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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2024
☐ TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to
__________
Commission File Number: 000-17363
LIFEWAY FOODS, INC.
(Exact name of registrant as specified in
its charter)
Illinois |
36-3442829 |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
6431 West Oakton, Morton Grove, IL 60053
(Address of principal executive offices, zip
code)
(847) 967-1010
(Registrant’s telephone number, including
area code)
Securities registered under Section 12(b) of
the Exchange Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, No Par Value |
LWAY |
NASDAQ Global Market |
Securities registered under Section 12(g) of the
Exchange Act:
None
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”,
and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)
|
Large accelerated Filer ☐ |
Accelerated Filer ☐ |
|
Non-accelerated Filer ☒ |
Smaller reporting company ☒ |
|
Emerging growth company ☐ |
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
Number of shares of Common Stock, no par value, outstanding as of Aug
6, 2024: 14,790,747.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
June 30, 2024 and December 31, 2023
(In thousands)
| |
| | |
| |
| |
June 30, 2024 | | |
December 31, | |
| |
(Unaudited) | | |
2023 | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 14,633 | | |
$ | 13,198 | |
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,550 and $1,270 at June 30, 2024 and December 31, 2023 respectively | |
| 14,526 | | |
| 13,875 | |
Inventories, net | |
| 8,454 | | |
| 9,104 | |
Prepaid expenses and other current assets | |
| 1,488 | | |
| 2,019 | |
Refundable income taxes | |
| 180 | | |
| – | |
Total current assets | |
| 39,281 | | |
| 38,196 | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 25,276 | | |
| 22,764 | |
Operating lease right-of-use asset | |
| 154 | | |
| 192 | |
Goodwill | |
| 11,704 | | |
| 11,704 | |
Intangible assets, net | |
| 6,628 | | |
| 6,898 | |
Other assets | |
| 1,900 | | |
| 1,900 | |
Total assets | |
$ | 84,943 | | |
$ | 81,654 | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Current portion of note payable | |
$ | – | | |
$ | 1,250 | |
Accounts payable | |
| 9,370 | | |
| 9,976 | |
Accrued expenses | |
| 4,487 | | |
| 4,916 | |
Accrued income taxes | |
| – | | |
| 474 | |
Total current liabilities | |
| 13,857 | | |
| 16,616 | |
Note payable | |
| – | | |
| 1,483 | |
Operating lease liabilities | |
| 88 | | |
| 118 | |
Deferred income taxes, net | |
| 3,001 | | |
| 3,001 | |
Total liabilities | |
| 16,946 | | |
| 21,218 | |
| |
| | | |
| | |
Commitments and contingencies (Note 9) | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at June 30, 2024 and December 31, 2023 | |
| – | | |
| – | |
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 14,791 outstanding at June
30, 2024 and December 31, 2023 | |
| 6,509 | | |
| 6,509 | |
Paid-in capital | |
| 5,532 | | |
| 4,825 | |
Treasury stock, at cost | |
| (16,050 | ) | |
| (16,695 | ) |
Retained earnings | |
| 72,006 | | |
| 65,797 | |
Total stockholders' equity | |
| 67,997 | | |
| 60,436 | |
| |
| | | |
| | |
Total liabilities and stockholders' equity | |
$ | 84,943 | | |
$ | 81,654 | |
See accompanying notes to consolidated financial
statements
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the three and six months ended June 30,
2024 and 2023
(Unaudited)
(In thousands, except per share data)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Net sales | |
$ | 49,157 | | |
$ | 39,230 | | |
$ | 93,791 | | |
$ | 77,134 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of goods sold | |
| 35,181 | | |
| 27,299 | | |
| 67,619 | | |
| 56,329 | |
Depreciation expense | |
| 701 | | |
| 651 | | |
| 1,362 | | |
| 1,299 | |
Total cost of goods sold | |
| 35,882 | | |
| 27,950 | | |
| 68,981 | | |
| 57,628 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 13,275 | | |
| 11,280 | | |
| 24,810 | | |
| 19,506 | |
| |
| | | |
| | | |
| | | |
| | |
Selling expense | |
| 3,577 | | |
| 2,571 | | |
| 7,277 | | |
| 6,090 | |
General and administrative expense | |
| 4,177 | | |
| 3,808 | | |
| 8,313 | | |
| 6,943 | |
Amortization expense | |
| 135 | | |
| 135 | | |
| 270 | | |
| 270 | |
Total operating expenses | |
| 7,889 | | |
| 6,514 | | |
| 15,860 | | |
| 13,303 | |
| |
| | | |
| | | |
| | | |
| | |
Income from operations | |
| 5,386 | | |
| 4,766 | | |
| 8,950 | | |
| 6,203 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (47 | ) | |
| (109 | ) | |
| (98 | ) | |
| (213 | ) |
Gain on sale of property and equipment | |
| – | | |
| 33 | | |
| – | | |
| 33 | |
Other income (expense), net | |
| 20 | | |
| (5 | ) | |
| 15 | | |
| – | |
Total other income (expense) | |
| (27 | ) | |
| (81 | ) | |
| (83 | ) | |
| (180 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 1,576 | | |
| 1,529 | | |
| 2,658 | | |
| 2,037 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 3,783 | | |
$ | 3,156 | | |
$ | 6,209 | | |
$ | 3,986 | |
| |
| | | |
| | | |
| | | |
| | |
Net earnings per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.26 | | |
$ | 0.22 | | |
$ | 0.42 | | |
$ | 0.27 | |
Diluted | |
$ | 0.25 | | |
$ | 0.21 | | |
$ | 0.41 | | |
$ | 0.26 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 14,727 | | |
| 14,654 | | |
| 14,709 | | |
| 14,649 | |
Diluted | |
| 15,197 | | |
| 15,084 | | |
| 15,176 | | |
| 15,058 | |
See accompanying notes to consolidated financial
statements
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders’
Equity
(Unaudited)
(In thousands)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | | |
| | |
| | |
| |
| |
Issued | | |
In treasury | | |
Paid-In | | |
Retained | | |
Total | |
| |
Shares | | |
$ | | |
Shares | | |
$ | | |
Capital | | |
Earnings | | |
Equity | |
Balance, January 1, 2023 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,629 | ) | |
$ | (16,993 | ) | |
$ | 3,624 | | |
$ | 54,430 | | |
$ | 47,570 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 343 | | |
| – | | |
| 343 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 830 | | |
| 830 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2023 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,629 | ) | |
$ | (16,993 | ) | |
$ | 3,967 | | |
$ | 55,260 | | |
$ | 48,743 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock in connection with stock-based compensation | |
| – | | |
| – | | |
| 11 | | |
| 73 | | |
| (112 | ) | |
| – | | |
| (39 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 312 | | |
| – | | |
| 312 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 3,156 | | |
| 3,156 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,618 | ) | |
$ | (16,920 | ) | |
$ | 4,167 | | |
$ | 58,416 | | |
$ | 52,172 | |
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders’
Equity
(Unaudited)
(In thousands)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | | |
| | |
| | |
| |
| |
Issued | | |
In treasury | | |
Paid-In | | |
Retained | | |
Total | |
| |
Shares | | |
$ | | |
Shares | | |
$ | | |
Capital | | |
Earnings | | |
Equity | |
Balance, January 1, 2024 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,583 | ) | |
$ | (16,695 | ) | |
$ | 4,825 | | |
$ | 65,797 | | |
$ | 60,436 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 673 | | |
| – | | |
| 673 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,426 | | |
| 2,426 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2024 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,583 | ) | |
$ | (16,695 | ) | |
$ | 5,498 | | |
$ | 68,223 | | |
$ | 63,535 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock in connection with stock-based compensation | |
| – | | |
| – | | |
| 89 | | |
| 575 | | |
| (739 | ) | |
| – | | |
| (164 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock on exercise of stock options | |
| – | | |
| – | | |
| 11 | | |
| 70 | | |
| 36 | | |
| – | | |
| 106 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 737 | | |
| – | | |
| 737 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 3,783 | | |
| 3,783 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2024 | |
| 17,274 | | |
$ | 6,509 | | |
| (2,483 | ) | |
$ | (16,050 | ) | |
$ | 5,532 | | |
$ | 72,006 | | |
$ | 67,997 | |
See accompanying notes to consolidated financial
statements
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
| |
| | |
| |
| |
Six months ended June 30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 6,209 | | |
$ | 3,986 | |
Adjustments to reconcile net income to operating cash flow: | |
| | | |
| | |
Depreciation and amortization | |
| 1,632 | | |
| 1,569 | |
Stock-based compensation | |
| 1,296 | | |
| 655 | |
Non-cash interest expense | |
| 17 | | |
| 3 | |
Bad debt expense | |
| – | | |
| 2 | |
Gain on sale of equipment | |
| – | | |
| (33 | ) |
(Increase) decrease in operating assets: | |
| | | |
| | |
Accounts receivable | |
| (651 | ) | |
| 91 | |
Inventories | |
| 650 | | |
| (39 | ) |
Refundable income taxes | |
| (180 | ) | |
| 40 | |
Prepaid expenses and other current assets | |
| 531 | | |
| 232 | |
Increase (decrease) in operating liabilities: | |
| | | |
| | |
Accounts payable | |
| (574 | ) | |
| (2,526 | ) |
Accrued expenses | |
| (366 | ) | |
| 451 | |
Accrued income taxes | |
| (474 | ) | |
| 1,024 | |
Net cash provided by operating activities | |
| 8,090 | | |
| 5,455 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of property and equipment | |
| (3,905 | ) | |
| (1,990 | ) |
Proceeds from sales or equipment | |
| – | | |
| 40 | |
Net cash used in investing activities | |
| (3,905 | ) | |
| (1,950 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Repayment of note payable | |
| (2,750 | ) | |
| (500 | ) |
Net cash used in financing activities | |
| (2,750 | ) | |
| (500 | ) |
| |
| | | |
| | |
Net increase in cash and cash equivalents | |
| 1,435 | | |
| 3,005 | |
| |
| | | |
| | |
Cash and cash equivalents at the beginning of the period | |
| 13,198 | | |
| 4,444 | |
| |
| | | |
| | |
Cash and cash equivalents at the end of the period | |
$ | 14,633 | | |
$ | 7,449 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Cash paid for income taxes, net of (refunds) | |
$ | 3,312 | | |
$ | 973 | |
Cash paid for interest | |
$ | 89 | | |
$ | 238 | |
| |
| | | |
| | |
Non-cash investing activities | |
| | | |
| | |
Accrued purchase of property and equipment | |
$ | 106 | | |
$ | 110 | |
See accompanying notes to consolidated financial
statements
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Unaudited)
(In thousands, except per share data)
Note 1 – Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim
financial information, and do not include certain information and footnote disclosures required for complete, audited financial statements.
In the opinion of management, these statements include all adjustments necessary for a fair presentation of the results of all interim
periods reported herein. The consolidated financial statements and related notes should be read in conjunction with the consolidated financial
statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Results
of operations for any interim period are not necessarily indicative of future or annual results.
Principles of consolidation
The consolidated financial statements include
the accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”).
All significant intercompany accounts and transactions have been eliminated.
Note 2 – Summary of Significant Accounting
Policies
Our significant accounting policies, which are
summarized in detail in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, have not materially changed. The following
is a description of certain of our significant accounting policies.
Use of estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the
consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based
and incentive compensation, and deferred income taxes.
Cash and cash equivalents
Lifeway considers cash and all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which
approximates or equals fair value due to their short-term nature.
Lifeway from time to time may have bank deposits
in excess of insurance limits of the Federal Deposit Insurance Corporation. The Company places its cash and cash equivalents with high
credit quality financial institutions. Lifeway has not experienced any losses in such accounts and believes the financial risks associated
with these financial instruments are minimal.
Advertising and promotional costs
Advertising costs are expensed as incurred and
reported in Selling expense in the Company’s consolidated statement of operations. Total advertising expense was $2,531 and $2,006
for the six months ended June 30, 2024 and 2023, respectively. Total advertising expense was $1,159 and $543 for the three months ended
June 30, 2024 and 2023, respectively.
Segments
The Company is managed as a single reportable
segment. The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), reviews financial
information on an aggregate basis for purposes of allocating resources and assessing financial performance, as well as for making strategic
operational decisions and managing the organization. Substantially all of Lifeway’s consolidated revenues relate to the sale of
cultured dairy products that it produces using the same processes and materials and are sold to consumers through a common network of
distributors and retailers in the United States.
