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GALAXY CHEESE COMPANY ISSUES INSURANCE UPDATE, FINANCIAL RESULTS

GALAXY CHEESE COMPANY ISSUES INSURANCE UPDATE, FINANCIAL RESULTS
 ORLANDO, Fla., Feb. 18 /PRNewswire/ -- Galaxy Cheese Company (NASDAQ: GALX) announced today its financial results for its third quarter ended Dec. 31, 1991.
 Net sales were $1,137,718 in the quarter ended Dec. 31, 1991, compared to sales of $4,966,814 in the comparable 1990 period. Net sales for the nine months ended Dec. 31, 1991, were $6,244,490 compared to sales of $15,790,875 for the nine months ended Dec. 31, 1990. The decrease in both periods was attributable to the fire in June 1991 that caused a complete loss of the company's sole manufacturing facility, including the inventory, equipment and other contents therein. Due primarily to uncertainties regarding the extent to which post-fire losses will be wholly reimbursed under the business interruption portion of the company's insurance policy, the company booked only that amount of insurance proceeds receivable which caused there to be no gain or loss for the quarter ended Dec. 31, 1991. Accordingly, no income or loss was recorded in the quarter ended Dec. 31, 1991, compared to a net loss of $114,906 for the comparable quarter a year ago. For the nine months ended Dec. 31, 1991, the company recorded a loss of $78,699 vs. a loss of $145,404 in the comparable 1990 period.
 The company is refurbishing its new facility in Orlando, with the goal of resuming production in the spring of 1992. While awaiting commencement of operations in its new facility, the company has been able to keep production of a few of the company's products continuing through the use of third party co-packers, who, on a contract basis, produce the company's products to its specifications under the company's labels and packaging.
 Galaxy Cheese Company manufactures FORMAGG(R), the premier line of cheese alternatives, in over 30 varieties. It is made from pure skim milk protein and canola and soybean oil. FORMAGG(R), developed in response to the public's increasing demand for more health-conscious products, contains no cholesterol, lactose or butterfat. These products are lower in calories and saturated fat and higher in vitamins, calcium and other minerals than conventional cheese. Galaxy Cheese Company also produces and sells two all natural soy-based cheese alternatives under the brand names SOYCO(TM) and SOYMAGE(TM).
 GALAXY CHEESE COMPANY
 Period Ended Three Months Nine Months
 Dec. 31 1991 1990 1991 1990
 Net sales $1,137,718 $4,966,814 $6,244,490 $15,790,875
 Net income (loss) 0 (114,906) (78,699) (145,404)
 Earnings (loss) per
 common share $.00 $(.03) $(.02) $(.04)
 Weighted average common
 and common equivalent
 shares outstanding 4,082,384 4,043,958 4,074,075 4,058,367
 -0- 2/18/92
 /CONTACT: Peter J. Perfetti, chief financial officer of Galaxy Cheese, 407-855-5500/
 (GALX) CO: Galaxy Cheese Company ST: Florida, Pennsylvania IN: FOD SU: ERN


DM -- PG014 -- 0088 02/18/92 15:52 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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