03:57 PM EST - Village Farms International Inc. : announced that its first-quarter net income increased to $4.2 million U.S. from $600,000 U.S. in the first quarter of 2009. The increase was due to higher gross profits of $5,365 U.S. partially offset by other costs and a higher income tax provision due to higher operating income in 2010. Earnings per share were $0.11 U.S., up from $0.02 U.S. for the first quarter of 2009. Revenues increased 45% to $31.1 million U.S. from to $21.4 million U.S. for the first quarter of 2009. The increase in revenue is due to a 36% increase in the average selling price of tomatoes, an increase of 24% in Village Farms grown product, as well as an increase in supply partner revenues of 8.4% over the same period in 2009. Village Farms International Inc.
shares T.VFF are trading up $0.35 at $1.53.
