10-Q/A

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

FORM 10-Q/A

______________

AMENDMENT 1

x Quarterly report pursuant to section 13 or 15(d) of the Securities Act of 1934.

For the quarterly period ended March 31, 2013

or

¨ Transition report pursuant to section 13 or 15(d) of the Securities Act of 1934.

Commission File No. 0-3026

__________________

PARADISE, INC.

________________

INCORPORATED IN FLORIDA

I.R.S. EMPLOYER IDENTIFICATION NO. 59-1007583

1200 DR. MARTIN LUTHER KING, JR. BLVD.,

PLANT CITY, FLORIDA 33563

(813) 752-1155

__________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes ¨ No x

The number of shares outstanding of each of the issuer’s classes of common stock as of June 19, 2013 was 519,600 shares.

EXPLANATORY NOTE

The Company is filing this Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the three months ended March 31, 2013 due to the fact the Company has determined that a data input error was made to the Company’s inventory system resulting in an overstatement of ending inventory and an understatement of cost of goods sold for the first quarter ended March 31, 2013 of $560,824. The Company has determined this error is material with respect to its financial statements for the quarter ended March 31, 2013. As a result, the Company is amending its Form 10-Q for the quarter ending March 31, 2013. As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications of our principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, are filed as Exhibits to this Quarterly Report. Except as set forth in this Amendment No. 1, the other items in the original filing remain unchanged. This Amendment No. 1 continues to reflect circumstances as of the date of the initial filing and the Company has not updated the disclosures contained therein to reflect events that occurred at a later date.

PARADISE, INC.

FORM 10-Q/A

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2013

INDEX

		PAGE
PART I.	FINANCIAL INFORMATION
	ITEM 1.
	CONSOLIDATED BALANCE SHEETS:
	Assets
	As of March 31, 2013 (Unaudited), December 31, 2012 and March 31, 2012 (Unaudited)	2
	Liabilities and Stockholders’ Equity
	As of March 31, 2013 (Unaudited), December 31, 2012 and March 31, 2012 (Unaudited)	3
	CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED):
	For the three-month periods ended March 31, 2013 and March 31, 2012	4
	CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED):
	For the three-month periods ended March 31, 2013 and March 31, 2012	5
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	6 – 11
	ITEM 2.
	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	12 – 15
	ITEM 3.
	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK – N/A	15
	ITEM 4.
	CONTROLS AND PROCEDURES	15
PART II.	OTHER INFORMATION
	ITEMS 1 – 6.	16
SIGNATURES		17

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	AS OF				AS OF
	MARCH 31,		AS OF		MARCH 31,
	2013		DECEMBER 31,		2012
	(UNAUDITED)		2012		(UNAUDITED)
	(Restated)
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		6,417,458		5,795,906		4,951,215
Income Tax Receivable		360,248		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		18,053,110		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	$	23,112,335	$	22,889,484	$	21,905,415

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

2

	AS OF				AS OF
	MARCH 31,		AS OF		MARCH 31,
	2013		DECEMBER 31,		2012
	(UNAUDITED)		2012		(UNAUDITED)
	(Restated)
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		19,139,795		19,442,288		18,569,391
Treasury Stock, at Cost, 63,494 Shares		(273,219)		(273,219)		(273,219)
Total Stockholders’ Equity		20,330,297		20,632,790		19,759,893
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	23,112,335	$	22,889,484	$	21,905,415

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

3

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	FOR THE THREE MONTHS ENDED
	MARCH 31,
	2013		2012
	(Restated)
Net Sales	$	3,061,604	$	3,268,870
Costs and Expenses:
Cost of Goods Sold		2,601,379		2,287,495
Selling, General and Administrative Expense		884,858		805,525
Amortization Expense		35,971		35,971
Total Costs and Expenses		3,522,208		3,128,991
(Loss) Income from Operations		(460,604)		139,879
Other Income		101,600		76,844
(Loss) Income Before Income Taxes		(359,004)		216,723
Income Tax Benefit (Expense)		134,454		(86,688)
Net (Loss) Income	$	(224,550)	$	130,035
(Loss) Income per Common Share (Basic and Diluted)	$	(0.43)	$	0.25
Dividend per Common Share	$	0.15	$	0.20

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

4

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	FOR THE THREE MONTHS ENDED
	MARCH 31,
	2013		2012
	(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$	(224,550)	$	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		(1,974,044)		(2,528,551)
Prepaid Expenses and Other Current Assets		145,778		99,545
Income Tax Receivable		(134,454)		-
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

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

5

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Paradise, Inc. (the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements.

The information furnished herein reflects only the adjustments and accruals of a normal recurring nature management believes is necessary to fairly state the operating results for the respective periods. The notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2012. The Company’s management believes that the disclosures are sufficient for interim financial reporting purposes.

Consumer demand for glace’ fruit product is traditionally strongest during the Thanksgiving and Christmas season. Almost 80% of glace’ fruit product sales are recorded during an eight to ten week period beginning in mid September. Therefore, the operating results for the three months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the current year.

Certain minor reclassifications have been made to the consolidated unaudited financial statements for the quarter ended March 31, 2012 to conform to the classifications used for the quarter ended March 31, 2013.

NOTE 2 RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

The Company is filing this Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the three months ended March 31, 2013 due to the fact the Company has determined that a data input error was made to the Company’s inventory system resulting in an overstatement of ending inventory and an understatement of cost of goods sold for the first quarter ended March 31, 2013 of $560,824. The Company has determined this error is material with respect to its financial statements for the quarter ended March 31, 2013. As a result, the Company is amending its Form 10-Q for the quarter ended March 31, 2013.

