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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2024
☐ TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 000-17363
LIFEWAY FOODS, INC.
(Exact name of registrant as specified in its
charter)
Illinois |
36-3442829 |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
6431 West Oakton, Morton Grove, IL 60053
(Address of principal executive offices, zip code)
(847) 967-1010
(Registrant’s telephone number, including
area code)
Securities registered under Section 12(b) of the
Exchange Act:
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
Common
Stock, No Par Value |
LWAY |
NASDAQ Global Market |
Securities registered under Section 12(g) of the
Exchange Act:
None
Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has
submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of
this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒
No ☐
Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See
the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and
“emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)
|
Large accelerated Filer ☐ |
Accelerated Filer ☐ |
|
Non-accelerated Filer ☒ |
Smaller reporting company ☒ |
|
Emerging growth company ☐ |
|
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of Common Stock, no par value, outstanding as of May 6,
2024: 14,707,392.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
March 31, 2024 and December 31, 2023
(In thousands)
| |
| | |
| |
| |
March 31, 2024 | | |
December 31, | |
| |
(Unaudited) | | |
2023 | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 12,025 | | |
$ | 13,198 | |
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,640 and $1,270 at March 31, 2024 and December 31, 2023 respectively | |
| 15,064 | | |
| 13,875 | |
Inventories, net | |
| 8,130 | | |
| 9,104 | |
Prepaid expenses and other current assets | |
| 1,988 | | |
| 2,019 | |
Refundable income taxes | |
| 378 | | |
| – | |
Total current assets | |
| 37,585 | | |
| 38,196 | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 24,627 | | |
| 22,764 | |
Operating lease right-of-use asset | |
| 172 | | |
| 192 | |
Goodwill | |
| 11,704 | | |
| 11,704 | |
Intangible assets, net | |
| 6,763 | | |
| 6,898 | |
Other assets | |
| 1,900 | | |
| 1,900 | |
Total assets | |
$ | 82,751 | | |
$ | 81,654 | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Current portion of note payable | |
$ | 1,250 | | |
$ | 1,250 | |
Accounts payable | |
| 10,024 | | |
| 9,976 | |
Accrued expenses | |
| 3,604 | | |
| 4,916 | |
Accrued income taxes | |
| – | | |
| 474 | |
Total current liabilities | |
| 14,878 | | |
| 16,616 | |
Note payable | |
| 1,235 | | |
| 1,483 | |
Operating lease liabilities | |
| 102 | | |
| 118 | |
Deferred income taxes, net | |
| 3,001 | | |
| 3,001 | |
Total liabilities | |
| 19,216 | | |
| 21,218 | |
| |
| | | |
| | |
Commitments and contingencies (Note 9) | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at March 31, 2024 and December 31, 2023 | |
| – | | |
| – | |
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 14,691 outstanding at March 31, 2024 and December 31, 2023 | |
| 6,509 | | |
| 6,509 | |
Paid-in capital | |
| 5,498 | | |
| 4,825 | |
Treasury stock, at cost | |
| (16,695 | ) | |
| (16,695 | ) |
Retained earnings | |
| 68,223 | | |
| 65,797 | |
Total stockholders' equity | |
| 63,535 | | |
| 60,436 | |
| |
| | | |
| | |
Total liabilities and stockholders' equity | |
$ | 82,751 | | |
$ | 81,654 | |
See accompanying notes to consolidated financial statements
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the three ended March 31, 2024 and 2023
(Unaudited)
(In thousands, except per share data)
| |
| | |
| |
| |
2024 | | |
2023 | |
| |
| | |
| |
Net Sales | |
$ | 44,634 | | |
$ | 37,904 | |
| |
| | | |
| | |
Cost of goods sold | |
| 32,438 | | |
| 29,030 | |
Depreciation expense | |
| 661 | | |
| 648 | |
Total cost of goods sold | |
| 33,099 | | |
| 29,678 | |
| |
| | | |
| | |
Gross profit | |
| 11,535 | | |
| 8,226 | |
| |
| | | |
| | |
Selling expense | |
| 3,700 | | |
| 3,519 | |
General and administrative expense | |
| 4,136 | | |
| 3,135 | |
Amortization expense | |
| 135 | | |
| 135 | |
Total operating expenses | |
| 7,971 | | |
| 6,789 | |
| |
| | | |
| | |
Income from operations | |
| 3,564 | | |
| 1,437 | |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest expense | |
| (51 | ) | |
| (104 | ) |
Other income (expense), net | |
| (5 | ) | |
| 5 | |
Total other income (expense) | |
| (56 | ) | |
| (99 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Provision for income taxes | |
| 1,082 | | |
| 508 | |
| |
| | | |
| | |
Net income | |
$ | 2,426 | | |
$ | 830 | |
| |
| | | |
| | |
Net earnings per common share: | |
| | | |
| | |
Basic | |
$ | 0.17 | | |
$ | 0.06 | |
Diluted | |
$ | 0.16 | | |
$ | 0.06 | |
| |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | |
Basic | |
| 14,691 | | |
| 14,645 | |
Diluted | |
| 15,222 | | |
| 15,030 | |
See accompanying notes to consolidated financial statements
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | | |
| | |
| | |
| |
| |
Issued | | |
In treasury | | |
Paid-In | | |
Retained | | |
Total | |
| |
Shares | | |
$ | | |
Shares | | |
$ | | |
Capital | | |
Earnings | | |
Equity | |
Balance, January 1, 2023 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,629 | ) | |
$ | (16,993 | ) | |
$ | 3,624 | | |
$ | 54,430 | | |
$ | 47,570 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 343 | | |
| – | | |
| 343 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 830 | | |
| 830 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2023 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,629 | ) | |
$ | (16,993 | ) | |
$ | 3,967 | | |
$ | 55,260 | | |
$ | 48,743 | |
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | | |
| | |
| | |
| |
| |
Issued | | |
In treasury | | |
Paid-In | | |
Retained | | |
Total | |
| |
Shares | | |
$ | | |
Shares | | |
$ | | |
Capital | | |
Earnings | | |
Equity | |
Balance, January 1, 2024 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,583 | ) | |
$ | (16,695 | ) | |
$ | 4,825 | | |
$ | 65,797 | | |
$ | 60,436 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 673 | | |
| – | | |
| 673 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,426 | | |
| 2,426 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2024 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,629 | ) | |
$ | (16,695 | ) | |
$ | 5,498 | | |
$ | 68,223 | | |
$ | 63,535 | |
See accompanying notes to consolidated financial statements
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
| |
| | |
| |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 2,426 | | |
$ | 830 | |
Adjustments to reconcile net income to operating cash flow: | |
| | | |
| | |
Depreciation and amortization | |
| 796 | | |
| 783 | |
Stock-based compensation | |
| 673 | | |
| 343 | |
Non-cash interest expense | |
| 2 | | |
| 2 | |
(Increase) decrease in operating assets: | |
| | | |
| | |
Accounts receivable | |
| (1,189 | ) | |
| (572 | ) |
Inventories | |
| 974 | | |
| 339 | |
Refundable income taxes | |
| (378 | ) | |
| 44 | |
Prepaid expenses and other current assets | |
| 31 | | |
| 377 | |
Increase (decrease) in operating liabilities: | |
| | | |
| | |
Accounts payable | |
| (6 | ) | |
| 1,046 | |
Accrued expenses | |
| (1,309 | ) | |
| (581 | ) |
Accrued income taxes | |
| (474 | ) | |
| 416 | |
Net cash provided by operating activities | |
| 1,546 | | |
| 3,027 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of property and equipment | |
| (2,469 | ) | |
| (1,762 | ) |
Net cash used in investing activities | |
| (2,469 | ) | |
| (1,762 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Repayment of note payable | |
| (250 | ) | |
| (500 | ) |
Net cash used in financing activities | |
| (250 | ) | |
| (500 | ) |
| |
| | | |
| | |
Net (decrease) increase in cash and cash equivalents | |
| (1,173 | ) | |
| 765 | |
| |
| | | |
| | |
Cash and cash equivalents at the beginning of the period | |
| 13,198 | | |
| 4,444 | |
| |
| | | |
| | |
Cash and cash equivalents at the end of the period | |
$ | 12,025 | | |
$ | 5,209 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Cash paid for income taxes, net of (refunds) | |
$ | 1,934 | | |
$ | 47 | |
Cash paid for interest | |
$ | 50 | | |
$ | 130 | |
| |
| | | |
| | |
Non-cash investing activities | |
| | | |
| | |
Accrued purchase of property and equipment | |
$ | 192 | | |
$ | 122 | |
Right-of-use assets obtained in exchange for lease obligations | |
$ | – | | |
$ | 19 | |
See accompanying notes to consolidated financial statements
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Unaudited)
(In thousands, except per share data)
Note 1 – Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim
financial information, and do not include certain information and footnote disclosures required for complete, audited financial statements.
In the opinion of management, these statements include all adjustments necessary for a fair presentation of the results of all interim
periods reported herein. The consolidated financial statements and related notes should be read in conjunction with the consolidated financial
statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Results
of operations for any interim period are not necessarily indicative of future or annual results.
Principles of consolidation
The consolidated financial statements include the
accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”).
All significant intercompany accounts and transactions have been eliminated.
Note 2 – Summary of Significant Accounting
Policies
Our significant accounting policies, which are summarized
in detail in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, have not materially changed. The following is
a description of certain of our significant accounting policies.
Use of estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the
consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based
and incentive compensation, and deferred income taxes.
Cash and cash equivalents
Lifeway considers cash and all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which
approximates or equals fair value due to their short-term nature.
Lifeway from time to time may have bank deposits in
excess of insurance limits of the Federal Deposit Insurance Corporation. The Company places its cash and cash equivalents with high credit
quality financial institutions. Lifeway has not experienced any losses in such accounts and believes the financial risks associated with
these financial instruments are minimal.
Advertising and promotional costs
Advertising costs are expensed as incurred and reported
in Selling expense in the Company’s consolidated statement of operations. Total advertising expense was $1,372 and $1,463 for the
three months ended March 31, 2024 and 2023, respectively.
Segments
The Company is managed as a single reportable segment.
The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), reviews financial information
on an aggregate basis for purposes of allocating resources and assessing financial performance, as well as for making strategic operational
decisions and managing the organization. Substantially all of Lifeway’s consolidated revenues relate to the sale of cultured dairy
products that it produces using the same processes and materials and are sold to consumers through a common network of distributors and
retailers in the United States.
Recent accounting pronouncements
Issued but not yet effective
In November 2023, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07: Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures. The new guidance requires entities to report incremental information about significant segment expenses
included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance
also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually.
The new standard is effective for our annual period ending December 31, 2024 and our interim periods during the fiscal year ending December
31, 2025. The guidance does not affect recognition or measurement in the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No.
2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information
about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new
standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities.
The guidance is effective for our fiscal year ending December 31, 2024. The guidance does not affect recognition or measurement in the
Company’s consolidated financial statements.
Note 3 – Inventories, net
Inventories consisted of the following:
Schedule of inventories | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Ingredients | |
$ | 2,411 | | |
$ | 2,929 | |
Packaging | |
| 2,640 | | |
| 3,014 | |
Finished goods | |
| 3,079 | | |
| 3,161 | |
Total inventories, net | |
$ | 8,130 | | |
$ | 9,104 | |
Note 4 – Property, Plant and Equipment, net
Property, plant and equipment consisted of the following:
Schedule of property, plant and equipment | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Land | |
$ | 1,565 | | |
$ | 1,565 | |
Buildings and improvements | |
| 21,855 | | |
| 21,661 | |
Machinery and equipment | |
| 33,890 | | |
| 33,573 | |
Vehicles | |
| 705 | | |
| 705 | |
Office equipment | |
| 1,072 | | |
| 1,072 | |
Construction in process | |
| 4,107 | | |
| 2,154 | |
| |
| 63,194 | | |
| 60,730 | |
Less accumulated depreciation | |
| (38,567 | ) | |
| (37,966 | ) |
Total property, plant and equipment, net | |
$ | 24,627 | | |
$ | 22,764 | |
Note 5 – Goodwill and Intangible Assets
Goodwill
Goodwill consisted of the following:
Schedule of goodwill | |
| |
| |
Total | |
Balance at December 31, 2023 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Balance at March 31, 2024 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Intangible Assets
Other intangible assets, net consisted of the following:
Schedule of finite-lived intangible assets | |
| | |
| | |
| | |
| | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
Gross | | |
| | |
Net | | |
Gross | | |
| | |
Net | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Carrying | | |
Accumulated | | |
Carrying | |
| |
Amount | | |
Amortization | | |
Amount | | |
Amount | | |
Amortization | | |
Amount | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Recipes | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | |
Customer lists and other customer related intangibles | |
| 4,529 | | |
| (4,529 | ) | |
| – | | |
| 4,529 | | |
| (4,529 | ) | |
| – | |
Customer relationships | |
| 3,385 | | |
| (1,412 | ) | |
| 1,973 | | |
| 3,385 | | |
| (1,372 | ) | |
| 2,013 | |
Brand names | |
| 7,948 | | |
| (3,158 | ) | |
| 4,790 | | |
| 7,948 | | |
| (3,063 | ) | |
| 4,885 | |
Formula | |
| 438 | | |
| (438 | ) | |
| – | | |
| 438 | | |
| (438 | ) | |
| – | |
Total intangible assets, net | |
$ | 16,344 | | |
$ | (9,581 | ) | |
$ | 6,763 | | |
$ | 16,344 | | |
$ | (9,446 | ) | |
$ | 6,898 | |
Estimated amortization expense on intangible assets
for the next five years is as follows:
Schedule of estimated amortization expense on intangible assets | |
| |
Year | |
Amortization | |
Nine months ended December 31, 2024 | |
$ | 405 | |
2024 | |
$ | 540 | |
2025 | |
$ | 540 | |
2026 | |
$ | 540 | |
2027 | |
$ | 540 | |
The weighted-average remaining amortization expense
period for the customer relationship and brand name intangible assets is 12.3 and 12.6 years, respectively, as of March 31, 2024. The
weighted-average remaining amortization expense period for total intangible assets is 12.5 years as of March 31, 2024.
