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Leading Brands, Inc. Announces Q2 And YTD Results

VANCOUVER, British Columbia, Sept. 30, 2010 (GLOBE NEWSWIRE) -- Leading Brands, Inc. (Nasdaq:LBIX), North America's only fully integrated healthy branded beverage company, announces results for the second quarter of its 2010 fiscal year, which ended August 31, 2010. All financial amounts are denominated in Canadian dollars.

Q2 net income before stock based compensation (SBC) was $632,000 or $0.16 per share versus $876,000 or $0.22 per share in the same quarter last year. Year to date net income before SBC was $1,110,000 or $0.28 per share as compared to $1,151,000 or $0.28 in the same period of fiscal 2009. Q2 net loss including SBC was $549,000 or $0.14 per share versus a net income including SBC of $809,000 or $0.20 per share in the same quarter of fiscal 2009.

As explained in our July 1, 2010 Q1 news release, the Company vested certain stock options in order to dramatically reduce future SBC expenses and eliminate the volatility caused by the variable pricing formula mandated under GAAP using the Black Scholes model on those options. Consequently, the Company recorded a onetime SBC charge of $948,000 in Q2. Therefore, YTD net loss including SBC was $141,000 or $0.04 per share as compared to a net income including SBC of $1,012,000 or $0.25 last year. 

Non-GAAP Income before SBC is determined as follows:

  Q2 2010 Q2 2009 YTD 2010 YTD 2009
Net income (loss)  ($549,000)  $809,000  ($141,000)  $1,012,000
Add back SBC  1,181,000  67,000  1,251,000  139,000
Net income before SBC  $ 632,000  $ 876,000 $1,110,000 $1,151,000

Non-GAAP earnings per share before SBC are determined as follows:

  Q2 2010 Q2 2009 YTD 2010 YTD  2009
Earnings (loss) per share  $ (0.14)  $ 0.20  $ (0.04)  $ 0.25
Add back SBC per share  0.30  0.02  0.32  0.03
Earnings per share before SBC  $ 0.16  $ 0.22  $ 0.28  $ 0.28

The Company will, for at least the balance of this fiscal year, report EBITDAS (earnings before interest, taxes, depreciation, amortization and stock based compensation) as a measure of its ability to generate cash and highlight this non-recurring, non-cash expense. 

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