Food Technology Service, Inc. Reports Earnings

  Food Technology Service, Inc. Reports Earnings

Business Wire

MULBERRY, Fla. -- November 14, 2012

Food Technology Service, Inc. (Nasdaq:VIFL) had revenues of $925,654 during
the third quarter of 2012 compared to revenues of $1,011,650 for the same
period in 2011. This is a decrease of approximately 8.5 percent. The Company
had income before taxes during the third quarter of 2012 of $331,687 compared
to income before taxes of $416,825 during the third quarter of 2011. This is a
decrease of approximately 20.5 percent. For the first nine months of 2012, the
Company had revenues of $2,996,094 and income before taxes of $1,187,361.
Revenues during the first nine months of 2011 were $2,782,249 and the Company
had income before taxes of $1,085,513. Revenues increased by about 7.7 percent
and income before taxes increased by approximately 9.5 percent in the nine
months of 2012 compared to the same period in 2011.

The Company’s statement of operations reflects non-cash deferred income tax
expense for the third quarter of 2012 in the amount of $125,200. This resulted
in net income during the third quarter of 2012 of $206,487 versus net income
of $259,625 during the same period in 2011, a decrease of 20.5 percent.
Similarly, the Company’s statement of operations reflects non-cash deferred
income tax expense for the first nine months of 2012 in the amount of
$448,300. This resulted in net income of $739,671 during the first nine months
of 2012 versus $700,013 during the same period of 2011. This is an increase of
approximately 5.7 percent.

Food Technology Service, Inc. CEO Dr. Richard Hunter said, “Our third quarter
revenues decreased primarily due to lessened demand by a medical customer. I
believe this issue was largely confined to one month in the third quarter and
does not represent a longer term decrease in their demand.”

Food Technology Service, Inc. provides irradiation services for medical
products, food items and consumer goods to enhance the safety of those
products. The Company is certified to ISO 13485:2003 standards for the
provision of radiation sterilization services for medical devices.

Except for historical matters contained herein, the matters discussed in this
press release are forward-looking statements and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect assumptions and involve risk and
uncertainties that may affect business and prospects and cause actual results
to differ materially from these forward-looking statements.

Contact:

Food Technology Service, Inc.
Richard G. Hunter Ph.D., 863-425-0039
President/CEO
www.ftsi.us