Note 6 – Accrued Expenses
Accrued expenses consisted of the following:
Schedule of accrued expenses | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Payroll and incentive compensation | |
$ | 2,621 | | |
$ | 3,853 | |
Real estate taxes | |
| 343 | | |
| 442 | |
Utilities | |
| 193 | | |
| 241 | |
Current portion of operating lease liabilities | |
| 71 | | |
| 74 | |
Other | |
| 376 | | |
| 306 | |
Total accrued expenses | |
$ | 3,604 | | |
$ | 4,916 | |
Note 7 – Debt
Note payable consisted of the following:
Schedule of debt | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Term loan due August 18, 2026. Interest (7.39% at March 31, 2024) payable monthly. | |
$ | 2,500 | | |
$ | 2,750 | |
Unamortized deferred financing costs | |
| (15 | ) | |
| (17 | ) |
Total note payable | |
| 2,485 | | |
| 2,733 | |
Less current portion | |
| (1,250 | ) | |
| (1,250 | ) |
Total long-term portion | |
$ | 1,235 | | |
$ | 1,483 | |
The scheduled maturities of the term loan, excluding deferred financing
costs, at March 31, 2024 are as follows:
Schedule of maturities of long-term debt | |
| |
Nine months ended December 31, 2024 | |
$ | 1,000 | |
2025 | |
| 1,000 | |
2026 | |
| 500 | |
Total term loan | |
$ | 2,500 | |
Credit Agreement
The Company is party to an Amended and Restated Loan
and Security Agreement (as amended and modified from time to time, the “Credit Agreement”) with its existing lender and certain
of its subsidiaries. The Credit Agreement provides for, among other things, a $5 million term loan to be repaid in quarterly installments
of principal and interest over a term of five years, a revolving line of credit up to a maximum of $5 million (the “Revolving Credit
Facility”) and an incremental facility not to exceed $5 million. The termination date of the term loan is August 18, 2026, unless
earlier terminated. The termination date of the revolving credit facility is June 30, 2025, unless earlier terminated.
All outstanding amounts under the Credit Agreement
bear interest at the Secured Overnight Financing Rate (“SOFR”), plus 2.07%. Interest is payable monthly in arrears. Lifeway
is also required to pay a quarterly unused revolving line of credit fee of 0.20% and, in conjunction with the issuance of any letters
of credit, a letter of credit fee of 0.20%.
The Credit Agreement includes customary representations,
warranties, and covenants, including financial covenants requiring the Company to maintain a fixed charge coverage ratio of no less than
1.25 to 1.00, and a minimum working capital financial covenant, as defined, of no less than $11.25 million, in each of the fiscal quarters
ending through the expiration date. The Credit Agreement continues to provide for events of default, including failure to repay principal
and interest when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts
due under the Credit Agreement may be accelerated. The loans and all other amounts due and owed under the Credit Agreement and related
documents are secured by substantially all of the Company’s assets.
Lifeway was in compliance with the fixed charge coverage
ratio and minimum working capital covenants at March 31, 2024.
Revolving Credit Facility
As of March 31, 2024, the Company had $0 outstanding
under the Revolving Credit Facility. The Company had $5,000 available for future borrowings under the Revolving Credit Facility as of
March 31, 2024.
Note 8 – Leases
The Company leases certain machinery and equipment
with fixed base rent payments and variable costs based on usage. Remaining lease terms for these leases range from less than one year
to six years. The Company includes lease extension options, if applicable and reasonably certain to be exercised, in the calculation of
the right-of-use asset and lease liabilities. Lifeway includes only fixed payments for lease components in the measurement of the right-of-use
asset and lease liability. Variable lease payments are those that vary because of changes in facts or circumstances occurring after the
commencement date, other than the passage of time. There are no residual value guarantees. Lifeway does not currently have leases which
meet the finance lease classification as defined under ASC 842.
Lifeway treats contracts as a lease when the contract
conveys the right to use a physically distinct asset for a period of time in exchange for consideration, it directs the use of the asset
and obtains substantially all the economic benefits of the asset.
Right-of-use assets and lease liabilities are measured
and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Lifeway has
elected the practical expedient to combine lease and non-lease components into a single component for all of its leases. When the Company
is unable to determine an implicit interest rate, it uses its incremental borrowing rate based on the information available at the commencement
date in determining the present value of future payments for those leases. Lifeway includes options to extend or terminate the lease in
the measurement of the right-of-use asset and lease liability when it is reasonably certain that it will exercise such options. Lease
expense for minimum lease payments is recognized on a straight-line basis over the lease term.
The Company does not record leases with an initial
term of 12 months or less on the balance sheet. Expense for these short-term leases is recorded on a straight-line basis over the lease
term. Total lease expense was $35 and $31 (including short term leases) for the three months ended March 31, 2024 and 2023, respectively.
Future maturities of lease liabilities were as follows:
Schedule of future maturities of lease liabilities | |
| |
Year | |
Operating Leases | |
Nine months ended December 31, 2024 | |
$ | 64 | |
2025 | |
| 55 | |
2026 | |
| 31 | |
2027 | |
| 21 | |
2028 | |
| 17 | |
Thereafter | |
| 10 | |
Total lease payments | |
| 198 | |
Less: Interest | |
| (26 | ) |
Present value of lease liabilities | |
$ | 172 | |
The weighted-average remaining lease term for its
operating leases was 3.5 years as of March 31, 2024. The weighted average discount rate of its operating leases was 9.49% as of March
31, 2024. Cash paid for amounts included in the measurement of lease liabilities was $24 and $25 for the three months ended March 31,
2024 and 2023, respectively.
Note 9 – Commitments and contingencies
Litigation
Lifeway is involved in various legal proceedings,
claims, disputes, regulatory matters, audits, and proceedings arising in the ordinary course of, or incidental, to the Company’s
business, including commercial disputes, product liabilities, intellectual property matters and employment-related matters.
Lifeway records provisions in the consolidated financial
statements for pending legal matters when it believes it is probable that a loss will be incurred and the amount of such loss can be reasonably
estimated. The Company evaluates, on a periodic basis, developments in legal matters that could affect the amount of any accrual and developments
that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, it
does not establish an accrued liability. Currently, none of its accruals for outstanding legal matters are material individually or in
the aggregate to its financial position and it is management’s opinion that the ultimate resolution of these outstanding legal matters
will not have a material adverse effect on its business, financial condition, results of operations, or cash flows. However, if the Company
is ultimately required to make payments in connection with an adverse outcome, it is possible that such contingency could have a material
adverse effect on the Company’s business, financial condition, results of operations or cash flows.
Note 10 – Income taxes
Income taxes were recognized at effective rates of
30.8% and 37.9% for the three months ended March 31, 2024 and 2023, respectively.
The Company calculates the provision for income taxes
during interim reporting periods by applying an estimate of the annual effective tax rate for the full year, excluding unusual or infrequently
occurring discrete items, and applies that rate to income (loss) before provision for income taxes for the period.
The Company’s effective tax rate may change
from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the jurisdictional
mix of earnings, enacted tax legislation, state income taxes, the impact of non-deductible items, changes in valuation allowances, settlement
of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits. The Company records discrete
income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur. The Company consistently
reflects non-deductible officer compensation expense, non-deductible compensation expense related to equity incentive awards and separate
state tax rates from period to period. Although similar items were reflected in 2024, the percentage effect is different due to the difference
in pre-tax income in 2024 compared to 2023.
Unrecognized tax benefits were $0 at March 31, 2024
and 2023, respectively. The Company does not expect material changes to its unrecognized tax benefits during the next twelve months.
Note 11 – Stock-based and Other Compensation
Omnibus Incentive Plan
In December 2015, Lifeway stockholders approved the
2015 Omnibus Incentive Plan, which authorized the issuance of an aggregate of 3.5 million shares to satisfy awards of stock options, stock
appreciation rights, unrestricted stock, restricted stock, restricted stock units, performance shares and performance units to qualifying
employees. Under the 2015 Omnibus Incentive Plan, the Board of Directors or its Compensation Committee approves stock
awards to executive officers and certain senior executives, generally in the form of restricted stock or performance shares. The number
of performance shares that participants may earn depends on the extent to which the corresponding performance goals have been achieved.
Stock awards generally vest over a three-year performance or service period. At March 31, 2024, no shares remain available for award under
the 2015 Omnibus Incentive Plan as it was terminated on August 31, 2022. However, any outstanding awards under the 2015 Omnibus Incentive
Plan are unaffected by the termination of the 2015 Omnibus Incentive Plan or by the approval of the 2022 Omnibus Incentive Plan (the “2022
Plan”) as described below.
On August 31, 2022, Lifeway stockholders approved
the 2022 Plan. Under the 2022 Plan, the Compensation Committee of the Board of Directors may grant awards of various types of compensation,
including, nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance
shares, performance units, cash-based awards and other stock-based awards. The maximum number of shares authorized to be awarded under
the 2022 Plan is 3.25 million shares of common stock, which includes shares that remained available under the now terminated 2015 Omnibus
Incentive Plan.
Awards granted under the 2022 Plan are generally subject
to a minimum vesting period of at least one year. Awards may be subject to cliff-vesting or graded-vesting conditions, with graded vesting
starting no earlier than one year after the grant date. The Plan Administrator may provide for shorter vesting periods in an award agreement
for no more than five percent of the maximum number of shares authorized for issuance under the 2022 Plan. As of March 31, 2024, 2.64
million shares remain available to award under the 2022 Plan.
Stock Options
The following table summarizes stock option activity during the three months
ended March 31, 2024:
Schedule of stock option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted
average
exercise price |
|
|
Weighted
average
remaining contractual life |
|
|
Aggregate
intrinsic value |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
2.21 |
|
|
$ |
121 |
|
Granted |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Forfeited |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Outstanding at March 31, 2024 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
1.97 |
|
|
$ |
276 |
|
Exercisable at March 31, 2024 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
1.97 |
|
|
$ |
276 |
|
Restricted Stock Units
A Restricted Stock Unit (“RSU”) represents
the right to receive one share of common stock in the future. RSUs have no exercise price. The grant date fair value of the awards is
determined by the Company’s closing stock price on the grant date. Lifeway expenses RSUs over the vesting period. The following
table summarizes RSU activity during the three months ended March 31, 2024.
Schedule of RSUs Activity | |
| | |
| |
| |
Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
| |
(In thousands) | | |
| |
Outstanding at December 31, 2023 | |
| 207 | | |
$ | 6.89 | |
Granted | |
| 33 | | |
| 13.73 | |
Shares issued upon vesting | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | |
Outstanding at March 31, 2024 | |
| 240 | | |
$ | 7.82 | |
Vested and deferred at March 31, 2024 | |
| 67 | | |
$ | 5.98 | |
For the three months ended March 31, 2024 and 2023
total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $233 and $104, respectively.
For the three months ended March 31, 2024 and 2023 tax-related benefits of $65 and $29, respectively, were also recognized. Future compensation
expense related to restricted stock units was $918 as of March 31, 2024 and will be recognized on a weighted average basis over the next
1.3 years.
Long-Term Incentive Plan Compensation
Lifeway has established long-term incentive-based
compensation programs for certain senior executives and key employees pursuant to the terms of its incentive plans.
2020 CEO Incentive Award
During the fourth quarter 2020, Lifeway awarded a
long-term equity-based incentive of $750 to its Chief Executive Officer (the “2020 CEO Award”) depending on Lifeway’s
2020 performance levels compared to the respective targets. The equity-based incentive compensation is payable in restricted stock that
vests one-third in April 2022, one-third in April 2023, and one-third in April 2024. The issuance of vested equity awards is subject to
approval under the Stock Purchase Agreement dated October 1, 1999. For the three months ended March 31, 2024 and 2023, $18 and $43 was
expensed as stock-based compensation expense in the consolidated statements of operations, respectively. As of March 31, 2024, the total
remaining unearned compensation of $6 will be recognized in 2024, subject to vesting.
2021 Equity Award
The 2021 long-term equity incentive plan compensation
is based on Lifeway’s achievement of adjusted EBITDA performance versus the respective target established by the Board of Directors
for 2021. Under the 2021 plan, collectively the participants earned equity-based incentive compensation of $1,069 based on Lifeway’s
achievement of the respective financial target. The equity-based incentive compensation is payable in restricted stock that vests one-third
in April 2022, one-third in April 2023, and one-third in April 2024. For the three months ended March 31, 2024 and 2023, $33 and $84 was
expensed as stock-based compensation expense in the consolidated statements of operations, respectively. As of March 31, 2024, the total
remaining unearned compensation of $7 will be recognized in 2024, subject to vesting.
