US food irradiation company Food Technology this week announced a drop in revenue for the first and second quarters of 2002. The company attributed the worsening results to the departure of one client and increased expenses. Total revenue hit $662,314 (€678,000) compared to $702,346 for the same period in 2001.
Food Technology CEO Dr Richard Hunter said: "The reduced earnings reflect the temporary departure of one of our non-food customers that uses our services on an intermittent basis.
Although they did not require our services during the second quarter, they have already notified us that they will return during the first quarter of 2003.
In addition, we had increased expenses related to the launch of our I-CARE FOODS brand of irradiated foods as well as some one-time maintenance and security up-grades."
FTSI board chairman Tom Daw remained upbeat: "While we are disappointed by the reduced earnings, we are encouraged by growth in our core business of food irradiation."
Food Technology Service provides food irradiation services for meat and poultry processors.