Lifeway Foods, Inc. reported net income of $5.6 million, or $0.33 per share, in 2009. This was a large increase from the $1.9 million, or $0.11 per share, reported in 2008.
Lifeway Foods, Inc. reported revenues of $58.1 million in 2009, up 31% from $44.6 million in 2008. The company reported that gross profit nearly doubled over the same time frame, from $12.7 million in 2008 to $20.8 million in 2009.
Julie Smolyansky, the CEO of Lifeway Foods, Inc., said, “We are extremely pleased at our 2009 results as the year was a very exciting one for us. We had another record year for both revenue and earnings growth and we completed the purchase of our top competitor in the space. We also completed the opening of two new Starfruit retail shops. These shops have proven to be great new way for us to bring Kefir to a whole new market and demographic of people not previously exposed to our products and probiotics.”
The management of Lifeway Foods, Inc. was optimistic about business in 2010, citing anticipated first quarter revenues of $16 million. The company is also seeing a drop in product input costs on a year over year basis, with the price of raw milk reaching historic lows recently.
Lifeway Foods, Inc. is a food products company whose main product is a cultured dairy drink that contains kefir.