Lifeway Foods, Inc. Announces Results for the Third Quarter Ended September 30, 2015

Provision for income taxes was $0.9 million, or a 50.9% effective rate, for the third quarter of 2015 compared to $1.2 million, or a 54.2% effective tax rate, during the same period in 2014.

Net income was $0.9 million, or $0.05 per diluted share, in the three-month period ended September 30, 2015 compared to net income of $1.0 million, or $0.06 per diluted share, in the same period in 2014.

First Nine Months of Fiscal 2015

Total consolidated net sales increased by $0.2 million, or approximately 0.3%, to $89.0 million during the nine-month period ended September 30, 2015 from $88.8 million during the same nine-month period in 2014.

Cost of goods sold as a percentage of net sales, excluding depreciation expense, was approximately 71% during the first nine months of fiscal 2015 compared to approximately 73% for the same period last year. This improvement was primarily driven by lower milk prices partially offset by an increase in promotional allowances and discounts given to customers. Gross profit as a percent of net sales increased to 28% from 25% last year.

Selling expenses decreased approximately 5% to $9.5 million during the first nine months of 2015 from $10.0 million in the first nine months of 2014.

General and administrative expenses increased $3.8 million to $10.9 million from $7.1 million in the same nine-month period last year. The increase is primarily a result of increases in salaries, Wisconsin facilities expenses, and professional fees primarily associated with the Company's delayed SEC filings in 2015

Provision for income taxes was $1.7 million, or a 50.8% effective rate, for the first nine months of 2015 compared to $2.3 million, or a 53.8% effective tax rate, during the same period in 2014.

Net income was $1.6 million or $0.10 per share for the nine-month period ended September 30, 2015 compared to $2.0 million or $0.12 per share in the same period in 2014.

Balance Sheet/Cash Flow Highlights

The Company had cash and cash equivalents of approximately $5.0 million as of September 30, 2015 compared to cash and cash equivalents of $3.3 million as of December 31, 2014.  The Company also generated $4.4 million in cash from operating activities in the first nine-months of 2015 compared to $3.7 million in the year ago period.

Stock Repurchase Program 

In September, the Company's Board of Directors authorized a stock repurchase program for up to 250,000 shares of common stock or up to $3.5 million. There were no share repurchases during the nine months ended September 30, 2015.

Conference Call

The Company will host a conference call to discuss these results with additional comments and details on Monday, November 9, 2015 at 4:30 p.m. ET. The call will be broadcast live over the Internet hosted at the Investor Relations section of Lifeway Foods' website at www.lifewaykefir.com, and will be archived online through November 23, 2015. In addition, listeners may dial 877-407-3982 in North America, and international listeners may dial 201-493-6780. Participants from the Company will be Julie Smolyansky, President and Chief Executive Officer, and Edward Smolyansky, Chief Financial Officer and Chief Operating Officer.

About Lifeway Foods

Lifeway Foods (LWAY), recently named 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 frozen kefir, specialty cheeses and a ProBugs line for kids. Lifeway's tart and tangy cultured dairy products are now sold across the United States, Canada, Latin America and the United Kingdom. Learn how Lifeway is good for more than just you at www.lifewaykefir.com.

Find Lifeway Foods, Inc. on Facebook: www.facebook.com/lifewaykefir
Follow Lifeway Foods on Twitter: http://twitter.com/lifeway_kefir
YouTube: http://www.youtube.com/user/lifewaykefir

Forward Looking Statements

This news release contains forward-looking statements. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, competitive pressures and other important factors detailed in the Company's reports filed with the Securities and Exchange Commission.

LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
September 30, 2015 and December 31, 2014
		September 30,					December 31,
		2015					2014
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	5,010,669				$	3,260,244
Investments, at fair value			2,512,537					2,779,140
Certificates of deposits in financial institutions			534,678					149,965
Inventories			6,931,773					5,814,219
Accounts receivable, net of allowance for doubtful
accounts and discounts of $1,100,000 and $1,050,000 at September 30, 2015 and  December 31, 2014, respectively			10,753,485					10,213,541
Prepaid expenses and other current assets			53,966					251,922
Other receivables			37,850					134,338
Deferred income taxes			612,159					408,340
Refundable income taxes			129,426					1,140,796
Total current assets			26,576,273					24,152,505
Property and equipment, net			21,602,426					21,892,395
Intangible assets
Goodwill			14,068,091					14,068,091
Other intangible assets, net			2,523,006					3,059,764
Total intangible assets			16,591,097					17,127,855
Other Assets
Long-term accounts receivable, net of current portion			294,767					251,683 Werbung Mehr Nachrichten zur Lifeway Foods Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:27 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Network International Holdings Plc 04:49 - PR Newswire Norges Bank - Form 8.3 - BHP Group Limited 03:00 - PR Newswire AECI Limited - Acceptance of awards of performance shares: Long-term Incentive Plan (LTIP) Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59