Lifeway Foods, makers of a nutritious, probiotic dairy beverage called kefir, announced today for the first quarter ended March 31, 2009, total consolidated sales increased 24% to $13,741,500 from $11,122,000 during the same period a year ago. The company's existing product lines grew 11% and the recently acquired Freshmade Dairy recorded revenues of $1,391,000 in the seven weeks from February 9, 2009 to March 31, 2009.
Edward Smolyansky, CFO commented, "We are extremely pleased with our first quarter 2009 revenue results. Given these tough economic times, the strong growth we experienced in the first quarter is a direct result of the marketing and educational initiatives we have invested in during the second half of 2008, and will serve as a strong foundation for future growth. In addition to the growth of the existing product lines, the recently acquired Freshmade Dairy recorded sales of $1,391,000 in the seven weeks since the transaction closed to March 31, 2009. We are very pleased at these results as well, as this subsidiary is on pace to exceed their 2008 sales."
Smolyansky added, "Given the increased cash flows derived both from the newly acquired company and the record low conventional milk prices we are currently experiencing, we have begun to aggressively pay down the debt related to the financing of the acquisition, and as of today we have paid down approximately $1 million of this debt, which is important initiative in keeping our balance sheet strong."
About Lifeway Foods
Lifeway, recently named Fortune Small Business' 97th Fastest Growing Small Business, and one of only 4 companies to ever be named to the list four straight years in a row, is America's leading supplier of the cultured dairy product known as kefir, and now America's only supplier of Organic Kefir. Lifeway Kefir is a dairy beverage that contains Lifeway's exclusive 10 Live and Active probiotic cultures. While most regular yogurt only contains two or three of these "friendly" cultures, Lifeway kefir products offer more nutritional benefits. Lifeway offers 12 different flavors of its Kefir beverage, Organic Kefir and SoyTreat (a soy based kefir). Lifeway recently introduced a series of innovative new products such as pomegranate kefir, Greek-style kefir, a children's line of organic kefir products called ProBugs (TM) in a no-spill pouch in kid-friendly flavors like Orange Creamy Crawler and Sublime Slime Lime, and a line of organic whole milk kefir. Lifeway also produces a line of products marketed in US Hispanic communities, called La Fruta, Drinkable Yogurt (yogurt drinks distinct from kefir). In addition to its line of Kefir products, the company produces a variety of cheese products and recently introduced a line of organic pudding called It's Pudding!
This news release contains forward-looking statements. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, competitive pressures and other important factors detailed in the Company's reports filed with the Securities and Exchange Commission.