MORTON GROVE, ILL. — Increased sales, lower costs for milk and expense management contributed to a 116% increase in income at Lifeway Foods, Inc. during the first quarter.
For the quarter ended March 31, the company had income of $2,365,639, equal to 14c per share on the common stock, which compared with $1,094,989, or 7c per share, during the same quarter of the previous year. Sales for the quarter were $24,387,031, up 26% from $19,397,197.
The company said the increase in sales may be attributed to the Kefir line of products as well as ProBugs Organic Kefir for children and BioKefir.
“We started the year off strong as our record sales increase, combined with a lower cost of milk and management of our expenses enabled us to see a 100% increase in earnings for the first quarter of 2013,” said Julie Smolyansky, chief executive officer. “We continue to add new distribution in the U.S. and to expand Lifeway’s kefir probiotic reach beyond dairy aisles into other areas of the store. We continue to focus on expanding our complementary product portfolio to appeal to the increasingly health-conscious consumer. Looking ahead, we are prudently targeting new markets like the U.K. and remain optimistic about our future growth long-term both domestically and internationally.”