US food irradiation business, Food Technology Service, this week announced a four per cent rise in revenue for the quarter ending March 31, 2002. Total revenue for the first quarter of 2002 was $409,107 (€451.528) compared to $393,391 for the same period in 2001. Profit for this quarter was $47,304 compared to a profit of $92,250 during the first quarter of 2001.
Food Technology Service, CEO Dr. Richard Hunter said: "We are continuing our steady increase in revenues while we diversify our customer base. Our sales demonstrate the growing demand for foods and food packaging that have been made safer by irradiation.
I am especially proud of the fact that during this quarter we retired the short-term debt associated with the purchase of Cobalt-60."
In June 2001 Food Technology Service, Inc. purchased additional Cobalt-60, which increased the production capacity of its Mulberry, Florida facility by about 40 per cent.
In a bid to alleviate consumer fears over food irradiation the company said that it will continue to work closely with the public health community and industry in a strategic effort to educate consumers regarding the food safety benefits provided by irradiation.