Recent accounting pronouncements
Issued but not yet effective
In November 2023, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07: Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures. The new guidance requires entities to report incremental information about significant segment expenses
included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance
also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually.
The new standard is effective for our annual period ending December 31, 2024 and our interim periods during the fiscal year ending December
31, 2025. The guidance does not affect recognition or measurement in the Company’s consolidated financial statements.
In December 2023, the FASB issued
ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose
additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and
income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and
unrecognized deferred tax liabilities. The guidance is effective for our fiscal year ending December 31, 2024. The guidance does not
affect recognition or measurement in the Company’s consolidated financial statements.
Note 3 – Inventories, net
Inventories consisted of the following:
Schedule of inventories | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Ingredients | |
$ | 1,944 | | |
$ | 2,929 | |
Packaging | |
| 3,150 | | |
| 3,014 | |
Finished goods | |
| 3,360 | | |
| 3,161 | |
Total inventories, net | |
$ | 8,454 | | |
$ | 9,104 | |
Note 4 – Property, Plant and Equipment, net
Property, plant and equipment consisted of the following:
Schedule of property, plant and equipment | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Land | |
$ | 1,565 | | |
$ | 1,565 | |
Buildings and improvements | |
| 22,110 | | |
| 21,661 | |
Machinery and equipment | |
| 35,217 | | |
| 33,573 | |
Vehicles | |
| 705 | | |
| 705 | |
Office equipment | |
| 1,072 | | |
| 1,072 | |
Construction in process | |
| 3,774 | | |
| 2,154 | |
| |
| 64,443 | | |
| 60,730 | |
Less accumulated depreciation | |
| (39,167 | ) | |
| (37,966 | ) |
Total property, plant and equipment, net | |
$ | 25,276 | | |
$ | 22,764 | |
Note 5 – Goodwill and Intangible Assets
Goodwill
Goodwill consisted of the following:
Schedule of goodwill | |
| |
| |
Total | |
Balance at December 31, 2023 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Balance at June 30, 2024 | |
| |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Intangible Assets
Other intangible assets, net consisted of the following:
Schedule of finite-lived intangible assets | |
| | |
| | |
| | |
| | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Gross | | |
| | |
Net | | |
Gross | | |
| | |
Net | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Carrying | | |
Accumulated | | |
Carrying | |
| |
Amount | | |
Amortization | | |
Amount | | |
Amount | | |
Amortization | | |
Amount | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Recipes | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | |
Customer lists and other customer related intangibles | |
| 4,529 | | |
| (4,529 | ) | |
| – | | |
| 4,529 | | |
| (4,529 | ) | |
| – | |
Customer relationships | |
| 3,385 | | |
| (1,452 | ) | |
| 1,933 | | |
| 3,385 | | |
| (1,372 | ) | |
| 2,013 | |
Brand names | |
| 7,948 | | |
| (3,253 | ) | |
| 4,695 | | |
| 7,948 | | |
| (3,063 | ) | |
| 4,885 | |
Formula | |
| 438 | | |
| (438 | ) | |
| – | | |
| 438 | | |
| (438 | ) | |
| – | |
Total intangible assets, net | |
$ | 16,344 | | |
$ | (9,716 | ) | |
$ | 6,628 | | |
$ | 16,344 | | |
$ | (9,446 | ) | |
$ | 6,898 | |
Estimated amortization expense on intangible assets
for the next five years is as follows:
Schedule of estimated amortization expense on intangible assets | |
| |
Year | |
Amortization | |
Six months ended December 31, 2024 | |
$ | 270 | |
2024 | |
$ | 540 | |
2025 | |
$ | 540 | |
2026 | |
$ | 540 | |
2027 | |
$ | 540 | |
The weighted-average remaining amortization expense
period for the customer relationship and brand name intangible assets is 12.1 and 12.4 years, respectively, as of June 30, 2024. The weighted-average
remaining amortization expense period for total intangible assets is 12.3 years as of June 30, 2024.
Note 6 – Accrued Expenses
Accrued expenses consisted of the following:
Schedule of accrued expenses | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Payroll and incentive compensation | |
$ | 3,309 | | |
$ | 3,853 | |
Real estate taxes | |
| 479 | | |
| 442 | |
Utilities | |
| 394 | | |
| 241 | |
Current portion of operating lease liabilities | |
| 66 | | |
| 74 | |
Other | |
| 239 | | |
| 306 | |
Total accrued expenses | |
$ | 4,487 | | |
$ | 4,916 | |
Note 7 – Debt
Note payable consisted of the following:
Schedule of debt | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Term loan due August 18, 2026. Interest payable monthly. | |
$ | – | | |
$ | 2,750 | |
Unamortized deferred financing costs | |
| – | | |
| (17 | ) |
Total note payable | |
| – | | |
| 2,733 | |
Less current portion | |
| – | | |
| (1,250 | ) |
Total long-term portion | |
$ | – | | |
$ | 1,483 | |
The Company paid the outstanding term loan balance
of $2,250 in full during the second quarter of 2024 and expensed the remaining unamortized deferred financing costs.
Credit Agreement
The Company is party to an Amended and Restated
Loan and Security Agreement (as amended and modified from time to time, the “Credit Agreement”) with its existing lender and
certain of its subsidiaries. The Credit Agreement provides for, among other things, a $5 million term loan to be repaid in quarterly installments
of principal and interest over a term of five years, a revolving line of credit up to a maximum of $5 million (the “Revolving Credit
Facility”) and an incremental facility not to exceed $5 million. The termination date of the term loan is August 18, 2026, unless
earlier terminated. The termination date of the revolving credit facility is June 30, 2025, unless earlier terminated.
All outstanding amounts under the Credit Agreement
bear interest at the Secured Overnight Financing Rate (“SOFR”), plus 2.07%. Interest is payable monthly in arrears. Lifeway
is also required to pay a quarterly unused revolving line of credit fee of 0.20% and, in conjunction with the issuance of any letters
of credit, a letter of credit fee of 0.20%.
The Credit Agreement includes customary representations,
warranties, and covenants, including financial covenants requiring the Company to maintain a fixed charge coverage ratio of no less than
1.25 to 1.00, and a minimum working capital financial covenant, as defined, of no less than $11.25 million, in each of the fiscal quarters
ending through the expiration date. The Credit Agreement provides for events of default, including failure to repay principal and interest
when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts due under the
Credit Agreement may be accelerated. The loans and all other amounts due and owed under the Credit Agreement and related documents are
secured by substantially all of the Company’s assets.
Lifeway was in compliance with the fixed charge
coverage ratio and minimum working capital covenants at June 30, 2024.
Revolving Credit Facility
As of June 30, 2024, the Company had $0 outstanding
under the Revolving Credit Facility. The Company had $5,000 available for future borrowings under the Revolving Credit Facility as of
June 30, 2024.
Note 8 – Leases
The Company leases certain machinery and equipment
with fixed base rent payments and variable costs based on usage. Remaining lease terms for these leases range from less than one year
to six years. The Company includes lease extension options, if applicable and reasonably certain to be exercised, in the calculation of
the right-of-use asset and lease liabilities. Lifeway includes only fixed payments for lease components in the measurement of the right-of-use
asset and lease liability. Variable lease payments are those that vary because of changes in facts or circumstances occurring after the
commencement date, other than the passage of time. There are no residual value guarantees. Lifeway does not currently have leases which
meet the finance lease classification as defined under ASC 842.
Lifeway treats contracts as a lease when the contract
conveys the right to use a physically distinct asset for a period of time in exchange for consideration, it directs the use of the asset
and obtains substantially all the economic benefits of the asset.
Right-of-use assets and lease liabilities are
measured and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date.
Lifeway has elected the practical expedient to combine lease and non-lease components into a single component for all of its leases. When
the Company is unable to determine an implicit interest rate, it uses its incremental borrowing rate based on the information available
at the commencement date in determining the present value of future payments for those leases. Lifeway includes options to extend or terminate
the lease in the measurement of the right-of-use asset and lease liability when it is reasonably certain that it will exercise such options.
Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
The Company does not record leases with an initial
term of 12 months or less on the balance sheet. Expense for these short-term leases is recorded on a straight-line basis over the lease
term. Total lease expense was $77 and $61 (including short term leases) for the six months ended June 30, 2024 and 2023, respectively.
Total lease expense was $42 and $30 (including short term leases) for the three months ended June 30, 2024 and 2023, respectively.
Future maturities of lease liabilities were as
follows:
Schedule of future maturities of lease liabilities | |
| |
Year | |
Operating Leases | |
Six months ended December 31, 2024 | |
$ | 42 | |
2025 | |
| 55 | |
2026 | |
| 31 | |
2027 | |
| 21 | |
2028 | |
| 17 | |
Thereafter | |
| 10 | |
Total lease payments | |
| 176 | |
Less: Interest | |
| (22 | ) |
Present value of lease liabilities | |
$ | 154 | |
The weighted-average remaining lease term for
its operating leases was 3.4 years as of June 30, 2024. The weighted average discount rate of its operating leases was 9.25% as of June
30, 2024. Cash paid for amounts included in the measurement of lease liabilities was $46 for the six months ended June 30, 2024 and 2023.
Cash paid for amounts included in the measurement of lease liabilities was $22 and $21 for the three months ended June 30, 2024 and 2023,
respectively.
Note 9 – Commitments and contingencies
Litigation
Lifeway is involved in various legal proceedings,
claims, disputes, regulatory matters, audits, and proceedings arising in the ordinary course of, or incidental, to the Company’s
business, including commercial disputes, product liabilities, intellectual property matters and employment-related matters.
Lifeway records provisions in the consolidated
financial statements for pending legal matters when it believes it is probable that a loss will be incurred and the amount of such loss
can be reasonably estimated. The Company evaluates, on a periodic basis, developments in legal matters that could affect the amount of
any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both
probable and estimable, it does not establish an accrued liability. Currently, none of its accruals for outstanding legal matters are
material individually or in the aggregate to its financial position and it is management’s opinion that the ultimate resolution
of these outstanding legal matters will not have a material adverse effect on its business, financial condition, results of operations,
or cash flows. However, if the Company is ultimately required to make payments in connection with an adverse outcome, it is possible that
such contingency could have a material adverse effect on the Company’s business, financial condition, results of operations or cash
flows.
Note 10 – Income taxes
Income taxes were recognized at effective rates
of 30.0% and 33.8% for the six months ended June 30, 2024 and 2023, respectively. Income taxes were recognized at effective rates of 29.4%
and 32.6% for the three months ended June 30, 2024 and 2023, respectively.
The Company calculates the provision for income
taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year, excluding unusual or
infrequently occurring discrete items, and applies that rate to income (loss) before provision for income taxes for the period.
The Company’s effective tax rate may change
from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the jurisdictional
mix of earnings, enacted tax legislation, state income taxes, the impact of non-deductible items, changes in valuation allowances, settlement
of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits. The Company records discrete
income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur. The Company consistently
reflects non-deductible officer compensation expense, non-deductible compensation expense related to equity incentive awards and separate
state tax rates from period to period. Although similar items were reflected in 2024, the percentage effect is different due to the difference
in pre-tax income in 2024 compared to 2023.
Unrecognized tax benefits were $0 at June 30,
2024 and 2023. The Company does not expect material changes to its unrecognized tax benefits during the next twelve months.
Note 11 – Stock-based and Other Compensation
Omnibus Incentive Plan
In December 2015, Lifeway stockholders approved
the 2015 Omnibus Incentive Plan, which authorized the issuance of an aggregate of 3.5 million shares to satisfy awards of stock options,
stock appreciation rights, unrestricted stock, restricted stock, restricted stock units, performance shares and performance units to qualifying
employees. Under the 2015 Omnibus Incentive Plan, the Board of Directors or its Compensation Committee approves stock awards to executive
officers and certain senior executives, generally in the form of restricted stock or performance shares. The number of performance shares
that participants may earn depends on the extent to which the corresponding performance goals have been achieved. Stock awards generally
vest over a three-year performance or service period. At June 30, 2024, no shares remain available for award under the 2015 Omnibus Incentive
Plan as it was terminated on August 31, 2022. However, any outstanding awards under the 2015 Omnibus Incentive Plan are unaffected by
the termination of the 2015 Omnibus Incentive Plan or by the approval of the 2022 Omnibus Incentive Plan (the “2022 Plan”)
as described below.
