10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2014

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 August 14, 2014 was 519,600 shares.

PARADISE, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2014

INDEX

		PAGE
PART I.	FINANCIAL INFORMATION
	ITEM 1.
	CONSOLIDATED BALANCE SHEETS:
	Assets
	As of June 30, 2014 (Unaudited), December 31, 2013 and June 30, 2013 (Unaudited)	3
	Liabilities and Stockholders’ Equity
	As of June 30, 2014 (Unaudited), December 31, 2013 and June 30, 2013 (Unaudited)	4
	CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED):
	For the three-month periods ended June 30, 2014 and 2013	5
	For the six-month periods ended June 30, 2014 and 2013	6
	CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED):
	For the six-month periods ended June 30, 2014 and 2013	7
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	8 – 10
	ITEM 2.
	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	11 – 14
	ITEM 3.
	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK – N/A	14
	ITEM 4.
	CONTROLS AND PROCEDURES	14
PART II.	OTHER INFORMATION
	ITEMS 1 – 6.	15
SIGNATURES		16

2

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
	JUNE 30,		AS OF		JUNE 30,
	2014		DECEMBER 31,		2013
	(UNAUDITED)		2013		(UNAUDITED)
ASSETS
CURRENT ASSETS:
Cash	$	2,322,051	$	5,916,366	$	963,849
Accounts Receivable, Less, Allowances of $0 (06/30/14), $897,546 (12/31/13) and $0 (06/30/13)		890,095		2,369,321		1,053,791
Inventories:
Raw Materials and Supplies		4,288,827		1,971,689		4,657,655
Work in Process		388,049		993,061		463,835
Finished Goods		9,374,993		5,873,048		9,331,047
Income Tax Receivable		464,882		279,219		307,794
Deferred Income Tax Asset		330,198		330,198		316,067
Prepaid Expenses and Other Current Assets		612,057		304,812		566,129
Total Current Assets		18,671,152		18,037,714		17,660,167
Property, Plant and Equipment,
Less, Accumulated Depreciation of $17,636,702 (06/30/14), $17,410,823 (12/31/13) and $18,685,992 (06/30/13)		3,663,021		3,816,928		3,939,420
Goodwill		413,280		413,280		413,280
Customer Base and Non-Compete Agreement		250,920		313,862		376,805
Other Assets		378,776		283,979		322,471
TOTAL ASSETS	$	23,377,149	$	22,865,763	$	22,712,143

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

3

	AS OF						AS OF
	JUNE 30,			AS OF			JUNE 30,
	2014			DECEMBER 31,			2013
	(UNAUDITED)			2013			(UNAUDITED)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short Term Debt	$	496,465		$	-		$	561,826
Accounts Payable		1,192,668			308,319			1,207,128
Accrued Liabilities		322,272			923,540			383,556
Total Current Liabilities		2,011,405			1,231,859			2,152,510
DEFERRED INCOME TAX LIABILITY		297,094			297,094			272,063
Total Liabilities		2,308,499			1,528,953			2,424,573
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		19,878,148			20,146,308			19,097,068
Treasury Stock, at Cost,63,494 Shares		(273,219	)		(273,219	)		(273,219	)
Total Stockholders’ Equity		21,068,650			21,336,810			20,287,570
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	23,377,149		$	22,865,763		$	22,712,143

4

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	FOR THE THREE MONTHS ENDED
	JUNE 30,
	2014			2013
Net Sales	$	2,681,620		$	2,715,210
Costs and Expenses:
Cost of Goods Sold		1,901,693			1,874,839
Selling, General and Administrative Expense		822,538			813,700
Amortization Expense		35,972			35,972
Total Costs and Expenses		2,760,203			2,724,511
Loss from Operations		(78,583	)		(9,301	)
Other Expense		(3,301	)		(62,789	)
Loss Before Income Taxes		(81,884	)		(72,090	)
Income Tax Benefit		32,753			29,363
Net Loss	$	(49,131	)	$	(42,727	)
Loss per Common Share (Basic and Diluted)	$	(0.09	)	$	(0.08	)
Dividend per Common Share	$	0.00		$	0.00

