10-Q

FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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

For the quarterly period ended March 31, 2015

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 May 14, 2015 was 519,600 shares.

PARADISE, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2015

INDEX

		PAGE
PART I.	FINANCIAL INFORMATION
	ITEM 1.
	CONSOLIDATED BALANCE SHEETS:
	Assets
	As of March 31, 2015 (Unaudited), December 31, 2014 and March 31, 2014 (Unaudited)		2
	Liabilities and Stockholders’ Equity
	As of March 31, 2015 (Unaudited), December 31, 2014 and March 31, 2014 (Unaudited)		3
	CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED):
	For the three-month periods ended March 31, 2015 and 2014		4
	CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED):
	For the three-month periods ended March 31, 2015 and 2014		5
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)		6 – 8
	ITEM 2.
	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		9 – 12
	ITEM 3.
	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK – N/A		12
	ITEM 4.
	CONTROLS AND PROCEDURES		12
PART II.	OTHER INFORMATION
	ITEMS 1 – 6.		13
SIGNATURES			14

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	AS OF MARCH 31, 2015 (UNAUDITED)		AS OF DECEMBER 31, 2014		AS OF MARCH 31, 2014 (UNAUDITED
ASSETS
CURRENT ASSETS:
Cash	$	6,236,530	$	7,788,010	$	5,422,923
Accounts Receivable,
Less, Allowances of $0 (03/31/15) $912,789 (12/31/14) and $0 (03/31/14)		1,883,449		3,046,669		1,467,021
Inventories:
Raw Materials and Supplies		3,419,212		2,146,872		3,939,450
Work in Process		55,877		987,614		8,171
Finished Goods		5,553,245		4,350,423		6,650,341
Income Tax Receivable		390,931		78,277		387,129
Deferred Income Tax Asset		277,291		277,291		330,198
Prepaid Expenses and Other Current Assets		169,431		306,951		225,966
Total Current Assets		17,985,966		18,982,107		18,431,199
Property, Plant and Equipment, Less, Accumulated Depreciation of $17,983,131 (03/31/15), $17,880,096 (12/31/14) and $17,525,130 (03/31/14)		3,815,270		3,473,829		3,725,073
Goodwill		413,280		413,280		413,280
Customer Base and Non-Compete Agreement		156,506		187,977		282,391
Other Assets		371,090		451,373		291,384
TOTAL ASSETS	$	22,742,112	$	23,508,566	$	23,143,327

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

2

	AS OF			AS OF			AS OF
	MARCH 31, 2015			DECEMBER 31,			MARCH 31, 2014
	(UNAUDITED)			2014			(UNAUDITED)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short Term Debt	$	212,724		$	112,879		$	359,545
Accounts Payable		795,123			603,342			1,059,420
Accrued Expenses		250,024			819,458			309,487
Total Current Liabilities		1,257,871			1,535,679			1,728,452
DEFERRED INCOME TAX LIABILITY		203,667			203,667			297,094
Total Liabilities		1,461,538			1,739,346			2,025,546
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		20,090,072			20,578,718			19,927,279
Treasury Stock, at Cost, 63,494 Shares		(273,219	)		(273,219	)		(273,219	)
Total Stockholders’ Equity		21,280,574			21,769,220			21,117,781
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	22,742,112		$	23,508,566		$	23,143,327

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

3

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	FOR THE THREE MONTHS ENDED
	MARCH 31,
	2015			2014
Net Sales	$	2,691,757		$	3,063,072
Costs and Expenses:
Cost of Goods Sold		2,460,173			2,477,260
Selling, General and Administrative Expense		933,060			859,876
Amortization Expense		35,971			35,971
Total Costs and Expenses		3,429,204			3,373,107
Loss from Operations		(737,447	)		(310,035	)
Other Income		18,313			40,262
Loss Before Income Taxes		(719,134	)		(269,773	)
Income Tax Benefit		287,654			107,910
Net Loss	$	(431,480	)	$	(161,863	)
Loss per Common Share (Basic and Diluted)	$	(0.83	)	$	(0.31	)
Dividend per Common Share	$	0.11		$	0.11

