Galaxy Foods Announces First Shipments of Pullman/ribbon Slices.ORLANDO, Fla.--(BUSINESS WIRE)--Nov. 25, 1997--Galaxy Foods Co. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GALX), makers of the world's most complete line of healthy cheese and dairy-related products, Tuesday announced first shipments of its revolutionary Pullman/ribbon slices to foodservice and retail deli customers. In addition to conventional-type and low fat slices, Galaxy will market lactose free, tofu tofu Soft, bland, custardlike food product made from soybeans. Believed to date from China's Han dynasty (206 BC–AD 220), tofu is today an important source of protein in the cuisines of East and Southeast Asia. based and rice based slices, an industry first. These products are produced with state-of-the-art equipment developed over the past two years specifically for the company's multi-position niche products. Galaxy's President, Angelo S. Morini stated: "We are very excited about the successful installation of this equipment and subsequent first shipments of product. Having the ability to produce such a wide array of foodservice and deli products gives Galaxy the recognition as a major supplier in our industry. The addition of this system, which can produce up to $100 million in revenue, is expected to increase sales and profits dramatically." Morini further stated: "Due to delays in ancillary equipment and the intricacies of this high-tech system, we are behind two months in filling orders. Consequently, we will recognize minimal incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales this quarter from this system. Additionally, last quarter, we strategically abated Abated, an ancient technical term applied in masonry and metal work to those portions which are sunk beneath the surface, as in inscriptions where the ground is sunk round the letters so as to leave the letters or ornament in relief. From 1911 Encyclopædia Britannica lower margin foodservice business to a major restaurant chain in anticipation of producing higher margin Pullman/ribbon slices this quarter. It is therefore necessary to revise our estimated sales for fiscal 1998 (ending March 31, 1998) from $30 million to $21-23 million, with a much higher gross margin of 25%. Had we continued the lower margin foodservice business, we would have reached our projected $30 million in sales for the fiscal year with a gross margin of 18%. Changing our product mix has resulted in a greatly improved gross margin of 40%. We remain extremely optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our future and look forward to solid growth for the near and long term." Galaxy Foods Co. 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 formagg(r), a new, healthier and better way to make cheese and dairy-related products. Formagg(r) products are low or no fat, no saturated fat saturated fat, any solid fat that is an ester of glycerol and a saturated fatty acid. The molecules of a saturated fat have only single bonds between carbon atoms; if double bonds are present in the fatty acid portion of the molecule, the fat is said to be , have low or no cholesterol and no lactose and contain more vitamins and minerals than conventional cheese. Other brands' names include Soyco(r), Soymage(r), Veggie Slices(r), Lite Bakery(r), and Wholesome Valley(r). For more information, contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 407/855-5500, extension 105. You may also obtain more information, including the Monthly Insight Newsletter, through Galaxy's web site at http://www.galaxyfoods.com (best viewed through Netscape Navigator An earlier Web browser for Windows, Macintosh and X Windows from Netscape that provided secure transmission over the Internet. Soon after its introduction in 1994, Navigator, or just "Netscape," as it was commonly called, quickly became the leading browser on the Web. ). To be added to the mailing list An automated e-mail system on the Internet, which is maintained by subject matter. There are thousands of such lists that reach millions of individuals and businesses. New users generally subscribe by sending an e-mail with the word "subscribe" in it and subsequently receive all new for the Monthly Insight Newsletter, call 407/855-5500, extension 307. CONTACT: Galaxy Foods Co., Orlando Investor Relations, 407/855-5500 ext. 105 |
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