0001072613-14-000198.txt : 20140331 0001072613-14-000198.hdr.sgml : 20140331 20140331163459 ACCESSION NUMBER: 0001072613-14-000198 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140331 DATE AS OF CHANGE: 20140331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIFEWAY FOODS INC CENTRAL INDEX KEY: 0000814586 STANDARD INDUSTRIAL CLASSIFICATION: DAIRY PRODUCTS [2020] IRS NUMBER: 363442829 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17363 FILM NUMBER: 14730544 BUSINESS ADDRESS: STREET 1: 6431 W OAKTON CITY: MORTON GROVE STATE: IL ZIP: 60053 BUSINESS PHONE: 7089671010 MAIL ADDRESS: STREET 1: 6431 W OAKTON CITY: MORTON GROVE STATE: IL ZIP: 60053 8-K 1 form8k_17636.htm FORM 8K form8k_17636.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 
 
FORM 8-K
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):   March 31, 2014
 
 
LIFEWAY FOODS, INC.
(Exact name of registrant as specified in its charter)
 
         
ILLINOIS
  
000-17363
  
36-3442829
(State or other jurisdiction of
incorporation)
  
(Commission File Number)
  
(I.R.S. Employer Identification No.)
         
         
6431 West Oakton St. Morton Grove, IL
  
60053
(Address of principal executive offices)
  
(Zip code)
 
 
Registrant’s telephone number, including area code: (847) 967-1010

 
N/A
(Former name or former address, if changed since last report)
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 2.02
Results of Operations and Financial Condition.

On March 31, 2014, Lifeway Foods, Inc. (the “Company”) announced the Company’s fourth quarter results for 2013.

A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.  This Form 8-K and Exhibit 99.1 are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.
 
 
 
Item 9.01
Financial Statements and Exhibits.

(d)               Exhibits.
 
 
99.1
Press release dated March 31, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 

 
 
LIFEWAY FOODS, INC.
 
 
  
Dated:   March 31, 2014
By:  
/s/ Edward Smolyansky  
  
   
Edward Smolyansky 
  
   
Chief Financial and Accounting Officer, Secretary and Treasurer
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EXHIBIT INDEX
 
 
 
 
Exhibit No. 
Description

99.1 
Press release dated March 31, 2014.
 
 
 
 
 
 
 
 
 
 
 EX-99.1 2 ex99-1_17636.htm PRESS RELEASE ex99-1_17636.htm
EXHIBIT 99.1
 
 

 
Lifeway Foods Announces Record Fourth Quarter and Full Year 2013 Financial Results

Full Year 2013 Gross Sales Increase 21% to $109.0 Million

Full Year 2013 Net Sales Increase 20% to $97.5 Million

Morton Grove, IL — March 31, 2014 — Lifeway Foods, Inc., (Nasdaq: LWAY), a leading supplier of cultured dairy products known as kefir and organic kefir, today announced results for the fourth quarter and full year ended December 31, 2013.

 “We are very pleased to report record net revenues for 2013, the highest in the Company’s history, and are confident that our strong growth will continue in fiscal 2014,” said Julie Smolyansky, CEO of Lifeway Foods, Inc.  “We are focused on our strategic plan to create innovative, healthy and nutritious food products for our customers while expanding distribution in the U.S. and abroad. We remain committed to wellness and continue to see positive business trends for Lifeway. We are already off to a strong start for 2014 and expect a 24% increase in net sales for the first quarter from the prior year. I am very excited for our future opportunities and believe we are well positioned for long-term sustainable growth that will allow us to increase value for shareholders.”

Fourth Quarter Results
Fourth quarter of 2013 gross sales increased 26% to $28.9 million compared to $22.9 million for the fourth quarter of 2012.  This increase is primarily attributable to increased sales and awareness of the Company’s flagship line, Kefir, as well as ProBugs® Organic Kefir for kids and BioKefir™.

