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






 

NEWS RELEASE

LEADING BRANDS, INC. ANNOUNCES Q1 RESULTS

Record Cash Inflow from Operations


VANCOUVER, CANADA - June 28, 2004 - LEADING BRANDS, INC. (NASDAQ: LBIX), North America’s only fully integrated premium beverage company, announces its operating results, including record cash inflow from operations, for the first quarter of its 2004 fiscal year ended May 31, 2004.

About Leading Brands, Inc.

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©2004 Leading Brands, Inc.

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LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)	
(EXPRESSED IN UNITED STATES DOLLARS)
                                                             May 31           May 31                                                         
                                                               2004             2003
-------------------------------------------------------------------------------------
Sales                                                 $   9,339,582    $  12,285,626         
Expenses		
Cost of sales                                             6,327,369        9,263,642
Selling, general & administration expenses                1,941,378        2,647,682
Depreciation and amortization                               224,065          287,834
Interest expense                                             77,248           79,756
Other                                                         1,866             -
                                                     -------------------------------
Total Expenses                                            8,571,926       12,278,914
                                                     -------------------------------
Net income before taxes                                     767,656            6,712
Income taxes                                               (371,320)            -           
                                                     -------------------------------
Net Income                                                  396,336            6,712
                                                     -------------------------------
Deficit, beginning of period, as previously reported    (17,524,051)     (15,676,561)
Adjustment for change in accounting for stock-based 
compensation                                               (836,350)            -
Accumulated deficit, beginning of period, as restated   (18,360,401)     (15,676,561)
                                                     -------------------------------
Deficit, end of period                               $  (17,964,065)  $  (15,669,849)
                                                     -------------------------------		
EARNINGS PER SHARE		
   Basic                                                   $   0.03          $  0.00
   Fully diluted                                           $   0.03          $  0.00
Weighted average number of shares outstanding            15,040,169       14,759,151
------------------------------------------------------------------------------------
LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)	
(EXPRESSED IN CANADIAN DOLLARS)
                                                             May 31           May 31                                                         
                                                               2004             2003
-------------------------------------------------------------------------------------
Sales                                                 $   12,595,361    $  17,686,387         
Expenses		
Cost of sales                                             8,533,090       13,335,938
Selling, general & administration expenses                2,618,142        3,811,603
Depreciation and amortization                               302,175          414,366
Interest expense                                            104,176          114,817
Other                                                         2,517             -
                                                     -------------------------------
Total Expenses                                           11,560,100       17,676,724
                                                     -------------------------------
Net income before taxes                                   1,035,261            9,663
Income taxes                                               (500,762)            -           
                                                     -------------------------------
Net Income                                                  534,499            9,663
                                                     -------------------------------
Deficit, beginning of period, as previously reported    (25,735,980)     (23,212,864)
Adjustment for change in accounting for stock-based 
compensation                                             (1,117,113)            -
Accumulated deficit, beginning of period, as restated   (26,853,093)     (23,212,864)
                                                     -------------------------------
Deficit, end of period                               $  (26,318,594)  $  (23,203,201)
                                                     -------------------------------		
EARNINGS PER SHARE		
   Basic                                                   $   0.04          $  0.00
   Fully diluted                                           $   0.04          $  0.00
Weighted average number of shares outstanding            15,040,169       14,759,151
-------------------------------------------------------------------------------------

 

 


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