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Galaxy Nutritional Foods Reports FY2008 Results
Date:7/1/2008

ce on these forward- looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release any revisions to these forward- looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.

(Financial statements follow)

GALAXY NUTRITIONAL FOODS, INC.

Balance Sheets

MARCH 31, MARCH 31,

2008 2007

ASSETS

CURRENT ASSETS:

Cash $1,893,425 $ 879,487

Trade receivables, net of allowance of

$658,000 and $1,498,000 2,516,496 2,652,845

Inventories, net of reserve of $38,533

and $0 116,902 377,432

Prepaid expenses and other 95,906 261,693

Total current assets 4,622,729 4,171,457

PROPERTY AND EQUIPMENT, NET 65,671 90,181

OTHER ASSETS 68,463 102,980

TOTAL $4,756,863 $ 4,364,618

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:

Secured borrowings $ -- $ 556,886

Accounts payable 1,393,810 1,718,088

Accrued and other current liabilities 1,028,049 823,258

Related party note payable 2,685,104

Current portion of accrued employment

contracts 282,599 366,305

Total current liabilities 5,389,562 3,464,537


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SOURCE Galaxy Nutritional Foods, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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