On August 31, 2022, Lifeway stockholders approved
the 2022 Plan. Under the 2022 Plan, the Compensation Committee of the Board of Directors may grant awards of various types of compensation,
including, nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance
shares, performance units, cash-based awards and other stock-based awards. The maximum number of shares authorized to be awarded under
the 2022 Plan is 3.25 million shares of common stock, which includes shares that remained available under the now terminated 2015 Omnibus
Incentive Plan.
Awards granted under the 2022 Plan are generally
subject to a minimum vesting period of at least one year. Awards may be subject to cliff-vesting or graded-vesting conditions, with graded
vesting starting no earlier than one year after the grant date. The Plan Administrator may provide for shorter vesting periods in an award
agreement for no more than five percent of the maximum number of shares authorized for issuance under the 2022 Plan. As of June 30, 2024,
2.64 million shares remain available to award under the 2022 Plan.
Stock Options
The following table summarizes stock option activity during the six
months ended June 30, 2024:
Schedule of stock option activity | |
| | |
| | |
| | |
| |
| |
Options | | |
Weighted average exercise price | | |
Weighted average remaining contractual life | | |
Aggregate intrinsic value | |
| |
| (In thousands) | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 41 | | |
$ | 10.42 | | |
| 2.21 | | |
$ | 121 | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| (11 | ) | |
| 10.41 | | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 30 | | |
$ | 10.42 | | |
| 1.72 | | |
$ | 70 | |
Exercisable at June 30, 2024 | |
| 30 | | |
$ | 10.42 | | |
| 1.72 | | |
$ | 70 | |
Restricted Stock Units
A Restricted Stock Unit (“RSU”) represents
the right to receive one share of common stock in the future. RSUs have no exercise price. The grant date fair value of the awards is
determined by the Company’s closing stock price on the grant date. Lifeway expenses RSUs over the vesting period. The following
table summarizes RSU activity during the three months ended June 30, 2024.
Schedule of RSUs activity | |
| | |
| |
| |
Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
| |
(In thousands) | | |
| |
Outstanding at December 31, 2023 | |
| 207 | | |
$ | 6.89 | |
Granted | |
| 33 | | |
| 13.73 | |
Shares issued upon vesting | |
| (7 | ) | |
| 6.88 | |
Forfeited | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 233 | | |
$ | 7.84 | |
Vested and deferred at June 30, 2024 | |
| 90 | | |
$ | 6.93 | |
For the six months ended June 30, 2024 and
2023 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $468
and $202,
respectively. For the six months ended June 30, 2024 and 2023 tax-related benefits of $131
and $57,
respectively, were also recognized. For the three months ended June 30, 2024 and 2023 total pre-tax stock-based compensation expense
recognized in the consolidated statements of operations was $235
and $98,
respectively. For the three months ended June 30, 2024 and 2023 tax-related benefits of $66
and $29,
respectively, were also recognized. Future compensation expense related to restricted stock units was $706
as of June 30, 2024 and will be recognized on a weighted average basis over the next 1.2
years.
Long-Term Incentive Plan Compensation
Lifeway has established long-term incentive-based
compensation programs for certain senior executives and key employees pursuant to the terms of its incentive plans.
2020 CEO Incentive Award
During the fourth quarter 2020, Lifeway awarded
a long-term equity-based incentive of $750 to its Chief Executive Officer (the “2020 CEO Award”) depending on Lifeway’s
2020 performance levels compared to the respective targets. The equity-based incentive compensation is payable in restricted stock that
vests one-third in April 2022, one-third in April 2023, and one-third in April 2024. The issuance of vested equity awards is subject to
approval under the Stock Purchase Agreement dated October 1, 1999. For the six months ended June 30, 2024 and 2023, $24 and $69 was expensed
as stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June 30, 2024
and 2023, $6 and $26 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively. As of
June 30, 2024, all compensation has been recognized.
2021 Equity Award
The 2021 long-term equity incentive plan compensation
is based on Lifeway’s achievement of adjusted EBITDA performance versus the respective target established by the Board of Directors
for 2021. Under the 2021 plan, collectively the participants earned equity-based incentive compensation of $1,069 based on Lifeway’s
achievement of the respective financial target. The equity-based incentive compensation is payable in restricted stock that vests one-third
in April 2022, one-third in April 2023, and one-third in April 2024. For the six months ended June 30, 2024 and 2023, $40 and $128 was
expensed as stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June
30, 2024 and 2023, $7 and $44 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively.
As of June 30, 2024, all compensation has been recognized.
2022 Equity Award
Under the 2022 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2022 to 2024. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 125,066 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $6.25 dollars per share. For the six months ended June 30, 2024 and 2023, $288 and $240 was expensed as
stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June 30, 2024
and 2023, $132 and $127 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2022 long-term incentive plan also granted
restricted stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each
of the first three anniversaries of the August 31, 2022 grant date. The stock-based compensation expense for these awards is included
in the Restricted Stock Units section above.
2023 Equity Award
Under the 2023 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2023 to 2025. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 115,622 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $6.88 dollars per share. For the six months ended June 30, 2024 and 2023, $255 and $16 was expensed as
stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June 30, 2024
and 2023, $124 and $16 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2023 long-term incentive plan also granted
restricted stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each
of the first three anniversaries of the June 16, 2023 grant date. The stock-based compensation expense for these awards is included in
the Restricted Stock Units section above.
2024 Equity Award
Under the 2024 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2024 to 2026. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 64,986 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $13.73 dollars per share. For the six months ended June 30, 2024 and 2023, $221 and $0 was expensed as
stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June 30, 2024
and 2023, $119 and $0 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2024 long-term incentive plan also granted
restricted stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each
of the first three anniversaries of the January 10, 2024 grant date. The stock-based compensation expense for these awards is included
in the Restricted Stock Units section above.
Non-Employee Director Plan
On August 31, 2022, Lifeway stockholders approved
the 2022 Non-Employee Director Equity and Deferred Compensation Plan, as amended by Amendment No. 1 approved by the Board on June 7, 2024
(the “2022 Director Plan”), which authorizes the grant of restricted stock units (“RSUs”), which will vest on
such schedule as the Company, in its sole discretion, shall determine. Each non-employee director of the Company is eligible to be a participant
in the 2022 Director Plan until they no longer serve as a non-employee director. As of the date of each annual shareholder meeting, or
such other date as the Board shall determine, the Company may grant each director a number of RSUs for such year and set the vesting schedule
for the RSUs granted. Whether and how many RSUs the Company will grant to directors in any year is subject to the sole discretion of the
Company and shall in any event be subject to the 2022 Director Plan’s overall share limits. The maximum aggregate number of shares
of common stock that may be issued under the 2022 Director Plan is 500 thousand shares. As of June 30, 2024, 419 thousand shares remain
available to award under the 2022 Director Plan. The aggregate fair market value of shares underlying RSU compensation that may be issued
as RSU compensation to a director in any year shall not exceed $170. In addition to the grant of RSUs, the 2022 Director Plan also provides
for the deferral by electing participants of all or part of their cash and/or RSU compensation (in 10% increments) into a deferred RSU
account as RSUs. Deferred benefits are paid in a lump sum upon the applicable director’s departure from the Board of Directors.
Retirement Benefits
Lifeway has a defined contribution plan which
is available to all full-time employees. Under the terms of the plan, the Company matches employee contributions under a prescribed formula.
For the six months ended June 30, 2024 and 2023 total contribution expense recognized in the consolidated statements of operations was
$362 and $258, respectively. For the three months ended June 30, 2024 and 2023, total contribution expense recognized in the consolidated
statements of operations was $169 and $108, respectively.
Note 12 - Earnings Per Share
The following table summarizes the effects of the share-based compensation
awards on the weighted average number of shares outstanding used in calculating diluted earnings per share:
Schedule of weighted average number of shares outstanding | |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
(In thousands) | |
Weighted average common shares outstanding | |
| 14,727 | | |
| 14,654 | | |
| 14,709 | | |
| 14,649 | |
Assumed exercise/vesting of equity awards | |
| 470 | | |
| 430 | | |
| 467 | | |
| 409 | |
Weighted average diluted common shares outstanding | |
| 15,197 | | |
| 15,084 | | |
| 15,176 | | |
| 15,058 | |
Note 13 – Disaggregation of Revenue and Significant Customers
Lifeway’s primary product is drinkable kefir.
The Company manufactures (directly or through a co-manufacturer) and markets products under the Lifeway, Fresh Made, and GlenOaks Farms
brand names, as well as under private labels on behalf of certain customers.
The Company’s product categories are:
|
· |
Drinkable kefir, a cultured dairy product sold in a variety of organic and non-organic sizes, flavors, and types. |
|
· |
European-style soft cheeses, including farmer cheese, white cheese, and Sweet Kiss. |
|
· |
Cream and other, which primarily consists of cream, a byproduct of raw milk processing. |
|
· |
Drinkable yogurt, sold in a variety of sizes and flavors. |
|
· |
ProBugs, a line of kefir products designed for children. |
|
· |
Other dairy, which primarily consists of Fresh Made butter and sour cream. |
Net sales of products by category were as follows
for the six months ended June 30:
Schedule of sales of products by category | |
| | |
| | |
| | |
| |
| |
2024 | | |
2023 | |
In thousands | |
$ | | |
% | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| |
Drinkable Kefir other than ProBugs | |
| 77,543 | | |
| 83% | | |
| 61,139 | | |
| 79% | |
Cheese | |
| 6,892 | | |
| 7% | | |
| 6,721 | | |
| 9% | |
Cream and other | |
| 3,987 | | |
| 4% | | |
| 3,551 | | |
| 5% | |
Drinkable Yogurt | |
| 2,918 | | |
| 3% | | |
| 3,275 | | |
| 4% | |
ProBugs Kefir | |
| 1,750 | | |
| 2% | | |
| 1,670 | | |
| 2% | |
Other dairy | |
| 701 | | |
| 1% | | |
| 778 | | |
| 1% | |
Net Sales | |
| 93,791 | | |
| 100% | | |
| 77,134 | | |
| 100% | |
Net sales of products by category were as follows
for the three months ended June 30:
| |
| | |
| | |
| | |
| |
| |
2024 | | |
2023 | |
In thousands | |
$ | | |
% | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| |
Drinkable Kefir other than ProBugs | |
| 41,010 | | |
| 83% | | |
| 31,339 | | |
| 80% | |
Cheese | |
| 3,377 | | |
| 7% | | |
| 3,376 | | |
| 9% | |
Cream and other | |
| 2,171 | | |
| 4% | | |
| 1,659 | | |
| 4% | |
Drinkable Yogurt | |
| 1,382 | | |
| 3% | | |
| 1,631 | | |
| 4% | |
ProBugs Kefir | |
| 884 | | |
| 2% | | |
| 862 | | |
| 2% | |
Other dairy | |
| 333 | | |
| 1% | | |
| 363 | | |
| 1% | |
Net Sales | |
| 49,157 | | |
| 100% | | |
| 39,230 | | |
| 100% | |
Significant Customers
Sales are predominately to companies in the retail
food industry located within the United States. Two major customers accounted for a total of approximately 26% and 23% of net sales for
the six months ended June 30, 2024 and 2023, respectively. Two major customers accounted for a total of approximately 27% and 22% of net
sales for the three months ended June 30, 2024 and 2023, respectively.
Geographic Information
Net sales outside the of the United States represented
less than 1% of total consolidated net sales for the six months and three months ended June 30, 2024 and 2023. Net sales are determined
based on the destination where the products are shipped by Lifeway.
All the Company’s long-lived assets are
in the United States.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Management’s Discussion and Analysis of
Financial Condition and Results of Operations (“MD&A”) in this Form 10-Q is provided as a supplement to, and should be
read in conjunction with, our audited consolidated financial statements, the accompanying notes, and the MD&A included in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”). Unless otherwise specified, any description
of “our”, “we”, and “us” in this MD&A refer to Lifeway Foods, Inc. and our subsidiaries.
