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GALAXY FOODS COMPANY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

 GALAXY FOODS COMPANY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
 ORLANDO, Fla., Aug. 20 /PRNewswire/ -- Galaxy Foods Company (NASDAQ: GALX) announced today its financial results for the company's first quarter of fiscal year 1993.
 Results for the quarter ending June 30, 1992, were impacted dramatically by a fire that completely destroyed the company's then-sole-existing manufacturing facility located in New Castle, Pa., on June 29, 1991. The company thereafter aggressively negotiated for and ultimately received approximately $11.1 million in property and business interruption insurance proceeds from its insurance carrier. With these insurance proceeds, the company has been able to refurbish a state-of-the-art manufacturing facility in Orlando. As of June 1992, the company has resumed production of many of its products to customers in each of the company's markets -- industrial, food service and retail.
 From the date of the fire on June 29, 1991, through the middle of June 1992, the company was forced to rely on third-party co-packers who produced on a contract basis a few of the company's products to its specifications under the company's labels and packaging. This alternative and limited production method impacted both sales levels and margins during the 12-month period from the fire to June 1992. Therefore, comparability of the three-month period ending June 30, 1992, with the three-month period ending June 30, 1991, has been significantly affected.
 Net sales were $856,515 in the quarter ending June 30, 1992, compared to sales of $3,866,524 for the quarter ending June 30, 1991. The decrease was attributable to the fire and the resulting impact and dislocations on operations in the aftermath of the fire. The company recorded a net loss of $56,441 or $0.01 per share vs. a net loss of $78,699 or $0.02 per share in the comparable period of 1991.
 Galaxy Foods Company, the originator of nutritionally balanced dairy products, manufactures FORMAGG, the premier line of cheese alternatives, in over 30 varieties. FORMAGG, "the newer, healthier, better way to make cheese," is made from pure skim milk protein, and canola and soybean oil. FORMAGG was developed in response to the public's increasing demand for more health-conscious products, and contains no cholesterol, lactose or butterfat. These products are lower in calories, and are higher in vitamins, calcium and other minerals than conventional cheese. Galaxy Foods Company also produces LITE BAKERY products, and sells two all-natural soy-based cheese alternatives under the brand names SOYCO and SOYMAGE.
 GALAXY FOODS COMPANY
 Comparative Analysis (Unaudited)
 Periods Ended Three Months
 June 30 1992 1991
 Net sales $856,515 $3,866,524
 Net loss (56,441) (78,699)
 Loss per common share $ (.01) $ (.02)
 Weighted average common and
 common equivalent shares
 outstanding 4,025,809 4,025,809
 -0- 8/20/92
 /CONTACT: Peter J. Perfetti, chief financial officer of Galaxy Foods, 407-855-5500/
 (GALX) CO: Galaxy Foods Company ST: Florida, Pennsylvania IN: FOD SU: ERN


CD-LJ -- PG002 -- 1586 08/20/92 08:57 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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