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,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(431,480	)	$	(161,863	)
Adjustments to Reconcile Net Loss to Net Cash
Used in Operating Activities:
Depreciation and Amortization		139,006			150,277
Decrease (Increase) in:
Accounts Receivable		1,163,220			902,300
Inventories		(1,543,425	)		(1,760,164	)
Prepaid Expenses and Other Current Assets		137,520			78,846
Income Tax Receivable		(312,654	)		(107,910	)
Other Assets		75,783			(11,907	)
Increase (Decrease) in:
Accounts Payable		191,771			751,093
Accrued Liabilities		(626,590	)		(671,209	)
Net Cash Used in Operating Activities		(1,206,849	)		(830,537	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment		(444,476	)		(22,451	)
Net Cash Used in Investing Activities		(444,476	)		(22,451	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds from Short Term Debt		99,845			359,545
Net Cash Provided by Financing Activities		99,845			359,545
NET DECREASE IN CASH		(1,551,480	)		(493,443	)
CASH, AT BEGINNING OF PERIOD		7,788,010			5,916,366
CASH, AT END OF PERIOD	$	6,236,530		$	5,422,923
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for:
Income Tax	$	25,000		$	-
Noncash financing activity:
Dividends Declared	$	57,156		$	57,156

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, 2014. 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, 2015 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, 2014 to conform to the classifications used for the quarter ended March 31, 2015.

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. On April 1, 2015, the FASB voted for a one-year deferral of the effective date of the new revenue recognition standard, ASU No. 2014-09. If these proposed changes are finalized, this standard would require public entities to apply the amendments in ASU No. 2014-09 for annual reporting beginning after December 15, 2017. Early adoption would be permitted as of the original effective date in ASU No. 2014-09, which is for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact of adopting the guidance on our consolidated 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.

6

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 3 LOSS PER COMMON SHARE

Basic and diluted 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 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.

	March 31,		March 31,
	2015		2014
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	1,004,288	$	780,930
Molded Plastics:
Sales to Unaffiliated Customers		1,687,469		2,282,142
Net Sales	$	2,691,757	$	3,063,072

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.

7

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 4 BUSINESS SEGMENT DATA (CONTINUED)

	March 31,		March 31,
	2015		2014
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	9,230,689	$	10,919,669
Molded Plastics		5,404,949		4,888,865
Identifiable Assets		14,635,638		15,808,534
General Corporate Assets		8,106,474		7,334,793
Total Assets	$	22,742,112	$	23,143,327

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.

8

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 65.8% of total net sales during 2014. 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.

9

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 for the first quarter of 2015 totaled $1,004,288 compared to net sales of $780,930 for the similar reporting period of 2014 representing a 28.6% increase. The fruit segment has two primary products for sale during the first quarter of the year. The main product is glace’ fruit sold in bulk quantities and shipped to manufacturing bakeries and select supermarkets for the traditional Easter holiday season. Net sales orders received and shipped for bulk glace’ fruit products during the first three months of 2015 were $508,223 compared to $469,630 for the similar reporting period of 2014, representing an increase of 8.2%. The other product for sale in the first quarter is finished strawberry items produced exclusively for a local distributor during a short period of time beginning in early March and running through mid April. As in previous years, Paradise, Inc., based on a negotiated price (i.e. tolling fee) will receive and process fresh strawberries though its production facilities on behalf of this distributor. With favorable weather conditions present during the first quarter ending March 31, 2015, sales increased to $496,065 from $311,300 compared to the similar reporting period of 2014.

