Flavour formulation feeds TFF

Higher volume food and beverage flavour product sales to existing customers contributed to a net increase for the third quarter ended 30 September 2002 of 14 per cent for flavours company Technology Flavors & Fragrances.

Announcing the third quarter results for 2002 on Wednesday the company said that net sales increased to $4,068,000 (€4,176,000), up from $3,580,000 for last year's comparable quarter and increased 8 per cent to $12,805,000 for the nine-month period ended 30 September 2002 from $11,893,000 for the comparable period the year before. In addition to higher volume sales, the company said that the introduction and sale of new beverage flavour products had also contributed to the boost in sales.

Net income hit the black for the third quarter of 2002 with an increase to $208,000, or $.02 per share, from a loss of $(94,000), or $(.01) per share, for last year's comparable quarter. TFF claimed that the improvements in net income were attributable to increased sales, higher gross margins on new products and cost containment measurers.

Philip Rosner, TFF's chairman and chief executive officer, said: "TFF continued its upward trend in sales, net income and cash flow into the third quarter of 2002 despite the ongoing weakness in our economy.​

Higher sales, improved gross margins and more efficient operations have all contributed to the significant improvement in net income and earnings per share. Based on the continued strength of our existing core business and our new product developments awaiting in the pipeline, we expect this favourable trend to continue into the fourth quarter and 2003."​

Founded in 1989, TFF claims to possess a proprietary library of more than 36,000 flavour and fragrance product formulations.