x | Quarterly report pursuant to section 13 or 15(d) of the Securities Act of 1934. |
March 31, 2013
¨ | Transition report pursuant to section 13 or 15(d) of the Securities Act of 1934. |
Large accelerated filer | ¨ | Accelerated filer | ¨ | ||
Non-accelerated filer | ¨ | Smaller reporting company | x |
MARCH 31, 2013
PAGE | |||
PART I. | FINANCIAL INFORMATION | ||
ITEM 1. | |||
CONSOLIDATED BALANCE SHEETS: | |||
Assets | |||
As of | 2 | ||
Liabilities and Stockholders’ Equity | |||
As of | 3 | ||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED): | |||
For the three-month periods ended | 4 | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED): | |||
For the | |||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | |||
ITEM 2. | |||
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL | |||
CONDITION AND RESULTS OF OPERATIONS | |||
ITEM 3. | |||
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK – N/A | 12 | ||
ITEM 4. | |||
12 | |||
PART II. | OTHER INFORMATION | ||
13 | |||
14 | |||
PARADISE, INC. | COMMISSION FILE NO. 0-3026 |
PART I. | FINANCIAL INFORMATION |
Item 1. | Financial Statements |
AS OF | AS OF | |||||||||||
SEPTEMBER 30, | AS OF | SEPTEMBER 30, | ||||||||||
2012 | DECEMBER 31, | 2011 | ||||||||||
(UNAUDITED) | 2011 | (UNAUDITED) | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash | $ | 78 | $ | 7,468,908 | $ | 95,564 | ||||||
Accounts Receivable, Less, Allowances of $0 (09/30/12), $1,003,779 (12/31/11) and $0 (09/30/11) | 8,087,910 | 2,579,362 | 6,461,091 | |||||||||
Inventories: | ||||||||||||
Raw Materials | 3,627,009 | 2,214,455 | 2,783,301 | |||||||||
Work in Process | 390,446 | 558,899 | 370,161 | |||||||||
Finished Goods | 7,645,579 | 3,423,163 | 6,368,290 | |||||||||
Deferred Income Tax Asset | 234,912 | 234,912 | 225,942 | |||||||||
Income Tax Refund Receivable | - | 221,446 | ||||||||||
Prepaid Expenses and Other Current Assets | 480,835 | 295,413 | 400,786 | |||||||||
Total Current Assets | 20,466,769 | 16,775,112 | 16,926,581 | |||||||||
Property, Plant and Equipment, Less, Accumulated Depreciation of $18,860,033 (09/30/12), $18,505,964 (12/31/11) and $18,381,081 (09/30/11) | 4,036,833 | 4,184,046 | 4,293,875 | |||||||||
Goodwill | 413,280 | 413,280 | 413,280 | |||||||||
Customer Base and Non-Compete Agreement | 471,219 | 565,632 | 597,104 | |||||||||
Other Assets | 233,205 | 222,663 | 228,163 | |||||||||
TOTAL ASSETS | $ | 25,621,306 | $ | 22,160,733 | $ | 22,459,003 |
AS OF | AS OF | |||||||||
MARCH 31, | AS OF | MARCH 31, | ||||||||
2013 | DECEMBER 31, | 2012 | ||||||||
(UNAUDITED) | 2012 | (UNAUDITED) | ||||||||
ASSETS | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash | $ | 4,816,706 | $ | 6,384,087 | $ | 5,532,943 | ||||
Accounts Receivable, Less, Allowances of $0 (03/31/13),$1,562,556 (12/31/12) and $0 (03/31/12) | 1,742,535 | 1,893,160 | 1,926,687 | |||||||
Inventories: | ||||||||||
Raw Materials and supplies | 4,304,019 | 2,499,430 | 3,766,404 | |||||||
Work in Process | 108,946 | 561,043 | 7,449 | |||||||
Finished Goods | 6,978,282 | 5,795,906 | 4,951,215 | |||||||
Income Tax Receivable | 150,219 | 225,794 | - | |||||||
Deferred Income Tax Asset | 152,250 | 152,250 | 234,912 | |||||||
Prepaid Expenses and Other Current Assets | 150,948 | 296,728 | 195,868 | |||||||
Total Current Assets | 18,403,905 | 17,808,398 | 16,615,478 | |||||||
Property, Plant and Equipment, Less, Accumulated Depreciation of $18,569,676 (03/31/13), $18,454,410 (12/31/12)and $18,628,310 (03/31/12) | 3,984,192 | 3,946,124 | 4,072,874 | |||||||
