See feature article below: Leading Brands Inc. (NASDAQ: LBIX)
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Report For: Leading Brands Inc. (NASDAQ: LBIX)
Leading Brands, Inc. (LBIX) is North America’s only fully integrated healthy beverage company. Leading Brands creates, designs, bottles, distributes and markets its own proprietary premium beverage brands via its unique Integrated Distribution System (IDS)™ which involves the Company finding the best and most cost-effective route to market.
VANCOUVER, British Columbia, June 14, 2016 (GLOBE NEWSWIRE) — Leading Brands, Inc. (LBIX), North America’s only fully integrated healthy branded beverage company, announces results for its first quarter of fiscal 2016, which ended May 31, 2016. All financial amounts are denominated in Canadian dollars, with all financial figures rounded to the nearest $000.
Q1 2016 net income was $295,000 or $0.10 per share versus net loss of $(411,000) or $(0.15) per share in the same quarter of fiscal 2015. That is a positive swing of more than $700,000, or $0.25 per share, over Q1 last year and a testament to the cost savings implemented during fiscal 2015. SG&A expenses dropped by almost $300,000 in Q1 and gross profit margin rose to 38.7%. EBITDAS for Q1 was $492,000, or $0.17 per share.
Cash as at May 31, 2016 was $793,000, an increase of more than $500,000 over that on hand at year end. The slight decrease in revenue was attributable to a reduction in co-pack revenues, in the main offset by increased sales of branded beverages. The company also recorded a gain on the sale of a long-unused internet domain.
Sales of Happy Water® continue to grow, increasing 38% over Q1 2015. Most of the company’s new listings and foreign sales will impact Q2.
Gross profit margin for the quarter was 38.7%, up from 31.1% in the same quarter last year. Gross revenue for Q1 2016 was $3,034,000, versus $3,183,000 in the comparative period of last year.
Discounts, rebates and slotting fees were $180,000 in Q1 2016, an increase of $93,000 compared to the same period of the prior year as a result of new listing fees for Happy Water®. Selling, General and Administrative Expenses (“SG&A”) were $945,000 in Q1 of fiscal 2016, versus $1,232,000 in Q1 of the previous year.
As at May 31, 2016 the Company had outstanding 2,855,947 common shares.
Source – Company Press Release
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