Lifeway Foods, Inc. Announces Results for the First Quarter Ended March 31, 2018
May 15 2018 - 6:32PM
Lifeway Foods, Inc. (Nasdaq:LWAY), the leading U.S. supplier of
kefir cultured dairy and probiotic products to support the
microbiome, today reported financial results for the first quarter
ended March 31, 2018.
“Lifeway continues to show improvements and
efficiencies in our operations that will aid us as we scale our
business. The sequential quarter sales growth and
quarter-over-quarter improvements in gross profit as a percentage
of net sales are key company performance metrics that we focus on
and are proud to report,” said CEO Julie Smolyansky. “We are
excited about the launch of several new offerings, especially
Plantiful, our new non-dairy, plant-based, probiotic pea milk.”
“We have the financial flexibility to pursue
breakthrough innovation projects and iterate upon successful
product lines, such as our grab-and-go items. Millennials and
families with children who continue to gravitate toward organic and
natural products expect convenience, and Lifeway will be there to
meet consumer demand with healthy, delicious offerings,” Smolyansky
added.
First Quarter Financial
Highlights:
|
|
Three Months Ended March 31, |
Dollars
in thousands |
|
2018 |
|
2017 |
Net sales |
|
$ |
28,742 |
|
|
$ |
32,117 |
|
Gross profit % |
|
|
28.0 |
% |
|
|
26.3 |
% |
Net Income |
|
$ |
70 |
|
|
$ |
124 |
|
Earnings Per Common
Share |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
Effective Tax Rate |
|
|
35.1 |
% |
|
|
39.2 |
% |
Net sales of products by
category were as follows for the three months ended March
31:
|
|
2018 |
|
2017 |
In thousands |
|
$ |
|
% |
|
$ |
|
% |
Drinkable Kefir other than ProBugs |
|
$ |
21,663 |
|
|
76 |
% |
|
$ |
25,051 |
|
|
78 |
% |
Cheese |
|
|
2,934 |
|
|
10 |
% |
|
|
2,834 |
|
|
9 |
% |
Cream
and other (a) |
|
|
1,492 |
|
|
5 |
% |
|
|
1,724 |
|
|
5 |
% |
ProBugs Kefir |
|
|
952 |
|
|
3 |
% |
|
|
1,479 |
|
|
5 |
% |
Other
dairy |
|
|
1,337 |
|
|
5 |
% |
|
|
593 |
|
|
2 |
% |
Frozen Kefir (b) |
|
|
364 |
|
|
1 |
% |
|
|
436 |
|
|
1 |
% |
Net
Sales |
|
$ |
28,742 |
|
|
100 |
% |
|
$ |
32,117 |
|
|
100 |
% |
(a) |
Includes cream byproducts and other non-dairy products for
resale |
(b) |
Includes Lifeway Kefir Shop sales |
|
|
About Lifeway Foods, Inc.
Lifeway Foods, Inc. (LWAY), which has been
recognized as one of Forbes’ Best Small Companies, is America’s
leading supplier of the probiotic, fermented beverage known as
kefir. In addition to its line of drinkable kefir, the company also
produces cupped kefir and cheese, frozen kefir, specialty cheeses,
probiotic supplements and a ProBugs line for kids. Lifeway’s tart
and tangy cultured dairy and non-dairy products are now sold across
North America, Ireland and the United Kingdom. Learn how Lifeway is
good for more than just you at www.lifewaykefir.com.
Forward-Looking Statements
All statements in this release (and oral
statements made regarding the subjects of this release) contain
“forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995 regarding, among other things, future
operating and financial performance, product development, market
position, business strategy and objectives. These statements use
words, and variations of words, such as “gain,” “position,”
“vision,” “ongoing,” “intend,” “innovate,” “continue.” Other
examples of forward looking statements may include, but are not
limited to, (i) statements of Company plans and objectives,
including the introduction of new products, or estimates or
predictions of actions by customers or suppliers, (ii) statements
of future economic performance, and (iii) statements of assumptions
underlying other statements and statements about Lifeway or its
business. You are cautioned not to rely on these forward-looking
statements. These statements are based on current expectations of
future events and thus are inherently subject to uncertainty. If
underlying assumptions prove inaccurate or known or unknown risks
or uncertainties materialize, actual results could vary materially
from Lifeway’s expectations and projections. These risks,
uncertainties, and other factors include: price competition; the
decisions of customers or consumers; the actions of competitors;
changes in the pricing of commodities; the effects of government
regulation; possible delays in the introduction of new products;
and customer acceptance of products and services. A further list
and description of these risks, uncertainties, and other factors
can be found in Lifeway’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2017, and the Company’s subsequent filings
with the SEC. Copies of these filings are available online at
https://www.sec.gov, http://lifewaykefir.com/investor-relations/,
or on request from Lifeway. Information in this release is as of
the dates and time periods indicated herein, and Lifeway does not
undertake to update any of the information contained in these
materials, except as required by law. Accordingly, YOU SHOULD NOT
RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION
CONTAINED IN ANY ARCHIVED PRESS RELEASE.
Contact:
Lifeway Foods, Inc.Phone: 847-967-1010Email:
info@lifeway.net
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