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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨

		PAGE
PART I.	FINANCIAL INFORMATION

	ITEM 1.

	CONSOLIDATED BALANCE SHEETS:

	Assets

	As of September 30, 2011 (Unaudited), December 31, 2010 and September 30, 2010 (Unaudited)	2

	Liabilities and Stockholders’ Equity

	As of September 30, 2011 (Unaudited), December 31, 2010 and September 30, 2010 (Unaudited)	3

	CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED):

	For the three-month periods ended September 30, 2011 and 2010	4

	For the nine-month periods ended September 30, 2011 and 2010	5

	CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED):

	For the nine-month periods ended September 30, 2011 and 2010	6

	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	7 – 9

	ITEM 2.

	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
	CONDITION AND RESULTS OF OPERATIONS	10 – 12

	ITEM 3.

	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK – N/A	13

	ITEM 4.

	CONTROLS AND PROCEDURES	13

PART II.	OTHER INFORMATION

	ITEMS 1 – 6.	14

SIGNATURES		15

	AS OF				AS OF
	SEPTEMBER 30,		AS OF		SEPTEMBER 30,
	2011		DECEMBER 31,		2010
	(UNAUDITED)		2010		(UNAUDITED)

ASSETS

CURRENT ASSETS:

Cash and Unrestricted Demand Deposits	$	95,564	$	4,772,056	$	789,042
Accounts Receivable,
Less, Allowances of $0 (09/30/11), $1,052,862 (12/31/10) and $0 (09/30/10)		6,461,091		3,619,735		5,889,664
Inventories:
Raw Materials		2,783,301		1,961,627		2,847,415
Work in Process		370,161		864,689		380,540
Finished Goods		6,368,290		3,220,268		7,585,845
Deferred Income Tax Asset		225,942		225,942		279,545
Income Tax Refund Receivable		221,446		-		251,728
Prepaid Expenses and Other Current Assets		400,786		348,407		502,998

Total Current Assets		16,926,581		15,012,724		18,526,777

Property, Plant and Equipment, Less, Accumulated Depreciation of $18,381,081 (09/30/11), $17,998,537 (12/31/10) and $17,861,158 (09/30/10)		4,293,875		4,338,717		4,443,563
Goodwill		413,280		413,280		413,280
Intangible Asset, Net		597,104		691,517		722,988
Other Assets		228,163		183,609		193,131

TOTAL ASSETS	$	22,459,003	$	20,639,847	$	24,299,739

	AS OF						AS OF
	SEPTEMBER 30,			AS OF			SEPTEMBER 30,
	2011			DECEMBER 31,			2010
	(UNAUDITED)			2010			(UNAUDITED)
LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Notes and Trade Acceptances Payable	$	1,118,364		$	247,836		$	4,337,184
Current Portion of Long-Term Debt		-			-			4,475
Accounts Payable		980,953			304,657			432,872
Accrued Liabilities		755,553			1,235,523			815,132
Income Taxes Payable		363,382			152,009			246,987

Total Current Liabilities		3,218,252			1,940,025			5,836,650

DEFERRED INCOME TAX LIABILITY		147,354			147,354			209,478

Total Liabilities		3,365,606			2,087,379			6,046,128

STOCKHOLDERS’ EQUITY:

Common Stock: $0.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued, 519,600 (09/30/11 and 12/31/10) and 519,350 (09/30/10) 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		18,184,140			17,643,211			17,348,054
Accumulated Other Comprehensive Loss		(281,245	)		(281,245	)		(281,245	)
Treasury Stock, at Cost, 63,494 (09/30/11 and 12/31/10) and 63,744 (09/30/10) Shares		(273,219	)		(273,219	)		(276,919	)

Total Stockholders’ Equity		19,093,397			18,552,468			18,253,611

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	22,459,003		$	20,639,847		$	24,299,739

	FOR THE THREE MONTHS ENDED
	SEPTEMBER 30,
	2011			2010

Net Sales	$	9,446,944		$	8,391,798

Costs and Expenses:
Cost of Goods Sold (excluding Depreciation)		6,925,924			5,841,669
Selling, General and Administrative Expense		1,154,877			1,042,035
Depreciation and Amortization		163,336			173,780
Interest Expense		8,344			22,712

Total Costs and Expenses		8,252,481			7,080,196

Income from Operations		1,194,463			1,311,602

Other Income (Loss)		(23,906	)		(762	)

Income from Operations Before Provision for Income Taxes		1,170,557			1,310,840

Provision for Income Taxes		444,813			498,119

Net Income	$	725,744		$	812,721

Income per Common Share	$	1.40		$	1.56

	FOR THE NINE MONTHS ENDED
	SEPTEMBER 30,
	2011		2010

Net Sales	$	14,217,580	$	13,118,276

Costs and Expenses:
Cost of Goods Sold (excluding Depreciation)		10,264,721		9,334,451
Selling, General and Administrative Expense		2,666,303		2,602,380
Depreciation and Amortization		496,638		535,590
Interest Expense		8,344		25,847

