Lifeway Foods Reports Record Quarter
Lifeway Foods, Inc., Morton Grove, Ill., last month reported record revenues of $3.78 million for its second quarter, or an increase of about 25%, versus $3 million in the same quarter last year.
On August 14 the company disclosed its financial results for the second quarter and six-month period ended June 30. Lifeway revenues for the first six months also rose about 20% to $7.08 million, up from revenues of $8.89 million for the same period a year ago.
Net income for the quarter was just over $691,000, an increase of 96% compared to last year. Julie Smolyansky, president and CEO commented, "We are extremely pleased with our results for the quarter and half year. Along with steady growth in our existing customer base we have aggressively targeted new and emerging markets with our La FrutaT line. The natural and health food market continues to show positive growth for Lifeway Organic Kefir and Lifeway SoyTreatT. We are also extremely pleased with the results of the published Ohio State University study regarding the benefits of Lifeway kefir for lactose intolerant individuals. Such positive results should help increase awareness of Lifeway kefir's health benefits among a wider audience of customers."