Cautionary Statement Regarding Forward-Looking
Statements
In addition to historical information, this quarterly
report contains “forward-looking” statements within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as “anticipate,” “from
time to time,” “intend,” “plan,” “ongoing,” “realize,” “should,” “may,”
“could," "believe," "future," "depend," "expect," "will," "result,"
"can," "remain," "assurance," "subject to," "require," "limit," "impose,"
"guarantee," "restrict," "continue," "become," "predict," "likely," "opportunities,"
"effect," "change," "predict," and "estimate,” and similar terms or terminology, or the negative
of such terms or other comparable terminology. Examples of forward-looking statements include, among others, statements we make regarding:
|
· |
Expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, if any; |
|
· |
Strategy for acquisitions, customer retention, growth, product development, market position, financial results and reserves; |
|
· |
Estimates of the amounts of sales allowances and discounts to our customers and consumers; |
|
· |
Our belief that we will maintain compliance with our loan agreements and have sufficient liquidity to fund our business operations. |
Forward looking statements are based on management’s
beliefs, assumptions, estimates and observations of future events based on information available to our management at the time the statements
are made and include any statements that do not relate to any historical or current fact. These statements are not guarantees of future
performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may
differ materially from what is expressed, implied or forecast by our forward-looking statements due in part to the risks, uncertainties,
and assumptions that include:
|
· |
Changes in the pricing of commodities; |
|
· |
The actions and decisions of our competitors and customers, including those related to price competition; |
|
· |
Our ability to successfully implement our business strategy; |
|
· |
The effects of government regulation; |
|
· |
Disruptions to our supply chain, or our manufacturing and distribution capabilities, including those due to cybersecurity threats; and |
|
· |
Such other factors as discussed throughout Part I, Item 1 “Business”; Part I, Item 1A “Risk Factors”; and Part II, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2023 , Part II, Item 1A of this Form 10-Q and that are described from time to time in our other periodic reports filed with the SEC. |
These factors are not necessarily all of the
important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements.
Other unknown or unpredictable factors could also have material adverse effects on future results. The Company intends these forward-looking
statements to speak only at the date made. Except as otherwise required to be disclosed in periodic reports required to be filed by public
companies with the SEC pursuant to the SEC's rules, Lifeway has no duty to update these statements, and it undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Business Overview
Lifeway was founded in 1986 by Michael Smolyansky,
ten years after he and his family emigrated from Eastern Europe to the United States. Lifeway was the first to successfully introduce
kefir to the U.S. consumer on a commercial scale, initially catering to ethnic consumers in the Chicago, Illinois metropolitan area. Lifeway
has grown to become the largest producer and marketer of kefir in the U.S. and an important player in the broader market spaces of probiotic-based
products and natural, “better for you” foods.
Our primary product is drinkable kefir, a cultured
dairy product. Lifeway Kefir is tart and tangy, high in protein, calcium and vitamin D. The Company manufactures (directly or through
a co-manufacturer) and markets products under the Lifeway, Fresh Made, and GlenOaks Farms brand names, as well as under private labels
on behalf of certain customers.
The Company’s product categories are:
|
· |
Drinkable Kefir, a cultured dairy product sold in a variety of organic and non-organic sizes, flavors, and types. |
|
· |
European-style soft cheeses, including farmer cheese, white cheese, and Sweet Kiss. |
|
· |
Cream and other, which primarily consists of cream, a byproduct of raw milk processing. |
|
· |
Drinkable Yogurt, sold in a variety of sizes and flavors. |
|
· |
ProBugs, a line of kefir products designed for children. |
|
· |
Other Dairy, which primarily consists of Fresh Made butter and sour cream. |
Trends and Uncertainties
Current Macroeconomic Environment and Inflation Impact
Since 2022, we experienced inflationary and cost
pressures due to volatility and disruption in the global economy which have increased our production and distribution costs. We experienced
some moderation of inflationary pressures and pricing declines in certain of our input costs, such as milk, during 2023. We expect overall
inflationary pressures to be moderate during 2024.
We have not experienced significant supply chain
disruptions or labor supply shortages and have continued to satisfy customer and consumer demand for our products. Management continues
to proactively manage the supply and transportation of materials used to produce and package our products, staffing, and transportation
of our products to customers. This proactive planning has allowed the Company to meet increased demand.
Results of Operations
Three Months Ended June 30, 2024 Compared to Three Months Ended
June 30, 2023
The following table presents certain information
concerning our financial results, including information presented as a percentage of consolidated net sales:
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
$ | | |
% | | |
$ | | |
% | |
Net sales | |
| 49,157 | | |
| 100.0% | | |
| 39,230 | | |
| 100.0% | |
Cost of goods sold | |
| 35,181 | | |
| 71.6% | | |
| 27,299 | | |
| 69.6% | |
Depreciation expense | |
| 701 | | |
| 1.4% | | |
| 651 | | |
| 1.7% | |
Total cost of goods sold | |
| 35,882 | | |
| 73.0% | | |
| 27,950 | | |
| 71.3% | |
Gross profit | |
| 13,275 | | |
| 27.0% | | |
| 11,280 | | |
| 28.7% | |
Selling expense | |
| 3,577 | | |
| 7.3% | | |
| 2,571 | | |
| 6.6% | |
General & administrative expense | |
| 4,177 | | |
| 8.5% | | |
| 3,808 | | |
| 9.7% | |
Amortization expense | |
| 135 | | |
| 0.3% | | |
| 135 | | |
| 0.3% | |
Total operating expenses | |
| 7,889 | | |
| 16.1% | | |
| 6,514 | | |
| 16.6% | |
Income from operations | |
| 5,386 | | |
| 10.9% | | |
| 4,766 | | |
| 12.1% | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (47 | ) | |
| (0.1% | ) | |
| (109 | ) | |
| (0.3% | ) |
Gain on sale of property and equipment | |
| – | | |
| 0.0% | | |
| 33 | | |
| 0.1% | |
Other income (expense), net | |
| 20 | | |
| 0.0% | | |
| (5 | ) | |
| 0.0% | |
Total other income (expense) | |
| (27 | ) | |
| (0.1% | ) | |
| (81 | ) | |
| (0.2% | ) |
Income before provision for income taxes | |
| 5,359 | | |
| 10.8% | | |
| 4,685 | | |
| 11.9% | |
Provision for income taxes | |
| 1,576 | | |
| 3.2% | | |
| 1,529 | | |
| 3.9% | |
Net income | |
| 3,783 | | |
| 7.6% | | |
| 3,156 | | |
| 8.0% | |
Net Sales
Net sales were $49,157 for the three-month period
ended June 30, 2024, an increase of $9,927 or 25.3% versus prior year. The net sales increase was primarily driven by higher volumes of
our branded drinkable kefir.
Gross Profit
Gross profit as a percentage of net sales was
27.0% and 28.7% in the three-month period ended June 30, 2024 and 2023, respectively. The decrease versus the prior year was primarily
due to unfavorable milk pricing.
Selling Expense
Selling expenses increased by $1,006 to $3,577
during the three-month period ended June 30, 2024 from $2,571 during the same period in 2023. Selling expenses as a percentage of net
sales increased to 7.3% in the three-month period ended June 30, 2024 from 6.6% during the same period in 2023. The increase is primarily
driven by our continued investments in marketing activities.
General and Administrative Expense
General and administrative expenses increased
$369 to $4,177 during the three-month period ended June 30, 2024 from $3,808 during the same period in 2023. General and administrative
expenses as a percentage of net sales decreased to 8.5% in the three-month period ended June 30, 2024 from 9.7% during the same period
in 2023.
Provision for Income Taxes
The provision for income taxes was $1,576 and
$1,529 during the three months ended June 30, 2024 and 2023, respectively.
The effective income tax rate for the three months
ended June 30, 2024 was 29.4% compared to 32.6% in the same period last year. The statutory Federal and state tax rates remained consistent
from 2024 to 2023. The Company has items that are nondeductible or are discrete adjustments to tax expense. The Company consistently reflects
non-deductible officer compensation expense, non-deductible compensation expense related to equity incentive awards and separate state
tax rates from period to period. Although similar items were reflected in 2023, the percentage effect is different due to the difference
in pre-tax income in 2024 compared to 2023.
The Company’s effective tax rate may change
from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the jurisdictional
mix of earnings, enacted tax legislation, state income taxes, the impact of non-deductible items, changes in valuation allowances, settlement
of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits. The Company records discrete
income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur.
Income taxes are discussed in Note 10 in the Notes
to the Consolidated Financial Statements.
Six Months Ended June 30, 2024 Compared to Three Months Ended
June 30, 2023
The following table presents certain information
concerning our financial results, including information presented as a percentage of consolidated net sales:
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
$ | | |
% | | |
$ | | |
% | |
Net sales | |
| 93,791 | | |
| 100.0% | | |
| 77,134 | | |
| 100.0% | |
Cost of goods sold | |
| 67,619 | | |
| 72.1% | | |
| 56,329 | | |
| 73.0% | |
Depreciation expense | |
| 1,362 | | |
| 1.5% | | |
| 1,299 | | |
| 1.7% | |
Total cost of goods sold | |
| 68,981 | | |
| 73.6% | | |
| 57,628 | | |
| 74.7% | |
Gross profit | |
| 24,810 | | |
| 26.4% | | |
| 19,506 | | |
| 25.3% | |
Selling expense | |
| 7,277 | | |
| 7.8% | | |
| 6,090 | | |
| 7.9% | |
General & administrative expense | |
| 8,313 | | |
| 8.9% | | |
| 6,943 | | |
| 9.0% | |
Amortization expense | |
| 270 | | |
| 0.3% | | |
| 270 | | |
| 0.4% | |
Total operating expenses | |
| 15,860 | | |
| 17.0% | | |
| 13,303 | | |
| 17.3% | |
Income from operations | |
| 8,950 | | |
| 9.4% | | |
| 6,203 | | |
| 8.0% | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (98 | ) | |
| (0.1% | ) | |
| (213 | ) | |
| (0.3% | ) |
Gain on sale of property and equipment | |
| – | | |
| | | |
| 33 | | |
| 0.0% | |
Other income (expense), net | |
| 15 | | |
| 0.0% | | |
| – | | |
| 0.0% | |
Total other income (expense) | |
| (83 | ) | |
| (0.1% | ) | |
| (180 | ) | |
| (0.3% | ) |
Income before provision for income taxes | |
| 8,867 | | |
| 9.3% | | |
| 6,023 | | |
| 7.7% | |
Provision for income taxes | |
| 2,658 | | |
| 2.8% | | |
| 2,037 | | |
| 2.6% | |
Net income | |
| 6,209 | | |
| 6.5% | | |
| 3,986 | | |
| 5.1% | |
Net Sales
Net sales were at $93,791 for the six-month period
ended June 30, 2024, an increase of $16,657 or 21.6% versus prior year. The net sales increase was primarily driven by higher volumes
of our branded drinkable kefir.
Gross Profit
Gross profit as a percentage of net sales was
26.4% and 25.3% during the six-month period ended June 30, 2024 and 2023, respectively. The increase versus the prior year was primarily
due to the higher volumes of our branded products, which provided manufacturing efficiencies and favorable fixed cost absorption.
Selling Expense
Selling expense increased by $1,187 to $7,277
during the six-month period ended June 30, 2024 from $6,090 during the same period in 2023. Selling expenses as a percentage of net sales
decreased to 7.8% in the three-month period ended June 30, 2024 from 7.9% during the same period in 2023.
General and Administrative Expense
General and administrative expense increased $1,370
to $8,313 during the six-month period ended June 30, 2024 from $6,943 during the same period in 2023. The increase is primarily driven
by stock-based incentive compensation and non-routine stockholder action expense.
Provision for Income Taxes
The provision for income taxes was $2,658 and
$2,037 during the six months ended June 30, 2024 and 2023, respectively.
The effective income tax rate for the six months
ended June 30, 2024 was 30.0% compared to 33.8% in the same period last year. The statutory Federal and state tax rates remained consistent
from 2024 to 2023. The Company has items that are nondeductible or are discrete adjustments to tax expense. The Company consistently reflects
non-deductible officer compensation expense, non-deductible compensation expense related to equity incentive awards and separate state
tax rates from period to period. Although similar items were reflected in 2023, the percentage effect is different due to the difference
in pre-tax income in 2024 compared to 2023.
The Company’s effective tax rate may change
from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the jurisdictional
mix of earnings, enacted tax legislation, state income taxes, the impact of non-deductible items, changes in valuation allowances, settlement
of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits. The Company records discrete
income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur.
Income taxes are discussed in Note 10 in the Notes
to the Consolidated Financial Statements.
