Leading Brands, Inc. announces fiscal 2003 year end results
VANCOUVER, June 17 /PRNewswire-FirstCall/ -- LEADING BRANDS, INC.
(NASDAQ:LBIX), North America's only fully integrated premium
beverage company, announces results for its 2003 fiscal year ended
February 29, 2004. Revenue for the year was $41,503,000US
($56,680,000Cdn) versus $47,362,000US ($73,808,000 Cdn) the prior
year. Net loss was $1,847,000US ($2,523,000Cdn) or $0.12 US
($0.17Cdn) per share versus a net loss of $0.46US ($0.71Cdn) per
share in the prior fiscal year. Leading Brands Chairman and CEO
Ralph McRae said: "Results for fiscal 2003 were negatively impacted
in two principal ways. The first was the less than efficient
operation of our plants caused by disruptions surrounding changes
to existing, and addition of new, bottling lines. As earlier
explained, those issues are well behind us. "Second are matters
surrounding the activities of management of Leading Brands of
America and others, which in part are the subject of a lawsuit
commenced by that company and pending in the District Court for the
State of Connecticut. We have since re-focused our US business from
one that was primarily dependant upon regional distributors to a
hybrid model based on the Integrated Distribution System (IDS) that
works so well for us in Canada." Mr. McRae added: "As mentioned in
prior releases, the decrease in revenues versus last year is
primarily the result of the change in billing methods to one of our
largest co-pack customers." The Company will hold a conference call
in conjunction with the release of its Q1 2004 results, anticipated
before the end of June 2004. 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 TREK(R), Soy2O(TM), Pez(R) 100% Juices(TM),
Country Harvest(R) Juices, Caesar's(R) Bloody Caesar Cocktails, and
Cool Canadian(R) Water. Disclaimer: The Company relies upon the
Safe Harbor Laws of 1933, 1934, and 1995 for all public news
releases, newsletters and other 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 announcement. We Build Brands(TM)
(C)2004 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 29 February 28 2004 2003
-------------------------------------------------------------------------
Sales $ 56,680,106 $ 73,808,314 Expenses Cost of sales 43,134,373
59,234,777 Selling, general & administration expenses
14,193,563 13,991,004 Depreciation and amortization 1,629,664
1,600,932 Interest expense 463,833 645,170 Other expenses (income)
12,405 (9,188) ---------------------------- Total Expenses
59,433,838 75,462,695 ---------------------------- Net loss before
taxes (2,753,732) (1,654,381) Current Income Taxes (5,385) - Future
Income Taxes 1,099,912 2,081,000 ---------------------------- Net
income (loss) after income taxes (1,659,205) 426,619 Write down of
deferred costs (863,912) - Write down of investment - (10,166,815)
---------------------------- Net Loss (2,523,117) (9,740,196)
---------------------------- Deficit, beginning of period
(23,212,864) (13,438,168) Preferred Share Dividends - 34,500
---------------------------- Deficit, end of period (25,735,981)
(23,212,864) ---------------------------- LOSS PER SHARE Basic $
(0.17) $ (0.71) Fully diluted $ (0.17) $ (0.71) Weighted average
number of shares outstanding 14,949,575 13,754,598
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LEADING BRANDS, INC. CONSOLIDATED STATEMENT OF INCOME (LOSS)
(EXPRESSED IN UNITED STATES DOLLARS) February 29 February 28 2004
2003
-------------------------------------------------------------------------
Sales $ 41,502,604 $ 47,361,598 Expenses Cost of sales 31,584,076
38,009,995 Selling, general & administration expenses
10,392,885 8,977,802 Depreciation and amortization 1,193,281
1,027,292 Interest expense 339,630 413,996 Other expense (income)
9,083 (5,897) ---------------------------- Total Expenses
43,518,955 48,423,188 ---------------------------- Net loss before
taxes (2,016,351) (1,061,590) Current Income Taxes (3,943) - Future
Income Taxes 805,383 1,335,344 ---------------------------- Net
income (loss) after income taxes (1,214,911) 273,754 Write down of
investment - (6,523,880) Write down of deferred costs (632,579) -
---------------------------- Net Loss (1,847,490) (6,250,126)
---------------------------- Deficit, beginning of period
(15,676,561) (9,404,297) Preferred Share Dividends - 22,138
---------------------------- Deficit, end of period (17,524,051)
(15,676,561) ---------------------------- LOSS PER SHARE Basic $
(0.12) $ (0.46) Fully diluted $ (0.12) $ (0.46) Weighted average
number of shares outstanding 14,949,575 13,754,598
-------------------------------------------------------------------------
CONTACT: Ralph D. McRae Chairman and CEO Leading Brands, Inc. Tel:
(604) 685-5200 ext. 238 Email: DATASOURCE: Leading Brands, Inc.
CONTACT: Ralph D. McRae, Chairman and CEO, Leading Brands, Inc.,
Tel: (604) 685-5200 ext. 238, Email:
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