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

5

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	FOR THE SIX MONTHS ENDED
	JUNE 30,
	2014			2013
Net Sales	$	5,782,375		$	5,776,814
Costs and Expenses:
Cost of Goods Sold		4,378,953			4,476,218
Selling, General and Administrative Expense		1,720,097			1,698,558
Amortization Expense		71,943			71,943
Total Costs and Expenses		6,170,993			6,246,719
Loss from Operations		(388,618	)		(469,905	)
Other Income		36,961			38,811
Loss Before Income Taxes		(351,657	)		(431,094	)
Income Tax Benefit		140,663			163,817
Net Loss	$	(210,994	)	$	(267,277	)
Loss per Common Share (Basic and Diluted)	$	(0.41	)	$	(0.51	)
Dividend per Common Share	$	0.11		$	0.15

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

6

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	FOR THE SIX MONTHS ENDED
	JUNE 30,
	2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(210,994	)	$	(267,277	)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and Amortization		297,819			303,524
Provision for Deferred Income Taxes		-			(163,817	)
Decrease (Increase) in:
Accounts Receivable		1,479,226			839,369
Inventories		(5,214,071	)		(5,596,158	)
Prepaid Expenses and Other Current Assets		(307,245	)		(269,401	)
Income Tax Receivable		(185,663	)		(82,000	)
Other Assets		(103,797	)		(49,536	)
Increase (Decrease) in:
Accounts Payable		884,339			832,061
Accrued Expense		(601,268	)		(710,142	)
Net Cash Used in Operating Activities		(3,961,654	)		(5,163,377	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment		(71,970	)		(224,881	)
Net Cash Used in Investing Activities		(71,970	)		(224,881	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds from Short Term Debt		496,465			45,960
Dividends Paid		(57,156	)		(77,940	)
Net Cash Provided by (Used in) Financing Activities		439,309			(31,980	)
NET DECREASE IN CASH		(3,594,315	)		(5,420,238	)
CASH, AT BEGINNING OF PERIOD		5,916,366			6,384,087
CASH, AT END OF PERIOD	$	2,322,051		$	963,849
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for:
Income Taxes	$	-		$	82,000

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

7

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 all adjustments and accruals of a normal recurring nature that management believes are 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, 2013. 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 six months ended June 30, 2014 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 June 30, 2013 to conform to the classifications used for the quarter ended June 30, 2014.

NOTE 2 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout Industry topics of the Codification. Additionally, this Update supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition - Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (for example, assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles-Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this Update. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the impact of adopting the guidance on our financial statements.

Except as noted above, the Company’s management does not believe that 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 3 LOSS PER COMMON SHARE

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

8

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 4 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.

	Three months ended		Three months ended
	June 30,		June 30,
	2014		2013
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	451,977	$	390,766
Molded Plastics:
Sales to Unaffiliated Customers		2,229,643		2,324,444
Net Sales	$	2,681,620	$	2,715,210

	Six months ended		Six months ended
	June 30,		June 30,
	2014		2013
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	1,270,590	$	1,215,503
Molded Plastics:
Sales to Unaffiliated Customers		4,511,785		4,561,311
Net Sales	$	5,782,375	$	5,776,814

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.

9

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 4 BUSINESS SEGMENT DATA (CONTINUED)

	June 30,		June 30,
	2014		2013
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	13,895,562	$	14,696,781
Molded Plastics		4,755,551		4,936,802
Identifiable Assets		18,651,113		19,633,583
General Corporate Assets		4,726,036		3,078,560
Total Assets	$	23,377,149	$	22,712,143

Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash, prepaid expenses, other current assets, land and income tax assets.

10

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 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 65.6% of total net sales during the prior year ended December 31, 2013. 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.

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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 Six Months

Paradise, Inc.’s fruit segment net sales for the first six months of 2014 increased 4.5% to $1,270,590 from $1,215,503 for the similar reporting period of 2013. The two primary sales activities for this segment during the first six months of the year relate to the sale of bulk fruit to supermarkets and manufacturing bakeries; and tolling fees generated from the production of fresh strawberries on behalf of a local Plant City, Florida distributor. For the first six months of 2014, gross sales of bulk fruit totaled $919,617 compared to $867,842 for the similar reporting period of 2013. Sales of finished strawberry products totaled $340,738 compared to $280,950 for the similar reporting period of 2013. While management is pleased to report an increase in fruit segment sales as of June 30, 2014 compared to June 30, 2013 of 4.5%, this sales volume represents less than 10% of 2013’s fruit segment sales. Thus, no prediction on sales can be determined for 2014 as of the date of this filing.

