VSF Vita Food Products,

Dutton Associates continues its coverage of Vita Food Products (AMEX:VSF) maintaining a Speculative Buy rating and maintaining its target price of $4.00. The 10-page report by Dutton senior analyst Gerald F. LaKarnafeaux, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. After three years of poor operating performance there is reason to believe that Vita is in the early stages of a turn around in sales growth and profitability. In the first six months of 2006, sales increased by 16.9%. Net income was $72,000 compared to a loss of $206,000 in the first six months of 2005. For the full year we are estimating earnings per share of $0.21 compared to a loss of $0.23 per share in 2005. Our EPS estimate is at the low end of management�s guidance of $0.21 per share to $0.25 per share. The improvement in our opinion is due to a management restructuring that has been underway since mid 2005. Based on our target price of $4.00 per share, Vita Food Products is selling at a price earnings ratio of 19 times earnings. This multiplier seems reasonable when compared to the multiples of a group of small capitalization (under $500 million market value) packaged food companies. The average multiple of the group is 22.4 times earnings. The discount of 15% from the group average fairly reflects the poor relative earnings performance of Vita in the three years prior to the recovery year 2006. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $96,250 from the Company for 16 Research Reports with coverage commencing on 5/07/2002. The Firm does not accept any equity compensation. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing. Dutton Associates continues its coverage of Vita Food Products (AMEX:VSF) maintaining a Speculative Buy rating and maintaining its target price of $4.00. The 10-page report by Dutton senior analyst Gerald F. LaKarnafeaux, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. After three years of poor operating performance there is reason to believe that Vita is in the early stages of a turn around in sales growth and profitability. In the first six months of 2006, sales increased by 16.9%. Net income was $72,000 compared to a loss of $206,000 in the first six months of 2005. For the full year we are estimating earnings per share of $0.21 compared to a loss of $0.23 per share in 2005. Our EPS estimate is at the low end of management's guidance of $0.21 per share to $0.25 per share. The improvement in our opinion is due to a management restructuring that has been underway since mid 2005. Based on our target price of $4.00 per share, Vita Food Products is selling at a price earnings ratio of 19 times earnings. This multiplier seems reasonable when compared to the multiples of a group of small capitalization (under $500 million market value) packaged food companies. The average multiple of the group is 22.4 times earnings. The discount of 15% from the group average fairly reflects the poor relative earnings performance of Vita in the three years prior to the recovery year 2006. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $96,250 from the Company for 16 Research Reports with coverage commencing on 5/07/2002. The Firm does not accept any equity compensation. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.