Q2 Net Income $592,000 or $0.19 per share
($0.17 fully diluted) YTD Net Income $1,004,000 or
$0.32 per share ($0.30 fully diluted) Q2 EBITDAS
$1,031,000 or $0.34 per share ($0.30 fully diluted)
YTD EBITDAS $1,828,000 or $0.59 per share ($0.54 fully
diluted)
VANCOUVER, British Columbia, Sept. 28, 2012 (GLOBE NEWSWIRE) --
Leading Brands, Inc. (Nasdaq:LBIX), North
America's only fully integrated healthy branded beverage company,
announces results for its second quarter and first half of fiscal
2012, which ended August 31, 2012. All financial amounts are
denominated in Canadian dollars, with all financial figures rounded
to the nearest $000.
Q2 2012 net income was $592,000 or $0.19 per share ($0.17 fully
diluted) versus net income of $646,000 or ($0.19) per share in the
same quarter of fiscal 2011. YTD net income was 1,004,000 or $0.32
per share ($0.30 fully diluted), versus net income of 1,094,000 or
$0.31 in the first half of last year.
Q2 2012 net income before stock based compensation (SBC) was
$636,000 or $0.21 per share ($0.19 fully diluted) versus $710,000
or $0.21 per share in the same quarter last year. YTD net income
before SBC was $1,094,000 or $0.35 per share ($0.33 fully diluted)
down from $1,327,000 or $0.38 ($0.36 fully diluted) a year ago.
Q2 2012 EBITDAS (Earnings Before Interest, Depreciation,
Amortization and SBC) was $1,031,000 or $0.34 per share ($0.30
fully diluted), versus $1,202,000 or $0.0.35 per share during the
same period last year. YTD EBITDAS decreased to $1,828,000 or $0.59
per share ($0.54 fully diluted) from $2,233,000 or $0.64 per share
($0.61 fully diluted) in the first half of fiscal 2011.
The reductions in net income, net income before SBC and EBITDAS
were due to increased product development costs, both in Q2 and
YTD, and costs incurred test marketing a new brand.
Non-GAAP Net Income
before SBC is determined as follows: |
|
|
|
|
|
|
Q2
2012 |
Q2
2011 |
YTD
2012 |
YTD
2011 |
Net Income |
$592,000 |
$646,000 |
$1,004,000 |
$1,094,000 |
Add back SBC |
44,000 |
64,000 |
90,000 |
233,000 |
Net income before SBC |
$636,000 |
$710,000 |
$1,094,000 |
$1,327,000 |
|
Non-GAAP Net Income per
share before SBC is determined as follows: |
|
|
|
|
|
|
Q2
2012 |
Q2
2011 |
YTD
2012 |
YTD
2011 |
Net Income per share |
$0.19 |
$0.19 |
$0.32 |
$0.31 |
Add back SBC per share |
0.02 |
0.02 |
0.03 |
0.07 |
Net Income per share before SBC |
$0.21 |
$0.21 |
$0.35 |
$0.38 |
|
Pro-forma results for
EBITDAS, as defined below, are determined as follows:
|
|
Q2 |
Q2 |
YTD |
YTD |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Net Income |
$592,000 |
$646,000 |
$1,004,000 |
$1,094,000 |
Add back: |
|
|
|
|
Interest |
5,000 |
24,000 |
7,000 |
50,000 |
Depreciation and Amortization |
163,000 |
169,000 |
322,000 |
335,000 |
Non-cash stock based compensation |
44,000 |
64,000 |
90,000 |
233,000 |
Non-cash income tax expense |
227,000 |
299,000 |
405,000 |
521,000 |
Total Add Backs |
439,000 |
556,000 |
824,000 |
1,139,000 |
EBITDAS |
$1,031,000 |
$1,202,000 |
$1,828,000 |
$2,233,000 |
|
|
|
|
|
EBITDAS per share
reconciles to earnings per share as follows:
|
|
Q2
2012 |
Q2
2011 |
YTD
2012 |
YTD
2011 |
Net Income per share |
$0.19 |
$0.19 |
$0.32 |
$0.31 |
Add back: |
|
|
|
|
Interest |
0.00 |
0.01 |
0.01 |
0.01 |
Depreciation and Amortization |
0.06 |
0.04 |
0.10 |
0.10 |
Non-cash stock based compensation |
0.01 |
0.02 |
0.03 |
0.07 |
Non-cash income tax expense |
0.08 |
0.09 |
0.13 |
0.15 |
EBITDAS per share |
$0.34 |
$0.35 |
$0.59 |
$0.64 |
Gross profit margin for the quarter was 41.9%, down slightly
from 42.4% in the same quarter last year.
