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 info@lifeway.net or visit www.kefir.com.
This press release contains "forward-looking statements." Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risk and uncertainties including, but not limited to, competitive pressures and other important factors detailed in the Company's reports filed with the Securities and Exchange Commission.
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 info@lifeway.net or visit www.kefir.com.
This press release contains "forward-looking statements." Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risk and uncertainties including, but not limited to, competitive pressures and other important factors detailed in the Company's reports filed with the Securities and Exchange Commission.
Lifeway Foods, Inc.
Condensed Consolidated Statement of Income
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
Sales $2,283,584 $2,001,305 $6,843,592 $5,894,493
Cost of Goods
Sold 1,077,174 955,249 3,502,271 2,858,258
Gross Profit 1,206,410 1,046,056 3,341,321 3,036,235
Operating Expenses 850,859 645,486 2,643,227 1,822,477
Pre-tax income 480,947 398,449 1,089,991 1,181,248
Income taxes 204,803 154,357 440,691 457,554
Net income 276,144 244,092 649,300 723,694
Per Share Earnings $0.06 $0.06 $0.15 $0.19
Wtg. Ave. Shares 4,318,444 3,813,577 4,318,444 3,813,577
Balance Sheet
Three Months Ended
Sept. 30, 2000 Sept. 30, 1999
Current Assets $8,506,221 $3,444,259
Current Liabilities 964,912 912,900
Long-term Debt 1,163,476 1,255,935
Stockholders Equity 10,928,133 5,346,226
Total Assets $13,383,407 $7,687,021
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