MORTON GROVE, Ill., Feb. 27 /PRNewswire-FirstCall/ -- Lifeway Foods, Inc. (Nasdaq: LWAY) today reported record year-end results for the 2001 fiscal year. The company reported net income of $1,220,927 or $.28 per share on sales of $10,683,983 for the year ended December 31, 2001, compared to net income of $927,100 or $.21 per share on sales of $9,176,739 for the year ended December 31, 2000. Those figures represent a 16% increase in sales and a 32% increase in net income over 2000, also a record year.
Michael Smolyansky, President and CEO, attributed the company's strong performance in 2001 to continued expansion in mainstream markets, and the growing acceptance of SoyTreat(TM), the probiotic soy beverage, and Lifeway Organic(TM) lines, as well as the rising awareness of the probiotic health- related benefits of its flagship kefir beverages.
He predicted continued growth in 2002, generated in part by the recent expansion of Lifeway products into the Hispanic market under the brand name La Fruta(TM).
"Our growth in 2001 was almost identical to what we experienced in 2000, and we appear to be on track for stronger gains this year based on our results to date." Smolyansky added, "Our La Fruta products are performing exceptionally well in the Hispanic community, which represents the fastest- growing demographic in the United States, and the rest of our product line continues to sell briskly. We therefore have every reason to believe that 2002 will again break records for sales and profits."
Lifeway is a manufacturer of cultured, probiotic and functional food products in the health food industry, and is America's leading supplier of the cultured dairy product known as kefir. The Company markets 12 flavors of kefir and does a successful business exporting its products to Canada. The Company also participates in the organic and soy markets with Lifeway Organic(TM), Organic Kefir and Kefir Cheese, and America's first soy kefir called SoyTreat(TM).
For more information, contact Michael Smolyansky, President, Lifeway Foods, Inc. at (847) 967-1010 or e-mail at [email protected] or visit www.lifeway.net .
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.