to Corporate Page]
Ralph D. McRae,
Chairman and CEO
Leading Brands, Inc.
(604) 214-9722 ext. 238
Chief Financial Officer
Leading Brands, Inc.
(604) 214-9722 Ext.313
Strategic Growth International
Stan Altschuler/David Waldman
Leading Brands, Inc. Announces 41% Increase in Revenue and 30% Increase In Net Income for the Second Quarter
Response to TREK™ Optimized Performance Beverage™ Continues to Exceed Expectations
- Spring Site Sets Record Volumes Each Month-
VANCOUVER, British Columbia--Sept. 25, 2002-- Response to TREK™ Optimized Performance Beverage™ Continues to Exceed Expectations -Spring Site Sets Record Volumes Each Month-
Leading Brands, Inc. LBIX(TSX:LBI), Canada's largest independent, fully integrated premium beverage company, is pleased to announce financial results for the second quarter of its 2002 fiscal year ended February 28, 2003.
Revenue for the quarter ended August 31, 2002 rose to $24,095,000Cdn ($15,560,000US) from $17,028,000Cdn ($11,116,000US) in the prior year, a gain of 41%. Net income for the quarter was $1,176,000Cdn ($759,000US) or $0.09Cdn ($0.06US) per share versus $902,000Cdn ($589,000US) or $0.06Cdn ($0.04US) per share for the quarter ending August 31, 2001, an increase of 30%.
Year to date revenues were $42,073,000Cdn ($26,991,000US), up from $37,154,000Cdn ($24,080,000US) last year. Net income for the first half of the year was $2,282,000Cdn ($1,463,000US) versus $2,083,000Cdn ($1,349,000US) in the first half of 2001.
The six month and quarterly revenue increase is attributable to significant growth in virtually every area of the Company's business. It is not solely the result of increasing sales of the Company's new TREK™ Optimized Performance Beverage™. Plant production volumes remained strong throughout the summer and the Company's spring site set new record volumes each month of the quarter.
Leading Brands Chairman & CEO Ralph D. McRae said: "In addition to growing our revenue 41%, we effectively managed our expenses and increased earnings an impressive 30% during an unprecedented product launch into one of the world's largest markets. We are thrilled with the overwhelming customer response to TREK™ Optimized Performance Beverage™, which continues to exceed our expectations in the markets where we have commenced distribution. We now have distribution across Canada and are dramatically expanding our market penetration in the United States."
You are invited to listen to the Leading Brands, Inc. conference call, which will be hosted today at 11:00 a.m. EDT with Ralph McRae, Chairman and CEO of Leading Brands, Inc.
TO PARTICIPATE IN THE CONFERENCE CALL PLEASE DIAL-IN: 416/641-6685.
We Build Brands(TM)
About Leading Brands, Inc.