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

 

 

 

NEWS RELEASE

LEADING BRANDS, INC. ANNOUNCES Q1 RESULTS US Dollar Denominated Revenue Increased 7.5% Despite Change in Billing Structure to Major Co-Pack Customer


VANCOUVER, CANADA, July 10, 2003, LEADING BRANDS, INC. (NASDAQ: LBIX), North America’s only fully integrated premium beverage company, announces results for its 2003 fiscal first quarter ended May 31, 2003.


LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME 		
(EXPRESSED IN CANADIAN DOLLARS)	
						May 31		May 31
 						  2003	  	  2002
----------------------------------------------------------------------
Sales					 $  17,686,387	 $  17,977,529
Expenses 		
Cost of sales 				    13,335,938	    13,860,912
Selling, general & administration expenses   3,811,603	     3,083,589
Depreciation and amortization		       414,366	       345,178
Interest expense			       114,817	       166,091
Other 	             			             - 	       (8,077)
				         -----------------------------
Total Expenses				    17,676,724      17,447,693
					 -----------------------------
Net income before taxes				 9,663	       529,836
Future Income Taxes 			             -	       576,000
					 -----------------------------
Net Income					 9,663	     1,105,836
					 -----------------------------
Deficit, beginning of period		  (23,212,864)    (13,438,168)
Preferred Share Dividends			     -		 3,450
					 -----------------------------
Deficit, end of period			  (23,203,201)	  (12,335,782)
					 -----------------------------		
EARNINGS PER SHARE		
   Basic					$ 0.00	       $  0.08
   Fully diluted				$ 0.00	       $  0.07
Weighted average number of shares 
outstanding				    14,759,151	    13,593,310
----------------------------------------------------------------------
LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME		
(EXPRESSED IN UNITED STATES DOLLARS)
						May 31		May 31
 						  2003		  2002
----------------------------------------------------------------------
Sales					 $  12,285,626	 $  11,430,997
Expenses		
Cost of sales 				     9,263,641	     8,813,450
Selling, general & administration expenses   2,647,683       1,960,698
Depreciation and amortization		       287,834	       219,481
Interest expense				79,756	       105,609
Other 						     -	       (5,136)
					 -----------------------------
Total Expenses				    12,278,914	    11,094,101
					 -----------------------------	
Net income before taxes				 6,712	       336,896
Future Income Taxes 				     -	       366,249
					 -----------------------------
Net Income 					 6,712	       703,145
					 -----------------------------
Deficit, beginning of period		  (15,676,561)	   (9,404,297)
Preferred Share Dividends			     -		 2,194
					 -----------------------------
Deficit, end of period			  (15,669,849)	   (8,703,346)
					 -----------------------------
EARNINGS PER SHARE		
   Basic					$ 0.00	       $  0.05
   Fully diluted				$ 0.00	       $  0.04
Weighted average number of shares 
outstanding				    14,759,151      13,593,310
----------------------------------------------------------------------

 

We Build Brands™
About Leading Brands, Inc.


####