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GALAXY FOODS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (unaudited) (unaudited) 1997 1996 1997 1996
NET SALES $ 5,031,997 $ 5,133,456 $ 10,915,451 $ 8,488,436
COST OF GOODS SOLD 3,781,453 4,279,885 8,551,410 7,231,501 Gross Margin 1,250,544 853,571 2,364,041 1,256,935
OPERATING EXPENSES: Selling 526,993 475,122 940,190 840,079 Delivery 222,141 153,293 439,867 270,269 General and administrative 336,199 312,834 721,965 649,047 Research and development 52,388 47,062 96,147 105,603 Total 1,137,721 988,311 2,198,169 1,864,998
OPERATING INCOME (LOSS) 112,823 (134,740) 165,872 (608,063)
OTHER INCOME (EXPENSE): Interest expense (7,885) (2,303) (39,830) (9,881) Interest income 239 44,652 2,547 83,668 Other income 20,215 2,449 19,924 5,101 Total 12,569 44,798 (17,359) 78,888
NET INCOME (LOSS) 125,392 (89,942) 148,513 (529,175)
PREFERRED STOCK DIVIDENDS -- -- -- (1,594,406)*
NET INCOME (LOSS) APPLICABLE TO COMMON STOCK $ 125,392 $ (89,942) $ 148,513 $ (2,123,581)*
NET INCOME (LOSS) PER COMMON SHARE $ -- $ -- $ -- $ (.06)*
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 63,750,604 34,459,093 62,731,924 34,302,404
* Amounts have been restated to reflect a stock dividend on preferred stock which is convertible at a discount from market
value at the date of issuance (See Note 3).
See accompanying notes to condensed financial statements.

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