6

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 2 RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (CONTINUED)

Following is the effect of the restatement on the Company’s March 31, 2013 unaudited financial statements:

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Cash	$	4,816,706	$		$	4,816,706
Accounts Receivable		1,742,535				1,742,535
Inventories:
Raw Materials and Supplies		4,304,019				4,304,019
Work in Process		108,946				108,946
Finished Goods		6,978,282		(560,824)		6,417,458
Income Tax Receivable		150,219		210,029		360,248
Deferred Income Tax Asset		152,250				152,250
Prepaid Expenses and Other Current Assets		150,948				150,948
		18,403,905		(350,795)		18,053,110
Property, Plant and Equipment		3,984,192				3,984,192
Goodwill		413,280				413,280
Intangibles		408,276				408,276
Other Assets		253,477				253,477
		5,059,225				5,059,225
TOTAL ASSETS	$	23,463,130	$	(350,795)	$	23,112,335
Short Term Debt	$	799,786	$		$	799,786
Accounts Payable		1,324,236				1,324,236
Accrued Liabilities		385,953				385,953
Income Taxes Payable		-				-
		2,509,975				2,509,975
Deferred Income Tax Liability		272,063				272,063
TOTAL LIABILITIES		2,782,038				2,782,038
Common Stock		174,928				174,928
Capital in Excess of Par Value		1,288,793				1,288,793
Retained Earnings		19,490,590		(350,795)		19,139,795
Treasury Stock		(273,219)				(273,219)
		20,681,092		(350,795)		20,330,297
TOTAL LIABILITIES AND EQUITY	$	23,463,130	$	(350,795)	$	23,112,335

7

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 2 RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (CONTINUED)

	As Previously
Income Statement	Reported		Adjustment		As Restated
Net Sales	$	3,061,604	$		$	3,061,604
Cost of Goods Sold		2,040,555		560,824		2,601,379
Selling, General &
Administrative Expenses		884,858				884,858
Amortization Expense		35,971				35,971
Total Expense		2,961,384		560,824		3,522,208
Income (Loss) from Operations		100,220		(560,824)		(460,604)
Other Income		101,600				101,600
Income (Loss) before Income Taxes		201,820		(560,824)		(359,004)
Income Tax (Expense) Benefit		(75,575)		210,029		134,454
Net Income (Loss)	$	126,245	$	(350,795)	$	(224,550)
Income (Loss) per common share	$	0.24	$	(0.67)	$	(0.43)
Dividend per common share	$	0.15	$		$	0.15

8

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 2 RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (CONTINUED)

	As Previously
Cash Flow	Reported		Adjustment		As Restated
Cash Flows from Operating Activities:
Net (Loss) Income	$	126,245	$	(350,795)	$	(224,550)
Adjustments to Reconcile Net Income to
Net Cash Used in Operating Activities:
Depreciation and Amortization		151,237				151,237
Accounts Receivable		150,625				150,625
Inventories		(2,534,868)		560,824		(1,974,044)
Prepaid Expenses and
Other Current Assets		145,778				145,778
Income Tax Receivable		75,575		(210,029)		(134,454)
Other Assets		23,958				23,958
Accounts Payable		949,169				949,169
Accrued Liabilities		(785,685)				(785,685)
Income Taxes Payable		-		-		-
Net Cash Used in Operating Activities		(1,697,966)		-		(1,697,966)
Cash Flows from Investing Activities:
Purchase of Property and Equipment		(153,335)				(153,335)
Net Cash Used in Investing Activities		(153,335)				(153,335)
Cash Flows from Financing Activities:
Net Proceeds from Short Term Debt		283,920				283,920
Net Cash Provided by Financing Activities		283,920				283,920
Net Decrease in Cash		(1,567,381)				(1,567,381)
Cash, at Beginning of Period		6,384,087				6,384,087
Cash, at End of Period	$	4,816,706	$		$	4,816,706
Supplemental Cash Flow Information:
Cash paid for:
Income Tax	$	-	$	-	$	-
Noncash financing activity:
Dividends Declared	$	77,940	$	-	$	77,940

9

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 3 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

The Company’s management does not believe that any recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements.

NOTE 4 INCOME (LOSS) PER COMMON SHARE

Basic and diluted income (loss) per common share are based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600. There are no dilutive securities outstanding.

NOTE 5 BUSINESS SEGMENT DATA

The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows:

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.

	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

The Company does not account for intersegment transfers as if the transfers were to third parties.

10

 

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 5 BUSINESS SEGMENT DATA (CONTINUED)

The Company does not prepare operating profit or loss information on a segment basis for internal use, until the end of each year. Due to the seasonal nature of the fruit segment, management believes that it is not practical to prepare this information for interim reporting purposes. Therefore, reporting is not required by accounting principles generally accepted in the United States of America.

	March 31,		March 31,
	2013		2012
	(Restated)
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	11,106,540	$	9,739,581
Molded Plastics		5,605,977		5,182,183
Identifiable Assets		16,712,517		14,921,764
General Corporate Assets		6,399,818		6,983,651
Total Assets	$	23,112,335	$	21,905,415

Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash and land and buildings.

NOTE 6 OTHER ISSUES

During 2012, the Company filed a settlement claim against BP Exploration & Production, Inc. and BP America Production Company (“BP”). The claim is subject to review by a claims board as well as a protest period by BP. An amount has not been recorded in the Company’s consolidated financial statements due to the inherent uncertainty in the claims process.

