Leading Brands, Inc. announces Q3 results Net Loss for Quarter
Improves Over Last Year VANCOUVER, Jan. 6 /PRNewswire-FirstCall/ --
LEADING BRANDS, INC. (NASDAQ:LBIX), North America's only fully
integrated premium beverage company, announces its operating
results, for the third quarter of its 2004 fiscal year ended
November 30, 2004 and the first three quarters of this fiscal year.
During Q3 the Company recorded a net loss of ($434,000 US)
($539,000 Cdn) or ($0.03 US) ($0.04 Cdn) per share versus ($570,000
US) ($760,000 Cdn) or ($0.04 US) ($0.05 Cdn) in the same quarter
last year. Revenues for the quarter were $7,022,000 US ($8,731,000
Cdn) compared to $9,370,000 US ($12,490,000 Cdn) in Q3 2003. The
reduction in revenue principally resulted from (1) the
discontinuance of the Little Debbie's(R) snack cake distribution
business; (2) change in mix of co-pack products sold that include
the Company supplying raw materials; and (3) lower sales volumes in
the United States due to the Company re-building its sales efforts
there. For the first nine months of its 2004 fiscal year ended
February 28, 2005, the Company reported net income of $475,000 US
($677,000 Cdn) or $0.03 US ($0.04 Cdn) per share versus a net loss
of ($262,000 US) ($336,000 Cdn) or ($0.02 US) ($0.02 Cdn) during
the same period last year. Net income before taxes year to date is
$1,331,000 US ($1,835,000 Cdn) or $0.09 US ($0.12 Cdn) per share,
compared to a net loss before taxes of ($951,000 US) ($1,283,000
Cdn) or ($0.06 US) ($0.09 Cdn) for the first nine months of fiscal
2003. Revenues for the period were $27,434,000 US ($36,065,000 Cdn)
versus $34,137,000 US ($47,354,000 Cdn) a year ago. The Company has
adequate tax loss carry forwards to cover any income tax expense
for this year and as such the income tax expense is a non-cash item
in this period. Leading Brands Chairman and CEO Ralph McRae said:
"The key number for us is the comparative change in net income
before taxes, year to date, which is a positive swing of $2,282,000
US, or $3,118,000 Cdn." Mr. McRae continued: "We continue to see
margin improvements in virtually all areas of our company, but most
significantly in our US and Canadian branded products and bottling
plants. We anticipate that by the first quarter of fiscal 2005 the
negative revenue comparison will have been eliminated due to an
equalization of the reasons expressed." In conjunction with this
release, you are invited to listen to the Company's conference
call, which will be held on Thursday, January 6, 2005, at 8:00 am,
Pacific Time, (11:00 am Eastern Time), with Ralph McRae, Chairman
and CEO of Leading Brands, Inc. TO PARTICIPATE IN THE CONFERENCE
CALL PLEASE DIAL-IN: 1-416-641-6715 -------------- The Company will
continue to provide operational updates in its monthly newsletter
on the first of most months, posted at http://www.lbix.com/. 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 100%
Juices(TM), Country Harvest(R) Juices, Caesar's(R) Bloody Caesar
Cocktails, Cool Canadian(R) Water, TrueBlue Blueberry Cocktail(TM),
Infinity(TM) and Brand X Originals(TM). Safe Harbor. The Company
relies upon the Safe Harbor Laws of 1933, 1934, and 1995 for all
public 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 announcements. We Build Brands(TM) (C)2005 Leading Brands,
Inc. This news release is available at http://www.lbix.com/
CONTACT: Tel: (604) 685-5200 Email: (tables follow) LEADING BRANDS,
INC. CONSOLIDATED STATEMENT OF INCOME (LOSS) (UNAUDITED) (EXPRESSED
IN CANADIAN DOLLARS) Three months Three months Nine months Nine
months ending ending ending ending November 30, November 30,
November 30, November 30, 2004 2003 2004 2003
-------------------------------------------------------------------------
Sales $ 8,731,984 $ 12,490,163 $ 36,064,901 $ 47,354,806 Expenses
(Income) Cost of sales 6,447,310 9,726,051 25,251,756 36,012,902
Operations, selling, general & administration expenses