2022 Equity Award
Under the 2022 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2022 to 2024. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 125,066 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $6.25 dollars per share. For the three months ended March 31, 2024 and 2023, $156 and $112 was expensed
as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2022 long-term incentive plan also granted restricted
stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each of the first
three anniversaries of the August 31, 2022 grant date. The stock-based compensation expense for these awards is included in the Restricted
Stock Units section above.
2023 Equity Award
Under the 2023 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2023 to 2025. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 115,622 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $6.88 dollars per share. For the three months ended March 31, 2024 and 2023, $130 and $0 was expensed
as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2023 long-term incentive plan also granted restricted
stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each of the first
three anniversaries of the June 16, 2023 grant date. The stock-based compensation expense for these awards is included in the Restricted
Stock Units section above.
2024 Equity Award
Under the 2024 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2024 to 2026. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 64,986 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $13.73 dollars per share. For the three months ended March 31, 2024 and 2023, $102 and $0 was expensed
as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2024 long-term incentive plan also granted restricted
stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each of the first
three anniversaries of the January 10, 2024 grant date. The stock-based compensation expense for these awards is included in the Restricted
Stock Units section above.
Non-Employee Director Plan
On August 31, 2022, Lifeway stockholders approved
the 2022 Non-Employee Director Equity and Deferred Compensation Plan (the “2022 Director Plan”), which authorizes the grant
of restricted stock units (“RSUs”), which will vest on such schedule as the Company, in its sole discretion, shall determine.
Each non-employee director of the Company is eligible to be a participant in the 2022 Director Plan until they no longer serve as a non-employee
director. As of the date of each annual shareholder meeting, the Company may grant each director a number of RSUs for such year and set
the vesting schedule for the RSUs granted. Whether and how many RSUs the Company will grant to directors in any year is subject to the
sole discretion of the Company and shall in any event be subject to the 2022 Director Plan’s overall share limits. The maximum aggregate
number of shares of common stock that may be issued under the 2022 Director Plan is 500 thousand shares. As of March 31, 2024, 430 thousand
shares remain available to award under the 2022 Director Plan. The aggregate fair market value of shares underlying RSU compensation that
may be issued as RSU compensation to a director in any year shall not exceed $170. In addition to the grant of RSUs, the 2022 Director
Plan also provides for the deferral by electing participants of all or part of their cash compensation (in 10% increments) into a deferred
cash account, and they may defer all or part of their cash and/or RSU compensation (in 10% increments) into a deferred RSU account. Deferred
benefits are paid in a lump sum upon the applicable director’s departure from the Board of Directors.
Retirement Benefits
Lifeway has a defined contribution plan which is available
to substantially all full-time employees. Under the terms of the plan, the Company matches employee contributions under a prescribed formula.
For the three months ended March 31, 2024 and 2023, total contribution expense recognized in the consolidated statements of operations
was $193 and $150, respectively.
Note 12 - Earnings Per Share
The following table summarizes the effects of the share-based compensation
awards on the weighted average number of shares outstanding used in calculating diluted earnings per share:
Schedule of weighted average number of shares outstanding | |
| | |
| |
| |
Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
| |
(In Thousands) | |
Weighted average common shares outstanding | |
| 14,691 | | |
| 14,645 | |
Assumed exercise/vesting of equity awards | |
| 531 | | |
| 385 | |
Weighted average diluted common shares outstanding | |
| 15,222 | | |
| 15,030 | |
Note 13 – Disaggregation of Revenue and Significant Customers
Lifeway’s primary product is drinkable kefir.
The Company manufactures (directly or through a co-manufacturer) and markets products under the Lifeway, Fresh Made, and GlenOaks Farms
brand names, as well as under private labels on behalf of certain customers.
The Company’s product categories are:
|
· |
Drinkable kefir, a cultured dairy product sold in a variety of organic and non-organic sizes, flavors, and types. |
|
· |
European-style soft cheeses, including farmer cheese, white cheese, and Sweet Kiss. |
|
· |
Cream and other, which primarily consists of cream, a byproduct of raw milk processing. |
|
· |
Drinkable yogurt, sold in a variety of sizes and flavors. |
|
· |
ProBugs, a line of kefir products designed for children. |
|
· |
Other dairy, which primarily consists of Fresh Made butter and sour cream. |
Net sales of products by category were as follows
for the three months ended March 31:
Schedule of sales of products by category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
In thousands |
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drinkable Kefir other than ProBugs |
|
|
36,533 |
|
|
|
82% |
|
|
|
29,800 |
|
|
|
79% |
|
Cheese |
|
|
3,515 |
|
|
|
8% |
|
|
|
3,345 |
|
|
|
9% |
|
Cream and other |
|
|
1,816 |
|
|
|
4% |
|
|
|
1,920 |
|
|
|
5% |
|
Drinkable Yogurt |
|
|
1,536 |
|
|
|
3% |
|
|
|
1,616 |
|
|
|
4% |
|
ProBugs Kefir |
|
|
866 |
|
|
|
2% |
|
|
|
808 |
|
|
|
2% |
|
Other dairy |
|
|
368 |
|
|
|
1% |
|
|
|
415 |
|
|
|
1% |
|
Net Sales |
|
|
44,634 |
|
|
|
100% |
|
|
|
37,904 |
|
|
|
100% |
|
Significant Customers
Sales are predominately to companies in the retail
food industry located within the United States. Two major customers accounted for approximately 25% and 24% of net sales for the three
months ended March 31, 2024 and 2023, respectively.
Geographic Information
Net sales outside the of the United States represented
less than 1% of total consolidated net sales for the three months ended March 31, 2024 and 2023. Net sales are determined based on the
destination where the products are shipped by Lifeway.
All the Company’s long-lived assets are in the
United States.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Management’s Discussion and Analysis of Financial
Condition and Results of Operations (“MD&A”) in this Form 10-Q is provided as a supplement to, and should be read in conjunction
with, our audited consolidated financial statements, the accompanying notes, and the MD&A included in our Annual Report on Form 10-K
for the fiscal year ended December 31, 2023 (the “Form 10-K”). Unless otherwise specified, any description of “our”,
“we”, and “us” in this MD&A refer to Lifeway Foods, Inc. and our subsidiaries.
Cautionary Statement Regarding Forward-Looking
Statements
In addition to historical information, this quarterly
report contains “forward-looking” statements within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as “anticipate,” “from
time to time,” “intend,” “plan,” “ongoing,” “realize,” “should,” “may,”
“could," "believe," "future," "depend," "expect," "will," "result,"
"can," "remain," "assurance," "subject to," "require," "limit," "impose,"
"guarantee," "restrict," "continue," "become," "predict," "likely," "opportunities,"
"effect," "change," "predict," and "estimate,” and similar terms or terminology, or the negative
of such terms or other comparable terminology. Examples of forward-looking statements include, among others, statements we make regarding:
|
· |
Expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, if any; |
|
· |
Strategy for acquisitions, customer retention, growth, product development, market position, financial results and reserves; |
|
· |
Estimates of the amounts of sales allowances and discounts to our customers and consumers; |
|
· |
Our belief that we will maintain compliance with our loan agreements and have sufficient liquidity to fund our business operations. |
Forward looking statements are based on management’s
beliefs, assumptions, estimates and observations of future events based on information available to our management at the time the statements
are made and include any statements that do not relate to any historical or current fact. These statements are not guarantees of future
performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may
differ materially from what is expressed, implied or forecast by our forward-looking statements due in part to the risks, uncertainties,
and assumptions that include:
|
· |
Changes in the pricing of commodities; |
|
· |
The actions and decisions of our competitors and customers, including those related to price competition; |
|
· |
Our ability to successfully implement our business strategy; |
|
· |
The effects of government regulation; |
|
· |
Disruptions to our supply chain, or our manufacturing and distribution capabilities, including those due to cybersecurity threats; and |
|
· |
Such other factors as discussed throughout Part I, Item 1 “Business”; Part I, Item 1A “Risk Factors”; and Part II, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2023 , Part II, Item 1A of this Form 10-Q and that are described from time to time in our other periodic reports filed with the SEC. |
These factors are not necessarily all of the important
factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown
or unpredictable factors could also have material adverse effects on future results. The Company intends these forward-looking statements
to speak only at the date made. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies
with the SEC pursuant to the SEC's rules, Lifeway has no duty to update these statements, and it undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Business Overview
Lifeway was founded in 1986 by Michael Smolyansky,
ten years after he and his family emigrated from Eastern Europe to the United States. Lifeway was the first to successfully introduce
kefir to the U.S. consumer on a commercial scale, initially catering to ethnic consumers in the Chicago, Illinois metropolitan area. Lifeway
has grown to become the largest producer and marketer of kefir in the U.S. and an important player in the broader market spaces of probiotic-based
products and natural, “better for you” foods.
Our primary product is drinkable kefir, a cultured
dairy product. Lifeway Kefir is tart and tangy, high in protein, calcium and vitamin D. The Company manufactures (directly or through
a co-manufacturer) and markets products under the Lifeway, Fresh Made, and GlenOaks Farms brand names, as well as under private labels
on behalf of certain customers.
The Company’s product categories are:
|
· |
Drinkable Kefir, a cultured dairy product sold in a variety of organic and non-organic sizes, flavors, and types. |
|
· |
European-style soft cheeses, including farmer cheese, white cheese, and Sweet Kiss. |
|
· |
Cream and other, which primarily consists of cream, a byproduct of raw milk processing. |
|
· |
Drinkable Yogurt, sold in a variety of sizes and flavors. |
|
· |
ProBugs, a line of kefir products designed for children. |
|
· |
Other Dairy, which primarily consists of Fresh Made butter and sour cream. |
Recent Developments
Current Macroeconomic Environment and Inflation Impact
Since 2022, we experienced inflationary and cost pressures
due to volatility and disruption in the global economy which have increased our production and distribution costs. We have begun to see
some moderation of inflationary pressures and have experienced pricing declines in certain of our input costs, such as milk, during 2023.
We expect inflationary pressures to be moderate during 2024.
We have not experienced significant supply chain
disruptions or labor supply shortages and have continued to satisfy customer and consumer demand for our products. Management continues
to proactively manage the supply and transportation of materials used to make and package our products, staffing, and transportation of
our products to customers. This proactive planning has allowed the Company to meet increased demand.
Results of Operations
Three Months Ended March 31, 2024 Compared to Three Months Ended
March 31, 2023
The following table presents certain information concerning
our financial results, including information presented as a percentage of consolidated net sales:
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
$ | | |
% | | |
$ | | |
% | |
Net sales | |
| 44,634 | | |
| 100.0% | | |
| 37,904 | | |
| 100.0% | |
Cost of goods sold | |
| 32,438 | | |
| 72.7% | | |
| 29,030 | | |
| 76.6% | |
Depreciation expense | |
| 661 | | |
| 1.5% | | |
| 648 | | |
| 1.7% | |
Total cost of goods sold | |
| 33,099 | | |
| 74.2% | | |
| 29,678 | | |
| 78.3% | |
Gross profit | |
| 11,535 | | |
| 25.8% | | |
| 8,226 | | |
| 21.7% | |
Selling expenses | |
| 3,700 | | |
| 8.3% | | |
| 3,519 | | |
| 9.3% | |
General & administrative expense | |
| 4,136 | | |
| 9.3% | | |
| 3,135 | | |
| 8.2% | |
Amortization expense | |
| 135 | | |
| 0.3% | | |
| 135 | | |
| 0.4% | |
Total operating expenses | |
| 7,971 | | |
| 17.9% | | |
| 6,789 | | |
| 17.9% | |
Income from operations | |
| 3,564 | | |
| 7.9% | | |
| 1,437 | | |
| 3.8% | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (51 | ) | |
| (0.1% | ) | |
| (104 | ) | |
| (0.3% | ) |
Other income (expense), net | |
| (5 | ) | |
| 0.0% | | |
| 5 | | |
| 0.0% | |
Total other income (expense) | |
| (56 | ) | |
| (0.1% | ) | |
| (99 | ) | |
| (0.3% | ) |
Income before provision for income taxes | |
| 3,508 | | |
| 7.8% | | |
| 1,338 | | |
| 3.5% | |
Provision for income taxes | |
| 1,082 | | |
| 2.4% | | |
| 508 | | |
| 1.3% | |
Net income | |
| 2,426 | | |
| 5.4% | | |
| 830 | | |
| 2.2% | |
Net Sales
Net sales were at $44,634 for the three-month period
ended March 31, 2024, an increase of $6,731 or 17.8% versus prior year. The net sales increase was primarily driven by higher volumes
of our branded drinkable kefir.
Gross Profit
Gross profit as a percentage of net sales was
25.8% during the three-month period ended March 31, 2024. Gross profit percentage was 21.7% in the first quarter of the prior year. The
increase versus the prior year was primarily due to the higher volumes of our branded products, and to a lesser extent a favorable impact
to transportation costs.
