Fiscal 2013 Net Income
$1,163,300 or $0.40 per share [$0.37 fully diluted]
Fiscal 2013 EBITDAS $0.76 per share [$0.70 fully
diluted]
Leading Brands, Inc. (Nasdaq:LBIX), North
America's only fully integrated healthy branded beverage company,
announces results for its fourth quarter and Fiscal 2013 year end,
which ended February 28, 2014. All financial amounts are
denominated in Canadian dollars, with all financial figures rounded
to the nearest $000 and, have been prepared in accordance with
United States generally accepted accounting principles (U.S.
GAAP).
Net income for the 2013 Fiscal Year was $1,163,300 or $0.40 per
share [$0.37 fully diluted] versus a net income of $591,000 or
$0.20 the prior year. Gross Revenue for the year dropped 13.1% to
$15,953,000 from $18,366,000 as the company experienced lower
demand for co-pack services.
Gross revenue for Q4 2013 was $3,244,000, versus $3,650,000 in
the same period of last year, a decrease of 11.1%. Q4 2013 net loss
was ($55,000) or ($0.02) per share [($0.02) fully diluted] versus
net loss of ($36,000) or ($0.01) per share [($0.01) fully diluted]
in the same quarter of fiscal 2012. EBITDAS (Earnings Before
Interest, Depreciation, Amortization and SBC) in Q4 2013 decreased
to ($101,000) or ($0.03) per share [$0.03 fully diluted] from
$180,000 or $0.06 per share [$0.06 fully diluted] in the prior
year.
2013 net income before stock based compensation (SBC) increased
to $1,217,000 or $0.42 per share [$0.38 fully diluted] versus
$743,000 or $0.25 per share [$0.22 fully diluted] in the same
quarter last year. 2013 EBITDAS was $2,227,000 or $0.76 per
share [$0.70 fully diluted], versus $1,746,000 or $0.58 per share
[$0.53 fully diluted] last year.
Non-GAAP Net Income (loss) before SBC is determined as
follows:
|
FY
2013 |
FY
2012 |
Q4
2013 |
Q4
2012 |
Net Income (loss) |
$1,163,000 |
$591,000 |
($55,000) |
($36,000) |
Add back SBC |
54,000 |
152,000 |
(28,000) |
30,000 |
Net income (loss) before SBC |
$1,217,000 |
$743,000 |
($83,000) |
($6,000) |
Non-GAAP Net Income (loss) per share before SBC is
determined as follows:
|
FY
2013 |
FY
2012 |
Q4
2013 |
Q4
2012 |
Net Income (loss) per share |
$0.40 |
$0.20 |
($0.02) |
($0.01) |
Add back SBC per share |
0.02 |
0.05 |
(0.01) |
0.01 |
Net Income (loss) per share before SBC |
$0.42 |
$0.25 |
($0.03) |
$0.00 |
Pro-forma results for EBITDAS, as defined below, are
determined as follows:
|
FY |
FY |
Q4 |
Q4 |
|
2013 |
2012 |
2013 |
2012 |
Net Income (loss) |
$1,163,000 |
$591,000 |
($55,000) |
($36,000) |
|
|
|
|
|
Add back: |
|
|
|
|
Interest, net |
2,000 |
15,000 |
(2,000) |
4,000 |
Depreciation and Amortization |
753,000 |
681,000 |
193,000 |
183,000 |
Non-cash stock based compensation |
54,000 |
152,000 |
(28,000) |
30,000 |
Non-cash income tax expense |
255,000 |
307,000 |
(209,000) |
(1,000) |
|
|
|
|
|
Total Add Backs |
1,064,000 |
1,155,000 |
(46,000) |
216,000 |
|
|
|
|
|
EBITDAS |
$2,227,000 |
$1,746,000 |
($101,000) |
$180,000 |
EBITDAS per share reconciles to earnings per share as
follows:
|
FY
2013 |
FY
2012 |
Q4
2013 |
Q4
2012 |
Net Income (loss) per share |
$0.40 |
$0.20 |
($0.02) |
($0.01) |
|
|
|
|
|
Add back: |
|
|
|
|
Interest |
0.00 |
0.00 |
0.00 |
0.00 |
Depreciation and Amortization |
0.25 |
0.23 |
0.07 |
0.06 |
Non-cash stock based compensation |
0.02 |
0.05 |
(0.01) |
0.01 |
Non-cash income tax expense |
0.09 |
0.10 |
(0.07) |
0.00 |
|
|
|
|
|
EBITDAS per share |
$0.76 |
$0.58 |
($0.03) |
$0.06 |
Gross profit margin for the fiscal year was 45.1%, up from 37.2%
in the same period last year.
Discounts, rebates and slotting fees were $639,000 in 2013, down
from $1,126,000 the prior year. SG&A expenses were
$4,683,000 in 2013, versus $4,740,000 in the previous
year.
The Company paid $225,000 to repurchase 48,348 of its common
shares at an average price of $4.65 per share during fiscal
2013.
As at February 28, 2014 the Company had free cash of
$2,394,000.
As at February 28, 2014 the Company had outstanding 2,912,997
common shares. The Company believes that its common share
price remains undervalued and will continue with the repurchase of
its shares at appropriate times.
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™
©2014 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) |
|
|
|
Year ended February 28,
2014 |
Year ended
February 28, 2013 |
|
|
|
|
Gross revenue |
$15,952,929 |
$18,365,871 |
Less: Discounts, rebates and slotting
fees |
(639,461) |
(1,125,529) |
Net revenue |
15,313,468 |
17,240,342 |
|
|
|
Expenses (Income) |
|
|
Cost of sales (excluding depreciation shown
separately below) |
8,408,558 |
10,832,783 |
Selling, general & administration
expenses |
4,682,576 |
4,740,375 |
Depreciation |
753,210 |
681,045 |
Interest on long-term debt |
9,396 |
17,891 |
Interest on current debt |
78 |
274 |
Foreign exchange loss |
6,560 |
593 |
Interest income |
(7,012) |
(2,908) |
Change in fair value of derivative
liability |
39,304 |
(18,252) |
Loss on disposal of assets |
2,095 |
90,585 |
Total Expenses |
13,894,765 |
16,342,386 |
|
|
|
Income before taxes |
1,418,703 |
897,956 |
|
|
|
Income tax expense |
255,408 |
306,652 |
|
|
|
Net income |
$1,163,295 |
$591,304 |
|
|
|
Earnings per share |
|
|
Basic income per share |
$0.40 |
$0.20 |
Weighted average number of common shares
outstanding - basic |
2,929,722 |
3,012,647 |
|
|
|
Diluted income per share |
$0.37 |
$0.17 |
Weighted average number
of common shares outstanding - diluted |
3,246,223 |
3,314,762 |
CONTACT: Leading Brands, Inc.
Tel: (604) 685-5200
Email: info@LBIX.com
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