Lifeway Meals, Inc. Broadcasts Outcomes for the Second Quarter Ended June 30, 2022

Web gross sales enhance 14.8% year-over-year to $33.5 million; up 33.9% in comparison with 2020…

Lifeway Meals, Inc. Broadcasts Outcomes for the Second Quarter Ended June 30, 2022

Web gross sales enhance 14.8% year-over-year to $33.5 million; up 33.9% in comparison with 2020

Delivers 11th straight quarter of year-over-year internet gross sales progress

MORTON GROVE, Unwell., Sept. 26, 2022 /PRNewswire/ — Lifeway Meals, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Firm”), a number one U.S. provider of kefir and fermented probiotic merchandise to help the microbiome, as we speak reported monetary outcomes for the second quarter ended June 30, 2022.

“I’m excited to report one more consecutive quarter of progress at Lifeway, pushed primarily by the continued sturdy efficiency of our core drinkable Kefir,” commented Julie Smolyansky, Lifeway’s President and Chief Government Officer. “All through 2022 we have now continued to execute on our strategic initiatives, elevating client consciousness and model engagement, which has led to ongoing enchancment in model efficiency. That is highlighted within the second quarter by our 14.8% year-over-year internet gross sales enhance. Regardless of the industry-wide inflationary pressures and cautious spending traits, our prospects have confirmed they are going to stay centered on intestine well being and diet. The sturdy demand for Lifeway merchandise is signaled by our expanded distribution and accelerating velocities with key retail companions. Moreover, we proceed to guage choices to extend our presence in excessive visibility away-from-home areas together with universities, small format comfort shops and healthcare settings. I stay up for constructing upon this unbelievable momentum we have now garnered within the final two years, and maximizing positive aspects for our enterprise and our shareholders within the again half of 2022 and into 2023.”

Second Quarter 2022 Outcomes

Web gross sales have been $33.5 million for the second quarter ended June 30, 2022, a rise of $4.3 million or 14.8% from the identical interval in 2021. The online gross sales enhance was primarily pushed by greater volumes of our branded drinkable kefir and the impression of value will increase applied through the first quarter of 2022, and to a lesser extent the favorable impression of our acquisition of GlenOaks Farms through the third quarter of 2021.

Gross revenue as a share of internet gross sales was 17.0% for the second quarter ended June 30, 2022.

Promoting, normal and administrative bills elevated $0.1 million to $5.3 million for the second quarter ended June 30, 2022, from $5.2 million throughout the identical interval in 2021.

The Firm reported internet revenue of $0.1 million or $0.01 per primary and diluted frequent share for the second quarter ended June 30, 2022.

Delayed Reporting of Monetary Outcomes

As beforehand introduced, the Firm skilled delays in reporting its monetary outcomes and submitting its 10-Ok for the yr ended December 31, 2021, which was subsequently filed on July 21, 2022. Consequently, the reporting of monetary outcomes and submitting of its 10-Q for the second quarter ended June 30, 2022 was additionally delayed.

About Lifeway Meals, Inc.

Lifeway Meals, Inc., which has been acknowledged as considered one of Forbes’ Finest Small Firms, is America’s main provider of the probiotic, fermented beverage generally known as kefir. Along with its line of drinkable kefir, the corporate additionally produces cheese, probiotic oat milk, and a ProBugs line for youths. Lifeway’s tart and tangy fermented dairy merchandise are actually offered throughout america, Mexico, Eire and France. Find out how Lifeway is nice for extra than simply you at lifewayfoods.com.

Ahead-Wanting Statements

This launch (and oral statements made relating to the topics of this launch) comprises “forward-looking statements” as outlined within the Personal Securities Litigation Reform Act of 1995 relating to, amongst different issues, future working and monetary efficiency, product growth, market place, enterprise technique and aims. These statements use phrases, and variations of phrases, comparable to “proceed,” “construct,” “future,” “enhance,” “drive,” “imagine,” “look,” “forward,” “assured,” “ship,” “outlook,” “anticipate,” and “predict.” Different examples of ahead trying statements might embody, however will not be restricted to, (i) statements of Firm plans and aims, together with the introduction of recent merchandise, or estimates or predictions of actions by prospects or suppliers, (ii) statements of future financial efficiency, and (III) statements of assumptions underlying different statements and statements about Lifeway or its enterprise. You’re cautioned to not depend on these forward-looking statements. These statements are based mostly on present expectations of future occasions and thus are inherently topic to uncertainty. If underlying assumptions show inaccurate or recognized or unknown dangers or uncertainties materialize, precise outcomes may range materially from Lifeway’s expectations and projections. These dangers, uncertainties, and different components embody: value competitors; the choices of consumers or customers; the actions of opponents; modifications within the pricing of commodities; the results of presidency regulation; attainable delays within the introduction of recent merchandise; and buyer acceptance of services and products. An additional checklist and outline of those dangers, uncertainties, and different components will be present in Lifeway’s Annual Report on Kind 10-Ok for the fiscal yr ended December 31, 2021, and the Firm’s subsequent filings with the SEC. Copies of those filings can be found on-line at https://www.sec.gov, http://lifewaykefir.com/investor-relations/, or on request from Lifeway. Info on this launch is as of the dates and time durations indicated herein, and Lifeway doesn’t undertake to replace any of the knowledge contained in these supplies, besides as required by regulation. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESS RELEASE.

