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Ralph D. McRae,
Chairman and CEO
Leading Brands, Inc.
(604) 214-9722 ext. 238
[email protected]
Derek Henrey,
Chief Financial Officer
Leading Brands, Inc.
(604) 214-9722 Ext.313
[email protected]
Strategic
Growth International
Stan Altschuler/David Waldman
(516) 829-7111
[email protected]
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.
Download Press Release
with Financial Table Information in PDF
We Build Brands(TM)
About Leading Brands, Inc.
Leading Brands, Inc. (NASDAQ: LBIX, TSX: LBI) is the largest independent, fully integrated premium beverage company in Canada. The Company's unique Integrated Distribution System (IDS)™ offers turnkey, one-stop shopping to food and beverage brand owners, including manufacturing, distribution, sales/marketing and licensing. In addition, Leading Brands produces their own line of beverages such as TREK™, Johnny's Roadside® Iced Tea and Lemonade, Country Harvest® Juices, Caesar's® Bloody Caesar Cocktail, and Cool Canadian® Water. Leading Brands recently undertook a major expansion into the United States, with its US headquarters located in Stamford, CT. Its subsidiary, Quick, Inc. is building a home replenishment and delivery system for the new economy.
Statements in this news release that are not historical are to be regarded as forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties with respect to the Company's business include general economic conditions, weather conditions, changing beverage consumption trends, pricing, and the availability of raw materials and economic uncertainties, including currency.
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