Flat results for Food Technology
irradiation treatment for foods, has announced first quarter
results that reflect the continuing struggle of the food
irradiation sector in the US.
Food Technology Service, one of the leading providers of irradiation treatment for foods, has announced first quarter results that reflect the continuing struggle of the food irradiation sector in the US.
For the quarter ending March 31, 2003, the company announced total revenue was $412,467 (€376,427) compared to $409,106 for the same period in 2002 - accounting for an increase of around 1 per cent compared to the same period in 2002. Profit, on the other hand was down for this quarter to $39,487 compared to a profit of $47,304 during the first quarter of 2002.
Food Technology Service CEO Dr Richard Hunter said: "These revenues reflect an increasingly diverse customer base which includes significantly more meat and poultry products. I am confident that the growing demand for irradiated foods coupled with the return of a large, intermittent customer will generate additional revenue growth during the remainder of the year."
Food Technology Service has recently added plant workers and made facility upgrades to increase processing capacity.
Although many analysts and industry observers predict that the use of irradiation should become more widespread in the future - reflecting increasing concerns over food safety issues - the industry is still fighting off claims that the process could be detrimental to the chemical make up of food. In Europe the process is still not widely accepted - the European Commission only allowing the irradiation of dried herbs and spices.
Food Technology Service is the oldest commercial food irradiation company in the US, and provides irradiation services for major meat and poultry processors.
