Lifeway Foods Ends Fiscal 2000 with Record Results

Lifeway Foods Ends Fiscal 2000 with Record Results

MORTON GROVE, Ill.--Year 2000 proved profitable and monumental for Lifeway Foods Inc. (NASDAQ:LWAY), as the company recorded record results for its fiscal year ended Dec. 31. For the year, revenues reached $9.2 million, up 16 percent from $7.9 million sold the previous year. Gross margin slipped by about one percent compared to the year prior, and operating expenses rose about seven percent of sales to $2.7 million. But on the strength of the record revenues, net income climbed 32 percent to $.93 million or $.21 per share in 2000 from $.68 million or $.17 per share earned in 1999.
"We are extremely pleased with the 2000 results, particularly as Lifeway is continuously increasing advertising and marketing spending in our expansion into mainstream markets and the introduction of new products," said Michael Smolyansky, president and chief executive officer. He added that based on results to date, the company is looking forward to another record year in 2001, as it develops a national market for its non-dairy soy beverage, SoyTreat™, and continues to grow its traditional Kefir and cheese products. "Additionally, the new Lifeway Organic™ line will enable us to increase our sales and benefit from the continued growth of organic and natural products in mass market," he stated. To keep up with demand, the company will continue to utilize and grow capacity of its state-of-the-art facility, according to Smolyansky.

Share this article: Email, Slashdot, Digg, Del.icio.us, Yahoo!MyWeb, Windows Live Favorites, Furl
Add this article feed to: RSS, My Yahoo, Newsgator, Bloglines