October 24, 1996
Orlando, Florida
Galaxy Foods Company (Nasdaq: GALX) is pleased to announce sales of $5,133,456 for the Company's second quarter ended September 30, 1996, a 904% increase over sales of $511,301 for the same period last year. The Company also announced that although it is reporting a net loss of $89,942 for its second quarter, the Company was profitable in the months of August and September. This $89,942 loss or $.00 per share (based on the weighted number of shares of Common Stock outstanding on September 30) compares to a net loss of $770,691, or $.03 per share, for its second quarter ended September 30, 1995.
Angelo S. Morini, Galaxy's President stated, "the sales volume and profit growth I've been speaking about over thte last six months are further evidenced by the dramatic sales growth reported today. Sales for the first two quarters (six months) total $8,488,436, a $7,219,566 increase over sales for the first six months of last year. This six month sales figure represents more than double the sales in our entire fiscal year ended March 31, 1996. Our company goal remains to increase shareholder value through steadily increasing sales and profits."
Morini concluded, "current marketing programs and negotiations with major corporate and institutional purchasers of our products are proceeding and are on target with our goals for the current fiscal year ending March 31, 1997."
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 form�gg, 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.
