Probiotic foods maker Lifeway Foods this week reported net income for 2002 rose 39 per cent on the previous year to $1.7 million. The profits were driven by a 14 per cent increase in sales, which rose to $12.2 million for the fiscal year.
Julie Smolyansky, president and CEO of Lifeway, attributed the strong performance to increasing awareness of the benefits of its probiotic products. Further expansion in mainstream and specialty markets of the flagship kefir beverages, the probiotic soy drink SoyTreat and the organic and LaFruta range, (kefir beverages geared to the Hispanic market), also contributed to better sales according to the company.
Despite the death of Lifeway founder Michael Smolyansky last year, Lifeway still beat previous year's sales, "surpassing even certain analyst estimates", Julie Smolyansky said.
"Our product line was off to a very strong start for the beginning of 2003, which gives us every reason to believe that 2003 will again break records for sales and profits similarly to, if not greater than, Lifeway's performance in 2002," she added.
Lifeway markets 12 flavors of kefir and also exports its products to Canada.