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Article: Galaxy Foods reports 334% increase in year end sales.
- Article from:
- Business Wire
- Article date:
- June 30, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ORLANDO, Fla.--(BUSINESS WIRE)--June 30, 1997--Galaxy Foods Co. (Nasdaq:GALX), makers of healthy cheese and dairy-related products, Monday announced net sales of $17,171,496 and a net loss of $2,736,600 or $0.12 per share (based on the weighted average number of shares of Common Stock outstanding at such date) for the fiscal year ended March 31, 1997 compared to net sales of $3,950,455 and a net loss of $3,268,598 or $0.25 per share for the year ended March 31, 1996.
The company expected to report a loss of $0.08 per share for fiscal 1997; however, a new SEC position on accounting (as described below) issued this past March, adversely affected the company's ...