Selling Expenses
Selling expenses increased by $181 to $3,700 during
the three-month period ended March 31, 2024 from $3,519 during the same period in 2023. Selling expenses as a percentage of net sales
decreased to 8.3% in the three-month period ended March 31, 2024 from 9.3% during the same period in 2023.
General and Administrative Expenses
General and administrative expenses increased $1,001
to $4,136 during the three-month period ended March 31, 2024 from $3,135 during the same period in 2023. The increase is primarily driven
by incentive compensation and non-routine stockholder action expense.
Provision for Income Taxes
The provision for income taxes was $1,082 and $508
during the three months ended March 31, 2024 and 2023, respectively.
The effective income tax rate for the three months
ended March 31, 2024 was 30.8% compared to 37.9% in the same period last year. The statutory Federal and state tax rates remained consistent
from 2024 to 2023. The Company has items that are nondeductible or are discrete adjustments to tax expense. The Company consistently reflects
non-deductible officer compensation expense, non-deductible compensation expense related to equity incentive awards and separate state
tax rates from period to period. Although similar items were reflected in 2023, the percentage effect is different due to the difference
in pre-tax income in 2024 compared to 2023.
The Company’s effective tax rate may change
from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the jurisdictional
mix of earnings, enacted tax legislation, state income taxes, the impact of non-deductible items, changes in valuation allowances, settlement
of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits. The Company records discrete
income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur.
Income taxes are discussed in Note 10 in the Notes
to the Consolidated Financial Statements.
Liquidity and Capital Resources
Management assesses the Company's liquidity
in terms of its ability to generate cash to fund its operating, investing, and financing activities. The Company remains in a strong financial
position, and while it has been impacted by the macroeconomic challenges with commodity inflation and other input cost increases, the
Company believes that its cash flow from operations, revolving credit and term loan facility, and cash and cash equivalents will continue
to provide sufficient liquidity for its working capital needs, capital resource requirements, and growth initiatives and to ensure the
continuation of the Company as a going concern.
If additional borrowings are needed, $5,000
was available under the Revolving Credit Facility as of March 31, 2024 (see Note 7, Debt). We are in compliance with the terms of the
Credit Agreement and expect to meet foreseeable financial requirements. The success of our business and financing strategies will continue
to provide us with the financial flexibility to take advantage of various opportunities as they arise. To date, we have been successful
in generating cash and obtaining financing as needed. However, if a serious economic or credit market crisis ensues, it could have a negative
effect on our liquidity, results of operations and financial condition.
The Company’s most significant ongoing
short-term cash requirements relate primarily to funding operations (including expenditures for raw materials, labor, manufacturing and
distribution, trade and promotions, advertising and marketing, and income tax liabilities) as well as expenditures for property, plant
and equipment.
Long-term cash requirements primarily relate
to funding long-term debt repayments (see Note 7, Debt) and deferred income taxes (see Note 10, Income Taxes, in our Annual Report on
Form 10-K).
Cash Flow
The following table is derived from our Consolidated
Statement of Cash Flows:
| |
Three months Ended March 31, | |
Net Cash Flows Provided By (Used In): | |
2024 | | |
2023 | |
Operating activities | |
$ | 1,546 | | |
$ | 3,027 | |
Investing activities | |
$ | (2,469 | ) | |
$ | (1,762 | ) |
Financing activities | |
$ | (250 | ) | |
$ | (500 | ) |
Operating Activities
Net cash provided by operating activities was $1,546
during the three-month period ended March 31, 2024 compared to $3,027 in the same period in 2023. The decrease was primarily due to the
change in working capital, partially offset by higher cash earnings driven by increased product volumes and declines in certain input
costs.
Investing Activities
Net cash used in investing activities was $2,469 during
the three-month period ended March 31, 2024 compared to $1,762 in the same period in 2023. The increase in cash used reflects our planned
capital spending increase during 2024 compared to 2023. Our capital spending is focused in three core areas: growth, cost reduction, and
facility improvements. Growth capital spending supports capacity expansion and new product innovation and enhancements. Cost reduction
and facility improvements support manufacturing efficiency, safety, and productivity.
Financing Activities
Net cash used in financing activities was $250 and
$500 during the three-month period ended March 31, 2024 and 2023, respectively. The cash used represents the quarterly principal payments
under the term loan.
Debt Obligations
The Company is party to an Amended and Restated Loan
and Security Agreement (as amended and modified from time to time, the “Credit Agreement”) with its existing lender and certain
of its subsidiaries. The Credit Agreement provides for, among other things, a $5 million term loan to be repaid in quarterly installments
of principal and interest over a term of five years, a revolving line of credit up to a maximum of $5 million (the “Revolving Credit
Facility”) and an incremental facility not to exceed $5 million. The termination date of the term loan is August 18, 2026, unless
earlier terminated. The termination date of the revolving credit facility is June 30, 2025, unless earlier terminated.
As of March 31, 2024, the Company had $0 outstanding
under the Revolving Credit Facility and $2,485 outstanding under the note payable, net of $15 of unamortized deferred financing fees.
The Company had $5,000 available for future borrowings under the Revolving Credit Facility as of March 31, 2024.
All outstanding amounts under the loans bear interest
at the Secured Overnight Financing Rate (“SOFR”), plus 2.07%. The Company’s interest rate on debt outstanding under
the note payable as of March 31, 2024 was 7.39%. Interest is payable monthly in arrears. Lifeway is also required to pay a quarterly unused
line fee of 0.20% on the Revolving Credit Facility, and in conjunction with the issuance of any letters of credit, a letter of credit
fee of 0.20%.
The Company is in compliance with all applicable financial
debt covenants as of March 31, 2024. See Note 7 to our Consolidated Financial Statements for additional information regarding our indebtedness
and related agreements.
Recent Accounting Pronouncements
Information regarding recent accounting pronouncements
is provided in Note 2 – Summary of Significant Accounting Policies.
Critical Accounting Policies and Estimates
A description of the Company's critical accounting
policies and estimates is contained in its Annual Report on Form 10-K for the year ended December 31, 2023. There were no material changes
to the Company’s critical accounting policies and estimates in the three months ended March 31, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not applicable.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
The Company has established disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) that
are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission
(“SEC”), and such information is accumulated and communicated to management, including our Chief Executive Officer (“CEO”)
and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure. Management,
together with our CEO and CFO, evaluated the effectiveness of the Company’s disclosure controls and procedures as of March
31, 2024. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of March
31, 2024.
Changes in Internal Control over Financial Reporting
There have been no changes in the Company’s
internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended March
31, 2024 that has materially affected or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Information regarding legal proceedings is available
in Note 9, Commitment and Contingencies.
ITEM 1A. RISK FACTORS.
There have been no material changes from the risk
factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 5. OTHER INFORMATION.
During the quarter ended
March 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or
“non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
ITEM 6. EXHIBITS.
101.INS |
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover Page Interactive Data File (formatted in IXBRL, and included in exhibit 101). |
* |
The exhibits
deemed furnished with this Form 10-Q and are not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise
subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act
or the Exchange Act., whether made before or after the date of the filing of this Form 10-Q and irrespective of any general incorporation
language contained in such filing. |
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
LIFEWAY FOODS, INC. |
|
|
|
|
|
|
|
Date: May 14, 2024 |
By: |
/s/ Julie Smolyansky |
|
|
Julie Smolyansky |
|
|
Chief Executive Officer, President, and Director |
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
Date: May 14, 2024 |
By: |
/s/ Eric Hanson |
|
|
Eric Hanson |
|
|
Chief Financial & Accounting Officer |
|
|
(Principal Financial and Accounting Officer) |
EXHIBIT 31.1
SECTION 302 CERTIFICATION OF C.E.O.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Julie Smolyansky, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Lifeway Foods, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: May 14, 2024 |
By: /s/ Julie Smolyansky |
|
Julie Smolyansky |
|
Chief Executive Officer, President and Director |
|
(Principal Executive Officer) |
EXHIBIT 31.2
SECTION 302 CERTIFICATION OF C.F.O.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Eric Hanson, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Lifeway Foods, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: May 14, 2024 |
By: /s/ Eric Hanson |
|
Eric Hanson |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
EXHIBIT 32.1
SECTION 906 CERTIFICATION OF C.E.O.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS
ADOPTED PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q
of Lifeway Foods, Inc. (the “Company”) for the period ended March 31, 2024 as filed with the SEC (the “Report”),
the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:
|
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: May 14, 2024 |
By: /s/ Julie Smolyansky |
|
Julie Smolyansky |
|
Chief Executive Officer, President and Director |
|
(Principal Executive Officer) |
EXHIBIT 32.2
SECTION 906 CERTIFICATION OF C.F.O.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS
ADOPTED PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q
of Lifeway Foods, Inc. (the “Company”) for the period ended March 31, 2024 as filed with the SEC (the “Report”),
the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
|
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: May 14, 2024 |
By: /s/ Eric Hanson |
|
Eric Hanson |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
EXHIBIT 99.1
Lifeway Foods®
Announces Record Results for the First Quarter Ended March 31, 2024
Net sales of $44.6
million; up 17.8% year-over-year driven by volume growth of Lifeway Kefir
18th
consecutive quarter of year-over-year growth
Delivers 410 basis
points of gross profit margin expansion
Morton Grove, IL — May 14, 2024 — Lifeway Foods, Inc. (Nasdaq:
LWAY) (“Lifeway” or “the Company”), a leading U.S. supplier of kefir and fermented probiotic products to support
the microbiome, today reported financial results for the first quarter ended March 31, 2024.
“Following our tremendous results in 2023, I am thrilled to report
yet another record-breaking quarter on the topline to kick off 2024,” commented Julie Smolyansky, President and Chief Executive
Officer of Lifeway Foods. “Driven by volume growth in our flagship Lifeway drinkable kefir, we delivered our highest ever quarterly
net sales of $44.6 million in the first quarter, up nearly 18% year-over-year, as our strategic sales and marketing investments continue
to accelerate our sales velocities, grow awareness and win new consumers seeking better-for-you, premium products at a great value. This
marked our 18th consecutive quarter of growth and 4th consecutive quarter reporting record net sales, which demonstrates
the loyalty of our core customer base. Through our strong operational execution, accompanied by favorable transportation cost tailwinds,
we also continued to improve on our key profitability metrics in the quarter, highlighted by our gross margin expansion and net income
growth. We are pleased with this strong start to the year, and are consistently evaluating additional brand marketing and incremental
distribution opportunities in an effort to build on this high bar of success throughout 2024.”
First Quarter 2024 Results
Net sales were $44.6 million for the first quarter
ended March 31, 2024, an increase of $6.7 million or 17.8% from the same period in 2023. The net sales increase was primarily driven by
higher volumes of our branded drinkable kefir.
Gross profit as a percentage of net sales increased to 25.8% for the
first quarter ended March 31, 2024 from 21.7% during the same period in 2023. The 410-basis point increase versus the prior year was primarily
due to the higher volumes of Lifeway branded products, and to a lesser extent a favorable impact of transportation costs.
Selling, general and administrative expenses as
a percentage of net sales were 17.6% for the first quarter ended March 31, 2024 and 2023, respectively.
The Company reported net income of $2.4 million
or $0.17 per basic and $0.16 per diluted common share for the first quarter ended March 31, 2024 compared to net income of $0.8 million
or $0.06 per basic and diluted common share during the same period in 2023.
Conference Call and Webcast
A pre-recorded conference call and webcast with Julie Smolyansky discussing
these results with additional comments and details is available through the “Investor Relations” section of the Company’s
website at https://lifewaykefir.com/webinars-reports/ and will also be available
for replay.
About Lifeway Foods, Inc.
Lifeway Foods, Inc., 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 a variety of cheeses and a ProBugs
line for kids. Lifeway's tart and tangy fermented dairy products are now sold across the United States, Mexico, Ireland and France. Learn
how Lifeway is good for more than just you at lifewayfoods.com.
Forward-Looking Statements
This release (and oral statements made regarding the subjects of this
release) contains "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 "continue," "build," "future," "increase,"
"drive," "believe," "look," "ahead," "confident," "deliver," "outlook,"
"expect," and "predict." 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, 2023, 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.
Media:
Derek Miller
Vice President of Communications, Lifeway Foods
Email: derekm@lifeway.net
General inquiries:
Lifeway Foods, Inc.