11

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

Forward–Looking Statements

This Quarterly Report on Form 10-Q/A contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact should be considered “forward-looking statements” for the purpose of these provisions, including statements that include projections of, or expectations about, earnings, revenues or other financial items, statements about our plans and objectives for future operations, statements concerning proposed new products or services, statements regarding future economic conditions or performance, statements concerning our expectations regarding the attraction and retention of customers, statements about market risk and statements underlying any of the foregoing. In some cases, forward-looking statements can be identified by the use of such terminology as “may”, “will”, “expects”, “potential”, or “continue”, or the negative thereof or other similar words. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations or any of our forward-looking statements will prove to be correct. Actual results and developments are likely to be different from, and may be materially different from, those expressed or implied by our forward-looking statements. Forward-looking statements are subject to inherent risks and uncertainties.

Overview

Paradise, Inc.’s main business segment, glace’ fruit, a prime ingredient of fruitcakes and other holiday confections, represented 67.7% of total net sales during 2012. These products are sold to manufacturing bakers, institutional users, supermarkets and other retailers throughout the country. Consumer demand for glace’ fruit product is traditionally strongest during the Thanksgiving and Christmas season. Almost 80% of glace’ fruit product sales are recorded during an eight to ten week period beginning in mid September.

Since the majority of the Company’s customers require delivery of glace’ candied fruit products during this relatively short period of time, Paradise, Inc. must operate at consistent levels of production from as early as January through the middle of November of each year in order to meet peak demands. Furthermore, the Company must make substantial borrowings of short-term working capital to cover the cost of raw materials, factory overhead and labor expense associated with production for inventory. This combination of building and financing inventories during the year, without the opportunity to record any significant fruit product income, results in the generation of operating losses well into the third quarter of each year. Therefore, it is the opinion of management that meaningful forecasts of annual net sales or profit levels require analysis of a full year’s operations.

In addition, comparison of current quarterly results to the preceding quarter produces an incomplete picture on the Company’s performance due to year-to-year changes in production schedules, seasonal harvests and availability of raw materials, and in the timing of customer orders and shipments. Thus, the discussion of information presented within this report is focused on the review of the Company’s current year-to-date results as compared to the similar period last year.

Paradise, Inc.’s other business segment, Paradise Plastics, Inc., a wholly owned subsidiary of Paradise, Inc. producing custom molding products, is not subject to the seasonality of the glace’ fruit business. This segment represents all injection molding and thermoforming operations, including the packaging for the Company’s fruit products. Only sales to unaffiliated customers are reported.

12

  

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)

The First Quarter

Paradise, Inc.’s fruit segment net sales were $824,737 for the first quarter of 2013 compared to $876,809 for the similar reporting period of 2012, representing a 5.9% decrease. The primary reason for this decrease was a shortage of labor with regard to gathering strawberries from a local distributor for delivery 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 quarter of 2013, 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.

Paradise Plastics, Inc.’s sales to unaffiliated customers for the first quarter of 2013 were $2,236,867 compared to $2,392,061 for the similar reporting period of 2012, representing a 6.5% decrease. Plastics sales to existing long-term customers within the commercial and home construction industry continued to increase offsetting a slight decline in injection molding customer orders received and shipped during the first quarter of 2013. However, with recent first quarter 2013 capital improvements to various production assets within the Plastics operations, management is confident these enhancements will provide increased capabilities to handle more efficiently existing customer orders as well as new orders moving forward.

Consolidated cost of sales as a percentage of net sales increased 14.9% for the first quarter of 2013 compared to the similar reporting period of 2012. Reasons contributing to this increase are threefold: First, the reduction of strawberry pounds processed through the plant’s facilities during the first three months of 2013 were 3,676,983 pounds less than compared to the similar reporting period of 2012. Secondly, the Company transferred 174,175 additional pounds of higher value retail glace’ fruit inventory returned from its customers into lower price drum inventory during the first quarter of 2013 compared to the first quarter of 2012. Thirdly, the Company made a decision to sell 214,316 pounds of excess peel and finished glace’ fruit inventory from its December 31, 2012 inventory at cost during the first quarter of 2013. It should be noted that the Company’s peak production period to build its inventory of glace’ fruit runs from May through November of each year. Thus, with more than 90% of its estimated production of glace’ fruit inventory yet to start processing as of March 31, 2013, no meaningful trend or projection of cost of sales as a percentage of net sales can be determined at this time.

Selling, general & administrative expenses totaled $884,858 for the first quarter of 2013 compared to $805,525 for the similar reporting period of 2012 primary as the Company’s sales force increased its commitments to attend various plastics and food trade shows during the first quarter of 2013.

Other Significant Items

Other Income for the first quarter of 2013 totaled $101,600 compared to $76,844 for the similar reporting period of 2012. Other income is periodic sales of recycled plastics materials along with increases in the cash surrender value of two insurance policies owned by the company on behalf of two senior executives.

13

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)

Other Significant Items (Continued)

Inventory as of March 31, 2013 was $10,830,423 compared to $8,725,068 representing an increase of $2,105,355. This increase is twofold; first, as reported in the Company’s December 31, 2012 annual filing, Paradise, Inc. experienced an increase in returns of retail glace’ fruit from a long-term customer. Management provided an estimated impact for products returned by applying an allowance against accounts receivables for the invoiced price of these returns and a provision to recognize a related estimate of finished goods returns was added to inventory at December 31, 2012. Secondly, shipments from suppliers of raw fruit commodities, which may fluctuate based upon many factors common to agricultural products, were received in greater quantity during the first quarter of 2013 compared to the similar period of 2012.