Liquidity and Capital Resources
Management assesses the Company's liquidity
in terms of its ability to generate cash to fund its operating, investing, and financing activities. The Company remains in a strong financial
position, and while it has been impacted by the macroeconomic challenges with commodity inflation and other input cost increases, the
Company believes that its cash flow from operations, revolving credit, and cash and cash equivalents will continue to provide sufficient
liquidity for its working capital needs, capital resource requirements, and growth initiatives and to ensure the continuation of the Company
as a going concern.
If additional borrowings are needed,
$5,000 was available under the Revolving Credit Facility as of June 30, 2024 (see Note 7, Debt). We are in compliance with the terms of
the Credit Agreement and expect to meet foreseeable financial requirements. The success of our business and financing strategies will
continue to provide us with the financial flexibility to take advantage of various opportunities as they arise. To date, we have been
successful in generating cash and obtaining financing as needed. However, if a serious economic or credit market crisis ensues, it could
have a negative effect on our liquidity, results of operations and financial condition.
The Company’s most significant
ongoing short-term cash requirements relate primarily to funding operations (including expenditures for raw materials, labor, manufacturing
and distribution, trade and promotions, advertising and marketing, and income tax liabilities) as well as expenditures for property, plant
and equipment.
Long-term cash requirements primarily
relate to funding deferred income taxes (see Note 10, Income Taxes, in our Annual Report on Form 10-K).
Cash Flow
The following table is derived from our Consolidated
Statement of Cash Flows:
| |
Six months Ended June 30, | |
Net Cash Flows Provided By (Used In): | |
2024 | | |
2023 | |
Operating activities | |
$ | 8,090 | | |
$ | 5,455 | |
Investing activities | |
$ | (3,905 | ) | |
$ | (1,950 | ) |
Financing activities | |
$ | (2,750 | ) | |
$ | (500 | ) |
Operating Activities
Net cash provided by operating activities was
$8,090 during the six-month period ended June 30, 2024 compared to $5,455 in the same period in 2023. The increase is primarily due to
higher cash earnings driven by increased product volumes.
Investing Activities
Net cash used in investing activities was $3,905
during the six-month period ended June 30, 2024 compared to $1,950 in the same period in 2023. The increase in cash used reflects our
planned capital spending increase during 2024 compared to 2023. Our capital spending is focused in three core areas: growth, cost reduction,
and facility improvements. Growth capital spending supports capacity expansion and new product innovation and enhancements. Cost reduction
and facility improvements support manufacturing efficiency, safety, and productivity. We continue to make capital expenditures primarily
to modernize manufacturing facilities and support productivity initiatives.
Financing Activities
Net cash used in financing activities was $2,750
and $500 during the six-month period ended June 30, 2024 and 2023, respectively. The cash used represents the quarterly principal payments
under the term loan. The Company paid the outstanding term loan balance of $2,250 in full during the second quarter of 2024.
Debt Obligations
The Company is party to an Amended and Restated
Loan and Security Agreement (as amended and modified from time to time, the “Credit Agreement”) with its existing lender and
certain of its subsidiaries. The Credit Agreement provides for, among other things, a $5 million term loan to be repaid in quarterly installments
of principal and interest over a term of five years, a revolving line of credit up to a maximum of $5 million (the “Revolving Credit
Facility”) and an incremental facility not to exceed $5 million. The termination date of the term loan is August 18, 2026, unless
earlier terminated. The term loan was terminated during the second quarter of 2024 upon payment of the outstanding loan balance in full.
The termination date of the revolving credit facility is June 30, 2025, unless earlier terminated.
As of June 30, 2024, the Company had $0 outstanding
under the Revolving Credit Facility and note payable. The Company had $5,000 available for future borrowings under the Revolving Credit
Facility as of June 30, 2024.
All outstanding amounts under the loans bear interest
at the Secured Overnight Financing Rate (“SOFR”), plus 2.07%. Interest is payable monthly in arrears. Lifeway is also required
to pay a quarterly unused line fee of 0.20% on the Revolving Credit Facility, and in conjunction with the issuance of any letters of credit,
a letter of credit fee of 0.20%.
The Company is in compliance with all applicable
financial debt covenants as of June 30, 2024. See Note 7 to our Consolidated Financial Statements for additional information regarding
our indebtedness and related agreements.
Recent Accounting Pronouncements
Information regarding recent accounting pronouncements
is provided in Note 2 – Summary of Significant Accounting Policies.
Critical Accounting Policies and Estimates
A description of the Company's critical accounting
policies and estimates is contained in its Annual Report on Form 10-K for the year ended December 31, 2023. There were no material changes
to the Company’s critical accounting policies and estimates in the six months ended June 30, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not applicable.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
The Company has established disclosure controls
and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) that
are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission
(“SEC”), and such information is accumulated and communicated to management, including our Chief Executive Officer (“CEO”)
and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure. Management,
together with our CEO and CFO, evaluated the effectiveness of the Company’s disclosure controls and procedures as of June 30,
2024. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of June 30,
2024.
Changes in Internal Control over Financial
Reporting
There have been no changes in the Company’s
internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended June
30, 2024 that has materially affected or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Information regarding legal proceedings is available
in Note 9, Commitment and Contingencies.
ITEM 1A. RISK FACTORS.
There have been no material changes from the risk
factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 5. OTHER INFORMATION.
During the quarter ended June 30, 2024, no director
or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,”
as each term is defined in Item 408 of Regulation S-K.
ITEM 6. EXHIBITS.
101.INS |
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Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
101.SCH |
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Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
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Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
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Cover Page Interactive Data File (formatted in IXBRL, and included in exhibit 101). |
+ |
Indicates a management contract or compensatory plan or arrangement. |
* |
The exhibits deemed furnished with this Form 10-Q and are not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act., whether made before or after the date of the filing of this Form 10-Q and irrespective of any general incorporation language contained in such filing. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
LIFEWAY FOODS, INC. |
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Date: Aug 13, 2024 |
By: |
/s/ Julie Smolyansky |
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Julie Smolyansky |
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Chief Executive Officer, President, and Director |
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(Principal Executive Officer) |
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Date: Aug 13, 2024 |
By: |
/s/ Eric Hanson |
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Eric Hanson |
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Chief Financial & Accounting Officer |
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(Principal Financial and Accounting Officer) |
EXHIBIT 10.1
FIRST AMENDMENT TO THE
LIFEWAY FOODS, INC. 2022 NON-EMPLOYEE DIRECTOR
EQUITY AND DEFERRED COMPENSATION PLAN
In accordance with Section 12.1 of the Lifeway Foods, Inc. 2022 Non-Employee
Director Equity and Deferred Compensation Plan (the “Plan”), the Plan is hereby amended as follows:
1.
Section 2.17 of the Plan is hereby amended to read in its entirety as follows:
“ 2.17 “Deferred Benefit”
means a benefit under the Plan for a Director who has submitted an operative Deferral Election Form pursuant to Article 7 of this Plan
that results in payments governed by Section 7.4 and Article 8 of this Plan.”
2.
Section 2.18 of the Plan is hereby amended to read in its entirety as follows:
“ 2.18 “Deferred Cash
Account” means a bookkeeping record as may have been established for each Director who, prior to June 7, 2024, elected to defer
some or all of their Cash Compensation as cash for a Compensation Year. Any such Deferred Cash Accounts would have been established only
for purposes of measuring deferred cash and not to segregate assets or to identify assets that may or must be used to satisfy a deferred
cash benefit; there was no crediting of interest, earnings, or losses on Deferred Cash Accounts. Effective June 7, 2024, Cash Compensation
may no longer be deferred as cash for any Compensation Year, and any existing Deferred Cash Accounts were merged into or converted to
Deferred RSU Accounts.”
3.
Section 2.19 of the Plan is hereby amended to read in its entirety as follows:
“ 2.19 Reserved.”
4.
Section 2.20 of the Plan is amended to read in its entirety as follows:
“ 2.20 Deferred RSU Account”
means that bookkeeping record established for each Director who elects to defer some or all of their Cash Compensation and/or RSU
Compensation as a Deferred Benefit. A Deferred RSU Account is established only for purposes of measuring a Deferred Benefit and not to
segregate assets or to identify assets that may or must be used to satisfy a Deferred Benefit. A Deferred RSU Account will be credited
with the Director’s Cash Compensation and/or RSU Compensation deferred according to a Deferral Election Form and according to Section
7.4 of this Plan, as well as any amounts transferred from the Director’s Deferred Cash Account pursuant to Section 7.5 of this
Plan.”
5.
Section 2.21 of the Plan is hereby amended to read in its entirety as follows:
“ 2.21 Reserved.”
6.
The last sentence of Section 2.31 of the Plan is hereby amended to read in its entirety as follows:
“Cash Compensation that a Director
has elected to defer or that has been transferred from a Director’s Deferred Cash Account to the Director’s Deferred RSU Account,
shall be converted to RSUs based on the Fair Market Value of Shares on the date the amount is credited to the Director’s Deferred
RSU Account.”
7.
Section 2.36 of the Plan is hereby amended to read in its entirety as follows:
“ 2.36 “Vesting Year”
means, with respect to each Grant pursuant to Article 6, the 12-month period commencing on the Grant Date and, with respect to that Grant,
all subsequent 12-month periods until the RSUs are either fully vested or forfeited pursuant to the terms of the Grant and this Plan.”
8.
The first sentence of Section 6.1 of the Plan is hereby amended to read in its entirety as follows:
“Each year, as of the date of the
Company’s Annual Meeting or such other date as the Board shall determine, the Company may make a Grant of RSUs to each Director.”
9.
Section 6.2 of the Plan is hereby amended to read in its entirety as follows:
“ 6.2 Partial Year Directors.
For individuals who become Directors after the RSU Grant was made for a year in which an RSU Grant pursuant to Section 6.1 has been
made, such Directors shall receive a pro-rata RSU Grant; the pro-rata number of RSUs made under such Grant shall equal the number of RSUs
granted pursuant to Section 6.1, times a fraction; the numerator of such fraction shall equal (365 – x) where x = the number of
days that have elapsed since the RSU Grant under Section 6.1 for that year was made, and the denominator of such fraction shall be 365.”
10.
Section 7.1(b) of the Plan is hereby amended to read in its entirety as follows:
“ (b) Reserved.”
11.
Section 7.1(c) of the Plan is hereby amended to read in its entirety as follows:
“ (c) Before each Deferral Year’s
Election Date, each Director will be provided with a Deferral Election Form. Under the Deferral Election Form for a single Deferral Year,
a Director may elect on or before the Election Date to defer the receipt of all or part of their Cash Compensation and/or RSU Compensation
granted during the Deferral Year (in 10% multiples) as a Deferred Benefit.”
12.
The first sentence of Section 7.1(h) of the Plan is hereby amended to read in its entirety as follows:
“A Director’s Deferred RSU
Account is not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any
attempt to do so is void.”
13.
Section 7.3 of the Plan is hereby amended to read in its entirety as follows:
“ 7.3 Reserved.”
14.
Section 7.4 of the Plan is hereby amended to read in its entirety as follows:
“ 7.4 Deferred Benefits.”
Deferred Benefits will be allocated to
a Deferred RSU Account for each electing Director and credited with a number of RSUs pursuant to Sections 2.31 and 6.8, as applicable.
The value of a Deferred RSU Account as of any date shall equal the Fair Market Value of the Shares represented by the RSUs that are allocated
to such Deferred RSU Account on such date. Dividends with respect to Shares underlying Deferred Benefits will be credited to such Benefits
pursuant to Section 6.8.”
15.
Article 7 of the Plan is hereby amended to add the following new Section 7.5 to the end thereof:
“ 7.5 Transfer from Deferred Cash
Account to Deferred RSU Account.
Effective June 7, 2024, all amounts held
in a Director’s Deferred Cash Account shall be transferred to the Director’s Deferred RSU Account. Upon transfer of an amount
from a Director’s Deferred Cash Account, the transferred cash will be converted to RSUs based on the Fair Market Value of Shares
on the date of the transfer.”
16.
Section 8.1(a) of the Plan is hereby amended to read in its entirety as follows:
“ (a) Deferred Benefits will be
distributed in Shares of Common Stock equal to the number of whole RSUs credited to the Director’s Deferred RSU Account determined
as of the distribution date. However, cash will be paid in lieu of fractional RSUs credited to the Director’s Deferred RSU Account.”
