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Ralph D. McRae
Chairman and CEO
Leading Brands, Inc.
Toll Free: 1-800-729-2746 ext. 238
Leading Brands, Inc. Announces Record Year End Results; Revenues Up 70%, Net Income $0.13cdn Per Share
VANCOUVER, B.C.--July 12, 2001 (NASDAQ:LBIX), Canada's largest independent, fully integrated brand management company is pleased to announce record revenues and profits for its 2000 fiscal year ended February 28, 2001.
Revenues climbed 70% to $76,416,000Cdn ($49,747,000US) for the company's fiscal year ending February 28, 2001, versus $45,184,000Cdn ($29,415,000US) for the year ending February 29, 2000. Net income for the period was $1,818,000Cdn ($1,184,000US) or $0.13Cdn ($0.09US) per share, compared to a loss of $934,000Cdn ($608,000US) or $0.15Cdn ($0.10US) per share in the same period of last year.
Leading Brands Chairman & CEO Ralph D. McRae said: "These results say everything that is necessary about the progress of our business. A 70% increase in sales and, more importantly, a $2,750,000Cdn positive swing in net income is nothing short of extraordinary.
"We continue to grow our brand portfolio and listings for our products. We are focused on developing our packaging expertise and seeking out new efficiencies. The list of our business partners and customers expands every day.
"When these results are combined with the material enhancement of our balance sheet, due in part to the SoBe transaction reported in March, it is easy to see why we are so excited about both the present state and future prospects of Leading Brands."
About Leading Brands, Inc.:
Headquartered in Richmond, B.C., Canada, Leading Brands, Inc. is the largest independent food and beverage integrated brand management company in Canada. The Company's unique Integrated Distribution System (IDS) offers turnkey, one-stop shopping to food and beverage brand owners. Its Quick.com, Inc. subsidiary is building a consumer home replenishment system for the Internet economy.
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NOTE: Any statements that are not historical facts contained in this release are forward-looking statements. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, including currency fluctuations, intellectual property rights, and the outcome of competitive products, risks in product development, the results of financing effort, the ability to complete transactions, and other risks identified in this release and the Company's Securities and Exchange Commission filings.