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






 

NEWS RELEASE

LEADING BRANDS, INC. ANNOUNCES FISCAL 2003 YEAR END RESULTS


VANCOUVER, CANADA - June 17, 2004 - LEADING BRANDS, INC. (NASDAQ: LBIX), North America’s only fully integrated premium beverage company, announces results for its 2003 fiscal year ended February 29, 2004.

About Leading Brands, Inc.

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©2004 Leading Brands, Inc.

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LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME (LOSS)	
(EXPRESSED IN CANADIAN DOLLARS)
                                                        February 29      February 28                                                         
                                                               2004             2003
-------------------------------------------------------------------------------------
Sales                                                 $  56,680,106    $  73,808,314         
Expenses		
Cost of sales                                            43,134,373       59,234,777
Selling, general & administration expenses               14,193,563       13,991,004
Depreciation and amortization                             1,629,664        1,600,932
Interest expense                                            463,833          645,170
Other expenses (income)                                      12,405           (9,188)
                                                     -------------------------------
Total Expenses                                           59,433,838       75,462,695
                                                     -------------------------------
Net loss before taxes                                    (2,753,732)      (1,654,381)
Current income taxes                                         (5,385)           -           
Future Income Taxes                                       1,099,912        2,081,000
                                                     -------------------------------
Net Income (loss) after income taxes                     (1,659,205)         426,619
                                                     -------------------------------
Write down of deferred costs                              (863,912)           -				
Write down of investment                                     -          (10,166,815)
                                                     -------------------------------
Net Loss                                                (2,523,117)      (9,740,196)
                                                     -------------------------------
Deficit, beginning of period                           (23,212,864)     (13,438,168)
Preferred Share Dividends                                    -               34,500
                                                     -------------------------------
Deficit, end of period                                 (25,735,981)     (23,212,864)
                                                     -------------------------------		
LOSS PER SHARE		
   Basic                                                  $  (0.17)        $  (0.71)
   Fully diluted                                          $  (0.17)        $  (0.71)
Weighted average number of shares outstanding           14,949,575       13,754,598
------------------------------------------------------------------------------------
LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME (LOSS)	
(EXPRESSED IN UNITED STATES DOLLARS)
                                                        February 29      February 28                                                         
                                                               2004             2003
------------------------------------------------------------------------------------
Sales                                                 $  41,502,604    $  47,361,598         
Expenses		
Cost of sales                                            31,584,076       38,009,995
Selling, general & administration expenses               10,392,885        8,977,802
Depreciation and amortization                             1,193,281        1,027,292
Interest expense                                            339,630          413,996
Other expenses (income)                                       9,083           (5,897)
                                                     -------------------------------
Total Expenses                                           43,518,955       48,423,188
                                                     -------------------------------
Net loss before taxes                                    (2,016,351)      (1,061,590)
Current income taxes                                         (3,943)           -           
Future Income Taxes                                         805,383        1,335,344
                                                     -------------------------------
Net Income (loss) after income taxes                     (1,214,911)         273,754
                                                     -------------------------------
Write down of deferred costs                               (632,579)           -				
Write down of investment                                      -           (6,523,880)
                                                      -------------------------------
Net Loss                                                 (1,847,490)      (6,250,126)
                                                      -------------------------------
Deficit, beginning of period                            (15,676,561)      (9,404,297)
Preferred Share Dividends                                     -               22,138
                                                      -------------------------------
Deficit, end of period                                  (17,524,051)     (15,676,561)
                                                      -------------------------------		
LOSS PER SHARE		
   Basic                                                   $  (0.12)        $  (0.46)
   Fully diluted                                           $  (0.12)        $  (0.46)
Weighted average number of shares outstanding            14,949,575       13,754,598
-------------------------------------------------------------------------------------

 

 


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