Phone: 847-967-1010
Email: info@lifeway.net
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
March 31, 2024 and 2023
(In thousands)
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, |
|
|
|
(Unaudited) |
|
|
2023 |
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,025 |
|
|
$ |
13,198 |
|
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,640 and $1,270 at March 31, 2024 and December 31, 2023 respectively |
|
|
15,064 |
|
|
|
13,875 |
|
Inventories, net |
|
|
8,130 |
|
|
|
9,104 |
|
Prepaid expenses and other current assets |
|
|
1,988 |
|
|
|
2,019 |
|
Refundable income taxes |
|
|
378 |
|
|
|
– |
|
Total current assets |
|
|
37,585 |
|
|
|
38,196 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
24,627 |
|
|
|
22,764 |
|
Operating lease right-of-use asset |
|
|
172 |
|
|
|
192 |
|
Goodwill |
|
|
11,704 |
|
|
|
11,704 |
|
Intangible assets, net |
|
|
6,763 |
|
|
|
6,898 |
|
Other assets |
|
|
1,900 |
|
|
|
1,900 |
|
Total assets |
|
$ |
82,751 |
|
|
$ |
81,654 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current portion of note payable |
|
$ |
1,250 |
|
|
$ |
1,250 |
|
Accounts payable |
|
|
10,024 |
|
|
|
9,976 |
|
Accrued expenses |
|
|
3,604 |
|
|
|
4,916 |
|
Accrued income taxes |
|
|
– |
|
|
|
474 |
|
Total current liabilities |
|
|
14,878 |
|
|
|
16,616 |
|
Note payable |
|
|
1,235 |
|
|
|
1,483 |
|
Operating lease liabilities |
|
|
102 |
|
|
|
118 |
|
Deferred income taxes, net |
|
|
3,001 |
|
|
|
3,001 |
|
Total liabilities |
|
|
19,216 |
|
|
|
21,218 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at March 31, 2024 and December 31, 2023 |
|
|
– |
|
|
|
– |
|
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 14,691 outstanding at March 31, 2024 and December 31, 2023 |
|
|
6,509 |
|
|
|
6,509 |
|
Paid-in capital |
|
|
5,498 |
|
|
|
4,825 |
|
Treasury stock, at cost |
|
|
(16,695 |
) |
|
|
(16,695 |
) |
Retained earnings |
|
|
68,223 |
|
|
|
65,797 |
|
Total stockholders' equity |
|
|
63,535 |
|
|
|
60,436 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
82,751 |
|
|
$ |
81,654 |
|
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the three months ended March 31, 2024 and
2023
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
44,634 |
|
|
$ |
37,904 |
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
32,438 |
|
|
|
29,030 |
|
Depreciation expense |
|
|
661 |
|
|
|
648 |
|
Total cost of goods sold |
|
|
33,099 |
|
|
|
29,678 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
11,535 |
|
|
|
8,226 |
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
3,700 |
|
|
|
3,519 |
|
General and administrative expense |
|
|
4,136 |
|
|
|
3,135 |
|
Amortization expense |
|
|
135 |
|
|
|
135 |
|
Total operating expenses |
|
|
7,971 |
|
|
|
6,789 |
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
3,564 |
|
|
|
1,437 |
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(51 |
) |
|
|
(104 |
) |
Other income (expense), net |
|
|
(5 |
) |
|
|
5 |
|
Total other income (expense) |
|
|
(56 |
) |
|
|
(99 |
) |
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
3,508 |
|
|
|
1,338 |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
1,082 |
|
|
|
508 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,426 |
|
|
$ |
830 |
|
|
|
|
|
|
|
|
|
|
Net earnings per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.17 |
|
|
$ |
0.06 |
|
Diluted |
|
$ |
0.16 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
14,691 |
|
|
|
14,645 |
|
Diluted |
|
|
15,222 |
|
|
|
15,030 |
|
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,426 |
|
|
$ |
830 |
|
Adjustments to reconcile net income to operating cash flow: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
796 |
|
|
|
783 |
|
Stock-based compensation |
|
|
673 |
|
|
|
343 |
|
Non-cash interest expense |
|
|
2 |
|
|
|
2 |
|
(Increase) decrease in operating assets: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,189 |
) |
|
|
(572 |
) |
Inventories |
|
|
974 |
|
|
|
339 |
|
Refundable income taxes |
|
|
(378 |
) |
|
|
44 |
|
Prepaid expenses and other current assets |
|
|
31 |
|
|
|
377 |
|
Increase (decrease) in operating liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(6 |
) |
|
|
1,046 |
|
Accrued expenses |
|
|
(1,309 |
) |
|
|
(581 |
) |
Accrued income taxes |
|
|
(474 |
) |
|
|
416 |
|
Net cash provided by operating activities |
|
|
1,546 |
|
|
|
3,027 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(2,469 |
) |
|
|
(1,762 |
) |
Net cash used in investing activities |
|
|
(2,469 |
) |
|
|
(1,762 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Repayment of note payable |
|
|
(250 |
) |
|
|
(500 |
) |
Net cash used in financing activities |
|
|
(250 |
) |
|
|
(500 |
) |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(1,173 |
) |
|
|
765 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
|
|
13,198 |
|
|
|
4,444 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
$ |
12,025 |
|
|
$ |
5,209 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes, net of (refunds) |
|
$ |
1,934 |
|
|
$ |
47 |
|
Cash paid for interest |
|
$ |
50 |
|
|
$ |
130 |
|
|
|
|
|
|
|
|
|
|
Non-cash investing activities |
|
|
|
|
|
|
|
|
Accrued purchase of property and equipment |
|
$ |
192 |
|
|
$ |
122 |
|
Right-of-use assets obtained in exchange for lease obligations |
|
$ |
– |
|
|
$ |
19 |
|
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 06, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-17363
|
|
Entity Registrant Name |
LIFEWAY FOODS, INC.
|
|
Entity Central Index Key |
0000814586
|
|
Entity Tax Identification Number |
36-3442829
|
|
Entity Incorporation, State or Country Code |
IL
|
|
Entity Address, Address Line One |
6431 West Oakton
|
|
Entity Address, City or Town |
Morton Grove
|
|
Entity Address, State or Province |
IL
|
|
Entity Address, Postal Zip Code |
60053
|
|
City Area Code |
847
|
|
Local Phone Number |
967-1010
|
|
Title of 12(b) Security |
Common
Stock, No Par Value
|
|
Trading Symbol |
LWAY
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
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v3.24.1.1.u2
Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 12,025
|
$ 13,198
|
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,640 and $1,270 at March 31, 2024 and December 31, 2023 respectively |
15,064
|
13,875
|
Inventories, net |
8,130
|
9,104
|
Prepaid expenses and other current assets |
1,988
|
2,019
|
Refundable income taxes |
378
|
0
|
Total current assets |
37,585
|
38,196
|
Property, plant and equipment, net |
24,627
|
22,764
|
Operating lease right-of-use asset |
172
|
192
|
Goodwill |
11,704
|
11,704
|
Intangible assets, net |
6,763
|
6,898
|
Other assets |
1,900
|
1,900
|
Total assets |
82,751
|
81,654
|
Current liabilities |
|
|
Current portion of note payable |
1,250
|
1,250
|
Accounts payable |
10,024
|
9,976
|
Accrued expenses |
3,604
|
4,916
|
Accrued income taxes |
0
|
474
|
Total current liabilities |
14,878
|
16,616
|
Note payable |
1,235
|
1,483
|
Operating lease liabilities |
102
|
118
|
Deferred income taxes, net |
3,001
|
3,001
|
Total liabilities |
19,216
|
21,218
|
Commitments and contingencies (Note 9) |
|
|
Stockholders’ equity |
|
|
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at March 31, 2024 and December 31, 2023 |
0
|
0
|
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 14,691 outstanding at March 31, 2024 and December 31, 2023 |
6,509
|
6,509
|
Paid-in capital |
5,498
|
4,825
|
Treasury stock, at cost |
(16,695)
|
(16,695)
|
Retained earnings |
68,223
|
65,797
|
Total stockholders' equity |
63,535
|
60,436
|
Total liabilities and stockholders' equity |
$ 82,751
|
$ 81,654
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v3.24.1.1.u2
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Allowance for credit losses and discounts |
$ 1,640
|
$ 1,270
|
Preferred stock, par value |
$ 0
|
$ 0
|
Preferred stock, shares authorized |
2,500
|
2,500
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0
|
$ 0
|
Common stock, shares authorized |
40,000
|
40,000
|
Common stock, shares issued |
17,274
|
17,274
|
Common stock, shares outstanding |
14,691
|
14,691
|
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- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.24.1.1.u2
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Net Sales |
$ 44,634
|
$ 37,904
|
Cost of goods sold |
32,438
|
29,030
|
Depreciation expense |
661
|
648
|
Total cost of goods sold |
33,099
|
29,678
|
Gross profit |
11,535
|
8,226
|
Selling expense |
3,700
|
3,519
|
General and administrative expense |
4,136
|
3,135
|
Amortization expense |
135
|
135
|
Total operating expenses |
7,971
|
6,789
|
Income from operations |
3,564
|
1,437
|
Other income (expense): |
|
|
Interest expense |
(51)
|
(104)
|
Other income (expense), net |
(5)
|
5
|
Total other income (expense) |
(56)
|
(99)
|
Income before provision for income taxes |
3,508
|
1,338
|
Provision for income taxes |
1,082
|
508
|
Net income |
$ 2,426
|
$ 830
|
Net earnings per common share: |
|
|
Basic |
$ 0.17
|
$ 0.06
|
Diluted |
$ 0.16
|
$ 0.06
|
Weighted average common shares outstanding: |
|
|
Basic |
14,691
|
14,645
|
Diluted |
15,222
|
15,030
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Treasury Stock, Common [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 6,509
|
$ (16,993)
|
$ 3,624
|
$ 54,430
|
$ 47,570
|
Beginning balance, shares at Dec. 31, 2022 |
17,274
|
(2,629)
|
|
|
|
Stock-based compensation |
|
|
343
|
|
343
|
Net income |
|
|
|
830
|
830
|
Ending balance, value at Mar. 31, 2023 |
$ 6,509
|
$ (16,993)
|
3,967
|
55,260
|
48,743
|
Ending balance, shares at Mar. 31, 2023 |
17,274
|
(2,629)
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 6,509
|
$ (16,695)
|
4,825
|
65,797
|
60,436
|
Beginning balance, shares at Dec. 31, 2023 |
17,274
|
(2,583)
|
|
|
|
Stock-based compensation |
|
|
673
|
|
673
|
Net income |
|
|
|
2,426
|
2,426
|
Ending balance, value at Mar. 31, 2024 |
$ 6,509
|
$ (16,695)
|
$ 5,498
|
$ 68,223
|
$ 63,535
|
Ending balance, shares at Mar. 31, 2024 |
17,274
|
(2,629)
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.1.1.u2
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 2,426
|
$ 830
|
Adjustments to reconcile net income to operating cash flow: |
|
|
Depreciation and amortization |
796
|
783
|
Stock-based compensation |
673
|
343
|
Non-cash interest expense |
2
|
2
|
(Increase) decrease in operating assets: |
|
|
Accounts receivable |
(1,189)
|
(572)
|
Inventories |
974
|
339
|
Refundable income taxes |
(378)
|
44
|
Prepaid expenses and other current assets |
31
|
377
|
Increase (decrease) in operating liabilities: |
|
|
Accounts payable |
(6)
|
1,046
|
Accrued expenses |
(1,309)
|
(581)
|
Accrued income taxes |
(474)
|
416
|
Net cash provided by operating activities |
1,546
|
3,027
|
Cash flows from investing activities: |
|
|
Purchases of property and equipment |
(2,469)
|
(1,762)
|
Net cash used in investing activities |
(2,469)
|
(1,762)
|
Cash flows from financing activities: |
|
|
Repayment of note payable |
(250)
|
(500)
|
Net cash used in financing activities |
(250)
|
(500)
|
Net (decrease) increase in cash and cash equivalents |
(1,173)
|
765
|
Cash and cash equivalents at the beginning of the period |
13,198
|
4,444
|
Cash and cash equivalents at the end of the period |
12,025
|
5,209
|
Supplemental cash flow information: |
|
|
Cash paid for income taxes, net of (refunds) |
1,934
|
47
|
Cash paid for interest |
50
|
130
|
Non-cash investing activities |
|
|
Accrued purchase of property and equipment |
192
|
122
|
Right-of-use assets obtained in exchange for lease obligations |
$ 0
|
$ 19
|
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v3.24.1.1.u2
Basis of Presentation
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Note 1 – Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim
financial information, and do not include certain information and footnote disclosures required for complete, audited financial statements.
In the opinion of management, these statements include all adjustments necessary for a fair presentation of the results of all interim
periods reported herein. The consolidated financial statements and related notes should be read in conjunction with the consolidated financial
statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Results
of operations for any interim period are not necessarily indicative of future or annual results.
Principles of consolidation
The consolidated financial statements include the
accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”).
All significant intercompany accounts and transactions have been eliminated.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.1.1.u2
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 2 – Summary of Significant Accounting
Policies
Our significant accounting policies, which are summarized
in detail in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, have not materially changed. The following is
a description of certain of our significant accounting policies.
Use of estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the
consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based
and incentive compensation, and deferred income taxes.
Cash and cash equivalents
Lifeway considers cash and all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which
approximates or equals fair value due to their short-term nature.
Lifeway from time to time may have bank deposits in
excess of insurance limits of the Federal Deposit Insurance Corporation. The Company places its cash and cash equivalents with high credit
quality financial institutions. Lifeway has not experienced any losses in such accounts and believes the financial risks associated with
these financial instruments are minimal.
Advertising and promotional costs
Advertising costs are expensed as incurred and reported
in Selling expense in the Company’s consolidated statement of operations. Total advertising expense was $1,372 and $1,463 for the
three months ended March 31, 2024 and 2023, respectively.
Segments
The Company is managed as a single reportable segment.
The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), reviews financial information
on an aggregate basis for purposes of allocating resources and assessing financial performance, as well as for making strategic operational
decisions and managing the organization. Substantially all of Lifeway’s consolidated revenues relate to the sale of cultured dairy
products that it produces using the same processes and materials and are sold to consumers through a common network of distributors and
retailers in the United States.