Short Term Debt and Accounts Payable combined balances as of March 31, 2013 totaled $2,124,022 compared to $1,262,460 for the similar reporting period for 2012. This increase is directly related to the earlier receipt of various raw fruit inventory mentioned in the above paragraph.

We finance our ongoing operations primarily with cash provided by our operating activities. Our principal sources of liquidity are our cash flows provided by operating activities, our existing cash, and a line of credit facility. At March 31, 2013 and December 31, 2012, we had $4.8 million and $6.4 million, respectively, in cash. Additionally, we have a revolving line of credit with a maximum limit of $12 million and a borrowing limit of 80% of the Company’s eligible receivables plus 50% of the Company’s eligible inventory from January 1 to May 31 and 60% from June 1 to December 31 of each year, of which $0 was outstanding at March 31, 2013 and December 31, 2012. Within this agreement, there are letters of credit with a limit of $1,200,000, of which $799,786 was outstanding at March 31, 2013 and $515,866 at December 31, 2012. The line of credit agreement expires in June 2013. Net cash used in operating activities decreased from $2,242,776 for the quarter ended March 31, 2012 to $1,697,966 for the quarter ended March 31, 2013. The primary reasons for this decrease are as follows; income tax payments made during the first quarter of 2013 were $410,000 less than the first quarter of 2012; Accounts Receivable payments received from Paradise, Inc.’s customers during the first quarter of 2013 were $502,050 less than the similar reporting period of 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

Paradise, Inc.’s consolidated net sales for the three months ended March 31, 2013 totaled $3,061,604 compared to $3,268,870 for the similar reporting period of 2012, representing a decrease of 6.3%. However, as mentioned in all previous first quarter filings, with less than 5% of anticipated annual glace’ fruit net sales yet to be realized as of the date of this filing, no reasonable estimate or forecast of consolidated financial performance may be determined at this time.

14

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)

Critical Accounting Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make assessments, estimates and assumptions that affect the amounts reported in the consolidated financial statements. We evaluate the accounting policies and estimates used to prepare the consolidated financial statements on an ongoing basis. Critical accounting estimates are those that require management’s most difficult, complex, or subjective judgments and have the most potential to impact our financial position and operating results. For a detailed discussion of our critical accounting estimates, see our Annual Report on Form 10-K for the year ended December 31, 2012. There have been no material changes to our critical accounting estimates during the three months ended March 31, 2013.

Recently Issued Accounting Pronouncements

The Company’s management does not believe that any recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosure and Market Risk – N/A

Item 4. Controls and Procedures

As of March 31, 2013, our Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures, and they have concluded that we maintain effective disclosure controls and procedures. There were no changes in our internal control over financial reporting during the quarter ended March 31, 2013.

Disclosure controls and procedures mean the methods designed to ensure that information that the Company is required to disclose in the reports that it files with the Securities and Exchange Commission is recorded, processed, summarized and reported within the time periods required. Our controls and procedures are designed to ensure that all information required to be disclosed is accumulated and communicated to our management to allow timely decisions regarding disclosure. Subsequent to March 31, 2013, the Company identified a material weakness in the internal control over the review of data input into the Company’s inventory system occurring at interim periods, which resulted in a restatement of the March 31, 2013 unaudited consolidated financial statements. Effective immediately, controls to strengthen internal controls regarding data input have been established, therefore, the Company believes the material weakness has been remediated. Our controls and procedures are also designed to provide reasonable assurance of the reliability of our financial reporting and accurate recording of our financial transactions.

A control system, however well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. There are inherent limitations in all control systems, and no evaluation of controls can provide absolute assurance that all control gaps or instances of fraud have been detected. These inherent limitations include the realities that the judgments in decision-making can be faulty, and that simple errors or mistakes can occur.

15

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

(a) Exhibits

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.

16

PARADISE, INC. COMMISSION FILE NO. 0-3026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PARADISE, INC.
A Florida Corporation
/s/ Melvin S. Gordon	Date:	July 12, 2013
Melvin S. Gordon
Chief Executive Officer and Chairman
/s/ Jack M. Laskowitz	Date:	July 12, 2013
Jack M. Laskowitz
Chief Financial Officer and Treasurer

17

EX-31.1

Exhibit 31.1

Sarbanes-Oxley Section 302

Certification of Chief Executive Officer

I, Melvin S. Gordon, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A of Paradise, Inc.

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 12, 2013

/s/ Melvin S. Gordon

Melvin S. Gordon

Chief Executive Officer and Chairman

EX-31.2

Exhibit 31.2

Sarbanes-Oxley Section 302

Certification of Chief Financial Officer

I, Jack M. Laskowitz, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A of Paradise, Inc.

2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 12, 2013

/s/ Jack M. Laskowitz

Jack M. Laskowitz

Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

Certification of CEO pursuant to

18 U.S.C. Section 1350 as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Paradise, Inc. on Form 10-Q/A for the period ending March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Melvin S. Gordon, as Chief Executive Officer of Paradise, Inc., certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Paradise, Inc.

/s/ Melvin S. Gordon	Date: July 12, 2013
Melvin S. Gordon
Chief Executive Officer and Chairman

EX-32.2

Exhibit 32.2

Certification of CFO pursuant to

18 U.S.C. Section 1350 as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Paradise, Inc. on Form 10-Q/A for the period ending March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jack M. Laskowitz, as Chief Financial Officer of Paradise, Inc., certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Paradise, Inc.