Paradise Plastics, Inc.’s sales to unaffiliated customers during the first six months of 2014 remained fairly consistent with sales through June 30, 2014 of $4,511,785 compared to $4,561,311 through June 30, 2013 as increasing sales of custom molding related products offset recent losses of sales of injection molding products. Paradise Plastics, Inc. is continuing its efforts to expand its base of business which includes sales in such diverse industries as aerospace, agricultural, food processing and medical supplies. To assist in this effort, management has made a financial and personnel commitment to become ISO 9001:2008/AS9100C Certified. This certification process, completed June, 2014, represents a series of standards developed by the International Organization Standardization (ISO) for manufacturing companies and will be emphasized as the Company seeks new business opportunities.

Consolidated cost of sales, as a percentage of net sales, decreased 1.8% during the first six months of 2014 compared to the similar reporting period of 2013. Since less than 30% of Paradise, Inc.’s glace’ fruit has been produced as of June 30, 2014, variances in cost of sales will fluctuate depending upon the amount of materials allocated over a relatively stable amount of factory overhead during the first six months of the year. During the first half of 2014, increases in the number of pounds produced in strawberry and brining operations directly contributed to the 1.8% decrease in consolidated cost of sales. However, with more than 70% of glace’ fruit production yet to commence, no meaningful information or trending of cost of sales as a percentage of sales can be determined until the entire production cycle has been completed.

Selling, general and administrative expenses for the first six months of 2014 increased 1.3% compared to the similar reporting period of 2013 as increases in the Company’s payment of its share of employee health care premiums outpaced savings achieved in such other areas as professional fees and travel related cost.

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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

We finance our ongoing operations primarily with cash provided by our operating activities which are seasonal in nature. Our principal sources of liquidity are our cash flows provided by operating activities, our existing cash, and a line of credit facility. At June 30, 2014 and December 31, 2013, we had $2,322,051 and $5,916,366, 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 June 30, 2014 and $0 at December 31, 2013. Within this agreement, there are letters of credit with a limit of $1,200,000, of which $496,465 was outstanding at June 30, 2014 and $0 at December 31, 2013. The line of credit agreement expires in June, 2015. Net cash used in operating activities decreased from $5,163,377 for the six months ended June 30, 2013 to $3,961,654 for the six months ended June 30, 2014. The primary reason for this decrease was Accounts Receivable net payments received from Paradise, Inc.’s customers during the six months ended June 30, 2014 were $639,857 more than the similar reporting period of 2013. Net cash provided by financing activities increased to $439,309 for the six months ended June 30, 2014 compared to $(31,980) for the six months ended June 30, 2014 due to timing of payments on letters of credit.

Summary

Paradise Inc.’s consolidated net sales for the first six months of 2014 was basically unchanged for the similar reporting period of 2013; $5,782,375 - June 30, 2014 compared to $5,776,814 - June 30, 2013. However, as mentioned and disclosed in all previous interim filings, due to the highly seasonal nature of the Company’s primary product, glace’ fruit, which accounts for approximately 65% of consolidated annual revenue, no meaningful financial analysis 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.

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, 2013. There have been no material changes to our critical accounting estimates during the six months ended June 30, 2014.

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)

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout Industry topics of the Codification. Additionally, this Update supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition - Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (for example, assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles-Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this Update. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the impact of adopting the guidance on our financial statements.

Except as noted above, the Company’s management does not believe that 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 June 30, 2014, 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 six months ended June 30, 2014.

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. 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.

14

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

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

15

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:	August 14, 2014
Melvin S. Gordon
Chief Executive Officer and Chairman
/s/ Jack M. Laskowitz	Date:	August 14, 2014
Jack M. Laskowitz
Chief Financial Officer and Treasurer

16

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 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: August 14, 2014

/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 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:  August 14, 2014

/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 for the period ending June 30, 2014 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:  August 14, 2014
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 for the period ending June 30, 2014 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:  August 14, 2014
Jack M. Laskowitz
Chief Financial Officer and Treasurer

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BUSINESS SEGMENT DATA

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 4 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.

