US: Lifeway profit up for nine-month period

By: just-food.com | 17 November 2009

Probiotics firm Lifeway Foods has posted an increase in net income for the first nine months of the year, boosted by sales of the company's flagship line, Kefir.

For the nine-month period ended 30 September, total net income reached US$5.4m compared with $2.6m in 2008.

Total income before taxes increased by $4.4m to reach $8.5m for the period.

Revenue for the nine-month period climbed to $43.6m from $33.8m in the prior year.

Edward Smolyansky, CFO said: "During the fourth quarter, weekly sales volumes continue at a record pace, and existing customers are consistently increasing their orders from previous weeks. Additionally, starting in late December, we will resume shipments to Costco in the Midwest, the first shipments since June 2009."

The company added that its cash flow remains "very robust", and it has paid down around $1.5m in debt taken out to finance its 6 February acquisition of Fresh Made Dairy as well as other current and long term liabilities.

For the third-quarter, net income increased 60% to reach $1.37m, while total consolidated group sales increased by $4.2m to reach $15.4m.

Sectors: Dairy

Companies: Lifeway Foods