Fourth quarter 2013 total consolidated net sales increased 26% to $26.3 million from $20.88 million in the fourth quarter of 2012. Net sales are recorded as gross sales less promotional activities such as slotting fees paid, couponing, spoilage and promotional allowances as well as early payment terms given to customers.

Cost of goods sold as a percentage of net sales, excluding depreciation expense, were approximately 80% during the fourth quarter of 2013, compared to approximately 65% during the same period in 2012. Gross profit for the fourth quarter of 2013 decreased 30% to approximately $4.8 million, compared to approximately $6.0 million in the fourth quarter of the prior year. The gross profit margin was 18% in the fourth quarter 2013 compared to 29% in the fourth quarter of 2012. The decrease was primarily attributable to the increased cost of conventional milk, the Company’s largest raw material.  The total cost of milk was approximately 30% higher during the fourth quarter 2013 when compared to the same period in 2013.
 
 
 
 
 
 
 
 
 
Operating expenses as a percentage of net sales were approximately 20% during the fourth quarter of 2013, compared to approximately 24% during the same period in 2012.  This was primarily attributable to a decrease in selling expenses, which decreased by $0.2 million to $3.0 million during the fourth quarter of 2013, from $3.2 million during the same period in 2012.

The Company reported a loss in operations of $0.4 million during the fourth quarter of 2013, a decrease of $2.2 million from reported income from operations of $1.8 million during the same period in 2012.

Provision for income tax was a benefit of $0.4 million for the fourth quarter 2013  compared to $0.7 million or a 40% effective tax rate during the same period in 2012.

Total net loss was $0.5 million, or $0.03 per diluted share, for the three-month period ended December 31, 2013 compared to net income of $1.1 million, or $0.07 per diluted share, in the same period in 2012. Net loss includes a $0.3 million pre-tax loss on disposition of assets due to the closing of a Starfruit store location. This is viewed as a one-time, non-cash expense.

2013 Year End Results
Total consolidated gross sales increased 21% or $19.2 million to approximately $109.0 million during the twelve-month period ended December 31, 2013 from $90.0 million during the same twelve-month period in 2012.  This increase is primarily attributable to increased sales and awareness of the Company’s flagship line, Kefir, as well as ProBugs® Organic Kefir for kids and BioKefir™.

Total consolidated net sales increased 20% or $16.2 million to $97.5 million during the twelve-month period ended December 31, 2013 from $81.4 million during the same twelve- month period in 2012.

Cost of goods sold as a percentage of net sales, excluding depreciation expense, were approximately 70% during the twelve- month period ended December 31, 2013, compared to approximately 65% during the same period in 2011. Gross profit for 2013 increased 4% to $27.6 million, compared to $26.6 million in 2012. The Company's gross profit margin was 28% compared to 33% in 2012.

Total operating income decreased $0.8 million, or approximately 9%, to $8.0 million during the twelve-month period ended December 31, 2013, from $8.8 million during the same period in 2012. The gross profit margin decline was primarily attributable to the cost of conventional and organic milk, our largest raw material.  The total cost of milk was approximately 25% higher in 2013 versus 2012.

Total net income was $5.0 million, or $0.30 per diluted share, for the twelve-month period ended December 31, 2013 compared to $5.6 million, or $0.34 per diluted share, in the same period in 2012.


 
 
 
Balance Sheet/Cash Flow Highlights
The Company had a net increase in cash and cash equivalents of  approximately $1.0 million during the twelve-month period ended December 31, 2013 compared to a net increase in cash and cash equivalents of $1.2 million during the same period in 2012.  The Company had cash and cash equivalents of approximately $3.3 million as of December 31, 2013 compared to cash and cash equivalents of $2.3 million as of December 31, 2012.

Total stockholder’s equity was approximately $42.9 million as of December 31, 2013, which is an increase of approximately $3.6 million when compared to December 31, 2012.  This is primarily due the increase in retained earnings of approximately $3.7 million when compared to December 31, 2012.

