For Immediate Release
August 5, 2002

Contact:
Dawn M. Robért, Investor Relations
Galaxy Nutritional Foods, Inc.
(407) 854-0433

Evan Smith, CFA / Erica Pettit
KCSA Worldwide
(212) 896-1251 / (212) 896-1248

GALAXY NUTRITIONAL FOODS ANNOUNCES UPCOMING FIRST QUARTER FISCAL 2003 FINANCIAL RESULTS
CONFERENCE CALL AT 9:00 AM August 7, 2002
- - -
Company to Report Significant Improvements in Margins Delivering Strong Positive Operating Income

ORLANDO, Florida (August 5, 2002) - Galaxy Nutritional Foods (AMEX: GXY), a leading producer of nutritious plant-based dairy alternatives for the retail and foodservice markets, will conduct a teleconference on Wednesday, August 7, 2002 at 9:00 a.m. EST to discuss its first quarter financial results for fiscal 2003. In addition, a press release announcing the results will be released 7:00 a.m. EDT on Wednesday, August 7, 2002. All shareholders and interested parties are invited to call toll free in the United States 1-888-209-1261. All international callers should dial: 1-706-679-5328.

Angelo S. Morini, Chairman, President and Chief Executive Officer, will host the call to discuss the Company's successful restructuring, which has resulted in a significant improvement in both gross margins and operating margins delivering positive operating income. Management will also be available to answer questions.

The call will be available after August 12, 2002 on our website www.galaxyfoods.com in the Corporate & Shareholder Information section. You may also request a transcript by calling Galaxy Nutritional Foods at (407) 854-0433.

About Galaxy Nutritional Foods®, Inc.
Galaxy Nutritional Foods® is the leading producer of health-promoting plant-based dairy and dairy-related alternatives for the retail and foodservice markets. An exclusive, new and technologically advanced, safer "hot process" is used to produce these phytonutrient-enriched products, made from nature's best grains - soy, rice and oats. Veggie products are low fat and fat free (saturated fat and trans-fatty acid free), cholesterol and lactose free, are growth hormone and antibiotic free, and have more calcium, vitamins and other minerals than conventional dairy products. Because they are made with plant proteins, the products are more environmentally friendly and economically efficient than dairy products derived solely form animal proteins. Galaxy's products are part of the healthy and natural foods category, the fastest growing segment of the retail food market. Galaxy brand names include: Galaxy Nutritional Foods®; Veggie®; Nature's Alternative™; Veggie Lite Bakery™; Veggie Café™; Soyco®; Soymage®; Wholesome Valley®; Lite Bakery®; and formägg®. For more information, please visit Galaxy's website at: www.galaxyfoods.com.

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, or other factors which may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.