For media inquiries:
Derek Miller 
Vice President of Communications, Lifeway Meals
Electronic mail: [email protected]

For normal Lifeway Meals inquiries:
[email protected]
Telephone: 847-967-1010

LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Steadiness Sheets
June 30, 2022 and December 31, 2021
(In hundreds)

 



June 30,
2022



December 31,




Unaudited



2021


Present belongings









Money and money equivalents


$

6,494



$

9,233


Accounts receivable, internet of allowance for uncertain accounts and reductions & allowances of $1,220 and $1,170 at June 30, 2022 and December 31, 2021 respectively



10,354




9,930


Inventories, internet



8,436




8,285


Pay as you go bills and different present belongings



1,100




1,254


Refundable revenue taxes



784




344


Complete present belongings



27,168




29,046











Property, plant and tools, internet



20,595




20,130


Working lease right-of-use asset



179




216


Goodwill



11,704




11,704


Intangible belongings, internet



7,708




7,978


Different belongings



1,800




1,800


Complete belongings


$

69,154



$

70,874











Present liabilities









Present portion of word payable


$

1,000



$

1,000


Accounts payable



6,859




6,614


Accrued bills



3,166




3,724


Accrued revenue taxes






725


Complete present liabilities



11,025




12,063


Line of credit score



2,777




2,777


Be aware payable



2,973




3,470


Working lease liabilities



86




85


Deferred revenue taxes, internet



3,201




3,201


Different long-term liabilities






147


Complete liabilities



20,062




21,743











Commitments and contingencies
















Stockholders’ fairness









Most popular inventory, no par worth; 2,500 shares approved; no shares issued or excellent at June 30, 2022 and December 31, 2021







Frequent inventory, no par worth; 40,000 shares approved; 17,274 shares issued; 15,473 and 15,435 excellent at June 30, 2022 and December 31, 2021, respectively



6,509




6,509


Paid-in capital



3,008




2,552


Treasury inventory, at price



(13,156)




(13,436)


Retained earnings



52,731




53,506


Complete stockholders’ fairness



49,092




49,131











Complete liabilities and stockholders’ fairness


$

69,154



$

70,874


 

See accompanying notes to consolidated monetary statements

LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the three and 6 months ended June 30, 2022 and 2021
(Unaudited)
(In hundreds, besides per share knowledge)

 



Three Months Ended

June 30,



Six Months Ended

June 30,




2022



2021



2022



2021















Web gross sales


$

33,491



$

29,162



$

67,590



$

58,538



















Value of products offered



27,207




20,846




55,070




41,358


Depreciation expense



587




639




1,243




1,454


Complete price of products offered



27,794




21,485




56,313




42,812



















Gross revenue



5,697




7,677




11,277




15,726



















Promoting bills



2,482




2,566




5,684




5,788


Common and administrative



2,839




2,617




6,131




5,508


Amortization expense



135







270





Complete working bills



5,456




5,183




12,085




11,296



















Revenue from operations



241




2,494




(808)




4,430



















Different revenue (expense):

















Curiosity expense



(52)




(20)




(94)




(42)


Achieve on investments












2


Loss on sale of property and tools






(76)







(83)


Different (expense) revenue, internet



(4)




(49)




(5)




(59)


Complete different revenue (expense)



(56)




(145)




(99)




(182)



















Revenue earlier than provision for revenue taxes



185




2,349




(907)




4,248



















Provision for revenue taxes



65




731




(132)




1,324



















Web revenue


$

120



$

1,618



$

(775)



$

2,924



















Earnings (loss) per frequent share:

















Fundamental


$

0.01



$

0.10



$

(0.05)



$

0.19


Diluted


$

0.01



$

0.10



$

(0.05)



$

0.19



















Weighted common frequent shares:

















Fundamental



15,466




15,639




15,450




15,622


Diluted



15,875




15,793




15,772




15,772


LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Money Flows
(Unaudited)
(In hundreds)

 



Six months ended June 30,




2022



2021


Money flows from working actions:









Web (loss) revenue


$

(775)



$

2,924


Changes to reconcile internet (loss) revenue to working money move:









Depreciation and amortization



1,513




1,454


Non-cash curiosity expense



3




9


Non-cash lease expense






51


Dangerous debt expense






(1)


Deferred income



(15)




(15)


Inventory-based compensation



547




301


Loss on sale of property and tools






83


(Improve) lower in working belongings:









Accounts receivable



(424)




(1,154)


Inventories



(151)




(361)


Refundable revenue taxes



(440)




(323)


Pay as you go bills and different present belongings



154




255


Improve (lower) in working liabilities:









Accounts payable



246




(305)


Accrued bills



(462)




1,276


Accrued revenue taxes



(725)




(547)


Web money (utilized in) offered by working actions



(529)




3,647











Money flows from investing actions:









Purchases of property and tools



(1,710)




(1,161)


Web money utilized in investing actions



(1,710)




(1,161)











Money flows from financing actions:









Reimbursement of word payable



(500)





Web money utilized in financing actions



(500)














Web (lower) enhance in money and money equivalents



(2,739)




2,486











Money and money equivalents originally of the interval



9,233




7,926











Money and money equivalents on the finish of the interval


$

6,494



$

10,412











Supplemental money move data:









Money paid for revenue taxes, internet


$

640



$

2,194


Money paid for curiosity


$

88



$

33











Non-cash investing actions









Improve (lower) in right-of-use belongings and working lease obligations


$

36



$

27


SOURCE Lifeway Meals, Inc.

Lifeway Meals, Inc. Broadcasts Outcomes for the Second Quarter Ended June 30, 2022

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