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Leading Brands, Inc. Announces Q2 And YTD Results

Stocks in this article: LBIX

Q2 Net Income $592,000 or $0.19 per share ($0.17 fully diluted) YTD Net Income $1,004,000 or $0.32 per share ($0.30 fully diluted) Q2 EBITDAS $1,031,000 or $0.34 per share ($0.30 fully diluted) YTD EBITDAS $1,828,000 or $0.59 per share ($0.54 fully diluted)

VANCOUVER, British Columbia, Sept. 28, 2012 (GLOBE NEWSWIRE) -- Leading Brands, Inc. (Nasdaq:LBIX), North America's only fully integrated healthy branded beverage company, announces results for its second quarter and first half of fiscal 2012, which ended August 31, 2012. All financial amounts are denominated in Canadian dollars, with all financial figures rounded to the nearest $000.

Q2 2012 net income was $592,000 or $0.19 per share ($0.17 fully diluted) versus net income of $646,000 or ($0.19) per share in the same quarter of fiscal 2011. YTD net income was 1,004,000 or $0.32 per share ($0.30 fully diluted), versus net income of 1,094,000 or $0.31 in the first half of last year.

Q2 2012 net income before stock based compensation (SBC) was $636,000 or $0.21 per share ($0.19 fully diluted) versus $710,000 or $0.21 per share in the same quarter last year. YTD net income before SBC was $1,094,000 or $0.35 per share ($0.33 fully diluted) down from $1,327,000 or $0.38 ($0.36 fully diluted) a year ago.

Q2 2012 EBITDAS (Earnings Before Interest, Depreciation, Amortization and SBC) was $1,031,000 or $0.34 per share ($0.30 fully diluted), versus $1,202,000 or $0.0.35 per share during the same period last year. YTD EBITDAS decreased to $1,828,000 or $0.59 per share ($0.54 fully diluted) from $2,233,000 or $0.64 per share ($0.61 fully diluted) in the first half of fiscal 2011.

The reductions in net income, net income before SBC and EBITDAS were due to increased product development costs, both in Q2 and YTD, and costs incurred test marketing a new brand.

Non-GAAP Net Income before SBC is determined as follows:
         
  Q2 2012 Q2 2011 YTD  2012 YTD  2011
Net Income  $592,000  $646,000 $1,004,000 $1,094,000
Add back SBC  44,000  64,000 90,000 233,000
Net income before SBC  $636,000  $710,000 $1,094,000 $1,327,000
 
Non-GAAP Net Income per share before SBC is determined as follows:
         
  Q2 2012 Q2 2011 YTD  2012 YTD  2011
Net Income per share $0.19   $0.19 $0.32 $0.31
Add back SBC per share  0.02  0.02 0.03 0.07
Net Income per share before SBC  $0.21  $0.21 $0.35 $0.38
 
Pro-forma results for EBITDAS, as defined below, are determined as follows:  
   Q2  Q2 YTD YTD
   2012  2011 2012 2011
         
Net Income $592,000 $646,000 $1,004,000 $1,094,000
Add back:        
Interest  5,000  24,000 7,000 50,000
Depreciation and Amortization  163,000  169,000 322,000 335,000
Non-cash stock based compensation 44,000  64,000 90,000 233,000
Non-cash income tax expense  227,000  299,000 405,000 521,000
Total Add Backs 439,000  556,000 824,000 1,139,000
EBITDAS $1,031,000 $1,202,000 $1,828,000 $2,233,000
         
EBITDAS per share reconciles to earnings per share as follows:  
   Q2  2012  Q2  2011 YTD  2012 YTD  2011
Net Income per share $0.19   $0.19 $0.32 $0.31
Add back:        
Interest 0.00 0.01 0.01 0.01
Depreciation and Amortization 0.06 0.04 0.10 0.10
Non-cash stock based compensation 0.01 0.02 0.03 0.07
Non-cash income tax expense 0.08 0.09 0.13 0.15
  EBITDAS per share  $0.34  $0.35 $0.59 $0.64

Gross profit margin for the quarter was 41.9%, down slightly from 42.4% in the same quarter last year.

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