Goodwill | 413,280 | 413,280 | 413,280 | |||||||
Customer Base and Non-Compete Agreement | 408,276 | 439,747 | 534,161 | |||||||
Other Assets | 253,477 | 281,935 | 269,622 | |||||||
TOTAL ASSETS | $ | 23,463,130 | $ | 22,889,484 | $ | 21,905,415 |
AS OF | AS OF | |||||||||||
SEPTEMBER 30, | AS OF | SEPTEMBER 30, | ||||||||||
2012 | DECEMBER 31, | 2011 | ||||||||||
(UNAUDITED) | 2011 | (UNAUDITED) | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Short Term Debt | $ | 2,592,084 | $ | 313,246 | $ | 1,118,364 | ||||||
Accounts Payable | 1,261,334 | 358,851 | 980,953 | |||||||||
Accrued Liabilities | 774,814 | 1,218,289 | 755,553 | |||||||||
Income Taxes Payable | 187,777 | 370,678 | 363,382 | |||||||||
Total Current Liabilities | 4,816,009 | 2,261,064 | 3,218,252 | |||||||||
DEFERRED INCOME TAX LIABILITY | 165,891 | 165,891 | 147,354 | |||||||||
Total Liabilities | 4,981,900 | 2,426,955 | 3,365,606 | |||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||
Common Stock: $0.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued, 519,600 Shares Outstanding | 174,928 | 174,928 | 174,928 | |||||||||
Capital in Excess of Par Value | 1,288,793 | 1,288,793 | 1,288,793 | |||||||||
Retained Earnings | 19,730,149 | 18,824,521 | 18,184,140 | |||||||||
Accumulated Other Comprehensive Loss | (281,245 | ) | (281,245 | ) | (281,245 | ) | ||||||
Treasury Stock, at Cost, 63,494 Shares | (273,219 | ) | (273,219 | ) | (273,219 | ) | ||||||
Total Stockholders’ Equity | 20,639,406 | 19,733,778 | 19,093,397 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 25,621,306 | $ | 22,160,733 | $ | 22,459,003 |
PARADISE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
FOR THE THREE MONTHS ENDED | ||||||||
SEPTEMBER 30, | ||||||||
2012 | 2011 | |||||||
Net Sales | $ | 9,994,865 | $ | 9,446,944 | ||||
Costs and Expenses: | ||||||||
Cost of Goods Sold | 7,023,493 | 7,053,289 | ||||||
Selling, General and Administrative Expense | 1,199,859 | 1,154,877 | ||||||
Amortization | 35,971 | 35,971 | ||||||
Interest Expense | 3,304 | 8,344 | ||||||
Total Costs and Expenses | 8,262,627 | 8,252,481 | ||||||
Income from Operations | 1,732,238 | 1,194,463 | ||||||
Other Loss | (35,771 | ) | (23,906 | ) | ||||
Income from Operations Before Provision for Income Taxes | 1,696,467 | 1,170,557 | ||||||
Provision for Income Taxes | 644,654 | 444,813 | ||||||
Net Income | $ | 1,051,813 | $ | 725,744 | ||||
Income per Common Share (Basic and Diluted) | $ | 2.02 | $ | 1.40 | ||||
Dividend per Common Share | $ | 0.00 | $ | 0.00 |
AS OF | AS OF | |||||||||
MARCH 31, | AS OF | MARCH 31, | ||||||||
2013 | DECEMBER 31, | 2012 | ||||||||
(UNAUDITED) | 2012 | (UNAUDITED) | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
CURRENT LIABILITIES: | ||||||||||
Short term debt | $ | 799,786 | $ | 515,866 | $ | 631,230 | ||||
Accounts Payable | 1,324,236 | 375,067 | 769,648 | |||||||
Accrued Liabilities | 385,953 | 1,093,698 | 531,387 | |||||||
Income Taxes Payable | - | - | 47,366 | |||||||
Total Current Liabilities | 2,509,975 | 1,984,631 | 1,979,631 | |||||||
DEFERRED INCOME TAX LIABILITY | 272,063 | 272,063 | 165,891 | |||||||
Total Liabilities | 2,782,038 | 2,256,694 | 2,145,522 | |||||||
STOCKHOLDERS’ EQUITY: | ||||||||||
Common Stock: $0.30 Par Value,2,000,000 Shares Authorized,583,094 Shares Issued,519,600 Shares Outstanding | 174,928 | 174,928 | 174,928 | |||||||
Capital in Excess of Par Value | 1,288,793 | 1,288,793 | 1,288,793 | |||||||
