Lifeway Foods, the US functional foods maker, has announced a boost in net income of 36 per cent for the first quarter ended 31 March 2002 to $447,558 or $.10 per share versus a net income of $328,713 or $.08 in 2001.
Lifeway said it had achieved record revenues of $2.89 million, up 10 per cent from last year's first quarter revenues of $2.64 million. Gross profits for the quarter were $1.365 million, compared to $1.089 million last year.
Michael Smolyansky, president and CEO, said: "These figures reflect the increasing presence of our products in the marketplace, and they lay the foundation for what we expect will be a double digit year-over-year rise in revenues and profits based on our results to date.
"Our new Organic Kefir, La Fruta drinkable yoghurt and expanded line of Sweet Kiss cheese spreads are contributing to the growth. Our national marketing campaign, along with new local marketing initiatives that include advertising as well as participation and sponsorship of local sporting events such as last weekend's Y-Me Race Against Breast Cancer in Chicago, continues to increase Lifeway's brand awareness," he added.
Smolyansky also claimed that the company was on track to surpass current quarter revenue goals, and that he anticipated record revenues and profits for the full year.
Lifeway is a manufacturer of cultured, probiotic and functional food products in the health food industry, and is America's leading supplier of the cultured dairy product known as kefir. The company markets 12 flavours of kefir and also Lifeway Organic, Organic Kefir and Kefir Cheese, and America's first soy kefir called SoyTreat.