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Galaxy Nutritional Foods Reports FY2008 Results

2008 2007 2008 2007

NET SALES $ 6,427,240 $ 6,491,152 $ 25,190,600 $ 27,162,110

NET INCOME $ 232,150 $ 201,179 $ 1,338,855 $ 146,498


Non-cash compensation

expense -- -- -- 108,160

G&A expenses related to

strategic alternatives -- -- -- 45,500

Employment contract

expense -- -- 346,447 --

Reserve on stockholder

note receivable -- -- -- 1,428,000

Cost of disposal

activities -- 12,104 -- 295,651

Loss on disposal of

assets 103 -- 615 44,280

Interest expense 110,000 122,790 453,313 746,063

Taxes -- -- 12,000 --

Depreciation and


expense 11,121 11,237 44,429 141,339


adjusted $ 353,374 $ 347,310 $ 2,195,659 $ 2,955,491

As a % of Net Sales 5.5 % 5.4 % 8.7 % 10.9 %

Footnote on non-GAAP Measures Presented Above

Management utilizes certain non-GAAP measures such as EBITDA, as adjusted, because it provides useful information to management and investors in order to accurately review the Company's current on-going operations and business trends related to its financial condition and results of operations. Additionally, these measures are key factors upon which the Company prepares its budgets and forecasts. In its determination of non-GAAP measures, management excludes the non-cash compensation related to stock-based compensation, G&A expenses related to strategic alternatives, th

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

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