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

 

 

 

NEWS RELEASE

LEADING BRANDS, INC. ANNOUNCES FISCAL 2002 YEAR END RESULTS Revenue Increased 15%


VANCOUVER, CANADA, June 17, 2003, LEADING BRANDS, INC. (NASDAQ: LBIX), North America’s only fully integrated premium beverage company, announces results for its 2002 fiscal year ended February 28, 2003.


LEADING BRANDS, INC.
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(UNAUDITED)
(EXPRESSED IN CANADIAN DOLLARS)
                                           February 28      February 28
                                                  2003             2002         
-----------------------------------------------------------------------
Sales	                                 $  73,808,314    $  64,370,879
Expenses 		
Cost of sales 	                            59,234,777       50,133,777
Selling, general & administration expenses  13,991,004        9,496,942
Depreciation and amortization	             1,600,932        1,979,503
Interest expense                               645,170	        978,793
Other 	                                       (9,188)	      (311,108)
                                         ------------------------------
Total Expenses	                            75,462,695	     62,277,907
                                         ------------------------------
Net income (loss) before taxes	           (1,654,381)	      2,092,972
Future Income Taxes 	                     2,081,000	       -
                                         ------------------------------
Net income after income taxes	               426,619	      2,092,972
Write down of investment 	          (10,166,815)	       -
                                         ------------------------------
Net Income (Loss)	                   (9,740,196)	      2,092,972
                                         ------------------------------		
Deficit, beginning of period              (13,438,168)	   (15,524,240)
Preferred Share Dividends	                34,500            6,900
                                         ------------------------------
Deficit, end of period	                  (23,212,864) 	   (13,438,168)
                                         ------------------------------
EARNINGS PER SHARE		
   Basic	                             $  (0.71)	        $  0.15
   Fully diluted	                     $  (0.71)	        $  0.15
Weighted average number of shares
outstanding                                 13,754,598       13,593,310
-----------------------------------------------------------------------
LEADING BRANDS, INC.
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(UNAUDITED)
(EXPRESSED IN UNITED STATES DOLLARS)
                                           February 28      February 28
                                                  2003             2002         
-----------------------------------------------------------------------
Sales	                                 $  47,361,598	  $  41,181,549
Expenses		
Cost of sales 	                            38,009,995	     32,073,301
Selling, general & administration expenses   8,977,802	      6,075,710
Depreciation and amortization	             1,027,292	      1,266,397
Interest expense	                       413,996	        626,186
Other 	                                       (5,897)	      (199,033)
                                         ------------------------------
Total Expenses	                            48,423,188	     39,842,561
                                         ------------------------------	
Net income (loss) before taxes	           (1,061,590)	      1,338,988
Future Income Taxes 	                     1,335,344	       -
                                         ------------------------------
Net income after income taxes	               273,754	      1,338,988
Write down of investment 	           (6,523,880)	       -
                                         ------------------------------
Net Income (Loss)	                   (6,250,126)	      1,338,988
Deficit, beginning of period	           (9,404,297)	   (10,738,871)
Preferred Share Dividends	                22,138	          4,414
                                         ------------------------------
Deficit, end of period	                  (15,676,561)      (9,404,297)
                                         ------------------------------
EARNINGS PER SHARE		
   Basic	                             $  (0.46)	        $  0.10
   Fully diluted	                     $  (0.46)	        $  0.10
Weighted average number of shares
outstanding	                            13,754,598       13,593,310
-----------------------------------------------------------------------

 

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