Paradise Plastics, Inc., a wholly owned company of Paradise, Inc., which accounted for 34.2% of total net sales to unaffiliated customers for the previous year, generated net sales of $1,687,469 for the three months ended March 31, 2015 compared to $2,228,142 for the similar reporting period of 2014. This decline represents a decrease of $540,673 or 24.3%. The primary reason for this decrease was a decision by a long term plastics customer to transition production of a next generation injection molding part to their facilities as of January 1, 2015. During the first quarter of 2015, Paradise Plastics, Inc. placed into service over $325,000 of production equipment in order to process sales orders received from existing and new clients. While encouraged with these sales orders along with the increase in production capabilities, no determination can be made as to how much revenue will be generated to offset the decrease in sales noted above. Specifically, sales orders are commitments for production for a period of 30 to 90 days.  Only after the initial feedback from customers as to the success new products have with their target market will Paradise, Inc. have enough information to determine if these orders will be renewed.

Consolidated cost of sales as a percentage of net sales increased 10.5% for the first quarter of 2015 compared to the similar reporting period of 2014. The primary reason for this increase was the need to employ consistent levels of labor as the plastics segment transitioned from an existing client’s custom molding product, into a new production line, which involved the purchase of approximately $325,000 of production assets as mentioned in the above paragraph. It is important to note, glace’ fruit, the main driver for costing analysis, does not commence production until May or June of each year. Thus, as mentioned in all previous quarterly filings, the only meaningful comparison regarding changes or trends in cost of sales can only be determined after the entire production cycle is complete.

Selling, general & administrative expenses increased 8.5% to $933,060 for the first quarter of 2015 compared to $859,876 for the similar reporting period of 2014. This increase is attributable to the Company’s decision to increase its in-house sales force along with incurring additional travel expenses to attend several new trade shows to promote its fruit and plastics products.

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 (Continued)

Other Significant Items

Other Income for the first quarter of 2015 totaled $18,313 compared to $40,262 for the similar reporting period of 2014. Other income is periodic sales of recycled plastics materials along with changes in the cash surrender value of two insurance policies owned by the company on behalf of two senior executives.

Inventory as of March 31, 2015 was $9,028,334 compared to $10,589,791 as of March 31, 2014 representing a decrease of $1,561,457 or 14.7% as shipments from suppliers of raw fruit commodities, which may fluctuate based upon many factors common to agricultural products, were received in lesser quantities during the first quarter of 2015. Management is consistently reviewing weather and market conditions as to its suppliers to determine if inventory levels are sufficient for the upcoming selling season. Thus, it should be noted that as of the date of this filing, the Company believes it has sufficient inventory to fulfill all of its production needs for 2015.

Short term debt and Accounts Payable combined balances as of March 31, 2015 totaled $1,007,847 compared to $1,418,965 for the similar reporting period for 2014. These two accounts are directly related to the lesser amount of inventory on hand at March 31, 2015 as referenced in the preceding 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, 2015 and December 31, 2014, we had $6.2 million and $7.8 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, 2015 and December 31, 2014. Within this agreement, there are letters of credit with a limit of $1,200,000, of which $212,724 was outstanding at March 31, 2015 and $112,879 at December 31, 2014. The line of credit agreement expires on June 23, 2015.

Summary

Paradise, Inc.’s consolidated net sales for the three months ended March 31, 2015 totaled $2,691,757 compared to $3,063,072 for the similar reporting period of 2014, representing a decrease of 12.1%. This decrease is specifically attributable to the plastics segment, as a planned change to a next generation injection molding part was brought in-house by a major customer during the first quarter of 2015. However, with more than 90% of the year’s anticipated glace’ fruit sales yet to occur, no reasonable forecast or trend can be ascertained from first quarter 2015 results. As mentioned in all previous interim filings, financial performance can only be determined after a full year’s operation has been completed.

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, 2014. There have been no material changes to our critical accounting estimates during the three months ended March 31, 2015.

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 (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. On April 1, 2015, the FASB voted for a one-year deferral of the effective date of the new revenue recognition standard, ASU No. 2014-09. If these proposed changes are finalized, this standard would require public entities to apply the amendments in ASU No. 2014-09 for annual reporting beginning after December 15, 2017. Early adoption would be permitted as of the original effective date in ASU No. 2014-09, which is for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact of adopting the guidance on our consolidated 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 March 31, 2015, 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, 2015.