Retained Earnings | 19,490,590 | 19,442,288 | 18,569,391 | |||||||
Treasury Stock, at Cost, 63,494 Shares | (273,219) | (273,219) | (273,219) | |||||||
Total Stockholders’ Equity | 20,681,092 | 20,632,790 | 19,759,893 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 23,463,130 | $ | 22,889,484 | $ | 21,905,415 |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, | ||||||||
2012 | 2011 | |||||||
Net Sales | $ | 15,848,256 | $ | 14,217,580 | ||||
Costs and Expenses: | ||||||||
Cost of Goods Sold | 11,325,394 | 10,653,906 | ||||||
Selling, General and Administrative Expense | 2,816,946 | 2,666,303 | ||||||
Amortization | 107,914 | 107,453 | ||||||
Interest Expense | 3,304 | 8,344 | ||||||
Total Costs and Expenses | 14,253,558 | 13,436,006 | ||||||
Income from Operations | 1,594,698 | 781,574 | ||||||
Other Income | 34,894 | 174,695 | ||||||
Income from Operations Before Provision for Income Taxes | 1,629,592 | 956,269 | ||||||
Provision for Income Taxes | 619,241 | 363,383 | ||||||
Net Income | $ | 1,010,351 | $ | 592,886 | ||||
Income per Common Share (Basic and Diluted) | $ | 1.94 | $ | 1.14 | ||||
Dividend per Common Share | $ | 0.20 | $ | 0.10 |
FOR THE THREE MONTHS ENDED | |||||||
MARCH 31, | |||||||
2013 | 2012 | ||||||
Net Sales | $ | 3,061,604 | $ | 3,268,870 | |||
Costs and Expenses: | |||||||
Cost of Goods Sold | 2,040,555 | 2,287,495 | |||||
Selling, General and Administrative Expense | 884,858 | 805,525 | |||||
Amortization Expense | 35,971 | 35,971 | |||||
Total Costs and Expenses | 2,961,384 | 3,128,991 | |||||
Income from Operations | 100,220 | 139,879 | |||||
Other Income | 101,600 | 76,844 | |||||
Income Before Income Taxes | 201,820 | 216,723 | |||||
Income Tax Expense | 75,575 | 86,688 | |||||
Net Income | $ | 126,245 | $ | 130,035 | |||
Income per Common Share (Basic and Diluted) | $ | 0.24 | $ | 0.25 | |||
Dividend per Common Share | $ | 0.15 | $ | 0.20 |
FOR THE NINE MONTHS ENDED | ||||||||
SEPTEMBER 30, | ||||||||
2012 | 2011 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net Income | $ | 1,010,351 | $ | 592,886 | ||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: | ||||||||
Depreciation and Amortization | 461,982 | 496,638 | ||||||
Increase in: | ||||||||
Accounts Receivable | (5,508,548 | ) | (2,841,356 | ) | ||||
Inventories | (5,466,517 | ) | (3,475,169 | ) | ||||
Prepaid Expenses | (185,422 | ) | (52,379 | ) | ||||
Other Assets | (24,847 | ) | (57,589 | ) | ||||
Income Tax Refund Receivable | - | (221,446 | ) | |||||
Increase (Decrease) in: | ||||||||
Accounts Payable | 902,485 | 676,296 | ||||||
Accrued Expense | (443,475 | ) | (479,970 | ) | ||||
Income Taxes Payable | (182,901 | ) | 211,373 | |||||
Net Cash Used in Operating Activities | (9,436,892 | ) | (5,150,716 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchase of Property and Equipment | (206,856 | ) | (344,344 | ) | ||||
Net Cash Used in Investing Activities | (206,856 | ) | (344,344 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net Proceeds of Short-Term Debt | 2,278,838 | 870,528 | ||||||
Dividends Paid | (103,920 | ) | (51,960 | ) | ||||
Net Cash Provided by Financing Activities | 2,174,918 | 818,568 | ||||||
NET DECREASE IN CASH | (7,468,830 | ) | (4,676,492 | ) | ||||
CASH, AT BEGINNING OF PERIOD | 7,468,908 | 4,772,056 | ||||||
CASH, AT END OF PERIOD | $ | 78 | $ | 95,564 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
Cash paid for: | ||||||||
Interest | $ | 3,304 | $ | 8,344 | ||||