Recent accounting pronouncements
Issued but not yet effective
In November 2023, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07: Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures. The new guidance requires entities to report incremental information about significant segment expenses
included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance
also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually.
The new standard is effective for our annual period ending December 31, 2024 and our interim periods during the fiscal year ending December
31, 2025. The guidance does not affect recognition or measurement in the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No.
2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information
about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new
standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities.
The guidance is effective for our fiscal year ending December 31, 2024. The guidance does not affect recognition or measurement in the
Company’s consolidated financial statements.
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Inventories, net
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories, net |
Note 3 – Inventories, net
Inventories consisted of the following:
Schedule of inventories | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Ingredients | |
$ | 2,411 | | |
$ | 2,929 | |
Packaging | |
| 2,640 | | |
| 3,014 | |
Finished goods | |
| 3,079 | | |
| 3,161 | |
Total inventories, net | |
$ | 8,130 | | |
$ | 9,104 | |
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Property, Plant and Equipment, net
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment, net |
Note 4 – Property, Plant and Equipment, net
Property, plant and equipment consisted of the following:
Schedule of property, plant and equipment | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Land | |
$ | 1,565 | | |
$ | 1,565 | |
Buildings and improvements | |
| 21,855 | | |
| 21,661 | |
Machinery and equipment | |
| 33,890 | | |
| 33,573 | |
Vehicles | |
| 705 | | |
| 705 | |
Office equipment | |
| 1,072 | | |
| 1,072 | |
Construction in process | |
| 4,107 | | |
| 2,154 | |
| |
| 63,194 | | |
| 60,730 | |
Less accumulated depreciation | |
| (38,567 | ) | |
| (37,966 | ) |
Total property, plant and equipment, net | |
$ | 24,627 | | |
$ | 22,764 | |
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.1.1.u2
Goodwill and Intangible Assets
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
Note 5 – Goodwill and Intangible Assets
Goodwill
Goodwill consisted of the following:
Schedule of goodwill | |
| |
| |
Total | |
Balance at December 31, 2023 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Balance at March 31, 2024 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Intangible Assets
Other intangible assets, net consisted of the following:
Schedule of finite-lived intangible assets | |
| | |
| | |
| | |
| | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
Gross | | |
| | |
Net | | |
Gross | | |
| | |
Net | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Carrying | | |
Accumulated | | |
Carrying | |
| |
Amount | | |
Amortization | | |
Amount | | |
Amount | | |
Amortization | | |
Amount | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Recipes | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | |
Customer lists and other customer related intangibles | |
| 4,529 | | |
| (4,529 | ) | |
| – | | |
| 4,529 | | |
| (4,529 | ) | |
| – | |
Customer relationships | |
| 3,385 | | |
| (1,412 | ) | |
| 1,973 | | |
| 3,385 | | |
| (1,372 | ) | |
| 2,013 | |
Brand names | |
| 7,948 | | |
| (3,158 | ) | |
| 4,790 | | |
| 7,948 | | |
| (3,063 | ) | |
| 4,885 | |
Formula | |
| 438 | | |
| (438 | ) | |
| – | | |
| 438 | | |
| (438 | ) | |
| – | |
Total intangible assets, net | |
$ | 16,344 | | |
$ | (9,581 | ) | |
$ | 6,763 | | |
$ | 16,344 | | |
$ | (9,446 | ) | |
$ | 6,898 | |
Estimated amortization expense on intangible assets
for the next five years is as follows:
Schedule of estimated amortization expense on intangible assets | |
| |
Year | |
Amortization | |
Nine months ended December 31, 2024 | |
$ | 405 | |
2024 | |
$ | 540 | |
2025 | |
$ | 540 | |
2026 | |
$ | 540 | |
2027 | |
$ | 540 | |
The weighted-average remaining amortization expense
period for the customer relationship and brand name intangible assets is 12.3 and 12.6 years, respectively, as of March 31, 2024. The
weighted-average remaining amortization expense period for total intangible assets is 12.5 years as of March 31, 2024.
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v3.24.1.1.u2
Accrued Expenses
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
Note 6 – Accrued Expenses
Accrued expenses consisted of the following:
Schedule of accrued expenses | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Payroll and incentive compensation | |
$ | 2,621 | | |
$ | 3,853 | |
Real estate taxes | |
| 343 | | |
| 442 | |
Utilities | |
| 193 | | |
| 241 | |
Current portion of operating lease liabilities | |
| 71 | | |
| 74 | |
Other | |
| 376 | | |
| 306 | |
Total accrued expenses | |
$ | 3,604 | | |
$ | 4,916 | |
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.1.1.u2
Debt
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Note 7 – Debt
Note payable consisted of the following:
Schedule of debt | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Term loan due August 18, 2026. Interest (7.39% at March 31, 2024) payable monthly. | |
$ | 2,500 | | |
$ | 2,750 | |
Unamortized deferred financing costs | |
| (15 | ) | |
| (17 | ) |
Total note payable | |
| 2,485 | | |
| 2,733 | |
Less current portion | |
| (1,250 | ) | |
| (1,250 | ) |
Total long-term portion | |
$ | 1,235 | | |
$ | 1,483 | |
The scheduled maturities of the term loan, excluding deferred financing
costs, at March 31, 2024 are as follows:
Schedule of maturities of long-term debt | |
| |
Nine months ended December 31, 2024 | |
$ | 1,000 | |
2025 | |
| 1,000 | |
2026 | |
| 500 | |
Total term loan | |
$ | 2,500 | |
Credit Agreement
The Company is party to an Amended and Restated Loan
and Security Agreement (as amended and modified from time to time, the “Credit Agreement”) with its existing lender and certain
of its subsidiaries. The Credit Agreement provides for, among other things, a $5 million term loan to be repaid in quarterly installments
of principal and interest over a term of five years, a revolving line of credit up to a maximum of $5 million (the “Revolving Credit
Facility”) and an incremental facility not to exceed $5 million. The termination date of the term loan is August 18, 2026, unless
earlier terminated. The termination date of the revolving credit facility is June 30, 2025, unless earlier terminated.
All outstanding amounts under the Credit Agreement
bear interest at the Secured Overnight Financing Rate (“SOFR”), plus 2.07%. Interest is payable monthly in arrears. Lifeway
is also required to pay a quarterly unused revolving line of credit fee of 0.20% and, in conjunction with the issuance of any letters
of credit, a letter of credit fee of 0.20%.
The Credit Agreement includes customary representations,
warranties, and covenants, including financial covenants requiring the Company to maintain a fixed charge coverage ratio of no less than
1.25 to 1.00, and a minimum working capital financial covenant, as defined, of no less than $11.25 million, in each of the fiscal quarters
ending through the expiration date. The Credit Agreement continues to provide for events of default, including failure to repay principal
and interest when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts
due under the Credit Agreement may be accelerated. The loans and all other amounts due and owed under the Credit Agreement and related
documents are secured by substantially all of the Company’s assets.
Lifeway was in compliance with the fixed charge coverage
ratio and minimum working capital covenants at March 31, 2024.
Revolving Credit Facility
As of March 31, 2024, the Company had $0 outstanding
under the Revolving Credit Facility. The Company had $5,000 available for future borrowings under the Revolving Credit Facility as of
March 31, 2024.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
Leases
|
3 Months Ended |
Mar. 31, 2024 |
Leases |
|
Leases |
Note 8 – Leases
The Company leases certain machinery and equipment
with fixed base rent payments and variable costs based on usage. Remaining lease terms for these leases range from less than one year
to six years. The Company includes lease extension options, if applicable and reasonably certain to be exercised, in the calculation of
the right-of-use asset and lease liabilities. Lifeway includes only fixed payments for lease components in the measurement of the right-of-use
asset and lease liability. Variable lease payments are those that vary because of changes in facts or circumstances occurring after the
commencement date, other than the passage of time. There are no residual value guarantees. Lifeway does not currently have leases which
meet the finance lease classification as defined under ASC 842.
Lifeway treats contracts as a lease when the contract
conveys the right to use a physically distinct asset for a period of time in exchange for consideration, it directs the use of the asset
and obtains substantially all the economic benefits of the asset.
Right-of-use assets and lease liabilities are measured
and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Lifeway has
elected the practical expedient to combine lease and non-lease components into a single component for all of its leases. When the Company
is unable to determine an implicit interest rate, it uses its incremental borrowing rate based on the information available at the commencement
date in determining the present value of future payments for those leases. Lifeway includes options to extend or terminate the lease in
the measurement of the right-of-use asset and lease liability when it is reasonably certain that it will exercise such options. Lease
expense for minimum lease payments is recognized on a straight-line basis over the lease term.
The Company does not record leases with an initial
term of 12 months or less on the balance sheet. Expense for these short-term leases is recorded on a straight-line basis over the lease
term. Total lease expense was $35 and $31 (including short term leases) for the three months ended March 31, 2024 and 2023, respectively.
Future maturities of lease liabilities were as follows:
Schedule of future maturities of lease liabilities | |
| |
Year | |
Operating Leases | |
Nine months ended December 31, 2024 | |
$ | 64 | |
2025 | |
| 55 | |
2026 | |
| 31 | |
2027 | |
| 21 | |
2028 | |
| 17 | |
Thereafter | |
| 10 | |
Total lease payments | |
| 198 | |
Less: Interest | |
| (26 | ) |
Present value of lease liabilities | |
$ | 172 | |
The weighted-average remaining lease term for its
operating leases was 3.5 years as of March 31, 2024. The weighted average discount rate of its operating leases was 9.49% as of March
31, 2024. Cash paid for amounts included in the measurement of lease liabilities was $24 and $25 for the three months ended March 31,
2024 and 2023, respectively.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.1.1.u2
Commitments and contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and contingencies |
Note 9 – Commitments and contingencies
Litigation
Lifeway is involved in various legal proceedings,
claims, disputes, regulatory matters, audits, and proceedings arising in the ordinary course of, or incidental, to the Company’s
business, including commercial disputes, product liabilities, intellectual property matters and employment-related matters.
Lifeway records provisions in the consolidated financial
statements for pending legal matters when it believes it is probable that a loss will be incurred and the amount of such loss can be reasonably
estimated. The Company evaluates, on a periodic basis, developments in legal matters that could affect the amount of any accrual and developments
that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, it
does not establish an accrued liability. Currently, none of its accruals for outstanding legal matters are material individually or in
the aggregate to its financial position and it is management’s opinion that the ultimate resolution of these outstanding legal matters
will not have a material adverse effect on its business, financial condition, results of operations, or cash flows. However, if the Company
is ultimately required to make payments in connection with an adverse outcome, it is possible that such contingency could have a material
adverse effect on the Company’s business, financial condition, results of operations or cash flows.
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Income taxes
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income taxes |
Note 10 – Income taxes
Income taxes were recognized at effective rates of
30.8% and 37.9% for the three months ended March 31, 2024 and 2023, respectively.
The Company calculates the provision for income taxes
during interim reporting periods by applying an estimate of the annual effective tax rate for the full year, excluding unusual or infrequently
occurring discrete items, and applies that rate to income (loss) before provision for income taxes for the period.
The Company’s effective tax rate may change
from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the jurisdictional
mix of earnings, enacted tax legislation, state income taxes, the impact of non-deductible items, changes in valuation allowances, settlement
of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits. The Company records discrete
income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur. The Company consistently
reflects non-deductible officer compensation expense, non-deductible compensation expense related to equity incentive awards and separate
state tax rates from period to period. Although similar items were reflected in 2024, the percentage effect is different due to the difference
in pre-tax income in 2024 compared to 2023.
Unrecognized tax benefits were $0 at March 31, 2024
and 2023, respectively. The Company does not expect material changes to its unrecognized tax benefits during the next twelve months.
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Stock-based and Other Compensation
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-based and Other Compensation |
Note 11 – Stock-based and Other Compensation
Omnibus Incentive Plan
In December 2015, Lifeway stockholders approved the
2015 Omnibus Incentive Plan, which authorized the issuance of an aggregate of 3.5 million shares to satisfy awards of stock options, stock
appreciation rights, unrestricted stock, restricted stock, restricted stock units, performance shares and performance units to qualifying
employees. Under the 2015 Omnibus Incentive Plan, the Board of Directors or its Compensation Committee approves stock
awards to executive officers and certain senior executives, generally in the form of restricted stock or performance shares. The number
of performance shares that participants may earn depends on the extent to which the corresponding performance goals have been achieved.
Stock awards generally vest over a three-year performance or service period. At March 31, 2024, no shares remain available for award under
the 2015 Omnibus Incentive Plan as it was terminated on August 31, 2022. However, any outstanding awards under the 2015 Omnibus Incentive
Plan are unaffected by the termination of the 2015 Omnibus Incentive Plan or by the approval of the 2022 Omnibus Incentive Plan (the “2022
Plan”) as described below.
On August 31, 2022, Lifeway stockholders approved
the 2022 Plan. Under the 2022 Plan, the Compensation Committee of the Board of Directors may grant awards of various types of compensation,
including, nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance
shares, performance units, cash-based awards and other stock-based awards. The maximum number of shares authorized to be awarded under
the 2022 Plan is 3.25 million shares of common stock, which includes shares that remained available under the now terminated 2015 Omnibus
Incentive Plan.
