Galaxy Foods' Financials Ride Nutraceutical Dairy Wave

On Monday, Galaxy Foods (Orlando, FL), producer of health-promoting dairy and dairy-related alternatives for the retail, foodservice and industrial markets, reported a 45% net sales increase for its early-bird fiscal year 1999 ended March 31.

Sales of $20,552,782 rode on a company-record $1,351,367 net income before taxes and $1,291,367 in net income after taxes ($.14 per share). Gross profit margin also rose to 35% of net sales for the year, compared with 26% for the fiscal year.

The company credits its success to the continued growth of its Veggie brand line of products in the retail market and also to new product introductions and line extensions, the introduction of key product line extensions and new product categories.

Galaxy's President and CEO Angelo Morini, said, "the company is positioning itself for dynamic growth...since the demand for great tasting nutraceutical, or functional foods, continues its blockbuster growth. Galaxy is recognized as the leader in plant-based nutraceutical dairy technology and we expect to carry this leadership well into the 21st century."

The company's health-focused dairy and dairy-related alternatives are largely plant-based and are therefore have low or no (saturated) fats, cholesterol, or lactose. The company also markets conventional dairy products to grocery, foodservice and industrial markets. Brand names include Veggie Slices, Veggie Milk, Soyco, Soymage, The Ultimate Smoothie, Wholesome Valley, and Lite Bakery.