Morton Grove, Ill.-based Lifeway Foods, a manufacturer of cultured, probiotic and functional food products, has reported record revenues of US$3m for its Q2 ended 30 June, up 9% versus US$2.75m in the same quarter last year. H1 revenues also rose 9% to US$5.89m, up from US$5.38m year on year.
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Net income for the Q2 was US$351,656 (US$0.08/share), up 51% from the Q2 last year. H1 net income was US$799,214 (US$0.19/share), up 42% from US$560,956 (US$0.13/share) in H1 2001.
Julie Smolyansky, president and CEO, commented: “Aggressive sales enabled Lifeway to break US$3m for the first time this quarter, continuing the strong trend we’ve seen this year. The take off our La Fruta drinkable yoghurt, in particular to Hispanic markets, contributed to the quarter’s success. Our national marketing presence in combination with local marketing initiatives also made a strong impact on increasing sales of our Lifeway Kefir and Lifeway Farmers Cheese. We expect Lifeway in the H2 2002 and beyond to continue to achieve higher levels of sales and earnings and set new milestones.”
Smolyansky added: “Along with our continuing sales growth, we saw our operating expenses decrease during the Q2 2002 due to more streamlined operations that were implemented in the quarter.”
Condensed consolidated statement of income
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By GlobalData(Unaudited) Three Months Ended Six Months Ended
30 June 30 June 30 June 30 June
2002 2001 2002 2001
Sales $3,002,583 $2,749,719 $5,890,436 $5,382,418
Cost of Goods Sold 1,760,500 1,644,786 3,283,781 3,192,013
Gross Profit 1,242,083 1,104,933 2,606,655 2,190,405
Operating Expenses 734,171 773,467 1,382,711 1,426,945
Income From Operations 507,912 331,466 1,223,944 763,460
Pre-tax income 545,353 381,306 1,314,588 945,368
Income taxes 193,697 149,063 515,374 384,412
Net income 351,656 232,243 799,214 560,956
Per Share Earnings $.08 $0.05 $.19 $.13
Wtg. Ave. Shares 4,268,844 4,318,444 4,268,844 4,318,444