/s/ Jack M. Laskowitz	Date: July 12, 2013
Jack M. Laskowitz
Chief Financial Officer and Treasurer

XML

RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash Flows from Operating Activities:
Net (Loss) Income	$ (224,550)	$ 130,035
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities:
Depreciation and Amortization	151,237	158,315
Accounts Receivable	150,625	652,675
Inventories	(1,974,044)	(2,528,551)
Prepaid Expenses and Other Current Assets	145,778
Income Tax Receivable	(134,454)	0
Other Assets	23,958	(51,459)
Accounts Payable	949,169
Accrued Liabilities	(785,685)	(790,822)
Income Taxes Payable	0	(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:
Income Tax	0	410,000
Noncash financing activity:
Dividends Declared	77,940	103,920
Scenario, Previously Reported [Member]
Cash Flows from Operating Activities:
Net (Loss) Income	126,245
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities:
Depreciation and Amortization	151,237
Accounts Receivable	150,625
Inventories	(2,534,868)
Prepaid Expenses and Other Current Assets	145,778
Income Tax Receivable	75,575
Other Assets	23,958
Accounts Payable	949,169
Accrued Liabilities	(785,685)
Income Taxes Payable	0
Net Cash Used in Operating Activities	(1,697,966)
Cash Flows from Investing Activities:
Purchase of Property and Equipment	153,335
Net Cash Used in Investing Activities	(153,335)
Cash Flows from Financing Activities:
Net Proceeds from Short Term Debt	283,920
Net Cash Provided by Financing Activities	283,920
Net Decrease in Cash	(1,567,381)
CASH, AT BEGINNING OF PERIOD	6,384,087
CASH, AT END OF PERIOD	4,816,706
Supplemental Cash Flow Information:
Income Tax	0
Noncash financing activity:
Dividends Declared	77,940
Restatement Adjustment [Member]
Cash Flows from Operating Activities:
Net (Loss) Income	(350,795)
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities:
Inventories	560,824
Income Tax Receivable	(210,029)
Income Taxes Payable	0
Net Cash Used in Operating Activities	0
Supplemental Cash Flow Information:
Income Tax	0
Noncash financing activity:
Dividends Declared	$ 0

XML

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Net Sales	$ 3,061,604	$ 3,268,870
Costs and Expenses:
Cost of Goods Sold	2,601,379	2,287,495
Selling, General and Administrative Expense	884,858	805,525
Amortization Expense	35,971	35,971
Total Costs and Expenses	3,522,208	3,128,991
(Loss) Income from Operations	(460,604)	139,879
Other Income	101,600	76,844
(Loss) Income Before Income Taxes	(359,004)	216,723
Income Tax Benefit (Expense)	134,454	(86,688)
Net (Loss) Income	$ (224,550)	$ 130,035
(Loss) Income per Common Share (Basic and Diluted) (in dollars per share)	$ (0.43)	$ 0.25
Dividend per Common Share (in dollars per share)	$ 0.15	$ 0.20

XML

BUSINESS SEGMENT DATA

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 5 BUSINESS SEGMENT DATA

The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows:

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.

	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

The Company does not account for intersegment transfers as if the transfers were to third parties.

The Company does not prepare operating profit or loss information on a segment basis for internal use, until the end of each year. Due to the seasonal nature of the fruit segment, management believes that it is not practical to prepare this information for interim reporting purposes. Therefore, reporting is not required by accounting principles generally accepted in the United States of America.

	March 31,		March 31,
	2013		2012
	(Restated)
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	11,106,540	$	9,739,581
Molded Plastics		5,605,977		5,182,183
Identifiable Assets		16,712,517		14,921,764
General Corporate Assets		6,399,818		6,983,651
Total Assets	$	23,112,335	$	21,905,415

Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash and land and buildings.

XML

INCOME (LOSS) PER COMMON SHARE (Details Textual)	3 Months Ended
	Mar. 31, 2013
Weighted Average Number of Shares Outstanding, Basic and Diluted	519,600

XML

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

NOTE 1 BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Paradise, Inc. (the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements.

The information furnished herein reflects only the adjustments and accruals of a normal recurring nature management believes is necessary to fairly state the operating results for the respective periods. The notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2012. The Company’s management believes that the disclosures are sufficient for interim financial reporting purposes.

Consumer demand for glace’ fruit product is traditionally strongest during the Thanksgiving and Christmas season. Almost 80% of glace’ fruit product sales are recorded during an eight to ten week period beginning in mid September. Therefore, the operating results for the three months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the current year.

Certain minor reclassifications have been made to the consolidated unaudited financial statements for the quarter ended March 31, 2012 to conform to the classifications used for the quarter ended March 31, 2013.

XML

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE 3 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

The Company’s management does not believe that any recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements.

XML

OTHER ISSUES

3 Months Ended

Mar. 31, 2013

Other Issues [Abstract]

Other Issues [Text Block]

NOTE 6 OTHER ISSUES

During 2012, the Company filed a settlement claim against BP Exploration & Production, Inc. and BP America Production Company (“BP”). The claim is subject to review by a claims board as well as a protest period by BP.  An amount has not been recorded in the Company’s consolidated financial statements due to the inherent uncertainty in the claims process.

XML

INCOME (LOSS) PER COMMON SHARE

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4 INCOME (LOSS) PER COMMON SHARE

Basic and diluted income (loss) per common share are based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600. There are no dilutive securities outstanding.

