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Leading Brands, Inc. Announces Q3 Net Income Before Stock Based Compensation (SBC) More Than Doubles To $0.07 Per Share

Net Income $0.01 Per Share Q3 EBITDAS Rises 18% Company to Continue Its Share Repurchase Program

VANCOUVER, British Columbia, Jan. 14, 2011 (GLOBE NEWSWIRE) -- Leading Brands, Inc. (Nasdaq:LBIX), North America's only fully integrated healthy branded beverage company, announces results for the third quarter of its 2010 fiscal year, which ended November 30, 2010. All financial amounts are denominated in Canadian dollars.

Q3 net income before stock based compensation (SBC) more than doubled to $253,000 or $0.07 per share versus $118,000 or $0.03 per share in the same quarter last year. Year to date net income before SBC was $1,362,000 or $0.35 per share as compared to $1,269,000 or $0.32 in the same period of fiscal 2009. Q3 net income was $47,000 or $0.01 per share versus net income of $66,000 or $0.02 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. Therefore, YTD net loss was $94,000 or $0.02 per share as compared to a net income of $1,078,000 or $0.27 last year.

Non-GAAP Income before SBC is determined as follows:
  Q3 2010 Q3 2009 YTD 2010 YTD 2009
         
Net income (loss) $ 47,000 $ 66,000 ($ 94,000) $ 1,078,000
Add back SBC 206,000 52,000 1,456,000 191,000
         
Net income before SBC $ 253,000 $ 118,000 $ 1,362,000 $ 1,269,000

Non-GAAP earnings per share before SBC are determined as follows:
  Q3 2010 Q3 2009 YTD 2010 YTD 2009
Earnings (loss) per share $ 0.01 $ 0.02 $ (0.02) $ 0.27
Add back SBC per share 0.06 0.01 0.37 0.05
         
Earnings per share before SBC $ 0.07 $ 0.03 $ 0.35 $ 0.32

The Company will, for at least the balance of this fiscal year, report non-GAAP 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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