	Three months ended		Three months ended
	June 30,		June 30,
	2014		2013
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	451,977	$	390,766
Molded Plastics:
Sales to Unaffiliated Customers		2,229,643		2,324,444
Net Sales	$	2,681,620	$	2,715,210

	Six months ended		Six months ended
	June 30,		June 30,
	2014		2013
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	1,270,590	$	1,215,503
Molded Plastics:
Sales to Unaffiliated Customers		4,511,785		4,561,311
Net Sales	$	5,782,375	$	5,776,814

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.

	June 30,		June 30,
	2014		2013
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	13,895,562	$	14,696,781
Molded Plastics		4,755,551		4,936,802
Identifiable Assets		18,651,113		19,633,583
General Corporate Assets		4,726,036		3,078,560
Total Assets	$	23,377,149	$	22,712,143

Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash, prepaid expenses, other current assets, land and income tax assets.

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LOSS PER COMMON SHARE

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 3 LOSS PER COMMON SHARE

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

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CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013
CURRENT ASSETS:
Cash	$ 2,322,051	$ 5,916,366	$ 963,849
Accounts Receivable, Less, Allowances of $0 (06/30/14), $897,546 (12/31/13) and $0 (06/30/13)	890,095	2,369,321	1,053,791
Inventories:
Raw Materials and Supplies	4,288,827	1,971,689	4,657,655
Work in Process	388,049	993,061	463,835
Finished Goods	9,374,993	5,873,048	9,331,047
Income Tax Receivable	464,882	279,219	307,794
Deferred Income Tax Asset	330,198	330,198	316,067
Prepaid Expenses and Other Current Assets	612,057	304,812	566,129
Total Current Assets	18,671,152	18,037,714	17,660,167
Property, Plant and Equipment, Less, Accumulated Depreciation of $17,636,702 (06/30/14), $17,410,823 (12/31/13) and $18,685,992 (06/30/13)	3,663,021	3,816,928	3,939,420
Goodwill	413,280	413,280	413,280
Customer Base and Non-Compete Agreement	250,920	313,862	376,805
Other Assets	378,776	283,979	322,471
TOTAL ASSETS	23,377,149	22,865,763	22,712,143
CURRENT LIABILITIES:
Short Term Debt	496,465	0	561,826
Accounts Payable	1,192,668	308,319	1,207,128
Accrued Liabilities	322,272	923,540	383,556
Total Current Liabilities	2,011,405	1,231,859	2,152,510
DEFERRED INCOME TAX LIABILITY	297,094	297,094	272,063
Total Liabilities	2,308,499	1,528,953	2,424,573
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	19,878,148	20,146,308	19,097,068
Treasury Stock, at Cost,63,494 Shares	(273,219)	(273,219)	(273,219)
Total Stockholders' Equity	21,068,650	21,336,810	20,287,570
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 23,377,149	$ 22,865,763	$ 22,712,143

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BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2014

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 all adjustments and accruals of a normal recurring nature that management believes are 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, 2013. 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 six months ended June 30, 2014 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 June 30, 2013 to conform to the classifications used for the quarter ended June 30, 2014.

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2014

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

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

NOTE 2 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout Industry topics of the Codification. Additionally, this Update supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition - Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (for example, assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles-Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this Update. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the impact of adopting the guidance on our financial statements.

Except as noted above, the Company’s management does not believe that 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.

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CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013
Allowance for Doubtful Accounts (in dollars)	$ 0	$ 897,546	$ 0
Accumulated depreciation (in dollars)	$ 17,636,702	$ 17,410,823	$ 18,685,992
Common stock, par value (in dollars per share)	$ 0.30	$ 0.30	$ 0.30
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

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Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
Document Information [Line Items]
Entity Registrant Name	PARADISE INC
Entity Central Index Key	0000076149
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PARF
Entity Common Stock, Shares Outstanding		519,600
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2014