Income Tax | 802,142 | 371,446 | ||||||
Net Supplemental Cash Flows | $ | 805,446 | $ | 379,790 |
FOR THE THREE MONTHS ENDED | |||||||
MARCH 31, | |||||||
2013 | 2012 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net Income | $ | 126,245 | $ | 130,035 | |||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: | |||||||
Depreciation and Amortization | 151,237 | 158,315 | |||||
Decrease (Increase) in: | |||||||
Accounts Receivable | 150,625 | 652,675 | |||||
Inventories | (2,534,868) | (2,528,551) | |||||
Prepaid Expenses and Other Current Assets | 145,778 | 99,545 | |||||
Income Tax Receivable | 75,575 | - | |||||
Other Assets | 23,958 | (51,459) | |||||
Increase (Decrease) in: | |||||||
Accounts Payable | 949,169 | 410,798 | |||||
Accrued Liabilities | (785,685) | (790,822) | |||||
Income Taxes Payable | - | (323,312) | |||||
Net Cash Used in Operating Activities | (1,697,966) | (2,242,776) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchase of Property and Equipment | (153,335) | (11,173) | |||||
Net Cash Used in Investing Activities | (153,335) | (11,173) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Net Proceeds from Short term Debt | 283,920 | 317,984 | |||||
Net Cash Provided by Financing Activities | 283,920 | 317,984 | |||||
NET DECREASE IN CASH | (1,567,381) | (1,935,965) | |||||
CASH, AT BEGINNING OF PERIOD | 6,384,087 | 7,468,908 | |||||
CASH, AT END OF PERIOD | $ | 4,816,706 | $ | 5,532,943 | |||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||
Cash paid for: | |||||||
Income Tax | $ | - | $ | 410,000 | |||
Noncash financing activity: | |||||||
Dividends Declared | $ | 77,940 | $ | 103,920 |
NOTE 1 | BASIS OF PRESENTATION |
NOTE 2 | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
In May 2011, the FASB issued ASU 2011-04Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.
In June 2011, the FASB issued ASU 2011-05Presentation of Comprehensive Income,which revises the manner in which entities present comprehensive income in their financial statements. The new guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU is effective for the Company for the interim and annual periods beginning after December 15, 2011. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements or disclosures.
Otherany recent accountingcodified pronouncements issued by the FASBFinancial Accounting Standards Board (“FASB”) (including its EITF), the AICPA andor the Securities and Exchange Commission did not or are not believed by management towill have a material impact on the Company’s presentcurrent or future consolidated financial statements.
NOTE 3 | INCOME PER COMMON SHARE |
NOTE 4 | BUSINESS SEGMENT DATA |
Business Segment | Operation | |
Fruit | Production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking. Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preservers, dairies, drink manufacturers, etc. | |
Molded Plastics | Production of plastics containers and other molded plastics for sale to various food processors and others. |
September 30, | September 30, | |||||||
2012 | 2011 | |||||||
Net Sales in Each Segment | ||||||||
Fruit: | ||||||||
Sales to Unaffiliated Customers | $ | 9,646,744 | $ | 8,700,855 | ||||
Molded Plastics: | ||||||||
Sales to Unaffiliated Customers | 6,201,512 | 5,516,725 | ||||||
Net Sales | $ | 15,848,256 | $ | 14,217,580 |
For the nine month period ended September 30, 2012 and 2011, sales of frozen strawberry products totaled $521,952 and $323,495, respectively.
