additionally, our compliance with new accounting rules which came into effect this fiscal year required us to realize a non- cash expense for certain issued and outstanding warrants."
Galaxy Foods Company produces a complete line of healthy cheese and cheese related products for the retail, food service and industrial markets. Galaxy Foods is the inventor and originator of formägg, perfectly balanced nutritional products which are low in fat, have no cholesterol and no lactose and contain more vitamins and minerals than conventional cheese. Other brands names include Soyco , Soymage and Lite Bakery . For more information, contact Rebecca Barksdale at 407-855- 5500, extension 105.
Return to Galaxy Foods Home page...