Conference Call
The Company will host a conference call to discuss these results with additional comments and details on Monday, March 31, 2014 at 4:30 p.m. ET. The call will be broadcast live over the Internet hosted at the Investor Relations section of Lifeway Foods’ website at www.lifeway.net, and will be archived online through April 14, 2014. In addition, listeners may dial 877-407-3982 in North America, and international listeners may dial 201-493-6780. Participants from the Company will be Julie Smolyansky, President and Chief Executive Officer, and Edward Smolyansky, Chief Financial Officer and Chief Operating Officer.

About Lifeway Foods

Lifeway Foods, Inc. (Nasdaq: LWAY), recently named one of Fortune Small Business' Fastest Growing Companies for the fifth consecutive year, is America's leading supplier of the cultured dairy products known as kefir and organic kefir. Lifeway Kefir is a dairy beverage that contains 10 exclusive live and active probiotic cultures plus ProBoost™. In addition to its line of Kefir products, the company produces a variety of Frozen Kefir and probiotic cheese products. Lifeway also sells frozen kefir, kefir smoothies and kefir parfaits through its Starfruit™ retail stores.

Find Lifeway Foods, Inc. on Facebook: www.facebook.com/lifewaykefir
Follow Lifeway Foods on Twitter: http://twitter.com/lifeway_kefir
YouTube: http://www.youtube.com/user/lifewaykefir

Forward Looking Statements
This news release contains forward-looking statements. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, competitive pressures and other important factors detailed in the Company's reports filed with the Securities and Exchange Commission.

Contact:
   
Lifeway Foods, Inc.
  
Phone: 877.281.3874
  
Email: info@Lifeway.net
 
  
Investor Relations:
  
   
ICR
  
   
Katie Turner
  
John Mills
646.277.1228
  

 
 
 
 
Consolidated Statements of Income and Comprehensive Income
For the Years Ended December 31, 2013 and 2012
 

   
(Unaudited)
  
   
Years Ended
  
   
December 31, 2013
  
   
2013
    
2012
  
Sales
   $ 108,966,094           $ 89,754,007        
Less: discounts and allowances
     (11,441,952 )           (8,402,742 )      
Net sales
     97,524,142       97,524,142       81,351,265       81,351,265  
                                 
Cost of goods sold
             68,290,014               53,098,191  
Depreciation expense
             1,626,575               1,629,594  
                                 
Total cost of goods sold
             69,916,589               54,727,785  
                                 
Gross profit
             27,607,553               26,623,480  
                                 
Selling expenses
             11,296,381               10,703,980  
General and administrative
             7,582,397               6,319,972  
Amortization expense
             712,803               754,817  
                                 
Total operating expenses
             19,591,581               17,778,769  
                                 
Income from operations
             8,015,972               8,844,711  
                                 
Other income (expense):
                                
Interest and dividend income
             116,380               85,383  
Rental income
             11,727               12,285  
Interest expense
             (203,365 )             (177,622 )
Gain (loss) on sale of investments, net
                                
reclassified from OCI
             195,500               71,286  
Loss on disposition of assets
             (304,958 )                
Other income (expense)
             10,577               (11,169 )
Total other income (expense)
             (174,139 )             (19,837 )
                                 
Income before provision for
                                
income taxes
             7,841,833               8,824,874  
                                 
Provision for income taxes
             2,866,875               3,205,076  
                                 
Net income
           $ 4,974,958             $ 5,619,798  
                                 
Basic and diluted earnings
                                
per common share
             0.30               0.34  
                                 
Weighted average number of
                                
shares outstanding
             16,346,017               16,373,224  
                                 
COMPREHENSIVE INCOME
                                
                                 
Net income
           $ 4,974,958             $ 5,619,798  
                                 
Other comprehensive income
                                
    (loss), net of tax:
                                
    Unrealized gains (losses) on
                                
      investments (net of tax)
             64,674               102,816  
    Less reclassification adjustment
                                
      for (gains) losses included in
                                
      net income (net of taxes)
             (110,458 )             (40,277 )
                                 
Comprehensive income
           $ 4,929,174             $ 5,682,337  
 
 
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