Leading Brands, Inc. announces fiscal 2004 year end results Net
Income of $0.04 US ($0.05Cdn) per share VANCOUVER, May 25
/PRNewswire-FirstCall/ -- LEADING BRANDS, INC. (NASDAQ:LBIX), North
America's only fully integrated premium beverage company, announces
results for its 2004 fiscal year ended February 28, 2005. Net
Income was $626,000US ($806,000Cdn) versus a net loss of
$1,847,000US ($2,523,000Cdn) or $0.12 US ($0.17Cdn) per share in
the prior fiscal year. That is an improvement of almost
$2,500,000US ($3,329,000Cdn). Gross revenue for the year was
$34,416,000US ($44,355,000Cdn) versus $41,774,000US
($57,050,000Cdn) the prior year. As noted on several prior
occasions, the decrease in year over year revenues is directly
attributable to (1) the discontinuance of the marginally profitable
Little Debbie's(R) snack cake distribution business; (2) change in
mix of co-pack products sold that include the Company supplying raw
materials; and (3) lower sales volumes in the United States due to
the Company re-building its sales efforts there. Leading Brands
Chairman and CEO Ralph McRae said: "We are pleased with the
turnaround that we were able to engineer this past year. Our plants
are running very well, our Canadian margins have improved markedly
and our US distribution business is back on its feet and growing
strong." Mr. McRae added: "In my view, the most impressive number
to be drawn from these results is the change in Income Before
Income Taxes, which improved almost $2,840,000US ($3,816,000Cdn)
year over year." Mr. McRae continued: "You will also note a small
but important change in our financial statement presentation this
year. After 'Gross Sales' we have specifically identified, and
deducted, 'Discounts, Allowances and Rebates' producing an amount
for 'Net Sales'. We have changed the presentation for the prior
comparative years to match. We believe this provides the statement
reader with better information concerning our sales and promotion
efforts and hope you agree." Mr. McRae concluded: "Our negative
revenue trend has all but reversed itself now. The Company's US
sales volume is growing dramatically once again, but this time at
sustainable margins." In conjunction with this release, you are
invited to listen to the Company's conference call, which will be
held on Wednesday, May 25, 2005, at 8:00 am, Pacific Time, (11:00
am Eastern Time), with Ralph McRae, Chairman and CEO of Leading
Brands, Inc. TO PARTICIPATE IN THE CONFERENCE CALL PLEASE DIAL-IN:
1-416-641-6701 -------------- About Leading Brands, Inc.
-------------------------- Leading Brands, Inc. (NASDAQ:LBIX) is
North America's only fully integrated premium beverage company. The
Company's unique Integrated Distribution System (IDS) (TM) offers
turnkey, one-stop shopping to food and beverage brand owners,
including manufacturing, distribution, sales/marketing and
licensing. In addition, Leading Brands produces their own line of
beverages such as TrueBlue Blueberry Cocktail(TM), TREK(R),
Soy(2)O(TM), Pez(R) 100% Juices(TM), Country Harvest(R) Juices,
Caesar's(R) Bloody Caesar Cocktails, Brand X Originals(TM),
Infinity(TM) Sparkling Mountain Spring Water and Cool Canadian(R)
Mountain Spring Water. Safe Harbor. The Company relies upon the
Safe Harbor Laws of 1933, 1934, and 1995 for all public statements.