Gross revenue for Q2 2012 was $5,695,000, versus $5,729,000 in
the comparative period of last year. The decline in revenues was
principally due to the transition of certain brands into new
package sizes and configurations that took time to implement.
Discounts, rebates and slotting fees were $277,000 in Q2 2012,
roughly equal to $258,000 in Q2 of the prior year. SG&A
expenses increased by $186,000 to $1,267,000 in Q2 of fiscal 2012
due to certain brand development costs and test marketing of a new
brand.
As at August 31, 2012 the Company had free cash of $853,000.
During Q2 2012 the Company repurchased an additional 283,420
shares of its common stock at an average price, before offering
costs, of $4.11 US per share, pursuant to both its Dutch Auction
share buyback and its share repurchase program. As at August 31,
2012 the Company had outstanding 2,962,348 common shares. The
Company believes that its common share price remains undervalued
and will continue with its share repurchase program which now has
approximately $488,000 US remaining authorized under it.
The repurchase program will continue concurrent with this
announcement and expire upon the expenditure of the committed
amount. It is subject to applicable laws, the insider-trading
windows imposed by the Company's trading policy and may be
suspended or terminated at any time by the Company's Board, without
prior notice. Under the program, the Company may, but is not
required to, purchase its shares from time to time through open
market or privately negotiated transactions, as market and business
conditions permit. Any repurchased shares will be returned to
authorized but unissued shares of its common stock.
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 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.
The Leading Brands, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=2681
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™
©2012 Leading Brands, Inc.
This news release is available at
www.LBIX.com
(table follows)
|
|
|
|
|
LEADING BRANDS, INC. |
|
|
|
|
CONSOLIDATED STATEMENT OF
INCOME |
|
|
|
|
(UNAUDITED) |
|
|
|
|
(EXPRESSED IN CANADIAN
DOLLARS) |
|
|
|
|
|
|
|
|
|
|
Three months |
Three months |
Six months |
Six months |
|
ended |
ended |
ended |
ended |
|
August 31, 2012 |
August 31, 2011 |
August 31, 2012 |
August 31, 2011 |
|
|
|
|
|
Gross revenue |
$5,695,178 |
$ 5,729,388 |
$10,635,116 |
$11,074,857 |
Less: Discounts, rebates and slotting
fees |
(277,090) |
(258,653) |
(552,917) |
(598,195) |
Net revenue |
5,418,088 |
5,470,735 |
10,082,199 |
10,476,662 |
|
|
|
|
|
Expenses (Income) |
|
|
|
|
Cost of sales |
3,148,264 |
3,152,457 |
5,935,303 |
6,139,306 |
Selling, general and administration
expenses |
1,267,114 |
1,081,338 |
2,348,595 |
2,288,902 |
Depreciation of property, plant and
equipment |
163,243 |
168,463 |
321,741 |
335,643 |
Change in fair value of derivative
liability |
23,310 |
98,685 |
41,312 |
43,865 |
Interest expense |
4,909 |
27,145 |
10,152 |
56,295 |
Interest income |
(271) |
(2,863) |
(2,907) |
(6,726) |
Loss on disposal of assets |
0 |
903 |
18,140 |
9,622 |
Foreign exchange loss (gain) |
(7,926) |
(728) |
551 |
(5,172) |
|
4,598,643 |
4,525,400 |
8,672,887 |
8,861,735 |
|
|
|
|
|
Income before income taxes |
819,445 |
945,335 |
1,409,312 |
1,614,927 |
|
|
|
|
|
Income tax expense |
226,966 |
299,346 |
405,356 |
520,877 |
|
|
|
|
|
Net income |
$592,479 |
$645,989 |
$1,003,956 |
$1,094,050 |
|
|
|
|
|
|
|
|
|
|
Basic income per share |
$0.19 |
$0.19 |
$0.32 |
$0.31 |
|
|
|
|
|
Weighted average number of shares outstanding
– basic |
3,051,827 |
3,397,058 |
3,108,936 |
3,505,549 |
|
|
|
|
|
Diluted income per share |
$0.17 |
$0.18 |
$0.30 |
$0.30 |
|
|
|
|
|
Weighted average number of shares outstanding
– diluted |
3,412,097 |
3,582,737 |
3,357,197 |
3,691,229 |
CONTACT: Leading Brands, Inc.
Tel: (604) 685-5200
Email: info@LBIX.com
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