MORTON GROVE, Ill., Mar 29, 2004 /PRNewswire-FirstCall via COMTEX/ -- LifewayFoods, Inc. (Nasdaq: LWAY) today reported record year-end results for the 2003fiscal year. The company reported net income of $2,221,939 or $.26 per splitadjusted share on sales of $14,877,788 for the year ended December 31, 2003,compared to net income of $1,528,684 or $.18 per split adjusted share on salesof $12,212,236 for the year ended December 31, 2002. Those figures represent a22% increase in sales and a 45% increase in net income over 2002, also a recordyear."In the 1st quarter of 2003, we finalized the sale of real estate, which nettedapproximately a $1.2 million capital gain. Over the course of the 4th quarter,2003, we selectively disposed of approximately $1 million, net, in heavilyimpaired securities. By doing this, we were able to minimize the income taxliability created from the real estate gain, and strengthened our financialposition by removing the impaired securities from our balance sheet," saidController, Edward Smolyansky.Julie Smolyansky, President and CEO, attributed the company's strong performancein 2003 to ever increasing awareness of the probiotic health- related benefitsof its products and specifically to further expansion in mainstream andspecialty markets of Lifeway's flagship kefir beverages, Lifeway's SoyTreat(TM)-- a probiotic soy kefir based beverage, Lifeway's Organic(TM) kefir beveragesand Lifeway's LaFruta(TM), a yogurt drink line geared to the Hispanic market."Our sales continue to grow at a great pace, and the acceptance of our productsin mainstream channels continue to rise. Our new packaging for Soy Treat(TM) canalready be seen on the shelves in some regions. The new packaging of our Kefirline is also close to completion. Combining these factors with our great 1stquarter results to date, in which sales rose approximately 18% versus the 1stquarter 2003, we feel the first half of the year should continue to be strong."Lifeway is a manufacturer of cultured, probiotic and functional food products inthe health food industry, and is America's leading supplier of the cultureddairy product known as kefir. The Company markets 12 flavors of kefir and does asuccessful business exporting its products to Canada. The Company alsoparticipates in the organic and soy markets with Lifeway Organic(TM), OrganicKefir and Kefir Cheese, and America's first soy kefir called SoyTreat(TM).For more information, contact Julie Smolyansky, President, Lifeway Foods, Inc.at (847) 967-1010, e-mail at info@lifeway.net or visit www.lifeway.net This news release contains forward-looking statements. Investors are cautionedthat actual results may differ materially from such forward-looking statements.Forward-looking statements involve risks and uncertainties including, but notlimited to, competitive pressures and other important factors detailed in theCompany's reports filed with the Securities and Exchange Commission. Lifeway Foods, Inc. Condensed Statement of Income Twelve Months Ended Dec. 31, 2003 Dec. 31, 2002 Sales $14,877,788 $12,212,236 Cost of Goods Sold 7,840,782 6,744,086 Gross Profit 7,037,006 5,468,150 Operating Expenses 3,558,362 2,890,504 Income from Operations 3,478,644 2,577,646 Income before taxes 3,576,487 2,472,022 Income taxes 1,354,548 943,338 Net income 2,221,939 1,528,684 Earnings Per Share $.26 $.18 Wtg. Ave. Shares 8,436,888 8,531,522 Assets 2003 2002 Current Assets Cash and cash equivalents $4,597,819 $2,731,656 Marketable securities 6,302,606 4,171,594 Accounts receivable, net 1,800,141 1,435,221 Inventories 811,572 720,503 Total current assets 14,011,905 9,812,763 Property and equipment, net 3,732,731 4,472,349 Total assets $17,744,636 $14,285,112 Liabilities and Stockholders' Equity 2003 2002 Total Current Liabilities $1,007,210 $1,251,961 Notes Payable 472,509 500,377 Deferred Income Taxes 471,953 452,856 Stockholders' Equity Common stock 6,509,267 6,509,267 Treasury stock, at cost (679,956) (679,956) Retained Earnings 9,822,416 7,600,477 Accumulated other comprehensive income (loss), net of tax 156,237 (1,334,870) Total stockholders' equity 15,792,964 12,079,918 Total liabilities and stockholders' equity $17,744,636 $14,285,112SOURCE Lifeway Foods, Inc.CONTACT: Julie Smolyansky, President of Lifeway Foods, Inc., +1-847-967-1010, info@lifeway.net URL: http://www.lifeway.net http://www.prnewswire.comCopyright (C) 2004 PR Newswire. All rights reserved. |
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