2,593,038 3,039,739 8,638,844 11,058,965 Depreciation and
amortization 310,154 398,152 917,658 1,203,917 Interest expense
102,707 109,987 306,349 350,086 Other income from settlements and
sale of assets 32 11,568 (884,932) 11,568
------------------------------------------------------- Total
Expenses 9,453,241 13,285,497 34,229,675 48,637,438
------------------------------------------------------- Net income
(loss) before taxes (721,257) (795,334) 1,835,226 (1,282,632)
------------------------------------------------------- Income tax
- current 5,142 - 4,738 - Income tax - provision future income tax
176,692 35,755 (1,162,898) 946,785
------------------------------------------------------- Net income
(539,423) (759,579) 677,066 (335,847)
------------------------------------------------------- Deficit,
beginning of period, as previously reported (25,636,604)
(22,789,132) (25,735,980) (23,212,864) Adjustment for change in
accounting for stock-based compensation - - (1,117,113) -
------------------------------------------------------- Accumulated
deficit, beginning of period, as restated (25,636,604) (22,789,132)
(26,853,093) (23,212,864)
-------------------------------------------------------
------------------------------------------------------- Deficit,
end of period (26,176,027) (23,548,711) (26,176,027) (23,548,711)
------------------------------------------------------- Earnings
(Loss) Per Share Basic $ (0.04) $ (0.05) $ 0.04 $ (0.02) Fully
diluted $ (0.04) $ (0.05) $ 0.04 $ (0.02) Weighted average number
of shares outstanding 15,042,807 15,037,971 15,041,042 14,919,597
-------------------------------------------------------------------------
LEADING BRANDS, INC. CONSOLIDATED STATEMENT OF INCOME (LOSS)
(UNAUDITED) (EXPRESSED IN UNITED STATES DOLLARS) Three months Three
months Nine months Nine months ending ending ending ending November
30, November 30, November 30, November 30, 2004 2003 2004 2003
-------------------------------------------------------------------------
Sales $ 7,021,538 $ 9,369,965 $ 27,434,496 $ 34,137,067 Expenses
(Income) Cost of sales 5,184,392 7,296,362 19,229,363 25,969,953
Operations, selling, general & administration expenses
2,085,107 2,280,375 6,601,932 7,985,255 Depreciation and
amortization 249,400 298,689 702,881 870,908 Interest expense
82,589 82,511 234,572 253,295 Other income from settlements and
sale of assets 26 8,678 (664,936) 8,678
------------------------------------------------------- Total
Expenses 7,601,514 9,966,615 26,103,812 35,088,089
------------------------------------------------------- Net income
(loss) before taxes (579,976) (596,650) 1,330,684 (951,022)
------------------------------------------------------- Income tax
- current 4,135 - 3,835 - Income tax - provision future income tax
142,081 26,823 (859,514) 688,764
------------------------------------------------------- Net income
(433,760) (569,827) 475,005 (262,258)
------------------------------------------------------- Deficit,
beginning of period, as previously reported (17,451,636)
(15,368,992) (17,524,051) (15,676,561) Adjustment for change in
accounting for stock-based compensation - - (836,350) -
------------------------------------------------------- Accumulated
deficit, beginning of period, as restated (17,451,636) (15,368,992)
(18,360,401) (15,676,561)
-------------------------------------------------------
------------------------------------------------------- Deficit,
end of period (17,885,396) (15,938,819) (17,885,396) (15,938,819)
------------------------------------------------------- Earnings
(Loss) Per Share Basic $ (0.03) $ (0.04) $ 0.03 $ (0.02) Fully
diluted $ (0.03) $ (0.04) $ 0.03 $ (0.02) Weighted average number
of shares outstanding 15,042,807 15,037,971 15,041,042 14,919,597
-------------------------------------------------------------------------
DATASOURCE: Leading Brands, Inc. CONTACT: Tel: (604) 685-5200,
Email:
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