XML

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
Allowance for Doubtful Accounts (in dollars)	$ 0	$ 1,562,556	$ 0
Accumulated depreciation (in dollars)	$ 18,569,676	$ 18,454,410	$ 18,628,310
Common stock, par value (in dollars per share)	$ 0.3	$ 0.3	$ 0.3
Common stock, shares authorized	2,000,000	2,000,000	2,000,000
Common stock, shares issued	583,094	583,094	583,094
Common stock, shares outstanding	519,600	519,600	519,600
Treasury stock, shares	63,494	63,494	63,494

XML

BASIS OF PRESENTATION (Details Textual)	Mar. 31, 2013
Sales Revenue, Goods, Net, Percentage	80.00%

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ (224,550)	$ 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	(1,974,044)	(2,528,551)
Prepaid Expenses and Other Current Assets	145,778	99,545
Income Tax Receivable	(134,454)	0
Other Assets	23,958	(51,459)
Increase (Decrease) in:
Accounts Payable	949,169	410,798
Accrued Liabilities	(785,685)	(790,822)
Income Taxes Payable	0	(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:
Income Tax	0	410,000
Noncash financing activity:
Dividends Declared	$ 77,940	$ 103,920

XML

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash	$ 4,816,706	$ 6,384,087	$ 5,532,943	$ 7,468,908
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	6,417,458	5,795,906	4,951,215
Income Tax Receivable	360,248	225,794	0
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	18,053,110	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	23,112,335	22,889,484	21,905,415
LIABILITIES AND STOCKHOLDERS’ EQUITY
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	0	0	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	19,139,795	19,442,288	18,569,391
Treasury Stock, at Cost, 63,494 Shares	(273,219)	(273,219)	(273,219)
Total Stockholders’ Equity	20,330,297	20,632,790	19,759,893
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 23,112,335	$ 22,889,484	$ 21,905,415

XML

BUSINESS SEGMENT DATA (Tables)

3 Months Ended

Mar. 31, 2013

Net Sales [Member]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows:

	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

Identifiable Assets [Member]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The Company does not prepare operating profit or loss information on a segment basis for internal use, until the end of each year. Due to the seasonal nature of the fruit segment, management believes that it is not practical to prepare this information for interim reporting purposes. Therefore, reporting is not required by accounting principles generally accepted in the United States of America.   

	March 31,		March 31,
	2013		2012
	(Restated)
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	11,106,540	$	9,739,581
Molded Plastics		5,605,977		5,182,183
Identifiable Assets		16,712,517		14,921,764
General Corporate Assets		6,399,818		6,983,651
Total Assets	$	23,112,335	$	21,905,415

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Net Sales	$ 3,061,604	$ 3,268,870
Cost of Goods Sold	2,601,379	2,287,495
Selling, General & Administrative Expenses	884,858	805,525
Amortization Expense	35,971	35,971
Total Expense	3,522,208
Income (Loss) from Operations	(460,604)	139,879
Other Income	101,600	76,844
Income (Loss) before Income Taxes	(359,004)	216,723
Income Tax (Expense) Benefit	134,454	(86,688)
Net Income (Loss)	(224,550)	130,035
Income (Loss) per common share (in dollars per share)	$ (0.43)	$ 0.25
Dividend per Common Share (in dollars per share)	$ 0.15	$ 0.20
Scenario, Previously Reported [Member]
Net Sales	3,061,604
Cost of Goods Sold	2,040,555
Selling, General & Administrative Expenses	884,858
Amortization Expense	35,971
Total Expense	2,961,384
Income (Loss) from Operations	100,220
Other Income	101,600
Income (Loss) before Income Taxes	201,820
Income Tax (Expense) Benefit	(75,575)
Net Income (Loss)	126,245
Income (Loss) per common share (in dollars per share)	$ 0.24
Dividend per Common Share (in dollars per share)	$ 0.15
Restatement Adjustment [Member]
Cost of Goods Sold	560,824
Total Expense	560,824
Income (Loss) from Operations	(560,824)
Income (Loss) before Income Taxes	(560,824)
Income Tax (Expense) Benefit	210,029
Net Income (Loss)	$ (350,795)
Income (Loss) per common share (in dollars per share)	$ (0.67)

XML

RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2013

RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS [Abstract]

Schedule of Condensed Balance Sheet [Table Text Block]

Following is the effect of the restatement on the Company's March 31, 2013 unaudited financial statements:

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Cash	$	4,816,706	$		$	4,816,706
Accounts Receivable		1,742,535				1,742,535
Inventories:
Raw Materials and Supplies		4,304,019				4,304,019
Work in Process		108,946				108,946
Finished Goods		6,978,282		(560,824)		6,417,458
Income Tax Receivable		150,219		210,029		360,248
Deferred Income Tax Asset		152,250				152,250
Prepaid Expenses and Other Current Assets		150,948				150,948
		18,403,905		(350,795)		18,053,110
Property, Plant and Equipment		3,984,192				3,984,192
Goodwill		413,280				413,280
Intangibles		408,276				408,276
Other Assets		253,477				253,477
		5,059,225				5,059,225
TOTAL ASSETS	$	23,463,130	$	(350,795)	$	23,112,335
Short Term Debt	$	799,786	$		$	799,786
Accounts Payable		1,324,236				1,324,236
Accrued Liabilities		385,953				385,953
Income Taxes Payable		-				-
		2,509,975				2,509,975
Deferred Income Tax Liability		272,063				272,063
TOTAL LIABILITIES		2,782,038				2,782,038
Common Stock		174,928				174,928
Capital in Excess of Par Value		1,288,793				1,288,793
Retained Earnings		19,490,590		(350,795)		19,139,795
Treasury Stock		(273,219)				(273,219)
		20,681,092		(350,795)		20,330,297
TOTAL LIABILITIES AND EQUITY	$	23,463,130	$	(350,795)	$	23,112,335