17.
Section 8.2 of the Plan is hereby amended to read in its entirety as follows:
“ 8.2 Death. Upon a Director’s
death, their Beneficiary will receive the Beneficiary’s portion of the Director’s Deferred RSU Account in a lump sum payment
as soon as administratively feasible following the Director’s death.”
18.
Section 9(b) of the Plan is hereby amended to read in its entirety as follows:
“ (b) For purposes of an accelerated
distribution under this section, the Deferred Benefit’s value is determined by the value of the Deferred RSU Account, as set out
in Section 7.4, at the time of distribution.”
19.
Section 9(c) of the Plan is hereby amended to read in its entirety as follows:
“ (c) Reserved.”
20.
Section 9(d) of the Plan is hereby amended to read in its entirety as follows:
“ (d) A distribution under this
section is in lieu of that portion of the Deferred Benefit that would have been paid otherwise. A Deferred Benefit is adjusted for a distribution
under this section by reducing the value of the Director’s Deferred RSU Account by the amount of the distribution.”
21.
Section 13.4 of the Plan is hereby amended to read in its entirety as follows:
“ 13.4 Non-Assignability.
Deferred Benefits and unvested RSUs may not be assigned by a Director or Beneficiary.”
22.
The first sentence of Section 13.5 of the Plan is hereby amended to read in its entirety as follows:
“The Plan and each RSU Grant and
Deferred Benefit hereunder shall be governed by the laws of the State of Illinois, without regard to choice-of-law principles.”
23.
The provisions of this First Amendment shall be effective June 7, 2024, and shall apply to all previously deferred amounts in Directors’
Deferred Cash Accounts under the Plan as of that date.
IN WITNESS WHEREOF, Lifeway Foods, Inc. by its duly
authorized officer has caused this Amendment to be signed this 7th day of June, 2024.
LIFEWAY FOODS, INC.
By:
Its: Chief Financial Officer
EXHIBIT 31.1
CERTIFICATIONS
I, Julie Smolyansky, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Lifeway Foods, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: Aug 13, 2024 |
By: /s/ Julie Smolyansky |
|
Julie Smolyansky |
|
Chief Executive Officer, President and Director |
|
(Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATIONS
I, Eric Hanson, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Lifeway Foods, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: Aug 13, 2024 |
By: /s/ Eric Hanson |
|
Eric Hanson |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
EXHIBIT 32.1
SECTION 906 CERTIFICATION OF C.E.O.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form
10-Q of Lifeway Foods, Inc. (the “Company”) for the period ended June 30, 2024 as filed with the SEC (the “Report”),
the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:
|
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: Aug 13, 2024 |
By: /s/ Julie Smolyansky |
|
Julie Smolyansky |
|
Chief Executive Officer, President and Director |
|
(Principal Executive Officer) |
EXHIBIT 32.2
SECTION 906 CERTIFICATION OF C.F.O.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form
10-Q of Lifeway Foods, Inc. (the “Company”) for the period ended June 30, 2024 as filed with the SEC (the “Report”),
the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
|
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: Aug 13, 2024 |
By: /s/ Eric Hanson |
|
Eric Hanson |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
Exhibit 99.1
Lifeway Foods®
Announces Record Results for the Second Quarter Ended June 30, 2024
Demand for Bioavailable
Foods like Kefir Soars
Net sales of $49.2
million; up 25.3% year-over-year driven by volume growth of Lifeway Kefir
19th
consecutive quarter of year-over-year growth
Morton Grove, IL — August 13, 2024 — Lifeway Foods, Inc.
(Nasdaq: LWAY) (“Lifeway” or “the Company”), a leading U.S. supplier of kefir and fermented probiotic products
to support the microbiome, today reported financial results for the second quarter ended June 30, 2024.
“Our incredible momentum continued in the second quarter as we
delivered our 19th consecutive quarter of net sales growth and our 5th consecutive quarter breaking the Lifeway
record on the topline,” commented Julie Smolyansky, President and Chief Executive Officer of Lifeway Foods. “Our record net
sales of $49.2 million were up more than 25% year-over-year, driven by continued volume growth in our flagship Lifeway drinkable kefir.
Demand for bioavailable foods like Lifeway Kefir and Farmer Cheese is soaring and our customers further demonstrated their loyalty to
our premium, healthy offerings. Notably, we delivered nearly $50 million in net sales, a remarkable milestone that we look forward to
surpassing, and we also outperformed our previous quarterly sales record by more than 10%. Our amazing results on the topline demonstrate
the effectiveness of our sales and marketing investments at driving trial, capturing new customers and accelerating velocities of our
core products. Accompanying the very strong, volume-led topline growth, we continued to enhance our profitability profile with solid gross
margins and strong net income growth, a testament to the seamless operational execution of our whole Lifeway team. We are thrilled with
our results in the first half of 2024, and will continue to strategically invest behind the Lifeway brand to drive velocities, win new
customers and position ourself to deliver more outstanding performances through the second half of this year and beyond.”
Second Quarter 2024 Results
Net sales were $49.2 million for the second quarter
ended June 30, 2024, an increase of $10.0 million or 25.3% from the same period in 2023. The net sales increase was primarily driven by
higher volumes of our branded drinkable kefir.
Gross profit as a percentage of net sales was 27.0% for the second
quarter ended June 30, 2024.
Selling, general and administrative expenses as
a percentage of net sales were 15.8% for the second quarter ended June 30, 2024.
The Company reported net income of $3.8 million
or $0.26 per basic and $0.25 per diluted common share for the second quarter ended June 30, 2024 compared to net income of $3.2 million
or $0.22 per basic and $0.21 per diluted common share during the same period in 2023.
Conference Call and Webcast
A pre-recorded conference call and webcast with Julie Smolyansky discussing
these results with additional comments and details is available through the “Investor Relations” section of the Company’s
website at https://lifewaykefir.com/webinars-reports/ and will also be available for replay.
About Lifeway Foods, Inc.
Lifeway Foods, Inc., which has been recognized as one of Forbes' Best Small Companies, is America's leading supplier of the probiotic,
fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces a variety of cheeses and a ProBugs
line for kids. Lifeway's tart and tangy fermented dairy products are now sold across the United States, Mexico, Ireland and France. Learn
how Lifeway is good for more than just you at lifewayfoods.com.
Forward-Looking Statements
This release (and oral statements made regarding the subjects of this
release) contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding,
among other things, future operating and financial performance, product development, market position, business strategy and objectives.
These statements use words, and variations of words, such as "continue," "build," "future," "increase,"
"drive," "believe," "look," "ahead," "confident," "deliver," "outlook,"
"expect," and "predict." Other examples of forward-looking statements may include, but are not limited to, (i) statements
of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers,
(ii) statements of future economic performance, and (III) statements of assumptions underlying other statements and statements about Lifeway
or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations
of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks
or uncertainties materialize, actual results could vary materially from Lifeway's expectations and projections. These risks, uncertainties,
and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing
of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of
products and services. A further list and description of these risks, uncertainties, and other factors can be found in Lifeway's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company's subsequent filings with the SEC. Copies of these
filings are available online at https://www.sec.gov, http://lifewaykefir.com/investor-relations/, or on request from Lifeway.
Information in this release is as of the dates and time periods indicated herein, and Lifeway does not undertake to update any of the
information contained in these materials, except as required by law. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY OF ANY OF THE STATEMENTS
OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESS RELEASE.
Media:
Derek Miller
Vice President of Communications, Lifeway Foods
Email: derekm@lifeway.net
General inquiries:
Lifeway Foods, Inc.
Phone: 847-967-1010
Email: info@lifeway.net
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
June 30, 2024 and December 31,
2023
(In thousands)
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, |
|
|
|
(Unaudited) |
|
|
2023 |
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
14,633 |
|
|
$ |
13,198 |
|
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,550 and $1,270 at June 30, 2024 and December 31, 2023 respectively |
|
|
14,526 |
|
|
|
13,875 |
|
Inventories, net |
|
|
8,454 |
|
|
|
9,104 |
|
Prepaid expenses and other current assets |
|
|
1,488 |
|
|
|
2,019 |
|
Refundable income taxes |
|
|
180 |
|
|
|
– |
|
Total current assets |
|
|
39,281 |
|
|
|
38,196 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
25,276 |
|
|
|
22,764 |
|
Operating lease right-of-use asset |
|
|
154 |
|
|
|
192 |
|
Goodwill |
|
|
11,704 |
|
|
|
11,704 |
|
Intangible assets, net |
|
|
6,628 |
|
|
|
6,898 |
|
Other assets |
|
|
1,900 |
|
|
|
1,900 |
|
Total assets |
|
$ |
84,943 |
|
|
$ |
81,654 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current portion of note payable |
|
$ |
– |
|
|
$ |
1,250 |
|
Accounts payable |
|
|
9,370 |
|
|
|
9,976 |
|
Accrued expenses |
|
|
4,487 |
|
|
|
4,916 |
|
Accrued income taxes |
|
|
– |
|
|
|
474 |
|
Total current liabilities |
|
|
13,857 |
|
|
|
16,616 |
|
Note payable |
|
|
– |
|
|
|
1,483 |
|
Operating lease liabilities |
|
|
88 |
|
|
|
118 |
|
Deferred income taxes, net |
|
|
3,001 |
|
|
|
3,001 |
|
Total liabilities |
|
|
16,946 |
|
|
|
21,218 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at June 30, 2024 and December 31, 2023 |
|
|
– |
|
|
|
– |
|
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 14,791 outstanding at June 30, 2024 and December 31, 2023 |
|
|
6,509 |
|
|
|
6,509 |
|
Paid-in capital |
|
|
5,532 |
|
|
|
4,825 |
|
Treasury stock, at cost |
|
|
(16,050 |
) |
|
|
(16,695 |
) |
Retained earnings |
|
|
72,006 |
|
|
|
65,797 |
|
Total stockholders' equity |
|
|
67,997 |
|
|
|
60,436 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
84,943 |
|
|
$ |
81,654 |
|
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the three and six months ended June 30,
2024 and 2023
(Unaudited)
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
49,157 |
|
|
$ |
39,230 |
|
|
$ |
93,791 |
|
|
$ |
77,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
35,181 |
|
|
|
27,299 |
|
|
|
67,619 |
|
|
|
56,329 |
|
Depreciation expense |
|
|
701 |
|
|
|
651 |
|
|
|
1,362 |
|
|
|
1,299 |
|
Total cost of goods sold |
|
|
35,882 |
|
|
|
27,950 |
|
|
|
68,981 |
|
|
|
57,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
13,275 |
|
|
|
11,280 |
|
|
|
24,810 |
|
|
|
19,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
3,577 |
|
|
|
2,571 |
|
|
|
7,277 |
|
|
|
6,090 |
|
General and administrative expense |
|
|
4,177 |
|
|
|
3,808 |
|
|
|
8,313 |
|
|
|
6,943 |
|
Amortization expense |
|
|
135 |
|
|
|
135 |
|
|
|
270 |
|
|
|
270 |
|
Total operating expenses |
|
|
7,889 |
|
|
|
6,514 |
|
|
|
15,860 |
|
|
|
13,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
5,386 |
|
|
|
4,766 |
|
|
|
8,950 |
|
|
|
6,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(47 |
) |
|
|
(109 |
) |
|
|
(98 |
) |
|
|
(213 |
) |
Gain on sale of property and equipment |
|
|
– |
|
|
|
33 |
|
|
|
– |
|
|
|
33 |
|
Other income (expense), net |
|
|
20 |
|
|
|
(5 |
) |
|
|
15 |
|
|
|
– |
|
Total other income (expense) |
|
|
(27 |
) |
|
|
(81 |
) |
|
|
(83 |
) |
|
|
(180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
5,359 |
|
|
|
4,685 |
|
|
|
8,867 |
|
|
|
6,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
1,576 |
|
|
|
1,529 |
|
|
|
2,658 |
|
|
|
2,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,783 |
|
|
$ |
3,156 |
|
|
$ |
6,209 |
|
|
$ |
3,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
|
$ |
0.22 |
|
|
$ |
0.42 |
|
|
$ |
0.27 |
|
Diluted |
|
$ |
0.25 |
|
|
$ |
0.21 |
|
|
$ |
0.41 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,727 |
|
|
|
14,654 |
|
|
|
14,709 |
|
|
|
14,649 |
|
Diluted |
|
|
15,197 |
|
|
|
15,084 |
|
|
|
15,176 |
|
|
|
15,058 |
|
LIFEWAY FOODS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,209 |
|
|
$ |
3,986 |
|
Adjustments to reconcile net income to operating cash flow: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,632 |
|
|
|
1,569 |
|
Stock-based compensation |
|
|
1,296 |
|
|
|
655 |
|
Non-cash interest expense |
|
|
17 |
|
|
|
3 |
|
Bad debt expense |
|
|
– |
|
|
|
2 |
|
Gain on sale of equipment |
|
|
– |
|
|
|
(33 |
) |
(Increase) decrease in operating assets: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(651 |
) |
|
|
91 |
|
Inventories |
|
|
650 |
|
|
|
(39 |
) |
Refundable income taxes |
|
|
(180 |
) |
|
|
40 |
|
Prepaid expenses and other current assets |
|
|
531 |
|
|
|
232 |
|
Increase (decrease) in operating liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(574 |
) |
|
|
(2,526 |
) |
Accrued expenses |
|
|
(366 |
) |
|
|
451 |
|
Accrued income taxes |
|
|
(474 |
) |
|
|
1,024 |
|
Net cash provided by operating activities |
|
|
8,090 |
|
|
|
5,455 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(3,905 |
) |
|
|
(1,990 |
) |
Proceeds from sales or equipment |
|
|
– |
|
|
|
40 |
|
Net cash used in investing activities |
|
|
(3,905 |
) |
|
|
(1,950 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Repayment of note payable |
|
|
(2,750 |
) |
|
|
(500 |
) |
Net cash used in financing activities |
|
|
(2,750 |
) |
|
|
(500 |
) |
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
1,435 |
|
|
|
3,005 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
|
|
13,198 |
|
|
|
4,444 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
$ |
14,633 |
|
|
$ |
7,449 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes, net of (refunds) |
|
$ |
3,312 |
|
|
$ |
973 |
|
Cash paid for interest |
|
$ |
89 |
|
|
$ |
238 |
|
|
|
|
|
|
|
|
|
|
Non-cash investing activities |
|
|
|
|
|
|
|
|
Accrued purchase of property and equipment |
|
$ |
106 |
|
|
$ |
110 |
|
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 06, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-17363
|
|
Entity Registrant Name |
LIFEWAY FOODS, INC.
