Q1 Net Income $689,000 or $0.24 per share
($0.22 fully diluted)
Q1 EBITDAS $1,173,000 or $0.40 per Share
($0.37 fully diluted)
Quarterly Revenues increase
3.7%
Leading Brands, Inc. (Nasdaq:LBIX), North
America's only fully integrated healthy branded beverage company,
announces results for its first quarter of fiscal 2013, which ended
May 31, 2013. All financial amounts are denominated in Canadian
dollars, with all financial figures rounded to the nearest
$000.
Q1 2013 net income was $689,000 or $0.24 per share ($0.22 fully
diluted) versus net income of $411,000 or $0.13 per share in the
same quarter of fiscal 2012.
Q1 2013 net income before stock based compensation (SBC) was
$729,000 or $0.25 per share ($0.23) fully diluted) versus $457,000
or $0.14 per share in the same quarter last year.
Q1 2013 EBITDAS (Earnings Before Interest, Depreciation,
Amortization and SBC) was $1,173,000 or $0.40 per share ($0.37
fully diluted), versus $796,000 or $0.25 per share during the same
period last year.
Non-GAAP Net Income
before SBC is determined as follows: |
|
Q1 2013 |
Q1 2012 |
Net Income |
$ 689,000 |
$ 411,000 |
Add Back SBC |
40,000 |
46,000 |
Net income before SBC |
$ 729,000 |
$ 457,000 |
|
|
|
Non-GAAP Net Income per
share before SBC is determined as follows: |
|
Q1 2013 |
Q1 2012 |
Net Income |
$ 0.24 |
$ 0.13 |
Add Back SBC |
0.01 |
0.01 |
Net income before SBC - Basic |
$ 0.25 |
$ 0.14 |
|
|
|
Pro-forma results for
EBITDAS, as defined below, are determined as follows: |
|
Q1 2013 |
Q1 2012 |
Net Income |
$ 689,000 |
$ 411,000 |
Add Back: |
|
|
Interest |
3,000 |
3,000 |
Depreciation and amortization |
182,000 |
158,000 |
Non-cash stock based compensation |
40,000 |
46,000 |
Non-cash income tax expense |
259,000 |
178,000 |
Total Add Backs |
484,000 |
385,000 |
EBITDAS |
$ 1,173,000 |
$ 796,000 |
|
|
|
EBITDAS per share
reconciles to earnings per share as follows: |
|
Q1 2013 |
Q1 2012 |
Net Income |
$ 0.24 |
$ 0.13 |
Add Back: |
|
|
Interest |
-- |
-- |
Depreciation and Amortization |
0.06 |
0.05 |
Non-cash stock based compensation |
0.01 |
0.01 |
Non-cash income tax expense |
0.09 |
0.06 |
Total Add Backs |
0.16 |
0.12 |
EBITDAS |
$ 0.40 |
$ 0.25 |
Gross profit margin for the quarter was 47.0% representing a
significant increase over the same quarter of last year.
Gross revenue for Q1 2013 was $5,123,000, an increase of 3.7%
over $4,940,000 in the comparative period of last
year. The increase in revenue was principally due to a
rise in demand for co-packing services although sales of the
Company's new Happy Water® brand rose significantly as well.
Discounts, rebates and slotting fees were $206,000 in Q1 2013, a
decrease of $70,000 compared to the same period of the prior year
as a result of lower discounts on the Company's licensed brands.
SG&A expenses were $1,148,000 in Q1 of fiscal 2013, versus
$1,081,000 in Q1 of the previous year.
As at May 31, 2013 the Company had cash and available credit
totaling approximately $1,647,000.
During Q1 2013 the Company repurchased an additional 18,996
shares of its common stock at an average price of USD$4.56 per
share, pursuant to its share repurchase program. As at May 31,
2013 the Company had outstanding 2,942,349 common shares. The
Company's Board of Directors has increased the amount of the
repurchase program by an additional USD$500,000 as it believes that
the Company's common shares remain undervalued. Following this
increase, the share repurchase program now has approximately
USD$730,000 remaining.
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.
AGM
The Company's Annual General Meeting was held on July 10,
2013. All motions put to the Meeting, being those described in
the Notice of Meeting and supporting materials mailed to
shareholders, were passed with significantly greater percentages
than required. Ralph McRae and Darryl Eddy were re-elected as
directors of the Company, each for a three year term.
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.
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™
©2013 Leading Brands, Inc.
This news release is available at
www.LBIX.com
(table follows)
LEADING BRANDS,
INC. |
|
|
INTERIM CONSOLIDATED STATEMENT OF
INCOME |
|
|
(UNAUDITED) |
|
|
(EXPRESSED IN CANADIAN
DOLLARS) |
|
|
|
|
|
|
|
|
|
Three
months ended |
|
May 31, 2013 |
May 31, 2012 |
|
|
|
Gross revenue |
$ 5,123,363 |
$ 4,939,938 |
Less: Discounts, rebates and slotting
fees |
(206,482) |
(275,827) |
Net Revenue |
4,916,881 |
4,664,111 |
|
|
|
Cost of sales |
2,608,141 |
2,787,039 |
Operations, selling, general &
administration expenses |
1,148,192 |
1,081,478 |
Depreciation of property, plant and
equipment |
181,695 |
158,498 |
Interest on long-term debt |
3,240 |
5,243 |
Interest income |
-- |
(2,636) |
Foreign exchange loss |
248 |
8,477 |
Change in fair value of derivative
liability |
27,447 |
18,003 |
Loss on disposal of assets |
332 |
18,140 |
|
3,969,295 |
4,074,242 |
|
_______________ |
____________ |
Net income before taxes |
947,586 |
589,869 |
|
|
|
Income tax expense |
258,852 |
178,390 |
|
|
|
Net income and other
comprehensive income |
$ 688,734 |
$ 411,479 |
|
|
|
|
|
|
|
Earnings per share |
|
|
Basic income per share |
$ 0.24 |
$ 0.13 |
Weighted average number of shares -
basic |
2,930,220 |
3,236,668 |
|
|
|
Diluted income per share |
$ 0.22 |
$ 0.12 |
Weighted average number of shares -
diluted |
3,183,776 |
3,509,326 |
|
CONTACT: Leading Brands, Inc.
Tel: (604) 685-5200
Email: info@LBIX.com
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