Schedule of Condensed Income Statement [Table Text Block]

	As Previously
Income Statement	Reported		Adjustment		As Restated
Net Sales	$	3,061,604	$		$	3,061,604
Cost of Goods Sold		2,040,555		560,824		2,601,379
Selling, General &
Administrative Expenses		884,858				884,858
Amortization Expense		35,971				35,971
Total Expense		2,961,384		560,824		3,522,208
Income (Loss) from Operations		100,220		(560,824)		(460,604)
Other Income		101,600				101,600
Income (Loss) before Income Taxes		201,820		(560,824)		(359,004)
Income Tax (Expense) Benefit		(75,575)		210,029		134,454
Net Income (Loss)	$	126,245	$	(350,795)	$	(224,550)
Income (Loss) per common share	$	0.24	$	(0.67)	$	(0.43)
Dividend per common share	$	0.15	$		$	0.15

Schedule of Condensed Cash Flow Statement [Table Text Block]

	As Previously
Cash Flow	Reported		Adjustment		As Restated
Cash Flows from Operating Activities:
Net (Loss) Income	$	126,245	$	(350,795)	$	(224,550)
Adjustments to Reconcile Net Income to
Net Cash Used in Operating Activities:
Depreciation and Amortization		151,237				151,237
Accounts Receivable		150,625				150,625
Inventories		(2,534,868)		560,824		(1,974,044)
Prepaid Expenses and
Other Current Assets		145,778				145,778
Income Tax Receivable		75,575		(210,029)		(134,454)
Other Assets		23,958				23,958
Accounts Payable		949,169				949,169
Accrued Liabilities		(785,685)				(785,685)
Income Taxes Payable		-		-		-
Net Cash Used in Operating Activities		(1,697,966)		-		(1,697,966)
Cash Flows from Investing Activities:
Purchase of Property and Equipment		(153,335)				(153,335)
Net Cash Used in Investing Activities		(153,335)				(153,335)
Cash Flows from Financing Activities:
Net Proceeds from Short Term Debt		283,920				283,920
Net Cash Provided by Financing Activities		283,920				283,920
Net Decrease in Cash		(1,567,381)				(1,567,381)
Cash, at Beginning of Period		6,384,087				6,384,087
Cash, at End of Period	$	4,816,706	$		$	4,816,706
Supplemental Cash Flow Information:
Cash paid for:
Income Tax	$	-	$	-	$	-
Noncash financing activity:
Dividends Declared	$	77,940	$	-	$	77,940

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2013

RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS [Abstract]

Restatement of Consolidated Unadited Financial Statement [Text Block]

NOTE 2 RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

The Company is filing this Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the three months ended March 31, 2013 due to the fact the Company has determined that a data input error was made to the Company’s inventory system resulting in an overstatement of ending inventory and an understatement of cost of goods sold for the first quarter ended March 31, 2013 of $560,824. The Company has determined this error is material with respect to its financial statements for the quarter ended March 31, 2013. As a result, the Company is amending its Form 10-Q for the quarter ended March 31, 2013.

Following is the effect of the restatement on the Company’s March 31, 2013 unaudited financial statements:

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Cash	$	4,816,706	$		$	4,816,706
Accounts Receivable		1,742,535				1,742,535
Inventories:
Raw Materials and Supplies		4,304,019				4,304,019
Work in Process		108,946				108,946
Finished Goods		6,978,282		(560,824)		6,417,458
Income Tax Receivable		150,219		210,029		360,248
Deferred Income Tax Asset		152,250				152,250
Prepaid Expenses and Other Current Assets		150,948				150,948
		18,403,905		(350,795)		18,053,110
Property, Plant and Equipment		3,984,192				3,984,192
Goodwill		413,280				413,280
Intangibles		408,276				408,276
Other Assets		253,477				253,477
		5,059,225				5,059,225
TOTAL ASSETS	$	23,463,130	$	(350,795)	$	23,112,335
Short Term Debt	$	799,786	$		$	799,786
Accounts Payable		1,324,236				1,324,236
Accrued Liabilities		385,953				385,953
Income Taxes Payable		-				-
		2,509,975				2,509,975
Deferred Income Tax Liability		272,063				272,063
TOTAL LIABILITIES		2,782,038				2,782,038
Common Stock		174,928				174,928
Capital in Excess of Par Value		1,288,793				1,288,793
Retained Earnings		19,490,590		(350,795)		19,139,795
Treasury Stock		(273,219)				(273,219)
		20,681,092		(350,795)		20,330,297
TOTAL LIABILITIES AND EQUITY	$	23,463,130	$	(350,795)	$	23,112,335

	As Previously
Income Statement	Reported		Adjustment		As Restated
Net Sales	$	3,061,604	$		$	3,061,604
Cost of Goods Sold		2,040,555		560,824		2,601,379
Selling, General &
Administrative Expenses		884,858				884,858
Amortization Expense		35,971				35,971
Total Expense		2,961,384		560,824		3,522,208
Income (Loss) from Operations		100,220		(560,824)		(460,604)
Other Income		101,600				101,600
Income (Loss) before Income Taxes		201,820		(560,824)		(359,004)
Income Tax (Expense) Benefit		(75,575)		210,029		134,454
Net Income (Loss)	$	126,245	$	(350,795)	$	(224,550)
Income (Loss) per common share	$	0.24	$	(0.67)	$	(0.43)
Dividend per common share	$	0.15	$		$	0.15