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net Sales	$ 2,681,620	$ 2,715,210	$ 5,782,375	$ 5,776,814
Costs and Expenses:
Cost of Goods Sold	1,901,693	1,874,839	4,378,953	4,476,218
Selling, General and Administrative Expense	822,538	813,700	1,720,097	1,698,558
Amortization Expense	35,972	35,972	71,943	71,943
Total Costs and Expenses	2,760,203	2,724,511	6,170,993	6,246,719
Loss from Operations	(78,583)	(9,301)	(388,618)	(469,905)
Other Expense	(3,301)	(62,789)	36,961	38,811
Loss Before Income Taxes	(81,884)	(72,090)	(351,657)	(431,094)
Income Tax Benefit	32,753	29,363	140,663	163,817
Net Loss	$ (49,131)	$ (42,727)	$ (210,994)	$ (267,277)
Loss per Common Share (Basic and Diluted) (in dollars per share)	$ (0.09)	$ (0.08)	$ (0.41)	$ (0.51)
Dividend per Common Share (in dollars per share)	$ 0.00	$ 0.15	$ 0.11	$ 0.15

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LOSS PER COMMON SHARE (Details Textual)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding, Basic and Diluted	519,600

XML

BASIS OF PRESENTATION (Details Textual) (Sales [Member])	6 Months Ended
	Jun. 30, 2014
Sales [Member]
Basis Of Presentation [Line Items]
Concentration Risk, Percentage	80.00%

XML

BUSINESS SEGMENT DATA (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers.	$ 2,681,620	$ 2,715,210	$ 5,782,375	$ 5,776,814
Candied Fruit [Member]
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers.	451,977	390,766	1,270,590	1,215,503
Molded Plastics [Member]
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers.	$ 2,229,643	$ 2,324,444	$ 4,511,785	$ 4,561,311

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BUSINESS SEGMENT DATA (Details 1) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013
Business Combination Segment Allocation [Line Items]
Total Assets	$ 23,377,149	$ 22,865,763	$ 22,712,143
Candied Fruit [Member]
Business Combination Segment Allocation [Line Items]
Total Assets	13,895,562		14,696,781
Molded Plastics [Member]
Business Combination Segment Allocation [Line Items]
Total Assets	4,755,551		4,936,802
Identifiable Assets [Member]
Business Combination Segment Allocation [Line Items]
Total Assets	18,651,113		19,633,583
General Corporate Assets [Member]
Business Combination Segment Allocation [Line Items]
Total Assets	$ 4,726,036		$ 3,078,560

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (210,994)	$ (267,277)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and Amortization	297,819	303,524
Provision for Deferred Income Taxes	0	(163,817)
Decrease (Increase) in:
Accounts Receivable	1,479,226	839,369
Inventories	(5,214,071)	(5,596,158)
Prepaid Expenses and Other Current Assets	(307,245)	(269,401)
Income Tax Receivable	(185,663)	(82,000)
Other Assets	(103,797)	(49,536)
Increase (Decrease) in:
Accounts Payable	884,339	832,061
Accrued Expense	(601,268)	(710,142)
Net Cash Used in Operating Activities	(3,961,654)	(5,163,377)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment	(71,970)	(224,881)
Net Cash Used in Investing Activities	(71,970)	(224,881)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds from Short Term Debt	496,465	45,960
Dividends Paid	(57,156)	(77,940)
Net Cash Provided by (Used in) Financing Activities	439,309	(31,980)
NET DECREASE IN CASH	(3,594,315)	(5,420,238)
CASH, AT BEGINNING OF PERIOD	5,916,366	6,384,087
CASH, AT END OF PERIOD	2,322,051	963,849
SUPPLEMENTAL CASH FLOW INFORMATION:
Income Taxes	$ 0	$ 82,000

XML

BUSINESS SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2014

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:

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.

	Three months ended		Three months ended
	June 30,		June 30,
	2014		2013
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	451,977	$	390,766
Molded Plastics:
Sales to Unaffiliated Customers		2,229,643		2,324,444
Net Sales	$	2,681,620	$	2,715,210

	Six months ended		Six months ended
	June 30,		June 30,
	2014		2013
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	1,270,590	$	1,215,503
Molded Plastics:
Sales to Unaffiliated Customers		4,511,785		4,561,311
Net Sales	$	5,782,375	$	5,776,814

Identifiable Assets [Member]

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

	June 30,		June 30,
	2014		2013
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	13,895,562	$	14,696,781
Molded Plastics		4,755,551		4,936,802
Identifiable Assets		18,651,113		19,633,583
General Corporate Assets		4,726,036		3,078,560
Total Assets	$	23,377,149	$	22,712,143