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

-- 295,651

Loss on disposal of assets 615 44,280

Total operating expenses 7,709,778 10,045,000

INCOME FROM OPERATIONS 1,804,168 892,561

INTEREST EXPENSE (453,313) (746,063)

INCOME BEFORE TAXES 1,350,855 146,498

INCOME TAX EXPENSE (12,000) --

NET INCOME $1,338,855 $ 146,498

BASIC NET INCOME PER COMMON SHARE $ 0.08 $ 0.01

DILUTED NET INCOME PER COMMON SHARE $ 0.07 $ 0.01

GALAXY NUTRITIONAL FOODS, INC.

Statements of Cash Flows

Fiscal Years Ended March 31, 2008 2007

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income $1,338,855 $ 146,498

Adjustments to reconcile net income to

net cash from (used in) operating

activities:

Depreciation and amortization 44,429 141,339

Amortization of debt discount and

financing costs 42,477 271,046

Provision for future credits and

doubtful accounts on trade receivables (836,500) (179,971)

Inventory reserve 38,533 --

Provision for loss on stockholder note

receivable -- 1,428,000

Non-cash compensation related to

stock-based transactions -- 108,160

Loss on disposal of assets 615 44,280

(Increase) decrease in:

Trade receivables 972,84
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SOURCE Galaxy Nutritional Foods, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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