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

ACCRUED EMPLOYMENT CONTRACTS, less

current portion -- 194,491

RELATED PARTY NOTE PAYABLE -- 2,677,144

Total liabilities 5,389,562 6,336,172

COMMITMENTS AND CONTINGENCIES -- --

STOCKHOLDERS' DEFICIT:

Common stock, $.01 par value; authorized

85,000,000 shares; 17,110,016 shares

issued 171,100 171,100

Additional paid-in capital 70,167,149 70,167,149

Accumulated deficit (70,970,948) (72,309,803)

Total stockholders' deficit (632,699) (1,971,554)

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

GALAXY NUTRITIONAL FOODS, INC.

Statements of Income

Fiscal Years Ended March 31, 2008 2007

Net Sales $25,190,600 $27,162,110

Cost of Goods Sold 15,676,654 16,224,549

GROSS MARGIN 9,513,946 10,937,561

OPERATING EXPENSES:

Selling 3,492,129 3,719,986

Delivery 1,023,440 902,979

General and administrative, including $0

and $108,160 non-cash compensation

related to stock-based transactions 2,516,590 3,429,261

Employment contract expense-general and

administrative 346,447 --

Research and development 330,557 224,843

Reserve on stockholder note receivable -- 1,428,000

Cost of disposal activities
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SOURCE Galaxy Nutritional Foods, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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