March 31, | March 31, | ||||||
2013 | 2012 | ||||||
Net Sales in Each Segment | |||||||
Fruit: | |||||||
Sales to Unaffiliated Customers | $ | 824,737 | $ | 876,809 | |||
Molded Plastics: | |||||||
Sales to Unaffiliated Customers | 2,236,867 | 2,392,061 | |||||
Net Sales | $ | 3,061,604 | $ | 3,268,870 |
NOTE 4 | BUSINESS SEGMENT DATA (CONTINUED) |
September 30, | September 30, | |||||||
2012 | 2011 | |||||||
Identifiable Assets of Each Segment are Listed Below: | ||||||||
Fruit | $ | 19,310,400 | $ | 15,379,816 | ||||
Molded Plastics | 4,629,462 | 5,106,533 | ||||||
Identifiable Assets | 23,939,862 | 20,486,349 | ||||||
General Corporate Assets | 1,681,444 | 1,972,654 | ||||||
Total Assets | $ | 25,621,306 | $ | 22,459,003 |
March 31, | March 31, | ||||||
2013 | 2012 | ||||||
Identifiable Assets of Each Segment are Listed Below: | |||||||
Fruit | $ | 11,667,364 | $ | 9,739,581 | |||
Molded Plastics | 5,605,977 | 5,182,183 | |||||
Identifiable Assets | 17,273,341 | 14,921,764 | |||||
General Corporate Assets | 6,189,789 | 6,983,651 | |||||
Total Assets | $ | 23,463,130 | $ | 21,905,415 |
NOTE 5 | OTHER ISSUES |
Subsequent to September 30,
PARADISE, INC. | COMMISSION FILE NO. 0-3026 |
PART I.FINANCIAL INFORMATION
PART I. | FINANCIAL INFORMATION |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Forward–Looking Statements
Forward–Looking Statements |
PARADISE, INC. | COMMISSION FILE NO. 0-3026 |
PART I. FINANCIAL INFORMATION
PART I. | FINANCIAL INFORMATION |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued) |
Paradise Plastics, Inc.’s net sales to unaffiliated customers during the first nine months of 2012 increased 12.4% to $6,201,512 from $5,516,725$876,809 for the similar reporting period of 2011. This increase is primarily related2012, representing a 5.9% decrease. The primary reason for this decrease was a shortage of labor with regard to two long term customers, who have receivedgathering strawberries from a greater demandlocal distributor for their productsdelivery to Paradise, Inc.’s facilities. For a negotiated fee, i.e. tolling charge, Paradise, Inc. will receive and process fresh strawberries through its facilities on behalf of this distributor. With the shortage in available labor during the first three quartersquarter of 20122013, tolling charges earned as of March 31, 2013 were $195,763 compared to $465,887 as of March 31, 2012. Paradise, Inc.’s other fruit segment sales during the first quarter of 2013 primarily comprised of bulk fruit orders received and shipped to supermarkets and manufacturing bakeries leading up to and through the traditional Easter holiday season. Gross sales of bulk fruit orders received and shipped as of March 31, 2013 increased to $619,739 compared to $543,773 as of March 31, 2012.
well as new orders moving forward.
Selling, generalforce increased its commitments to attend various plastics and administrative expenses for the first nine months of 2012 increased 5.6% compared to the previous year’s reporting period of 2011. The increase in expenses such as advertising, brokerage and freight out expenses can be directly attributable to the growth reflected above in net sales for Paradise, Inc.’s fruit and plastics segmentfood trade shows during the first nine monthsquarter of 2012.
Paradise, Inc.’s interest expense on its revolving line of credit for the nine months ended September 30, 2012 was $3,304 compared to $8,344 for September 30, 2011. As reported in previous filings, Paradise, Inc. renewed its revolving line of credit on June 30, 2011 for a two year period. Terms of the renewal are similar to the previous agreement. Paradise, Inc.’s revolving line of credit has a maximum limit of $12,000,000 with a borrowing base of 80% of the Company’s eligible receivables plus up to 60% of the Company’s eligible inventory. Interest is payable monthly at the bank’s LIBOR rate plus 1.9% or a floor rate of 3%, whichever is greater.
