Lifeway Foods income down 21% in year
April 3, 2012
MORTON GROVE, ILL. — Income for Lifeway Foods, Inc. fell 21% during 2011, partly the result of the cost of conventional and organic milk.
For the year ended Dec. 31, 2011, the company had income of $2,855,421, equal to 17c per share on the common stock, which compared with income of $3,622,466, or 22c per share, during fiscal 2010. Sales for the year were $69,970,409, up 20% from $58,499,893.
“We are very pleased with our 2011 financial results and are excited to continue this strong momentum into 2012,” said Julie Smolyansky, chief executive officer. “In 2012 we will begin limited distribution of our Kefir products in Target, including 189 PFresh and 249 SuperTarget stores. In addition, our frozen kefir continues to gain momentum and we expect it to produce approximately $0.6 million in sales in the first quarter of 2012.”
During the fourth quarter the company sustained a loss of $400,000, which compared with a loss of $200,000 during the same period of the previous year. Total net sales for the quarter were $16.8 million, up 14% from $14.7 million during the same quarter of the previous year.