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.

12

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
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Label Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

13

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:	May 14, 2015
Melvin S. Gordon
Chief Executive Officer and Chairman
/s/ Jack M. Laskowitz	Date:	May 14, 2015
Jack M. Laskowitz
Chief Financial Officer and Treasurer

14

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: May 14, 2015

/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: May 14, 2015

/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 March 31, 2015 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: May 14, 2015
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 March 31, 2015 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: May 14, 2015
Jack M. Laskowitz
Chief Financial Officer and Treasurer

XML

BUSINESS SEGMENT DATA

3 Months Ended

Mar. 31, 2015

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.

	March 31,		March 31,
	2015		2014
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	1,004,288	$	780,930
Molded Plastics:
Sales to Unaffiliated Customers		1,687,469		2,282,142
Net Sales	$	2,691,757	$	3,063,072

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,
	2015		2014
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	9,230,689	$	10,919,669
Molded Plastics		5,404,949		4,888,865
Identifiable Assets		14,635,638		15,808,534
General Corporate Assets		8,106,474		7,334,793
Total Assets	$	22,742,112	$	23,143,327

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.

XML

LOSS PER COMMON SHARE

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 3 LOSS PER COMMON SHARE

Basic and diluted 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 (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
CURRENT ASSETS:
Cash	$ 6,236,530	$ 7,788,010	$ 5,422,923
Accounts Receivable, Less, Allowances of $0 (03/31/15) $912,789 (12/31/14) and $0 (03/31/14)	1,883,449	3,046,669	1,467,021
Inventories:
Raw Materials and Supplies	3,419,212	2,146,872	3,939,450
Work in Process	55,877	987,614	8,171
Finished Goods	5,553,245	4,350,423	6,650,341
Income Tax Receivable	390,931	78,277	387,129
Deferred Income Tax Asset	277,291	277,291	330,198
Prepaid Expenses and Other Current Assets	169,431	306,951	225,966
Total Current Assets	17,985,966	18,982,107	18,431,199
Property, Plant and Equipment, Less, Accumulated Depreciation of $17,983,131 (03/31/15), $17,880,096 (12/31/14) and $17,525,130 (03/31/14)	3,815,270	3,473,829	3,725,073
Goodwill	413,280	413,280	413,280
Customer Base and Non-Compete Agreement	156,506	187,977	282,391
Other Assets	371,090	451,373	291,384
TOTAL ASSETS	22,742,112	23,508,566	23,143,327
CURRENT LIABILITIES:
Short Term Debt	212,724	112,879	359,545
Accounts Payable	795,123	603,342	1,059,420
Accrued Expenses	250,024	819,458	309,487
Total Current Liabilities	1,257,871	1,535,679	1,728,452
DEFERRED INCOME TAX LIABILITY	203,667	203,667	297,094
Total Liabilities	1,461,538	1,739,346	2,025,546
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	20,090,072	20,578,718	19,927,279
Treasury Stock, at Cost, 63,494 Shares	(273,219)	(273,219)	(273,219)
Total Stockholders’ Equity	21,280,574	21,769,220	21,117,781
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 22,742,112	$ 23,508,566	$ 23,143,327

XML

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2015

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, 2014. 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, 2015 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, 2014 to conform to the classifications used for the quarter ended March 31, 2015.

XML

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2015

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. On April 1, 2015, the FASB voted for a one-year deferral of the effective date of the new revenue recognition standard, ASU No. 2014-09. If these proposed changes are finalized, this standard would require public entities to apply the amendments in ASU NO. 2014-09 for annual reporting beginning after December 15, 2017. Early adoption would be permitted as of the original effective date in No.ASU 2014-09, which is for annual reporting periods beginning after December 15, 2016. 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.