Other Significant Items
2013.
Other Significant Items |
PARADISE, INC. | COMMISSION FILE NO. 0-3026 |
PART I. FINANCIAL INFORMATION
PART I. | FINANCIAL INFORMATION |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued) |
Other Significant Items (Continued)
Inventory as of September 30, 2012 totaled $11,663,034 compared to $9,521,752 as of September 30, 2011.
This increase of $2,141,282 is primarily driven by the Company’s need to procure a sufficient amount of raw fruit materials heading into 2013. As mentioned above, Paradise, Inc.’s production period will commence as early as January in order to be ready to ship glace’ fruit products to customers in time for the holiday selling season beginning in mid-September of each year. Management is consistently reviewing economic, harvest and weather conditions to see what effect changes to these factors will have on the future availability of the Company’s raw materials. Based on its current review of these factors, management has taken appropriate steps to increase the procurement of raw fruit materials during the third quarter of 2012. This will ensure that sufficient raw materials will be on hand as we transition into the 2013 production period.
Paradise, Inc. finances
Other Significant Items (Continued) |
Summary
2012. Lastly, net cash provided by financing activities decreased from $317,984 for the quarter ended March 31, 2012 to $283,920 for the quarter ended March 31, 2013 due to timing of payments on letters of credit.
Summary |
6.3%. However, as mentioned and disclosed in all previous interimfirst quarter filings, duewith less than 5% of anticipated annual glace’ fruit net sales yet to the highly seasonal naturebe realized as of the Company’s primary product, glace’ fruit,date of this filing, no meaningfulreasonable estimate or forecast of consolidated financial analysisperformance may be developed from Paradise, Inc.’s interim reporting results. Only a full year’s accounting of revenue and expenses will provide the necessary information to determine the Company’s financial performance.
PART I. FINANCIAL INFORMATION
Recently Issued Accounting Pronouncements
In May 2011, the FASB issued new guidance that expands existing disclosure requirements for fair value measurements and makes other amendments that could change how the fair value measurement guidance is applied. March 31, 2013.
PARADISE, INC. | COMMISSION FILE NO. 0-3026 |
PART I. | FINANCIAL INFORMATION |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued) |
Recently Issued Accounting Pronouncements |
In June 2011, the FASB issued new guidance that revises the manner in which entities present comprehensive income in their financial statements. The new guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The guidance is effective for us for the interim and annual periods beginning after December 15, 2011. The adoption of this guidance did not have an impact on us.
We doCompany’s management does not believe that otherany recent accountingcodified pronouncements issued by the FASBFinancial Accounting Standards Board (“FASB”) (including its EITF), the AICPA andor the Securities and Exchange Commission will have a material impact on the Company’s presentcurrent or future consolidated financial statements.
Item 3. | Quantitative and Qualitative Disclosure and Market Risk – N/A |
Item 4. | Controls and Procedures |
The Company’s
PARADISE, INC. | COMMISSION FILE NO. 0-3026 |
PART II. | OTHER INFORMATION |
Item 1. | Legal Proceedings – N/A |
Item 1A. | Risk Factors – N/A |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds – N/A |
Item 3. | Defaults Upon Senior Securities – N/A |
Item 4. | Mine Safety Disclosures – N/A |
Item 5. | Other Information – N/A |
Item 6. | Exhibits and Reports on Form 8-K |
|
Exhibit | |||
Number | Description | ||
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
(b) | Reports on Form 8-K. | |
None. |
PARADISE, INC. |
None.
PARADISE, INC. COMMISSION FILE NO. 0-3026
PARADISE, INC. | ||||
A Florida Corporation | ||||
/s/ Melvin S. Gordon | Date: | May 15, 2013 | ||
Melvin S. Gordon | ||||
Chief Executive Officer and Chairman | ||||
/s/ Jack M. Laskowitz | Date: | May 15, 2013 | ||
Jack M. Laskowitz | ||||
Chief Financial Officer and Treasurer |