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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 First Quarter Net Income $0.09cdn Per Share
VANCOUVER, B.C.--July 17, 2001--Leading Brands, Inc. LBIX, Canada's largest independent, fully integrated brand management company is pleased to announce record revenues and profits for its fiscal first quarter ended May 31, 2001.
The Company reported net income for the period of $1,181,000Cdn ($760,000US) or $0. 09Cdn ($0.06US) per share, compared to net income of $807,000Cdn ($546,000US) or $0.09Cdn ($0.06US) per share in the same period of last year. Revenues for the first quarter were $20,126,000Cdn ($12,964,000US), versus $22,099,000Cdn ($14,939,000US) for the first quarter of 2000. The reduction in revenue for the quarter was a reflection of the transition of the Company's relationship with SoBe from a distributor to a co-packer. The Company's other business remained strong, and indeed grew.
Leading Brands Chairman & CEO Ralph D. McRae said: "We are seeing strong growth in all of the primary areas of our business. We continue to explore profitable areas of business including a recent expansion of our customer base into the US.
"Our Quick, Inc. subsidiary continues to flourish. Where others have failed to produce positive operating results, we have succeeded. Very early in the development of that business we have achieved positive contribution from operations. Our immediate goal is to focus on taking that entire unit to profitability.
"I am very excited about what the next 90 days has in store for us, including the launch of some exciting new products and line extensions."
its news release dated July 12, 2001 the Company mistakenly understated revenue
and net income in US dollars due to the method used for the Canadian/US dollar
conversion. US dollar revenue for the Company's 2000 fiscal year ended February
28, 2001 was in fact $51,087,000US (previously reported at $49,797,000US) and
net income was $1,216,000US (previously reported at $1,184,00US). Revenue for
the prior year was $31,170,000US (previously reported at $29,415,000US) and
the net loss in that year was $644,205US (previously reported as $607,929US).
This did not affect reported earnings per share for the Company's February 28,
2001 year end of $0.09US, although the loss per share reported for the fiscal
year ended February 29, 2000 should have been $0.11 as opposed to the $0.10
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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.