Morton Grove, Ill-based Lifeway Foods, a manufacturer of cultured, probiotic and functional food products, has reported fiscal results for the Q1 ended 31 March 2002.
Lifeway reported revenues of US$2.89m, up 10% from last year’s Q1 revenues of US$2.64m. Gross profits for the quarter were US$1.365m, compared to US$1.089m last year. Net income rose 36% to US$447,558 or US$0.10 per share, versus US$328,713 or US$0.08 in 2001.
Michael Smolyansky, president and CEO, commented: “These figures reflect the increasing presence of our products in the marketplace, and they lay the foundation for what we expect will be a double digit year-over-year rise in revenues and profits based on our results to date.
“Our new Organic Kefir, La Fruta drinkable yogurt, and expanded line of Sweet Kiss cheese spreads, are contributing to the growth. Our national marketing campaign, along with new local marketing initiatives that include advertising as well as participation and sponsorship of local sporting events such as last weekend’s Y-Me Race Against Breast Cancer in Chicago continues to increase Lifeway’s brand awareness.”
Smolyansky added: “Given our current performance, we are on track to surpass our current quarter revenue goals, and we anticipate to achieve record revenues and profits for the current 2002 year.”
Lifeway Foods – consolidated statements of income (Unaudited) (US$)
For Three Months Ended
31 March 31 March
2002 2001
Sales $2,887,853 $2,636,440
Cost of Goods Sold 1,523,281 1,547,227
Gross Profits 1,364,572 1,089,213
Operating Expenses 648,540 657,219
Income from Operations 716,032 431,994
Income before taxes 769,235 564,062
Provision for income taxes 321,677 235,349
Net Income $447,558 $328,713
Earnings Per Share $.10 $0.08
Weighted Average Shares Outstanding 4,269,736 4,318,444