|
|
Entity Central Index Key |
0000814586
|
|
Entity Tax Identification Number |
36-3442829
|
|
Entity Incorporation, State or Country Code |
IL
|
|
Entity Address, Address Line One |
6431 West Oakton
|
|
Entity Address, City or Town |
Morton Grove
|
|
Entity Address, State or Province |
IL
|
|
Entity Address, Postal Zip Code |
60053
|
|
City Area Code |
847
|
|
Local Phone Number |
967-1010
|
|
Title of 12(b) Security |
Common Stock, No Par Value
|
|
Trading Symbol |
LWAY
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
14,790,747
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v3.24.2.u1
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 14,633
|
$ 13,198
|
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,550 and $1,270 at June 30, 2024 and December 31, 2023 respectively |
14,526
|
13,875
|
Inventories, net |
8,454
|
9,104
|
Prepaid expenses and other current assets |
1,488
|
2,019
|
Refundable income taxes |
180
|
0
|
Total current assets |
39,281
|
38,196
|
Property, plant and equipment, net |
25,276
|
22,764
|
Operating lease right-of-use asset |
154
|
192
|
Goodwill |
11,704
|
11,704
|
Intangible assets, net |
6,628
|
6,898
|
Other assets |
1,900
|
1,900
|
Total assets |
84,943
|
81,654
|
Current liabilities |
|
|
Current portion of note payable |
0
|
1,250
|
Accounts payable |
9,370
|
9,976
|
Accrued expenses |
4,487
|
4,916
|
Accrued income taxes |
0
|
474
|
Total current liabilities |
13,857
|
16,616
|
Note payable |
0
|
1,483
|
Operating lease liabilities |
88
|
118
|
Deferred income taxes, net |
3,001
|
3,001
|
Total liabilities |
16,946
|
21,218
|
Commitments and contingencies (Note 9) |
|
|
Stockholders’ equity |
|
|
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at June 30, 2024 and December 31, 2023 |
0
|
0
|
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 14,791 outstanding at June 30, 2024 and December 31, 2023 |
6,509
|
6,509
|
Paid-in capital |
5,532
|
4,825
|
Treasury stock, at cost |
(16,050)
|
(16,695)
|
Retained earnings |
72,006
|
65,797
|
Total stockholders' equity |
67,997
|
60,436
|
Total liabilities and stockholders' equity |
$ 84,943
|
$ 81,654
|
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v3.24.2.u1
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Allowance for credit losses and discounts |
$ 1,550
|
$ 1,270
|
Preferred stock, par value |
$ 0
|
$ 0
|
Preferred stock, shares authorized |
2,500
|
2,500
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0
|
$ 0
|
Common stock, shares authorized |
40,000
|
40,000
|
Common stock, shares issued |
17,274
|
17,274
|
Common stock, shares outstanding |
14,791
|
14,791
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.24.2.u1
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 49,157
|
$ 39,230
|
$ 93,791
|
$ 77,134
|
Cost of goods sold |
35,181
|
27,299
|
67,619
|
56,329
|
Depreciation expense |
701
|
651
|
1,362
|
1,299
|
Total cost of goods sold |
35,882
|
27,950
|
68,981
|
57,628
|
Gross profit |
13,275
|
11,280
|
24,810
|
19,506
|
Selling expense |
3,577
|
2,571
|
7,277
|
6,090
|
General and administrative expense |
4,177
|
3,808
|
8,313
|
6,943
|
Amortization expense |
135
|
135
|
270
|
270
|
Total operating expenses |
7,889
|
6,514
|
15,860
|
13,303
|
Income from operations |
5,386
|
4,766
|
8,950
|
6,203
|
Other income (expense): |
|
|
|
|
Interest expense |
(47)
|
(109)
|
(98)
|
(213)
|
Gain on sale of property and equipment |
0
|
33
|
0
|
33
|
Other income (expense), net |
20
|
(5)
|
15
|
0
|
Total other income (expense) |
(27)
|
(81)
|
(83)
|
(180)
|
Income before provision for income taxes |
5,359
|
4,685
|
8,867
|
6,023
|
Provision for income taxes |
1,576
|
1,529
|
2,658
|
2,037
|
Net income |
$ 3,783
|
$ 3,156
|
$ 6,209
|
$ 3,986
|
Net earnings per common share: |
|
|
|
|
Basic |
$ 0.26
|
$ 0.22
|
$ 0.42
|
$ 0.27
|
Diluted |
$ 0.25
|
$ 0.21
|
$ 0.41
|
$ 0.26
|
Weighted average common shares outstanding: |
|
|
|
|
Basic |
14,727
|
14,654
|
14,709
|
14,649
|
Diluted |
15,197
|
15,084
|
15,176
|
15,058
|
X |
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v3.24.2.u1
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Treasury Stock, Common [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 6,509
|
$ (16,993)
|
$ 3,624
|
$ 54,430
|
$ 47,570
|
Beginning balance, shares at Dec. 31, 2022 |
17,274
|
(2,629)
|
|
|
|
Stock-based compensation |
|
|
343
|
|
343
|
Net income |
|
|
|
830
|
830
|
Ending balance, value at Mar. 31, 2023 |
$ 6,509
|
$ (16,993)
|
3,967
|
55,260
|
48,743
|
Ending balance, shares at Mar. 31, 2023 |
17,274
|
(2,629)
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 6,509
|
$ (16,993)
|
3,624
|
54,430
|
47,570
|
Beginning balance, shares at Dec. 31, 2022 |
17,274
|
(2,629)
|
|
|
|
Net income |
|
|
|
|
3,986
|
Ending balance, value at Jun. 30, 2023 |
$ 6,509
|
$ (16,920)
|
4,167
|
58,416
|
52,172
|
Ending balance, shares at Jun. 30, 2023 |
17,274
|
(2,618)
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 6,509
|
$ (16,993)
|
3,967
|
55,260
|
48,743
|
Beginning balance, shares at Mar. 31, 2023 |
17,274
|
(2,629)
|
|
|
|
Issuance of common stock in connection with stock-based compensation |
|
$ 73
|
(112)
|
|
(39)
|
Issuance of common stock in connection with stock-based compensation, shares |
|
11
|
|
|
|
Stock-based compensation |
|
|
312
|
|
312
|
Net income |
|
|
|
3,156
|
3,156
|
Ending balance, value at Jun. 30, 2023 |
$ 6,509
|
$ (16,920)
|
4,167
|
58,416
|
52,172
|
Ending balance, shares at Jun. 30, 2023 |
17,274
|
(2,618)
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 6,509
|
$ (16,695)
|
4,825
|
65,797
|
60,436
|
Beginning balance, shares at Dec. 31, 2023 |
17,274
|
(2,583)
|
|
|
|
Stock-based compensation |
|
|
673
|
|
673
|
Net income |
|
|
|
2,426
|
2,426
|
Ending balance, value at Mar. 31, 2024 |
$ 6,509
|
$ (16,695)
|
5,498
|
68,223
|
63,535
|
Ending balance, shares at Mar. 31, 2024 |
17,274
|
(2,583)
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 6,509
|
$ (16,695)
|
4,825
|
65,797
|
60,436
|
Beginning balance, shares at Dec. 31, 2023 |
17,274
|
(2,583)
|
|
|
|
Net income |
|
|
|
|
6,209
|
Ending balance, value at Jun. 30, 2024 |
$ 6,509
|
$ (16,050)
|
5,532
|
72,006
|
67,997
|
Ending balance, shares at Jun. 30, 2024 |
17,274
|
(2,483)
|
|
|
|
Beginning balance, value at Mar. 31, 2024 |
$ 6,509
|
$ (16,695)
|
5,498
|
68,223
|
63,535
|
Beginning balance, shares at Mar. 31, 2024 |
17,274
|
(2,583)
|
|
|
|
Issuance of common stock in connection with stock-based compensation |
|
$ 575
|
(739)
|
|
(164)
|
Issuance of common stock in connection with stock-based compensation, shares |
|
89
|
|
|
|
Issuance of common stock on exercise of stock options |
|
$ 70
|
36
|
|
106
|
Issuance of common stock on exercise of stock options, shares |
|
11
|
|
|
|
Stock-based compensation |
|
|
737
|
|
737
|
Net income |
|
|
|
3,783
|
3,783
|
Ending balance, value at Jun. 30, 2024 |
$ 6,509
|
$ (16,050)
|
$ 5,532
|
$ 72,006
|
$ 67,997
|
Ending balance, shares at Jun. 30, 2024 |
17,274
|
(2,483)
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 6,209
|
$ 3,986
|
Adjustments to reconcile net income to operating cash flow: |
|
|
Depreciation and amortization |
1,632
|
1,569
|
Stock-based compensation |
1,296
|
655
|
Non-cash interest expense |
17
|
3
|
Bad debt expense |
0
|
2
|
Gain on sale of equipment |
0
|
(33)
|
(Increase) decrease in operating assets: |
|
|
Accounts receivable |
(651)
|
91
|
Inventories |
650
|
(39)
|
Refundable income taxes |
(180)
|
40
|
Prepaid expenses and other current assets |
531
|
232
|
Increase (decrease) in operating liabilities: |
|
|
Accounts payable |
(574)
|
(2,526)
|
Accrued expenses |
(366)
|
451
|
Accrued income taxes |
(474)
|
1,024
|
Net cash provided by operating activities |
8,090
|
5,455
|
Cash flows from investing activities: |
|
|
Purchases of property and equipment |
(3,905)
|
(1,990)
|
Proceeds from sales or equipment |
0
|
40
|
Net cash used in investing activities |
(3,905)
|
(1,950)
|
Cash flows from financing activities: |
|
|
Repayment of note payable |
(2,750)
|
(500)
|
Net cash used in financing activities |
(2,750)
|
(500)
|
Net increase in cash and cash equivalents |
1,435
|
3,005
|
Cash and cash equivalents at the beginning of the period |
13,198
|
4,444
|
Cash and cash equivalents at the end of the period |
14,633
|
7,449
|
Supplemental cash flow information: |
|
|
Cash paid for income taxes, net of (refunds) |
3,312
|
973
|
Cash paid for interest |
89
|
238
|
Non-cash investing activities |
|
|
Accrued purchase of property and equipment |
$ 106
|
$ 110
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
Net Income (Loss) |
$ 3,783
|
$ 2,426
|
$ 3,156
|
$ 830
|
$ 6,209
|
$ 3,986
|
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v3.24.2.u1
Basis of Presentation
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Note 1 – Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim
financial information, and do not include certain information and footnote disclosures required for complete, audited financial statements.