Total Costs and Expenses		13,436,006		12,498,268

Income from Operations		781,574		620,008

Other Income		174,695		29,958

Income from Operations Before Provision for Income Taxes		956,269		649,966

Provision for Income Taxes		363,383		246,987

Net Income	$	592,886	$	402,979

Income per Common Share	$	1.14	$	0.78

Dividend per Common Share	$	0.10	$	0.05

	FOR THE NINE MONTHS ENDED
	SEPTEMBER 30,
	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	592,886		$	402,979
Adjustments to Reconcile Net Income to Net Cash
Used in Operating Activities:
Depreciation and Amortization		496,638			535,590
Loss on the Sale of Marketable Equity Securities		-			34,221
Decrease (Increase) in:
Accounts Receivable		(2,841,356	)		(4,099,758	)
Inventories		(3,475,169	)		(2,607,566	)
Prepaid Expenses		(52,379	)		(139,804	)
Other Assets		(57,589	)		(5,151	)
Income Tax Refund Receivable		(221,446	)		(251,728	)
Increase (Decrease) in:
Accounts Payable		676,296			(353,379	)
Accrued Expense		(479,970	)		(57,140	)
Income Taxes Payable		211,373			209,957

Net Cash Used in Operating Activities		(5,150,716	)		(6,331,779	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment		(344,344	)		(122,648	)
Proceeds from the Sale of Marketable Equity Securities		-			111,350

Net Cash Used in Investing Activities		(344,344	)		(11,298	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds of Short-Term Debt		870,528			4,150,265
Principal Payments of Long-Term Debt		-			(7,241	)
Dividends Paid		(51,960	)		(25,968	)

Net Cash Provided by Financing Activities		818,568			4,117,056

NET DECREASE IN CASH		(4,676,492	)		(2,226,021	)

CASH, AT BEGINNING OF PERIOD		4,772,056			3,015,063

CASH, AT END OF PERIOD	$	95,564		$	789,042

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for:
Interest	$	8,344		$	25,847
Income Tax		371,446			276,663

Net Supplemental Cash Flows	$	379,790		$	302,510

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 that management believes is necessary to fairly state the operating results for the respective periods. The notes to the 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, 2010. The Company’s management believes that the disclosures are sufficient for interim financial reporting purposes.

In April 2011, the FASB issued Accounting Standard Update (“ASU”) 2011-02 A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring for the purpose of measuring the impairment of old receivables and evaluating whether a troubled debt restructuring has occurred. An entity should disclose the total amount of receivables and the allowances for credit losses as of the end of the period of adoption related to those receivables that are considered newly impaired under ASC Section 310-10-35 for which impairment was previously measured under ASC Subtopic 450-20, Contingencies – Loss Contingencies. The ASU is effective for the Company for the interim and annual periods beginning after June 15, 2011. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements or disclosures.

In May 2011, the FASB issued ASU 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The ASU expands ASC Topic 820’s existing disclosure requirements for fair value measurements and makes other amendments that could change how the fair value measurement guidance in ASC Topic 820 is applied. The ASU is effective for the Company for the interim and annual periods beginning after December 15, 2011. The adoption of this ASU is not expected to have an impact on the Company’s consolidated financial statements or disclosures.

In June 2011, the FASB issued ASU 2011-05 Presentation of Comprehensive Income, which revises the manner in which entities present comprehensive income in their financial statements. The new guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU is effective for the Company for the interim and annual periods beginning after December 15, 2011. The adoption of this ASU is not expected to have an impact on the Company’s consolidated financial statements or disclosures.

On June 30, 2011, Paradise, Inc. renewed its revolving loan agreement with the Company’s current financial institution that has a maximum limit of $12,000,000 and a borrowing limit of 80% of the Company’s eligible receivables plus up to 60% of the Company’s eligible inventory. This agreement is secured by all of the assets of the Company and matures on June 30, 2013. Interest is payable monthly at the bank’s LIBOR rate plus 1.9% or a floor of 3%, whichever is greater.

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.

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.

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.

Paradise, Inc.’s main business segment, glace’ fruit, a prime ingredient of fruitcakes and other holiday confections, represented 68.1% of total net sales during 2010. 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. Historically, 80% of glace’ fruit product sales are recorded from the eight to ten weeks 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 demand. 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 any meaningful forecast 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’s other business segment, Paradise Plastics, Inc., a wholly owned subsidiary of Paradise, Inc., produces custom molding products that are 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.

Paradise, Inc.’s fruit segment net sales increased 14.6% compared to the similar reporting period last year, primarily due to timing differences in the receipt of customer orders and corresponding shipping dates for delivery of the Company’s retail glace’ fruit products. Paradise, Inc. recognizes revenue based upon shipment of goods to its customers. Changes in shipping dates requested by retail glace’ customers between interim reporting dates will lead to fluctuations in net sales. Paradise, Inc. has been consistent in previous filings to disclose that interim filings are not reliable indicators of year-end results. The Company must wait until all orders and re-orders for glace’ fruit products leading up and through the holiday season have been fulfilled before any determination of profitability is ascertained.