XML

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Allowance for Doubtful Accounts (in dollars)	$ 0	$ 912,789	$ 0
Accumulated depreciation (in dollars)	$ 17,983,131	$ 17,880,096	$ 17,525,130
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

XML

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	May 14, 2015
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	Mar. 31, 2015
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net Sales	$ 2,691,757	$ 3,063,072
Costs and Expenses:
Cost of Goods Sold	2,460,173	2,477,260
Selling, General and Administrative Expense	933,060	859,876
Amortization Expense	35,971	35,971
Total Costs and Expenses	3,429,204	3,373,107
Loss from Operations	(737,447)	(310,035)
Other Income	18,313	40,262
Loss Before Income Taxes	(719,134)	(269,773)
Income Tax Benefit	287,654	107,910
Net Loss	$ (431,480)	$ (161,863)
Loss per Common Share (Basic and Diluted) (in dollars per share)	$ (0.83)	$ (0.31)
Dividend per Common Share (in dollars per share)	$ 0.11	$ 0.11

XML

LOSS PER COMMON SHARE (Details Textual)	3 Months Ended
	Mar. 31, 2015
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])	3 Months Ended
	Mar. 31, 2015
Sales [Member]
Basis Of Presentation [Line Items]
Concentration Risk, Percentage	80.00%

XML

BUSINESS SEGMENT DATA (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers.	$ 2,691,757	$ 3,063,072
Candied Fruit [Member]
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers.	1,004,288	780,930
Molded Plastics [Member]
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers.	$ 1,687,469	$ 2,282,142

XML

BUSINESS SEGMENT DATA (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Business Combination Segment Allocation [Line Items]
Total Assets	$ 22,742,112	$ 23,508,566	$ 23,143,327
Candied Fruit [Member]
Business Combination Segment Allocation [Line Items]
Total Assets	9,230,689		10,919,669
Molded Plastics [Member]
Business Combination Segment Allocation [Line Items]
Total Assets	5,404,949		4,888,865
Identifiable Assets [Member]
Business Combination Segment Allocation [Line Items]
Total Assets	14,635,638		15,808,534
General Corporate Assets [Member]
Business Combination Segment Allocation [Line Items]
Total Assets	$ 8,106,474		$ 7,334,793

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (431,480)	$ (161,863)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and Amortization	139,006	150,277
Decrease (Increase) in:
Accounts Receivable	1,163,220	902,300
Inventories	(1,543,425)	(1,760,164)
Prepaid Expenses and Other Current Assets	137,520	78,846
Income Tax Receivable	(312,654)	(107,910)
Other Assets	75,783	(11,907)
Increase (Decrease) in:
Accounts Payable	191,771	751,093
Accrued Liabilities	(626,590)	(671,209)
Net Cash Used in Operating Activities	(1,206,849)	(830,537)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment	(444,476)	(22,451)
Net Cash Used in Investing Activities	(444,476)	(22,451)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds from Short Term Debt	99,845	359,545
Net Cash Provided by Financing Activities	99,845	359,545
NET DECREASE IN CASH	(1,551,480)	(493,443)
CASH, AT BEGINNING OF PERIOD	7,788,010	5,916,366
CASH, AT END OF PERIOD	6,236,530	5,422,923
SUPPLEMENTAL CASH FLOW INFORMATION:
Income Tax	25,000	0
Noncash financing activity:
Dividends Declared	$ 57,156	$ 57,156

XML

BUSINESS SEGMENT DATA (Tables)

3 Months Ended

Mar. 31, 2015

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.

	March 31,		March 31,
	2015		2014
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	1,004,288	$	780,930
Molded Plastics:
Sales to Unaffiliated Customers		1,687,469		2,282,142
Net Sales	$	2,691,757	$	3,063,072

Identifiable Assets [Member]

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

	March 31,		March 31,
	2015		2014
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	9,230,689	$	10,919,669
Molded Plastics		5,404,949		4,888,865
Identifiable Assets		14,635,638		15,808,534
General Corporate Assets		8,106,474		7,334,793
Total Assets	$	22,742,112	$	23,143,327