Fiscal 2010 EBITDAS Rises 3% to
$3,209,000 or $0.83 Per Share
Fiscal 2010 Net Income Before Stock Based
Compensation (SBC) Rises 19% to $0.43 Per
Share
Fiscal 2010 Net Income $0.00 Per
Share
VANCOUVER, British Columbia, April 28, 2011 (GLOBE NEWSWIRE) --
Leading Brands, Inc. (Nasdaq:LBIX), North
America's only fully integrated healthy branded beverage company,
announces results for its fourth quarter and 2010 fiscal year
ending February 28, 2011. All financial amounts are denominated in
Canadian dollars, with all financial figures rounded to the nearest
$000.
Q4 net income before stock based compensation (SBC) doubled to
$313,000 or $0.09 per share versus $159,000 or $0.04 per share in
the same quarter last year. 2010 fiscal year net income before SBC
rose 17% to $1,676,000 or $0.43 per share as compared to $1,427,000
or $0.36 in fiscal 2009. Q4 net income was $95,000 or $0.03 per
share versus net income of $100,000 or $0.03 per share in the same
quarter of fiscal 2009.
As explained in our July 1, 2010 Q1 news release, the Company
vested certain stock options granted during the year in order to
dramatically reduce future SBC expenses and eliminate the
volatility caused by the variable pricing formula mandated under
GAAP using the Black Scholes model on those options. Therefore, YTD
net income was $1,000 or $0.00 per share as compared to a net
income of $1,178,000 or $0.30 last year.
|
Non-GAAP Net Income before SBC is
determined as follows: |
|
Q4
2010 |
Q4
2009 |
Fiscal
2010 |
Fiscal
2009 |
Net Income |
$95,000 |
$100,000 |
$1,000 |
$1,178,000 |
Add back SBC |
218,000 |
59,000 |
1,675,000 |
249,000 |
Net income before SBC |
$313,000 |
$159,000 |
$1,676,000 |
$1,427,000 |
|
Non-GAAP Net Income per share
before SBC are determined as follows: |
|
Q4
2010 |
Q4
2009 |
Fiscal
2010 |
Fiscal
2009 |
Net Income per share |
$0.03 |
$0.03 |
$0.00 |
$0.30 |
Add back SBC per share |
0.06 |
0.01 |
0.43 |
0.06 |
Net Income per share before SBC |
$0.09 |
$0.04 |
$0.43 |
$0.36 |
|
Pro-forma results for EBITDAS, as
defined below, are determined as follows: |
|
Q4 |
Q4 |
Fiscal |
Fiscal |
|
2010 |
2009 |
2010 |
2009 |
Net Income |
$95,000 |
$100,000 |
$1,000 |
$1,178,000 |
Add back: |
|
|
|
|
Interest |
25,000 |
46,000 |
151,000 |
225,000 |
Depreciation and Amortization |
181,000 |
184,000 |
701,000 |
729,000 |
Non-cash stock based compensation |
218,000 |
59,000 |
1,675,000 |
249,000 |
Non-cash income tax expense |
133,000 |
118,000 |
681,000 |
735,000 |
Total Add Backs |
557,000 |
407,000 |
3,208,000 |
1,938,000 |
EBITDAS |
$652,000 |
$507,000 |
$3,209,000 |
$3,116,000 |
|
EBITDAS per share reconciles to
earnings per share as follows: |
|
Q4
2010 |
Q4
2009 |
Fiscal
2010 |
Fiscal
2009 |
Net Income per share |
$0.03 |
$0.03 |
$0.00 |
$0.30 |
Add back: |
|
|
|
|
Interest |
0.01 |
0.01 |
0.04 |
0.06 |
Depreciation and Amortization |
0.05 |
0.05 |
0.18 |
0.18 |
Non-cash stock based compensation |
0.06 |
0.01 |
0.43 |
0.06 |
Non-cash income tax expense |
0.03 |
0.03 |
0.18 |
0.18 |
EBITDAS per share |
$0.18 |
$0.13 |
$ 0.83 |
$0.78 |
|
|
|
|
|
Gross profit margin for the quarter was 40.2%, up from 34.6% in
the same quarter last year. In Q4 the Company adjusted how it
applied certain overhead and freight and warehousing costs, thereby
increasing cost of goods sold and reducing SG&A costs.
