Ralph D. McRae,
Chairman and CEO
Leading Brands, Inc.
(604) 685-5200 ext. 238
[email protected]






 

NEWS RELEASE

LEADING BRANDS, INC. ANNOUNCES Q3 RESULTS

Company Reports Comparable YTD US Dollar Revenue Growth of 19%
Net Loss Before Taxes Improves Over Prior Year


VANCOUVER, CANADA - January 20, 2004 - LEADING BRANDS, INC. (NASDAQ: LBIX), North America’s only fully integrated premium beverage company, announces results for its 2003 fiscal third quarter ended November 30, 2003.


LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(Unaudited)		
(EXPRESSED IN CANADIAN DOLLARS)
                                                         Three months     Three months     Nine months      Nine months
ending November ending November ending November ending November 30, 2003 30, 2002 30, 2003 30, 2002 --------------------------------------------------------------------------------------------------------------------- Sales $ 12,490,163 $ 16,995,918 $ 47,354,806 $ 59,068,751 Expenses (Income) Cost of sales 9,726,051 14,295,784 36,012,902 46,645,376 Operations, selling, general & administration expenses 3,039,739 3,255,199 11,058,965 10,630,537 Depreciation and amortization 398,152 419,152 1,203,917 1,149,897 Interest expense 109,987 164,900 350,086 519,382 Other 11,568 (1,111) 11,568 (9,188) ---------------------------------------------------------------- 13,285,497 18,133,924 48,637,438 58,936,004 ---------------------------------------------------------------- Net income (loss) before taxes (795,334) (1,138,006) (1,282,632) 132,747 Current income taxes (40,269) - (455,239) - Future Income Taxes 76,024 470,000 1,402,024 1,481,000 --------------------------------------------------------------- Net Income after income taxes (759,579) (668,006) (335,847) 1,613,747 --------------------------------------------------------------- Deficit, beginning of period (22,789,132) (11,177,115) (23,212,864) (13,438,168) Preferred Share Dividends - 10,350 - 31,050 --------------------------------------------------------------- Deficit, end of period (23,548,711) (11,855,471) (23,548,711) (11,855,471) --------------------------------------------------------------- EARNINGS PER SHARE Basic $ (0.05) $ (0.05) $ (0.02) $ 0.12 Fully diluted $ (0.05) $ (0.05) $ (0.02) $ 0.09 Weighted average number of shares outstanding 15,037,971 13,635,015 14,919,597 13,590,442 ----------------------------------------------------------------------------------------------------------------------- LEADING BRANDS, INC. CONSOLIDATED STATEMENT OF INCOME (LOSS) (Unaudited) (EXPRESSED IN UNITED STATES DOLLARS) Three months Three months Nine months Nine months
ending November ending November ending November ending November 30, 2003 30, 2002 30, 2003 30, 2002 --------------------------------------------------------------------------------------------------------------------- Sales $ 9,369,965 $ 10,791,059 $ 34,137,067 $ 37,782,472 Expenses (Income) Cost of sales 7,296,362 9,076,688 25,969,953 29,829,873 Operations, selling, general & administration expenses 2,280,375 2,066,793 7,985,255 6,799,044 Depreciation and amortization 298,689 266,128 870,908 734,603 Interest expense 82,511 104,699 253,295 331,967 Other 8,678 (706) 8,678 (5,840) ---------------------------------------------------------------- 9,966,615 11,513,602 35,088,089 37,689,647 ---------------------------------------------------------------- Net income (loss) before taxes (596,650) (722,543) (951,022) 92,825 Current income taxes (30,209) - (331,721) - Future Income Taxes 57,032 298,412 1,020,485 945,579 --------------------------------------------------------------- Net Income after income taxes (569,827) (424,131) (262,258) 1,038,404 --------------------------------------------------------------- Deficit, beginning of period (15,368,992) (7,955,095) (15,676,561) (9,404,297) Preferred Share Dividends - 6,571 - 19,904 --------------------------------------------------------------- Deficit, end of period (15,938,819) (8,385,797) (15,938,819) (8,385,797) --------------------------------------------------------------- EARNINGS PER SHARE Basic $ (0.04) $ (0.03) $ (0.02) $ 0.08 Fully diluted $ (0.04) $ (0.03) $ (0.02) $ 0.06 Weighted average number of shares outstanding 15,037,971 13,635,015 14,919,597 13,590,442 -----------------------------------------------------------------------------------------------------------------------

 

 

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