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Lifeway Foods Inc. Reports Operating Results (10-Q)

November 15, 2010 | About:
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10qk

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Lifeway Foods Inc. (LWAY) filed Quarterly Report for the period ended 2010-09-30.

Lifeway Foods Inc. has a market cap of $161.41 million; its shares were traded at around $9.69 with a P/E ratio of 35.89 and P/S ratio of 2.78. Lifeway Foods Inc. had an annual average earning growth of 20.8% over the past 10 years. GuruFocus rated Lifeway Foods Inc. the business predictability rank of 4.5-star.LWAY is in the portfolios of Mario Gabelli of GAMCO Investors.
This is the annual revenues and earnings per share of LWAY over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LWAY.


Highlight of Business Operations:

Total other income during the nine-month period ending September 30, 2010 was $4,289 compared with total other expenses of $463,219 during the same period in 2009. This increase is primarily attributable to a lower interest expense related to the February 6, 2009 Fresh Made Dairy acquisition. Interest expenses during the nine-month period ending September 30, 2010 were $262,274 compared to $364,337 in the year ago period. The company also had gains on the sale of marketable securities, which was $53,097 during the nine-month period ending September 30, 2010, compared with a loss of $274,296 during the same period in 2009. Marketable securities are discussed in Note 5 of the Notes to Consolidated Financial Statements.

Total net income was $3,858,029, or $0.23 per share for the nine-month period ended September 30, 2010 compared to $5,450,109, or $0.32 per share, for the same period in 2009. This represents a 29% decrease in net income from the nine-month period ended September 30, 2010 when compared to the same period in 2009.

Net cash used in investing activities was $419,391 during the nine months ended September 30, 2010, which is a decrease of $3,301,171when compared to the same period in 2009. This decrease is primarily due to the Company s acquisition of Fresh Made Dairy, net of cash acquired in the previous year. The Company purchased $1,681,740 of property, plant and equipment during the first nine months of 2010 when compared to the purchases of $1,020,776 during the same period in 2009. This represents an increase of $660,964 in the purchase of equipment during the nine months ended September 30, 2010, when compared to the same period in 2009.

Lifeway had a net increase in cash and cash equivalents of $219,250 during the nine months ended September 30, 2010, compared to a net increase in cash and cash equivalents of $527,139 during the same period in 2009. Lifeway had cash and cash equivalents at the end September 30, 2010 of $849,657, compared to cash and cash equivalents at the end September 30, 2009 of $804,387.

Total assets were $52,438,323 during the nine-months ended September 30, 2010, which is an increase of $271,107 when compared to the same period in 2009. Additionally, the value of the Company s property, plant and equipment was $14,930,309 as of September 30, 2010, which is an increase of $1,118,270 from September 30, 2009.

Total current liabilities were $8,627,521 during the nine months ended September 30, 2010, which is a decrease of $467,665 when compared to the same period in 2009. This is primarily due to a decrease in current maturities of notes payable of $2,622,226 when compared to September 30, 2009. This decrease was partially offset by an increase in checks written in excess of bank balances and accrued income taxes of $1,002,101 and $567,926, respectively, when compared to September 30, 2010.

Read the The complete Report

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