Gross revenue for Q4 was $4,067,000, versus $4,982,000 last
year. The decline in revenues is principally due to lower co-pack
volume due to one-time business provided to the Company in Q4 last
year. Fiscal 2010 revenue was $20,049,000 versus $22,173,000 in
fiscal 2009.
Discounts, rebates and slotting fees were $30,000 in Q4, down
from $328,000 in Q4 of the prior year. SG&A expenses were
$1,237,000 in Q4 of fiscal 2010, versus $1,160,000 the previous
year. The total amount of the SG&A increase was attributable to
SBC charges. For fiscal 2010 discounts, rebates and slotting fees
were $1,140,000 versus $1,646,000 in fiscal 2009.
As at year end the Company had cash and available credit
totaling approximately $2,532,000.
About Leading Brands, Inc.
Leading Brands, Inc. (Nasdaq:LBIX) is North America's only fully
integrated healthy beverage company. Leading Brands creates,
designs, bottles, distributes and markets its own proprietary
premium beverage brands such as TrueBlue® Blueberry Juice,
LiteBlue® Blueberry Juice, PureBlue®, PureRed®, PureBlack® and
PureWhite® SuperJuices and BabyBlue® childrens' superfruit blends
via its unique Integrated Distribution System (IDS)™ which involves
the Company finding the best and most cost-effective route to
market. The Company strives to use the best natural ingredients
hence its mantra: Better Ingredients – Better Brands.
Non-GAAP Measures
Any non-GAAP financial measures referenced in this release do
not have any standardized meaning prescribed by GAAP and are
therefore unlikely to be comparable to similar measures presented
by other issuers.
EBITDAS is a non-GAAP financial measure. EBITDAS is defined as
net income (loss) before income taxes, interest expense,
depreciation and amortization and stock-based
compensation. EBITDAS should not be construed as a substitute
for net income (as determined in accordance with GAAP) for the
purpose of analyzing operating performance, as EBITDAS is not
defined by GAAP. However, the Company regards EBITDAS as a
complement to net income and income before taxes.
Forward Looking Statements
Certain information contained in this press release includes
forward-looking statements. Words such as "believe", "expect,"
"will," or comparable terms, are intended to identify
forward-looking statements concerning the Company's expectations,
beliefs, intentions, plans, objectives, future events or
performance and other developments. All forward-looking
statements included in this press release are based on information
available to the Company on the date hereof. Such statements
speak only as of the date hereof. Important factors that could
cause actual results to differ materially from the Company's
estimations and projections are disclosed in the Company's
securities filings and include, but are not limited to, the
following: 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 risk
factors described from time to time in securities reports filed by
Leading Brands, Inc. For all such forward-looking statements, we
claim the safe harbor for forward looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995.
Better Ingredients | Better Brands™
©2011 Leading Brands, Inc.
This news release is available at
www.LBIX.com
(table follows)
|
|
|
|
|
|
LEADING BRANDS, INC. |
|
|
CONSOLIDATED STATEMENT OF
INCOME |
|
|
(EXPRESSED IN CANADIAN
DOLLARS) |
|
|
|
February 28,
2011 |
February 28, 2010 |
|
|
|
|
|
|
Gross revenue |
$20,048,942 |
$22,172,673 |
Less: Discounts, rebates and slotting
fees |
(1,139,911) |
( 1,646,440) |
Net revenue |
18,909,031 |
20,526,233 |
|
|
|
Expenses (Income) |
|
|
Cost of sales |
11,673,948 |
13,455,567 |
Selling, general & administration
expenses |
5,862,189 |
4,217,008 |
Depreciation and amortization |
701,389 |
728,993 |
Interest expense |
167,408 |
229,557 |
Loss on disposal of assets |
4,238 |
8,515 |
Gain on contract settlements |
(158,960) |
-- |
Foreign exchange gain |
(6,619) |
(21,330) |
Interest income |
(15,997) |
(5,066) |
Total Expenses |
18,227,596 |
18,613,244 |
|
|
|
Income before taxes |
681,435 |
1,912,989 |
Income tax expense |
(680,879) |
(735,133) |
|
|
|
Net income |
556 |
1,177,856 |
|
|
|
Earnings per share |
|
|
Basic and diluted |
$ 0.00 |
$ 0.30 |
|
|
|
Weighted average common shares
outstanding |
3,853,866 |
3,980,202 |
CONTACT: Leading Brands, Inc.
Tel: (604) 685-5200
Email: info@LBIX.com
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