Awards granted under the 2022 Plan are generally subject
to a minimum vesting period of at least one year. Awards may be subject to cliff-vesting or graded-vesting conditions, with graded vesting
starting no earlier than one year after the grant date. The Plan Administrator may provide for shorter vesting periods in an award agreement
for no more than five percent of the maximum number of shares authorized for issuance under the 2022 Plan. As of March 31, 2024, 2.64
million shares remain available to award under the 2022 Plan.
Stock Options
The following table summarizes stock option activity during the three months
ended March 31, 2024:
Schedule of stock option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted
average
exercise price |
|
|
Weighted
average
remaining contractual life |
|
|
Aggregate
intrinsic value |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
2.21 |
|
|
$ |
121 |
|
Granted |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Forfeited |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Outstanding at March 31, 2024 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
1.97 |
|
|
$ |
276 |
|
Exercisable at March 31, 2024 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
1.97 |
|
|
$ |
276 |
|
Restricted Stock Units
A Restricted Stock Unit (“RSU”) represents
the right to receive one share of common stock in the future. RSUs have no exercise price. The grant date fair value of the awards is
determined by the Company’s closing stock price on the grant date. Lifeway expenses RSUs over the vesting period. The following
table summarizes RSU activity during the three months ended March 31, 2024.
Schedule of RSUs Activity | |
| | |
| |
| |
Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
| |
(In thousands) | | |
| |
Outstanding at December 31, 2023 | |
| 207 | | |
$ | 6.89 | |
Granted | |
| 33 | | |
| 13.73 | |
Shares issued upon vesting | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | |
Outstanding at March 31, 2024 | |
| 240 | | |
$ | 7.82 | |
Vested and deferred at March 31, 2024 | |
| 67 | | |
$ | 5.98 | |
For the three months ended March 31, 2024 and 2023
total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $233 and $104, respectively.
For the three months ended March 31, 2024 and 2023 tax-related benefits of $65 and $29, respectively, were also recognized. Future compensation
expense related to restricted stock units was $918 as of March 31, 2024 and will be recognized on a weighted average basis over the next
1.3 years.
Long-Term Incentive Plan Compensation
Lifeway has established long-term incentive-based
compensation programs for certain senior executives and key employees pursuant to the terms of its incentive plans.
2020 CEO Incentive Award
During the fourth quarter 2020, Lifeway awarded a
long-term equity-based incentive of $750 to its Chief Executive Officer (the “2020 CEO Award”) depending on Lifeway’s
2020 performance levels compared to the respective targets. The equity-based incentive compensation is payable in restricted stock that
vests one-third in April 2022, one-third in April 2023, and one-third in April 2024. The issuance of vested equity awards is subject to
approval under the Stock Purchase Agreement dated October 1, 1999. For the three months ended March 31, 2024 and 2023, $18 and $43 was
expensed as stock-based compensation expense in the consolidated statements of operations, respectively. As of March 31, 2024, the total
remaining unearned compensation of $6 will be recognized in 2024, subject to vesting.
2021 Equity Award
The 2021 long-term equity incentive plan compensation
is based on Lifeway’s achievement of adjusted EBITDA performance versus the respective target established by the Board of Directors
for 2021. Under the 2021 plan, collectively the participants earned equity-based incentive compensation of $1,069 based on Lifeway’s
achievement of the respective financial target. The equity-based incentive compensation is payable in restricted stock that vests one-third
in April 2022, one-third in April 2023, and one-third in April 2024. For the three months ended March 31, 2024 and 2023, $33 and $84 was
expensed as stock-based compensation expense in the consolidated statements of operations, respectively. As of March 31, 2024, the total
remaining unearned compensation of $7 will be recognized in 2024, subject to vesting.
2022 Equity Award
Under the 2022 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2022 to 2024. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 125,066 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $6.25 dollars per share. For the three months ended March 31, 2024 and 2023, $156 and $112 was expensed
as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2022 long-term incentive plan also granted restricted
stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each of the first
three anniversaries of the August 31, 2022 grant date. The stock-based compensation expense for these awards is included in the Restricted
Stock Units section above.
2023 Equity Award
Under the 2023 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2023 to 2025. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 115,622 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $6.88 dollars per share. For the three months ended March 31, 2024 and 2023, $130 and $0 was expensed
as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2023 long-term incentive plan also granted restricted
stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each of the first
three anniversaries of the June 16, 2023 grant date. The stock-based compensation expense for these awards is included in the Restricted
Stock Units section above.
2024 Equity Award
Under the 2024 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2024 to 2026. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 64,986 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $13.73 dollars per share. For the three months ended March 31, 2024 and 2023, $102 and $0 was expensed
as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2024 long-term incentive plan also granted restricted
stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each of the first
three anniversaries of the January 10, 2024 grant date. The stock-based compensation expense for these awards is included in the Restricted
Stock Units section above.
Non-Employee Director Plan
On August 31, 2022, Lifeway stockholders approved
the 2022 Non-Employee Director Equity and Deferred Compensation Plan (the “2022 Director Plan”), which authorizes the grant
of restricted stock units (“RSUs”), which will vest on such schedule as the Company, in its sole discretion, shall determine.
Each non-employee director of the Company is eligible to be a participant in the 2022 Director Plan until they no longer serve as a non-employee
director. As of the date of each annual shareholder meeting, the Company may grant each director a number of RSUs for such year and set
the vesting schedule for the RSUs granted. Whether and how many RSUs the Company will grant to directors in any year is subject to the
sole discretion of the Company and shall in any event be subject to the 2022 Director Plan’s overall share limits. The maximum aggregate
number of shares of common stock that may be issued under the 2022 Director Plan is 500 thousand shares. As of March 31, 2024, 430 thousand
shares remain available to award under the 2022 Director Plan. The aggregate fair market value of shares underlying RSU compensation that
may be issued as RSU compensation to a director in any year shall not exceed $170. In addition to the grant of RSUs, the 2022 Director
Plan also provides for the deferral by electing participants of all or part of their cash compensation (in 10% increments) into a deferred
cash account, and they may defer all or part of their cash and/or RSU compensation (in 10% increments) into a deferred RSU account. Deferred
benefits are paid in a lump sum upon the applicable director’s departure from the Board of Directors.
Retirement Benefits
Lifeway has a defined contribution plan which is available
to substantially all full-time employees. Under the terms of the plan, the Company matches employee contributions under a prescribed formula.
For the three months ended March 31, 2024 and 2023, total contribution expense recognized in the consolidated statements of operations
was $193 and $150, respectively.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.1.u2
Earnings Per Share
|
3 Months Ended |
Mar. 31, 2024 |
Net earnings per common share: |
|
Earnings Per Share |
Note 12 - Earnings Per Share
The following table summarizes the effects of the share-based compensation
awards on the weighted average number of shares outstanding used in calculating diluted earnings per share:
Schedule of weighted average number of shares outstanding | |
| | |
| |
| |
Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
| |
(In Thousands) | |
Weighted average common shares outstanding | |
| 14,691 | | |
| 14,645 | |
Assumed exercise/vesting of equity awards | |
| 531 | | |
| 385 | |
Weighted average diluted common shares outstanding | |
| 15,222 | | |
| 15,030 | |
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.1.1.u2
Disaggregation of Revenue and Significant Customers
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
Disaggregation of Revenue and Significant Customers |
Note 13 – Disaggregation of Revenue and Significant Customers
Lifeway’s primary product is drinkable kefir.
The Company manufactures (directly or through a co-manufacturer) and markets products under the Lifeway, Fresh Made, and GlenOaks Farms
brand names, as well as under private labels on behalf of certain customers.
The Company’s product categories are:
|
· |
Drinkable kefir, a cultured dairy product sold in a variety of organic and non-organic sizes, flavors, and types. |
|
· |
European-style soft cheeses, including farmer cheese, white cheese, and Sweet Kiss. |
|
· |
Cream and other, which primarily consists of cream, a byproduct of raw milk processing. |
|
· |
Drinkable yogurt, sold in a variety of sizes and flavors. |
|
· |
ProBugs, a line of kefir products designed for children. |
|
· |
Other dairy, which primarily consists of Fresh Made butter and sour cream. |
Net sales of products by category were as follows
for the three months ended March 31:
Schedule of sales of products by category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
In thousands |
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drinkable Kefir other than ProBugs |
|
|
36,533 |
|
|
|
82% |
|
|
|
29,800 |
|
|
|
79% |
|
Cheese |
|
|
3,515 |
|
|
|
8% |
|
|
|
3,345 |
|
|
|
9% |
|
Cream and other |
|
|
1,816 |
|
|
|
4% |
|
|
|
1,920 |
|
|
|
5% |
|
Drinkable Yogurt |
|
|
1,536 |
|
|
|
3% |
|
|
|
1,616 |
|
|
|
4% |
|
ProBugs Kefir |
|
|
866 |
|
|
|
2% |
|
|
|
808 |
|
|
|
2% |
|
Other dairy |
|
|
368 |
|
|
|
1% |
|
|
|
415 |
|
|
|
1% |
|
Net Sales |
|
|
44,634 |
|
|
|
100% |
|
|
|
37,904 |
|
|
|
100% |
|
Significant Customers
Sales are predominately to companies in the retail
food industry located within the United States. Two major customers accounted for approximately 25% and 24% of net sales for the three
months ended March 31, 2024 and 2023, respectively.
Geographic Information
Net sales outside the of the United States represented
less than 1% of total consolidated net sales for the three months ended March 31, 2024 and 2023. Net sales are determined based on the
destination where the products are shipped by Lifeway.
All the Company’s long-lived assets are in the
United States.
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v3.24.1.1.u2
Basis of Presentation (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Principles of consolidation |
Principles of consolidation
The consolidated financial statements include the
accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”).
All significant intercompany accounts and transactions have been eliminated.
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Use of estimates |
Use of estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the
consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based
and incentive compensation, and deferred income taxes.
|
Cash and cash equivalents |
Cash and cash equivalents
Lifeway considers cash and all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which
approximates or equals fair value due to their short-term nature.
Lifeway from time to time may have bank deposits in
excess of insurance limits of the Federal Deposit Insurance Corporation. The Company places its cash and cash equivalents with high credit
quality financial institutions. Lifeway has not experienced any losses in such accounts and believes the financial risks associated with
these financial instruments are minimal.
|
Advertising and promotional costs |
Advertising and promotional costs
Advertising costs are expensed as incurred and reported
in Selling expense in the Company’s consolidated statement of operations. Total advertising expense was $1,372 and $1,463 for the
three months ended March 31, 2024 and 2023, respectively.
|
Segments |
Segments
The Company is managed as a single reportable segment.
The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), reviews financial information
on an aggregate basis for purposes of allocating resources and assessing financial performance, as well as for making strategic operational
decisions and managing the organization. Substantially all of Lifeway’s consolidated revenues relate to the sale of cultured dairy
products that it produces using the same processes and materials and are sold to consumers through a common network of distributors and
retailers in the United States.
|
Recent accounting pronouncements |
Recent accounting pronouncements
Issued but not yet effective
In November 2023, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07: Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures. The new guidance requires entities to report incremental information about significant segment expenses
included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance
also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually.
The new standard is effective for our annual period ending December 31, 2024 and our interim periods during the fiscal year ending December
31, 2025. The guidance does not affect recognition or measurement in the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No.
2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information
about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new
standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities.
