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GALAXY FOODS COMPANY ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

 GALAXY FOODS COMPANY ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
 ORLANDO, Fla., Nov. 12 /PRNewswire/ -- Galaxy Foods Company, (NASDAQ: GALX) today announced financial results for the company's second quarter and first six-months of fiscal 1993.
 Results for the quarter ending Sept. 30, 1992 and 1991, and related six-month periods 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. In June 1992, the company resumed production of many of its products and began shipping them to customers in each of the company's three principle 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. The alternative and limited production method impacted both sales levels and margins during the 12-month period from the fire to June 1992. In the quarter following June 30, 1992, the company focused its attention on resuming efficient manufacturing operation and rebuilding its customer base. Although the company now has sufficient capacity to match pre-fire sales, it will take some additional time to restore sales and profits to pre-fire levels. Comparability of the three-month and six-month periods ending Sept. 30, 1992, with the corresponding periods from the prior year have been significantly affected by the foregoing considerations.
 For the quarter ended Sept. 30, 1992, the company reported net sales of $1,333,991, compared to $1,240,248 for the quarter ended Sept. 30, 1991. The company reported a net loss of $78,418 or $0.02 per share for the quarter ended Sept. 30, 1992, vs. no income or loss for the quarter ended Sept. 30, 1991.
 Sales in the quarter ended Sept. 30, 1992, improved in excess of 55 percent from the previous quarter ended June 30, 1992. "With the plant now in production, and the business gaining momentum, as customer orders strengthen, we are optimistic about future financial comparisons," stated Angelo S. Morini, Galaxy's president and chief executive officer.
 For the first six months of fiscal 1993, net sales were $2,190,506 compared to $5,106,772 in the six-month period a year ago (which included almost one full quarter of normal pre-fire operating results). The company recorded a net loss of $134,859 or $0.03 per share, vs. a net loss of $78,699 or $0.02 per share in the first half of the prior year.
 GALAXY FOODS COMPANY
 Comparative Analysis (Unaudited)
 Period Ended Three Months Six Months
 Sept. 30 1992 1991 1992 1991
 Net sales $1,333,991 $1,240,248 $2,190,506 $5,106,772
 Net income (loss) (78,418) -- (134,859) (78,699)
 Earnings (loss)
 per common share $ (.02) $ .00 $ (.03) $ (.02)
 Weighted average
 common shares
 outstanding 4,176,001 4,025,809 4,100,905 4,025,809
 -0- 11/12/92
 /CONTACT: Peter J. Perfetti, chief financial officer of Galaxy Foods, 407-855-5500/
 (GALX) CO: Galaxy Foods Company ST: Florida IN: FOD SU: ERN


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Publication:PR Newswire
Date:Nov 12, 1992
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