Paradise Plastics, Inc., a wholly owned subsidiary of Paradise, Inc., which is not subject to seasonal fluctuations as the glace’ fruit business, generated net sales from non-affiliated customers of $5,516,725 for the first nine months of 2011 compared to $5,528,500 for the similar reporting period for 2010. Net sales through the third quarter of 2011 remained consistent with the similar reporting period for 2010 as increased orders from industries as diverse as medical supplies, food processing and aerospace offset decreases in plastics orders received from industries related to the housing market.

Consolidated cost of sales, as a percentage of net sales, increased 1.0% during the first nine months of 2011 compared to the similar reporting period for 2010 as increases in the cost of raw fruit commodities and freight-in expenses absorbed from the Paradise, Inc.’s suppliers outpaced the Company’s ability to past these increases to its customers. Inventory as of September 30, 2011 decreased $1,292,048 compared to inventory levels as of September 30, 2010. This continues a trend in the Company’s effort to reduce its overall inventory position as Paradise, Inc. finances the majority of its raw materials with short-term borrowing from its revolving line of credit. For the nine months ended September 30, 2011, interest expense incurred related to inventory purchases equaled $8,344 compared to $25,847 for the similar reporting period for 2010.

Selling, general & administrative expenses for the first nine months of 2011 increased 2.5% compared to the previous year’s reporting period as freight out expenses related to the delivery of the Company’s glace’ fruit orders outpaced savings generated in administrative payroll and related employee benefits.

Paradise Inc.’s consolidated net sales increased 8.4% for the first nine months of 2011 compared to the similar reporting period for 2010 as timing differences resulted in a greater amount of purchase orders received and shipped for glace’ fruit orders from existing long term customers during September, 2011 compared to October, 2010. However, with more than 80% of Paradise, Inc.’s annual fruit segment net sales scheduled to commence in mid September and continue throughout the fourth quarter of 2011, no meaningful financial analysis may be developed from this interim filing. As stated in previous interim filings, only a full year’s reporting will provide the necessary information to determine the Company’s profitability.

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, 2010. There have been no material changes to our critical accounting estimates during the nine months ended September 30, 2011.

In April 2011, the FASB issued new guidance for the purpose of measuring the impairment of old receivables and evaluating whether a troubled debt restructuring has occurred. An entity should disclose the total amount of receivables and the allowances for credit losses as of the end of the period of adoption related to those receivables that are considered newly impaired under the new guidance for which impairment was previously measured under previously authoritative guidance. The guidance is effective for us for the interim and annual periods beginning after June 15, 2011. The adoption of this guidance did not have an impact on our operations.

In May 2011, the FASB issued new guidance that expands existing disclosure requirements for fair value measurements and makes other amendments that could change how the fair value measurement guidance is applied. The guidance is effective for us for the interim and annual periods beginning after December 15, 2011. The adoption of this guidance is not expected to have an impact on our operations.

In June 2011, the FASB issued new guidance that revises the manner in which entities present comprehensive income in their financial statements. The new guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The guidance is effective for us for the interim and annual periods beginning after December 15, 2011. The adoption of this guidance is not expected to have an impact on our operations.

The Company’s Chief Executive Officer and Chief Financial Officer have, within 90 days of the filing date of this quarterly report, evaluated the Company’s disclosure controls and procedures. Based on their evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded, as of September 30, 2011, that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the applicable Securities and Exchange Commission rules and forms. During the year ended December 31, 2010, the Company identified a weakness in internal control over the timing of issuing credit memos for products returned into inventory. Procedures were established during the nine months ended September 30, 2011 to ensure the timeliness of issuing credit memos when products are returned. There were no other changes in the Company’s internal controls over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. The most recent evaluation of these controls by the Company’s Chief Executive Officer and Chief Financial Officer did not identify any additional deficiencies or weaknesses in the Company’s internal controls over financial reporting; therefore, no corrective actions were taken.

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

	Large accelerated filer ¨	Accelerated filer ¨

	Non-accelerated filer ¨	Smaller reporting company x

PARADISE, INC.		COMMISSION FILE NO. 0-3026

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	September 30,		September 30,
	2011		2010
Identifiable Assets of Each Segment are Listed Below:

Fruit	$	15,379,816	$	16,619,139

Molded Plastics		5,106,533		4,932,116

Identifiable Assets		20,486,349		21,551,255

General Corporate Assets		1,972,654		2,748,484

Total Assets	$	22,459,003	$	24,299,739

PARADISE, INC.
A Florida Corporation

/s/ Melvin S. Gordon	Date:	November 14, 2011
Melvin S. Gordon
Chief Executive Officer and Chairman

/s/ Jack M. Laskowitz	Date:	November 14, 2011
Jack M. Laskowitz
Chief Financial Officer and Treasurer

	Outstanding as of September 30,
Class	2011	2010

Common Stock
$0.30 Par Value	519,600 Shares	519,350 Shares