Statements, which are not historical facts, are forward-looking
statements. The Company, through its management, makes
forward-looking public statements concerning its expected future
operations, performance and other developments. Such
forward-looking statements are necessarily estimates reflecting the
Company's best judgment based upon current information and involve
a number of risks and uncertainties, and there can be no assurance
that other factors will not affect the accuracy of such
forward-looking statements. It is impossible to identify all such
factors. Factors which could cause actual results to differ
materially from those estimated by the Company include, but are not
limited to, general economic conditions, weather conditions,
changing beverage consumption trends, pricing, availability of raw
materials, economic uncertainties (including currency exchange
rates), government regulation, managing and maintaining growth, the
effect of adverse publicity, litigation, competition and other
factors which may be identified from time to time in the Company's
public announcements. We Build Brands(TM) (C)2005 Leading Brands,
Inc. This news release is available at http://www.lbix.com/ (tables
follow) LEADING BRANDS, INC. CONSOLIDATED STATEMENT OF INCOME
(LOSS) (EXPRESSED IN CANADIAN DOLLARS) February 28 February 29 2005
2004
-------------------------------------------------------------------------
Gross sales $ 44,355,146 $ 57,050,171 Less: Discounts, allowances
and rebates (1,095,022) (1,333,809) ------------------------------
Net sales 43,260,124 55,716,362 Expenses (Income) Cost of sales
30,342,666 42,887,609 Operations, selling, general &
administration expenses 11,053,059 13,476,583 Depreciation and
amortization 1,236,653 1,629,664 Interest expense 406,192 463,833
Other (840,290) 12,405 ------------------------------ Total
Expenses 42,198,280 58,470,094 ------------------------------ Net
income (loss) before taxes 1,061,844 (2,753,732) Income tax -
current 4,756 (5,385) Income tax - provision future income tax
(260,272) 1,099,912 ------------------------------ Net income
(loss) after income taxes 806,328 (1,659,205) Write down of
deferred costs - (863,912) ------------------------------ Net
Income (Loss) 806,328 (2,523,117) ------------------------------
Deficit, beginning of period, as previously reported (25,735,980)
(23,212,863) Adjustment for change in accounting for stock-based
compensation (1,117,113) - Accumulated deficit, beginning of
period, as restated (26,853,093) (23,212,863)
------------------------------ Deficit, end of period (26,046,765)
(25,735,980) ------------------------------ Earnings (Loss) Per
Share Basic $ 0.05 $ (0.17) Diluted $ 0.05 $ (0.17) Weighted
average number of shares outstanding 15,042,035 14,949,575
-------------------------------------------------------------------------
LEADING BRANDS, INC. CONSOLIDATED STATEMENT OF INCOME (LOSS)
(EXPRESSED IN UNITED STATES DOLLARS) February 28 February 29 2005
2004
-------------------------------------------------------------------------
Gross sales $ 34,415,849 $ 41,773,575 Less: Discounts, allowances
and rebates (849,645) (976,649) ------------------------------ Net
sales 33,566,204 40,796,926 Expenses (Income) Cost of sales
23,543,348 31,403,389 Operations, selling, general &
administration expenses 8,576,241 9,867,894 Depreciation and
amortization 959,538 1,193,281 Interest expense 315,170 339,630
Other expense (income) (651,995) 9,083
------------------------------ Total Expenses 32,742,302 42,813,277
------------------------------ Net income (loss) before taxes
823,902 (2,016,351) Income tax - current 3,690 (3,943) Income tax -
provision future income tax (201,949) 805,383
------------------------------ Net income (loss) after income taxes
625,643 (1,214,911) Write down of deferred costs - (632,579)
------------------------------ Net Income (Loss) 625,643
(1,847,490) ------------------------------ Deficit, beginning of
period, as previously reported (17,524,051) (15,676,561) Adjustment
for change in accounting for stock-based compensation (836,350)
------------------------------ Accumulated deficit, beginning of
period, as restated (18,360,401) (15,676,561)
------------------------------ Deficit, end of period (17,734,758)
(17,524,051) ------------------------------ Earnings (Loss) Per
Share Basic $ 0.04 $ (0.12) Diluted $ 0.04 $ (0.12) Weighted
average number of shares outstanding 15,042,035 14,949,575
-------------------------------------------------------------------------
CONTACT: Tel: (604) 685-5200 Email: DATASOURCE: Leading Brands,
Inc. CONTACT: Tel: (604) 685-5200, Email:
Copyright
Leading Brands (NASDAQ:LBIX)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Leading Brands (NASDAQ:LBIX)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024