July 2, 2008
Galaxy Nutritional Foods Q4 Net Income Up
Galaxy Nutritional Foods, a developer and marketer of cheese alternatives, organic dairy and other organic and natural food products, has reported a net income of $232,150, or $0.01 per diluted share for the fourth quarter ended March 31, 2008, compared to $201,179, or $0.01 per share, for the same quarter in 2007.
Net sales were approximately $6.4 million, compared to $6.5 million in the same quarter of fiscal 2007.
For the fiscal year ended March 31, 2008, the company reported a net income of $1.34 million, or $0.07 per diluted share, on net sales of approximately $25.2 million, compared to $146,498, or $0.01 per diluted share, on net sales of approximately $27.2 million.
The company generated EBITDA, as adjusted, of $2.19 million in fiscal year 2008, compared with EBITDA, as adjusted, of $2.95 million in fiscal year 2007.
Michael Broll, CEO of Galaxy Nutritional Foods, said: "The last half of fiscal 2008 brought sharp, continuous cost increases in critical commodities that squeezed our margins, but with selective price increases, reductions in other costs and emphasis on non-casein products, Galaxy delivered solid operating profits."