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Lifeway Foods Q2 net income increases

Posted on: Mon, 17 Aug 2009 05:01:00 EDT

Symbols: LWAY

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Aug 17, 2009 (Datamonitor via COMTEX) --
LWAY | Quote | Chart | News | PowerRating -- Lifeway Foods has reported net income of $2.53 million or $0.15 earnings per share, for the second quarter ended June 30, 2009 compared to $911,718 or $0.05 earnings per share for the second quarter ended June 30, 2008.

For the three-month period ended June 30, 2009, sales for the company increased to $14.48 million compared to $11.52 million in the same period of 2008.

Net income for the six-month period ended June 30, 2009 increased to $4.08 million or $0.24 earnings per share, compared to $1.8 million or $0.11 earnings per share in the corresponding period of the prior year.

Sales for the six-month period ended June 30, 2009 were $28.21 million versus $22.64 million in the same period of 2008.

Edward Smolyansky, CFO of Lifeway Foods, said: "In addition to lower input costs, the acquisition in February 2009 of Fresh Made Dairy also added to our record quarter. We continue to generate very strong cash flows from this acquisition, and we are aggressively paying down our debt and strengthening our balance sheet.

"During the first seven months of 2009, we have paid down approximately $3 million in debt taken out to finance the acquisition as well as other current and long term liabilities."

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