Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. FOOD TECHNOLOGY SERVICE INC (868267) 10-Q published on Nov 14, 2013 at 10:00 am
Certificate of deposit totaling $150,345 bears interest of 0.10% that compounds quarterly and matures on November 4, 2014 with penalties for early withdrawal. Any penalties for early withdrawal would not have a material effect on the financial statements. The certificate of deposit is restricted as collateral for the company’s letter of credit with Regions bank.
In October, 2013 the Company entered into an agreement with Nordion for the purchase and installation of 200,000 curies of Cobalt at an estimated cost of $675,000. The Cobalt shipment and installation date will not be known until completed.
During the third quarter of 2013, processing costs as a percentage of sales were 16.4 percent compared to 16 percent during the third quarter of 2012. These costs are relatively fixed and the slight increase in 2013 is not significant. General, administrative and development costs as a percentage of sales during the third quarter of 2013 were 33.7 percent. This compares to 31.6 percent in the third quarter of 2012. The increase in general, administrative and development expenses, as a percentage of sales, is due primarily to increased contracted professional services associated with Board activities.