Lifeway Foods, Inc. Announces Results for the Second Quarter Ended June 30, 2018
August 17 2018 - 10:23AM
Lifeway Foods, Inc. (Nasdaq: LWAY), the leading U.S. supplier of
kefir cultured dairy and probiotic products to support the
microbiome, today reported financial results for the second quarter
ended June 30, 2018.
“We’re incredibly proud of the strength of our
brand, which is evident in the loyalty of our customers despite
pressures on the dairy category. The growing consumer awareness
regarding the benefits of cultured and fermented dairy such as
kefir has the power to propel our brand into new retail and
quick-service opportunities while improving the health and quality
of life for millions of people in the United States and around the
world,” said CEO Julie Smolyansky.
“We’re very excited to roll out our new
plant-based, dairy-free Plantiful across the country this fall,
leveraging the strength of the Lifeway brand while satisfying the
cravings of many consumers looking to incorporate plant-based foods
into their diets. Mintel research shows that U.S. non-dairy milk
sales have grown approximately 61% in the past five years. This
bodes well for our Plantiful, which provides the great taste
consumers have been missing with other dairy-free options,”
Smolyansky added.
Second Quarter Financial
Highlights:
|
|
|
|
|
|
Three Months Ended June 30, |
|
Dollars
in thousands |
|
2018 |
|
|
2017 |
|
Net sales |
|
$ |
27,096 |
|
|
|
$ |
31,733 |
|
|
Gross profit % |
|
|
25.4 |
% |
|
|
|
29.2 |
% |
|
Net Income |
|
$ |
240 |
|
|
|
$ |
1,837 |
|
|
Earnings Per Common
Share - Basic |
|
$ |
0.01 |
|
|
|
$ |
0.06 |
|
|
Effective Tax Rate |
|
|
34.6 |
% |
|
|
|
43.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales of products by
category were as follows for the three months ended June
30:
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
|
In thousands |
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
Drinkable Kefir other than ProBugs |
|
$ |
20,715 |
|
|
|
76 |
% |
|
|
$ |
24,354 |
|
|
|
77 |
% |
|
Cheese |
|
|
2,853 |
|
|
|
11 |
% |
|
|
|
2,864 |
|
|
|
9 |
% |
|
Cream
and other |
|
|
1,206 |
|
|
|
4 |
% |
|
|
|
1,714 |
|
|
|
5 |
% |
|
Cupped Kefir and Skyr |
|
|
1,118 |
|
|
|
4 |
% |
|
|
|
897 |
|
|
|
3 |
% |
|
ProBugs Kefir |
|
|
743 |
|
|
|
3 |
% |
|
|
|
1,378 |
|
|
|
4 |
% |
|
Frozen Kefir (a) |
|
|
461 |
|
|
|
2 |
% |
|
|
|
526 |
|
|
|
2 |
% |
|
Net
Sales |
|
$ |
27,096 |
|
|
|
100 |
% |
|
|
$ |
31,733 |
|
|
|
100 |
% |
|
(a) |
Includes Lifeway Kefir Shop sales |
|
|
About Lifeway Foods, Inc.
Lifeway Foods, Inc. (LWAY), which has been recognized as one of
Forbes’ Best Small Companies, is America’s leading supplier of the
probiotic, fermented beverage known as kefir. In addition to its
line of drinkable kefir, the company also produces cupped kefir and
cheese, frozen kefir, specialty cheeses, probiotic supplements and
a ProBugs line for kids. Lifeway’s tart and tangy cultured dairy
and non-dairy products are now sold across North America, Ireland
and the United Kingdom. Learn how Lifeway is good for more than
just you at www.lifewaykefir.com.
Forward-Looking Statements
All statements in this release (and oral statements made
regarding the subjects of this release) 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 “gain,” “position,” “vision,”
“ongoing,” “intend,” “innovate,” “continue.” Other examples of
forward looking statements may include, but are not limited to, (i)
statements of Company plans and objectives, including the
introduction of new products, or estimates or predictions of
actions by customers or suppliers, (ii) statements of future
economic performance, and (iii) statements of assumptions
underlying other statements and statements about Lifeway or its
business. You are cautioned not to rely on these forward-looking
statements. These statements are based on current expectations of
future events and thus are inherently subject to uncertainty. If
underlying assumptions prove inaccurate or known or unknown risks
or uncertainties materialize, actual results could vary materially
from Lifeway’s expectations and projections. These risks,
uncertainties, and other factors include: price competition; the
decisions of customers or consumers; the actions of competitors;
changes in the pricing of commodities; the effects of government
regulation; possible delays in the introduction of new products;
and customer acceptance of products and services. A further list
and description of these risks, uncertainties, and other factors
can be found in Lifeway’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2017, and the Company’s subsequent filings
with the SEC. Copies of these filings are available online at
https://www.sec.gov, http://lifewaykefir.com/investor-relations/,
or on request from Lifeway. Information in this release is as of
the dates and time periods indicated herein, and Lifeway does not
undertake to update any of the information contained in these
materials, except as required by law. Accordingly, YOU SHOULD NOT
RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION
CONTAINED IN ANY ARCHIVED PRESS RELEASE.
Contact:
Lifeway Foods, Inc.Phone: 847-967-1010Email:
info@lifeway.net
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