US: Lifeway Foods Q2 revenue up 26%
Lifeway Foods yesterday (14 August) revealed that second quarter revenues have increased by 26% from US$5.07m reported last year to $6.37m posted for the quarter ended 30 June 2006.
Gross profit increased by 24% when compared to the same quarter in 2005 and pre-tax income increased by 38%. Net income was $750,044 in the second quarter of 2006 versus a net income of $556,845 in 2005.
For the six months ended 30 June, 2006, revenues increased approximately 27% to $12.37m, compared with $9.73m posted for the same six-month period in 2005, while gross profit increased 29% in the six-month period. Net income rose to $1.64m, up from $1.28m during the first half of 2005.
Of the results, Julie Smolyansky, CEO, said: "We have successfully completed our acquisition of Helios Nutrition making Lifeway Foods the leader in both conventional and organic kefir."
Edward Smolyansky, CFO, commented: "Even though we increased our advertising and marketing expenses related to the roll out of our ProBugs Kefir line, in comparison to previous quarters, and in spite of the rising oil related raw material costs, we were still able to maintain very healthy margins.
"This is very positive in light of the fact that, as we transition the Helios Kefir manufacturing to our main Illinois facility in the coming months, we hope to see further margin expansion," Smolyansky added.
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