The guidance is effective for our fiscal year ending December 31, 2024. The guidance does not affect recognition or measurement in the
Company’s consolidated financial statements.
|
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Inventories, net (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of inventories |
Schedule of inventories | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Ingredients | |
$ | 2,411 | | |
$ | 2,929 | |
Packaging | |
| 2,640 | | |
| 3,014 | |
Finished goods | |
| 3,079 | | |
| 3,161 | |
Total inventories, net | |
$ | 8,130 | | |
$ | 9,104 | |
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Property, Plant and Equipment, net (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property, plant and equipment |
Schedule of property, plant and equipment | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Land | |
$ | 1,565 | | |
$ | 1,565 | |
Buildings and improvements | |
| 21,855 | | |
| 21,661 | |
Machinery and equipment | |
| 33,890 | | |
| 33,573 | |
Vehicles | |
| 705 | | |
| 705 | |
Office equipment | |
| 1,072 | | |
| 1,072 | |
Construction in process | |
| 4,107 | | |
| 2,154 | |
| |
| 63,194 | | |
| 60,730 | |
Less accumulated depreciation | |
| (38,567 | ) | |
| (37,966 | ) |
Total property, plant and equipment, net | |
$ | 24,627 | | |
$ | 22,764 | |
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v3.24.1.1.u2
Goodwill and Intangible Assets (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of goodwill |
Schedule of goodwill | |
| |
| |
Total | |
Balance at December 31, 2023 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Balance at March 31, 2024 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
|
Schedule of finite-lived intangible assets |
Schedule of finite-lived intangible assets | |
| | |
| | |
| | |
| | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
Gross | | |
| | |
Net | | |
Gross | | |
| | |
Net | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Carrying | | |
Accumulated | | |
Carrying | |
| |
Amount | | |
Amortization | | |
Amount | | |
Amount | | |
Amortization | | |
Amount | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Recipes | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | |
Customer lists and other customer related intangibles | |
| 4,529 | | |
| (4,529 | ) | |
| – | | |
| 4,529 | | |
| (4,529 | ) | |
| – | |
Customer relationships | |
| 3,385 | | |
| (1,412 | ) | |
| 1,973 | | |
| 3,385 | | |
| (1,372 | ) | |
| 2,013 | |
Brand names | |
| 7,948 | | |
| (3,158 | ) | |
| 4,790 | | |
| 7,948 | | |
| (3,063 | ) | |
| 4,885 | |
Formula | |
| 438 | | |
| (438 | ) | |
| – | | |
| 438 | | |
| (438 | ) | |
| – | |
Total intangible assets, net | |
$ | 16,344 | | |
$ | (9,581 | ) | |
$ | 6,763 | | |
$ | 16,344 | | |
$ | (9,446 | ) | |
$ | 6,898 | |
|
Schedule of estimated amortization expense on intangible assets |
Schedule of estimated amortization expense on intangible assets | |
| |
Year | |
Amortization | |
Nine months ended December 31, 2024 | |
$ | 405 | |
2024 | |
$ | 540 | |
2025 | |
$ | 540 | |
2026 | |
$ | 540 | |
2027 | |
$ | 540 | |
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Accrued Expenses (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of accrued expenses |
Schedule of accrued expenses | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Payroll and incentive compensation | |
$ | 2,621 | | |
$ | 3,853 | |
Real estate taxes | |
| 343 | | |
| 442 | |
Utilities | |
| 193 | | |
| 241 | |
Current portion of operating lease liabilities | |
| 71 | | |
| 74 | |
Other | |
| 376 | | |
| 306 | |
Total accrued expenses | |
$ | 3,604 | | |
$ | 4,916 | |
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Debt (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of debt |
Schedule of debt | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Term loan due August 18, 2026. Interest (7.39% at March 31, 2024) payable monthly. | |
$ | 2,500 | | |
$ | 2,750 | |
Unamortized deferred financing costs | |
| (15 | ) | |
| (17 | ) |
Total note payable | |
| 2,485 | | |
| 2,733 | |
Less current portion | |
| (1,250 | ) | |
| (1,250 | ) |
Total long-term portion | |
$ | 1,235 | | |
$ | 1,483 | |
|
Schedule of maturities of long-term debt |
Schedule of maturities of long-term debt | |
| |
Nine months ended December 31, 2024 | |
$ | 1,000 | |
2025 | |
| 1,000 | |
2026 | |
| 500 | |
Total term loan | |
$ | 2,500 | |
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Leases (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Leases |
|
Schedule of future maturities of lease liabilities |
Schedule of future maturities of lease liabilities | |
| |
Year | |
Operating Leases | |
Nine months ended December 31, 2024 | |
$ | 64 | |
2025 | |
| 55 | |
2026 | |
| 31 | |
2027 | |
| 21 | |
2028 | |
| 17 | |
Thereafter | |
| 10 | |
Total lease payments | |
| 198 | |
Less: Interest | |
| (26 | ) |
Present value of lease liabilities | |
$ | 172 | |
|
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Stock-based and Other Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of stock option activity |
Schedule of stock option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted
average
exercise price |
|
|
Weighted
average
remaining contractual life |
|
|
Aggregate
intrinsic value |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
2.21 |
|
|
$ |
121 |
|
Granted |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Forfeited |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Outstanding at March 31, 2024 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
1.97 |
|
|
$ |
276 |
|
Exercisable at March 31, 2024 |
|
|
41 |
|
|
$ |
10.42 |
|
|
|
1.97 |
|
|
$ |
276 |
|
|
Schedule of RSUs Activity |
Schedule of RSUs Activity | |
| | |
| |
| |
Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
| |
(In thousands) | | |
| |
Outstanding at December 31, 2023 | |
| 207 | | |
$ | 6.89 | |
Granted | |
| 33 | | |
| 13.73 | |
Shares issued upon vesting | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | |
Outstanding at March 31, 2024 | |
| 240 | | |
$ | 7.82 | |
Vested and deferred at March 31, 2024 | |
| 67 | | |
$ | 5.98 | |
|
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v3.24.1.1.u2
Disaggregation of Revenue and Significant Customers (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
Schedule of sales of products by category |
Schedule of sales of products by category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
In thousands |
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drinkable Kefir other than ProBugs |
|
|
36,533 |
|
|
|
82% |
|
|
|
29,800 |
|
|
|
79% |
|
Cheese |
|
|
3,515 |
|
|
|
8% |
|
|
|
3,345 |
|
|
|
9% |
|
Cream and other |
|
|
1,816 |
|
|
|
4% |
|
|
|
1,920 |
|
|
|
5% |
|
Drinkable Yogurt |
|
|
1,536 |
|
|
|
3% |
|
|
|
1,616 |
|
|
|
4% |
|
ProBugs Kefir |
|
|
866 |
|
|
|
2% |
|
|
|
808 |
|
|
|
2% |
|
Other dairy |
|
|
368 |
|
|
|
1% |
|
|
|
415 |
|
|
|
1% |
|
Net Sales |
|
|
44,634 |
|
|
|
100% |
|
|
|
37,904 |
|
|
|
100% |
|
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.24.1.1.u2
Inventories, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Ingredients |
$ 2,411
|
$ 2,929
|
Packaging |
2,640
|
3,014
|
Finished goods |
3,079
|
3,161
|
Total inventories, net |
$ 8,130
|
$ 9,104
|
X |
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v3.24.1.1.u2
Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 63,194
|
$ 60,730
|
Less accumulated depreciation |
(38,567)
|
(37,966)
|
Total property, plant and equipment, net |
24,627
|
22,764
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,565
|
1,565
|
Building and Building Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
21,855
|
21,661
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
33,890
|
33,573
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
705
|
705
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,072
|
1,072
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 4,107
|
$ 2,154
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.24.1.1.u2
Goodwill and Intangible Assets (Details - Goodwill) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Goodwill before impairment |
$ 12,948
|
$ 12,948
|
Goodwill, impaired, accumulated impairment loss |
(1,244)
|
(1,244)
|
Goodwill |
$ 11,704
|
$ 11,704
|
X |
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Goodwill and Intangible Assets (Details - Finite lived) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 16,344
|
$ 16,344
|
Accumulated Amortization |
(9,581)
|
(9,446)
|
Net Carrying Amount |
6,763
|
6,898
|
Recipes [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
44
|
44
|
Accumulated Amortization |
(44)
|
(44)
|
Net Carrying Amount |
0
|
0
|
Customer Lists and Other Customer Related Intangibles [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
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4,529
|
4,529
|
Accumulated Amortization |
(4,529)
|
(4,529)
|
Net Carrying Amount |
0
|
0
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
3,385
|
3,385
|
Accumulated Amortization |
(1,412)
|
(1,372)
|
Net Carrying Amount |
1,973
|
2,013
|
Brand Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
7,948
|
7,948
|
Accumulated Amortization |
(3,158)
|
(3,063)
|
Net Carrying Amount |
4,790
|
4,885
|
Formula [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
438
|
438
|
Accumulated Amortization |
(438)
|
(438)
|
Net Carrying Amount |
$ 0
|
$ 0
|
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Mar. 31, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Term loan due August 18, 2026. Interest (7.39% at March 31, 2024) payable monthly. |
$ 2,500
|
$ 2,750
|
Unamortized deferred financing costs |
(15)
|
(17)
|
Total note payable |
2,485
|
2,733
|
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(1,250)
|
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|
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Debt (Details Narrative)
|
3 Months Ended |
Mar. 31, 2024
USD ($)
|
Short-Term Debt [Line Items] |
|
Outstanding amount |
$ 0
|
Unused revolving line of credit fee |
0.20%
|
Letter of credit fee percentage |
0.20%
|
Revolving Credit Facility [Member] |
|
Short-Term Debt [Line Items] |
|
Outstanding amount |
$ 5,000,000
|
Termination date |
Jun. 30, 2025
|
Future borrowings |
$ 5,000,000
|
Incremental Facility [Member] |
|
Short-Term Debt [Line Items] |
|
Outstanding amount |
5,000,000
|
Credit Agreement Term Loan [Member] |
|
Short-Term Debt [Line Items] |
|
Termination loans |
$ 5,000,000
|
Termination date |
Aug. 18, 2026
|
Credit Agreement [Member] |
|
Short-Term Debt [Line Items] |
|
Description of debt instrument, interest rate terms |
Secured Overnight Financing Rate (“SOFR”), plus 2.07%. Interest is payable monthly in arrears.
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v3.24.1.1.u2
Stock-based and Other Compensation (Details - Option Activity) - Equity Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Options outstanding, beginning balance |
41
|
|
Weighted average exercise price, options outstanding, beginning balance |
$ 10.42
|
|
Weighted average remaining contractual life, outstanding |
1 year 11 months 19 days
|
2 years 2 months 15 days
|
Aggregate intrinsic value, options outstanding beginning |
$ 121
|
|
Options granted |
0
|
|
Weighted average exercise price, options granted |
$ 0
|
|
Options exercised |
0
|
|
Weighted average exercise price, options exercised |
$ 0
|
|
Options forfeited |
0
|
|
Weighted average exercise price, options forfeited |
$ 0
|
|
Options outstanding, ending balance |
41
|
41
|
Weighted average exercise price, options outstanding, ending balance |
$ 10.42
|
$ 10.42
|
Aggregate intrinsic value, options outstanding ending |
$ 276
|
$ 121
|
Exercisable |
41
|
|
Weighted average exercise price, exercisable |
$ 10.42
|
|
Weighted average remaining contractual life, exercisable |
1 year 11 months 19 days
|
|
Aggregate intrinsic value, options exercisable |
$ 276
|
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v3.24.1.1.u2
Stock-based and Other Compensation (Details - Restricted Stock Units) - Restricted Stock Units (RSUs) [Member] shares in Thousands |
3 Months Ended |
Mar. 31, 2024
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Restricted stock units outstanding, beginning | shares |
207
|
Weighted average grant date fair value outstanding, beginning | $ / shares |
$ 6.89
|
Restricted stock units, granted | shares |
33
|
Weighted average grant date fair value, granted | $ / shares |
$ 13.73
|
Restricted stock units, shares issued upon vesting | shares |
0
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Weighted average grant date fair value, shares issued upon vesting | $ / shares |
$ 0
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0
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Weighted average grant date fair value, forfeited | $ / shares |
$ 0
|
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240
|
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$ 7.82
|
Restricted stock units, vested and deferred | shares |
67
|
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$ 5.98
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v3.24.1.1.u2
Stock-based and Other Compensation (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2020 |
Aug. 31, 2022 |
Dec. 31, 2015 |
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation |
$ 233
|
$ 104
|
|
|
|
Tax related benefits |
65
|
29
|
|
|
|
Compensation expense related to restricted stock units |
$ 918
|
|
|
|
|
Weighted average basis term |
1 year 3 months 18 days
|
|
|
|
|
2020 CEO Incentive Award [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation |
$ 18
|
43
|
|
|
|
Compensation expense related to restricted stock units |
6
|
|
|
|
|
Long-term equity-based incentive |
|
|
$ 750
|
|
|
2021 Equity Award [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation |
33
|
84
|
|
|
|
Compensation expense related to restricted stock units |
7
|
|
|
|
|
Long-term equity-based incentive |
1,069
|
|
|
|
|
2022 Equity Award [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation |
156
|
112
|
|
|
|
2023 Equity Award [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation |
130
|
0
|
|
|
|
2024 Equity Award [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation |
$ 102
|
0
|
|
|
|
2015 Omnibus Incentive Plan [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of shares authorized for issuance |
|
|
|
|
3,500,000
|
2012 Omnibus Incentive Plan [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of shares authorized for issuance |
|
|
|
3,250,000
|
|
Share based remain available to award |
2,640,000
|
|
|
|
|
2022 Director Plan [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share based remain available to award |
430,000
|
|
|
|
|
Defined Contribution Plan [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Contribution expense |
$ 193
|
$ 150
|
|
|
|
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Disaggregation of Revenue and Significant Customers (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Revenue, Major Customer [Line Items] |
|
|
Net sales |
$ 44,634
|
$ 37,904
|
Drinkable Kefir other than ProBugs [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales |
$ 36,533
|
$ 29,800
|
Drinkable Kefir other than ProBugs [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales percentage |
82.00%
|
79.00%
|
Cheese [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales |
$ 3,515
|
$ 3,345
|
Cheese [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales percentage |
8.00%
|
9.00%
|
Cream And Other [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales |
$ 1,816
|
$ 1,920
|
Cream And Other [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales percentage |
4.00%
|
5.00%
|
Drinkable Yogurt [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales |
$ 1,536
|
$ 1,616
|
Drinkable Yogurt [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales percentage |
3.00%
|
4.00%
|
ProBugs Kefir [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales |
$ 866
|
$ 808
|
ProBugs Kefir [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales percentage |
2.00%
|
2.00%
|
Other Dairy [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales |
$ 368
|
$ 415
|
Other Dairy [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales percentage |
1.00%
|
1.00%
|
Net Sales [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales |
$ 44,634
|
$ 37,904
|
Net Sales [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Revenue, Major Customer [Line Items] |
|
|
Net sales percentage |
100.00%
|
100.00%
|
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