	As Previously
Cash Flow	Reported		Adjustment		As Restated
Cash Flows from Operating Activities:
Net (Loss) Income	$	126,245	$	(350,795)	$	(224,550)
Adjustments to Reconcile Net Income to
Net Cash Used in Operating Activities:
Depreciation and Amortization		151,237				151,237
Accounts Receivable		150,625				150,625
Inventories		(2,534,868)		560,824		(1,974,044)
Prepaid Expenses and
Other Current Assets		145,778				145,778
Income Tax Receivable		75,575		(210,029)		(134,454)
Other Assets		23,958				23,958
Accounts Payable		949,169				949,169
Accrued Liabilities		(785,685)				(785,685)
Income Taxes Payable		-		-		-
Net Cash Used in Operating Activities		(1,697,966)		-		(1,697,966)
Cash Flows from Investing Activities:
Purchase of Property and Equipment		(153,335)				(153,335)
Net Cash Used in Investing Activities		(153,335)				(153,335)
Cash Flows from Financing Activities:
Net Proceeds from Short Term Debt		283,920				283,920
Net Cash Provided by Financing Activities		283,920				283,920
Net Decrease in Cash		(1,567,381)				(1,567,381)
Cash, at Beginning of Period		6,384,087				6,384,087
Cash, at End of Period	$	4,816,706	$		$	4,816,706
Supplemental Cash Flow Information:
Cash paid for:
Income Tax	$	-	$	-	$	-
Noncash financing activity:
Dividends Declared	$	77,940	$	-	$	77,940

XML

BUSINESS SEGMENT DATA (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Net Sales	$ 3,061,604	$ 3,268,870
Candied Fruit [Member]
Net Sales	824,737	876,809
Molded Plastics [Member]
Net Sales	$ 2,236,867	$ 2,392,061

XML

RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Details) (USD $)	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
Cash	$ 4,816,706	$ 6,384,087	$ 5,532,943	$ 7,468,908
Accounts Receivable	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	6,417,458	5,795,906	4,951,215
Income Tax Receivable	360,248	225,794	0
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	18,053,110	17,808,398	16,615,478
Property, Plant and Equipment	3,984,192	3,946,124	4,072,874
Goodwill	413,280	413,280	413,280
Intangibles	408,276	439,747	534,161
Other Assets	253,477	281,935	269,622
Total Noncurrent Assets	5,059,225
TOTAL ASSETS	23,112,335	22,889,484	21,905,415
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	0	0	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
Common Stock	174,928	174,928	174,928
Capital in Excess of Par Value	1,288,793	1,288,793	1,288,793
Retained Earnings	19,139,795	19,442,288	18,569,391
Treasury Stock	(273,219)	(273,219)	(273,219)
Total Stockholders’ Equity	20,330,297	20,632,790	19,759,893
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	23,112,335	22,889,484	21,905,415
Scenario, Previously Reported [Member]
Cash	4,816,706	6,384,087
Accounts Receivable	1,742,535
Inventories:
Raw Materials and Supplies	4,304,019
Work in Process	108,946
Finished Goods	6,978,282
Income Tax Receivable	150,219
Deferred Income Tax Asset	152,250
Prepaid Expenses and Other Current Assets	150,948
Total Current Assets	18,403,905
Property, Plant and Equipment	3,984,192
Goodwill	413,280
Intangibles	408,276
Other Assets	253,477
Total Noncurrent Assets	5,059,225
TOTAL ASSETS	23,463,130
Short Term Debt	799,786
Accounts Payable	1,324,236
Accrued Liabilities	385,953
Income Taxes Payable	0
Total Current Liabilities	2,509,975
Deferred Income Tax Liability	272,063
Total Liabilities	2,782,038
Common Stock	174,928
Capital in Excess of Par Value	1,288,793
Retained Earnings	19,490,590
Treasury Stock	(273,219)
Total Stockholders’ Equity	20,681,092
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	23,463,130
Restatement Adjustment [Member]
Inventories:
Finished Goods	(560,824)
Income Tax Receivable	210,029
Total Current Assets	(350,795)
TOTAL ASSETS	(350,795)
Retained Earnings	(350,795)
Total Stockholders’ Equity	(350,795)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ (350,795)

XML

BUSINESS SEGMENT DATA (Details 1) (USD $)	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
Total Assets	$ 23,112,335	$ 22,889,484	$ 21,905,415
Candied Fruit [Member]
Total Assets	11,106,540		9,739,581
Molded Plastics [Member]
Total Assets	5,605,977		5,182,183
Identifiable Assets [Member]
Total Assets	16,712,517		14,921,764
General Corporate Assets [Member]
Total Assets	$ 6,399,818		$ 6,983,651

XML

Document And Entity Information	3 Months Ended
	Mar. 31, 2013	Jun. 19, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	true
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Trading Symbol	parf
Entity Common Stock, Shares Outstanding		519,600
Entity Registrant Name	PARADISE INC
Entity Central Index Key	0000076149
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Amendment Description	The Company is filing this Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the three months ended March 31, 2013 due to the fact the Company has determined that a data input error was made to the Company’s inventory system resulting in an overstatement of ending inventory and an understatement of cost of goods sold for the first quarter ended March 31, 2013 of $560,824.  The Company has determined this error is material with respect to its financial statements for the quarter ended March 31, 2013.  As a result, the Company is amending its Form 10-Q for the quarter ending March 31, 2013.  As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications of our principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, are filed as Exhibits to this Quarterly Report.  Except as set forth in this Amendment No. 1, the other items in the original filing remain unchanged.  This Amendment No. 1 continues to reflect circumstances as of the date of the initial filing and the Company has not updated the disclosures contained therein to reflect events that occurred at a later date.