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






 

NEWS RELEASE

LEADING BRANDS, INC. ANNOUNCES Q2 RESULTS

Company Reports Net Income of $0.02US ($0.03Cdn) Per Share Comparable YTD Revenue Growth 17%


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


LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(Unaudited)		
(EXPRESSED IN CANADIAN DOLLARS)
                                                         Three months     Three months     Six months       Six months
                                                         ending August    ending August    ending August    ending August
                                                         31, 2003         31, 2002         31, 2003         31,2002
---------------------------------------------------------------------------------------------------------------------
Sales                                                 $  17,178,255    $  24,095,304   $   34,864,642  $   42,072,833
Expenses (Income) 		
Cost of sales                                             12,950,913      18,488,680       26,286,851      32,349,592
Operations, selling, general 
& administration expenses                                  4,207,622       4,291,749        8,019,226       7,375,338
Depreciation and amortization                                391,399         385,567          805,764         730,745
Interest expense                                             125,282         188,391          240,099         354,482
Other                                                            -                -              -             (8,077)
                                                      ----------------------------------------------------------------
                                                          17,675,216      23,354,387       35,351,940       40,802,080
                                                      ----------------------------------------------------------------
Net income (loss) before taxes                              (496,961)        740,917         (487,298)       1,270,753
Current income taxes                                        (414,970)           -            (414,970)           -           
Future Income Taxes                                        1,326,000         435,000        1,326,000        1,011,000
                                                       ---------------------------------------------------------------
Net Income after income taxes                                414,069       1,175,917          423,732        2,281,753
                                                       ---------------------------------------------------------------
Deficit, beginning of period                             (23,203,201)    (12,335,782)     (23,212,864)     (13,438,168)
Preferred Share Dividends                                       -             17,250             -              20,700
                                                        ---------------------------------------------------------------
Deficit, end of period                                ($  22,789,132) ($  11,177,115)   ($ 22,789,132)  ($  11,177,115)
                                                        ---------------------------------------------------------------		
EARNINGS PER SHARE		
   Basic                                                      $ 0.03         $  0.09            $0.03            $0.17
   Fully diluted                                              $ 0.03         $  0.07            $0.03            $0.14
Weighted average number of shares 
outstanding                                               14,962,955      13,573,078       14,861,053       13,563,232
-----------------------------------------------------------------------------------------------------------------------
LEADING BRANDS, INC.		
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(Unaudited)		
(EXPRESSED IN UNITED STATES DOLLARS)
                                                         Three months     Three months     Six months       Six months
                                                         ending August    ending August    ending August    ending August
                                                         31, 2003         31, 2002         31, 2003         31,2002
---------------------------------------------------------------------------------------------------------------------
Sales                                                 $  12,481,475    $  15,560,416   $   24,767,102  $   26,991,413
Expenses (Income) 		
Cost of sales                                              9,409,949      11,939,735       18,673,591      20,753,185
Operations, selling, general 
& administration expenses                                  3,057,198       2,771,553        5,704,881       4,732,251
Depreciation and amortization                                284,385         248,994          572,219         468,475
Interest expense                                              91,028         121,660          170,784         227,268
Other                                                            -                -              -             (5,136)
                                                      ----------------------------------------------------------------
                                                          12,842,560      15,081,942       25,121,475       26,176,043
                                                      ----------------------------------------------------------------
Net income (loss) before taxes                              (361,085)        478,474         (354,373)         815,370
Current income taxes                                        (301,511)           -            (301,511)           -           
Future Income Taxes                                          963,453         280,917          963,453          647,166
                                                       ---------------------------------------------------------------
Net Income after income taxes                                300,857         759,391          307,569        1,462,536
                                                       ---------------------------------------------------------------
Deficit, beginning of period                             (23,203,201)    ( 8,703,346)     (15,676,561)     ( 9,404,297)
Preferred Share Dividends                                       -             11,140             -              13,334
                                                        ---------------------------------------------------------------
Deficit, end of period                                ($  15,368,992) ($   7,955,095)   ($ 15,368,992)  ($   7,955,095)
                                                        ---------------------------------------------------------------		
EARNINGS PER SHARE		
   Basic                                                      $ 0.02         $  0.06            $0.02            $0.11
   Fully diluted                                              $ 0.02         $  0.05            $0.02            $0.09
Weighted average number of shares 
outstanding                                               14,962,955      13,573,078       14,861,053       13,563,232
-----------------------------------------------------------------------------------------------------------------------

 

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