USA: Lifeway Foods reports third quarter/nine month results
Lifeway Foods, Inc. (Nasdaq: LWAY) announced its financial results for the third quarter and nine month period ended Sept. 30, 2000. Revenues of the quarter increased to $2.3 million, a 14 percent gain over $2.0 million revenues in the same quarter last year. Revenues for the nine months rose to $6.85 million, up 16 percent from revenues of $5.9 million for the same period a year ago.Net income for the quarter was $276,144, or $0.06 per share, compared to $244,092, or $0.06 per share (with 12% fewer shares outstanding) for the third quarter last year. Nine month net income was $649,300, versus $723,694.Michael Smolyansky, President and CEO stated: "Sales of our products remain strong and were up for both the third quarter and the nine months ended September 30, 2000, continuing the trend we experienced since we began our national marketing campaign last year. We also expect substantially increased sales of our new soy beverage SoyTreat(TM) during the fourth quarter. We anticipate the year 2000 to be another record year for sales."Lifeway is a manufacturer of cultured, probiotic and functional food products in the health food industry, and is America's leading supplier of the cultured dairy product known as kefir. The Company markets 12 flavors of kefir and does a successful business exporting its products to Eastern Europe. The Company recently introduced a dairy based immune-supporting dietary supplement beverage called Basics Plus(TM), as well as Kefir Starter for consumers to make kefir at home or in travel. With the recent introduction of America's first non-dairy soy kefir called SoyTreat(TM), the Company is entering into the soy milk market.For more information, contact Michael Smolyansky, President, Lifeway Foods, Inc. at 847-967-1010 or e-mail at
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