In the opinion of management, these statements include all adjustments necessary for a fair presentation of the results of all interim
periods reported herein. The consolidated financial statements and related notes should be read in conjunction with the consolidated financial
statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Results
of operations for any interim period are not necessarily indicative of future or annual results.
Principles of consolidation
The consolidated financial statements include
the accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”).
All significant intercompany accounts and transactions have been eliminated.
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 2 – Summary of Significant Accounting
Policies
Our significant accounting policies, which are
summarized in detail in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, have not materially changed. The following
is a description of certain of our significant accounting policies.
Use of estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the
consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based
and incentive compensation, and deferred income taxes.
Cash and cash equivalents
Lifeway considers cash and all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which
approximates or equals fair value due to their short-term nature.
Lifeway from time to time may have bank deposits
in excess of insurance limits of the Federal Deposit Insurance Corporation. The Company places its cash and cash equivalents with high
credit quality financial institutions. Lifeway has not experienced any losses in such accounts and believes the financial risks associated
with these financial instruments are minimal.
Advertising and promotional costs
Advertising costs are expensed as incurred and
reported in Selling expense in the Company’s consolidated statement of operations. Total advertising expense was $2,531 and $2,006
for the six months ended June 30, 2024 and 2023, respectively. Total advertising expense was $1,159 and $543 for the three months ended
June 30, 2024 and 2023, respectively.
Segments
The Company is managed as a single reportable
segment. The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), reviews financial
information on an aggregate basis for purposes of allocating resources and assessing financial performance, as well as for making strategic
operational decisions and managing the organization. Substantially all of Lifeway’s consolidated revenues relate to the sale of
cultured dairy products that it produces using the same processes and materials and are sold to consumers through a common network of
distributors and retailers in the United States.
Recent accounting pronouncements
Issued but not yet effective
In November 2023, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07: Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures. The new guidance requires entities to report incremental information about significant segment expenses
included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance
also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually.
The new standard is effective for our annual period ending December 31, 2024 and our interim periods during the fiscal year ending December
31, 2025. The guidance does not affect recognition or measurement in the Company’s consolidated financial statements.
In December 2023, the FASB issued
ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose
additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and
income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and
unrecognized deferred tax liabilities. The guidance is effective for our fiscal year ending December 31, 2024. The guidance does not
affect recognition or measurement in the Company’s consolidated financial statements.
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v3.24.2.u1
Inventories, net
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories, net |
Note 3 – Inventories, net
Inventories consisted of the following:
Schedule of inventories | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Ingredients | |
$ | 1,944 | | |
$ | 2,929 | |
Packaging | |
| 3,150 | | |
| 3,014 | |
Finished goods | |
| 3,360 | | |
| 3,161 | |
Total inventories, net | |
$ | 8,454 | | |
$ | 9,104 | |
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Property, Plant and Equipment, net
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment, net |
Note 4 – Property, Plant and Equipment, net
Property, plant and equipment consisted of the following:
Schedule of property, plant and equipment | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Land | |
$ | 1,565 | | |
$ | 1,565 | |
Buildings and improvements | |
| 22,110 | | |
| 21,661 | |
Machinery and equipment | |
| 35,217 | | |
| 33,573 | |
Vehicles | |
| 705 | | |
| 705 | |
Office equipment | |
| 1,072 | | |
| 1,072 | |
Construction in process | |
| 3,774 | | |
| 2,154 | |
| |
| 64,443 | | |
| 60,730 | |
Less accumulated depreciation | |
| (39,167 | ) | |
| (37,966 | ) |
Total property, plant and equipment, net | |
$ | 25,276 | | |
$ | 22,764 | |
|
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
Goodwill and Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
Note 5 – Goodwill and Intangible Assets
Goodwill
Goodwill consisted of the following:
Schedule of goodwill | |
| |
| |
Total | |
Balance at December 31, 2023 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Balance at June 30, 2024 | |
| |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Intangible Assets
Other intangible assets, net consisted of the following:
Schedule of finite-lived intangible assets | |
| | |
| | |
| | |
| | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Gross | | |
| | |
Net | | |
Gross | | |
| | |
Net | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Carrying | | |
Accumulated | | |
Carrying | |
| |
Amount | | |
Amortization | | |
Amount | | |
Amount | | |
Amortization | | |
Amount | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Recipes | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | |
Customer lists and other customer related intangibles | |
| 4,529 | | |
| (4,529 | ) | |
| – | | |
| 4,529 | | |
| (4,529 | ) | |
| – | |
Customer relationships | |
| 3,385 | | |
| (1,452 | ) | |
| 1,933 | | |
| 3,385 | | |
| (1,372 | ) | |
| 2,013 | |
Brand names | |
| 7,948 | | |
| (3,253 | ) | |
| 4,695 | | |
| 7,948 | | |
| (3,063 | ) | |
| 4,885 | |
Formula | |
| 438 | | |
| (438 | ) | |
| – | | |
| 438 | | |
| (438 | ) | |
| – | |
Total intangible assets, net | |
$ | 16,344 | | |
$ | (9,716 | ) | |
$ | 6,628 | | |
$ | 16,344 | | |
$ | (9,446 | ) | |
$ | 6,898 | |
Estimated amortization expense on intangible assets
for the next five years is as follows:
Schedule of estimated amortization expense on intangible assets | |
| |
Year | |
Amortization | |
Six months ended December 31, 2024 | |
$ | 270 | |
2024 | |
$ | 540 | |
2025 | |
$ | 540 | |
2026 | |
$ | 540 | |
2027 | |
$ | 540 | |
The weighted-average remaining amortization expense
period for the customer relationship and brand name intangible assets is 12.1 and 12.4 years, respectively, as of June 30, 2024. The weighted-average
remaining amortization expense period for total intangible assets is 12.3 years as of June 30, 2024.
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v3.24.2.u1
Accrued Expenses
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
Note 6 – Accrued Expenses
Accrued expenses consisted of the following:
Schedule of accrued expenses | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Payroll and incentive compensation | |
$ | 3,309 | | |
$ | 3,853 | |
Real estate taxes | |
| 479 | | |
| 442 | |
Utilities | |
| 394 | | |
| 241 | |
Current portion of operating lease liabilities | |
| 66 | | |
| 74 | |
Other | |
| 239 | | |
| 306 | |
Total accrued expenses | |
$ | 4,487 | | |
$ | 4,916 | |
|
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Note 7 – Debt
Note payable consisted of the following:
Schedule of debt | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Term loan due August 18, 2026. Interest payable monthly. | |
$ | – | | |
$ | 2,750 | |
Unamortized deferred financing costs | |
| – | | |
| (17 | ) |
Total note payable | |
| – | | |
| 2,733 | |
Less current portion | |
| – | | |
| (1,250 | ) |
Total long-term portion | |
$ | – | | |
$ | 1,483 | |
The Company paid the outstanding term loan balance
of $2,250 in full during the second quarter of 2024 and expensed the remaining unamortized deferred financing costs.
Credit Agreement
The Company is party to an Amended and Restated
Loan and Security Agreement (as amended and modified from time to time, the “Credit Agreement”) with its existing lender and
certain of its subsidiaries. The Credit Agreement provides for, among other things, a $5 million term loan to be repaid in quarterly installments
of principal and interest over a term of five years, a revolving line of credit up to a maximum of $5 million (the “Revolving Credit
Facility”) and an incremental facility not to exceed $5 million. The termination date of the term loan is August 18, 2026, unless
earlier terminated. The termination date of the revolving credit facility is June 30, 2025, unless earlier terminated.
All outstanding amounts under the Credit Agreement
bear interest at the Secured Overnight Financing Rate (“SOFR”), plus 2.07%. Interest is payable monthly in arrears. Lifeway
is also required to pay a quarterly unused revolving line of credit fee of 0.20% and, in conjunction with the issuance of any letters
of credit, a letter of credit fee of 0.20%.
The Credit Agreement includes customary representations,
warranties, and covenants, including financial covenants requiring the Company to maintain a fixed charge coverage ratio of no less than
1.25 to 1.00, and a minimum working capital financial covenant, as defined, of no less than $11.25 million, in each of the fiscal quarters
ending through the expiration date. The Credit Agreement provides for events of default, including failure to repay principal and interest
when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts due under the
Credit Agreement may be accelerated. The loans and all other amounts due and owed under the Credit Agreement and related documents are
secured by substantially all of the Company’s assets.
Lifeway was in compliance with the fixed charge
coverage ratio and minimum working capital covenants at June 30, 2024.
Revolving Credit Facility
As of June 30, 2024, the Company had $0 outstanding
under the Revolving Credit Facility. The Company had $5,000 available for future borrowings under the Revolving Credit Facility as of
June 30, 2024.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
Leases |
Note 8 – Leases
The Company leases certain machinery and equipment
with fixed base rent payments and variable costs based on usage. Remaining lease terms for these leases range from less than one year
to six years. The Company includes lease extension options, if applicable and reasonably certain to be exercised, in the calculation of
the right-of-use asset and lease liabilities. Lifeway includes only fixed payments for lease components in the measurement of the right-of-use
asset and lease liability. Variable lease payments are those that vary because of changes in facts or circumstances occurring after the
commencement date, other than the passage of time. There are no residual value guarantees. Lifeway does not currently have leases which
meet the finance lease classification as defined under ASC 842.
Lifeway treats contracts as a lease when the contract
conveys the right to use a physically distinct asset for a period of time in exchange for consideration, it directs the use of the asset
and obtains substantially all the economic benefits of the asset.
Right-of-use assets and lease liabilities are
measured and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date.
Lifeway has elected the practical expedient to combine lease and non-lease components into a single component for all of its leases. When
the Company is unable to determine an implicit interest rate, it uses its incremental borrowing rate based on the information available
at the commencement date in determining the present value of future payments for those leases. Lifeway includes options to extend or terminate
the lease in the measurement of the right-of-use asset and lease liability when it is reasonably certain that it will exercise such options.
Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
The Company does not record leases with an initial
term of 12 months or less on the balance sheet. Expense for these short-term leases is recorded on a straight-line basis over the lease
term. Total lease expense was $77 and $61 (including short term leases) for the six months ended June 30, 2024 and 2023, respectively.
Total lease expense was $42 and $30 (including short term leases) for the three months ended June 30, 2024 and 2023, respectively.
Future maturities of lease liabilities were as
follows:
Schedule of future maturities of lease liabilities | |
| |
Year | |
Operating Leases | |
Six months ended December 31, 2024 | |
$ | 42 | |
2025 | |
| 55 | |
2026 | |
| 31 | |
2027 | |
| 21 | |
2028 | |
| 17 | |
Thereafter | |
| 10 | |
Total lease payments | |
| 176 | |
Less: Interest | |
| (22 | ) |
Present value of lease liabilities | |
$ | 154 | |
The weighted-average remaining lease term for
its operating leases was 3.4 years as of June 30, 2024. The weighted average discount rate of its operating leases was 9.25% as of June
30, 2024. Cash paid for amounts included in the measurement of lease liabilities was $46 for the six months ended June 30, 2024 and 2023.
Cash paid for amounts included in the measurement of lease liabilities was $22 and $21 for the three months ended June 30, 2024 and 2023,
respectively.
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v3.24.2.u1
Commitments and contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and contingencies |
Note 9 – Commitments and contingencies
Litigation
Lifeway is involved in various legal proceedings,
claims, disputes, regulatory matters, audits, and proceedings arising in the ordinary course of, or incidental, to the Company’s
business, including commercial disputes, product liabilities, intellectual property matters and employment-related matters.
Lifeway records provisions in the consolidated
financial statements for pending legal matters when it believes it is probable that a loss will be incurred and the amount of such loss
can be reasonably estimated. The Company evaluates, on a periodic basis, developments in legal matters that could affect the amount of
any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both
probable and estimable, it does not establish an accrued liability. Currently, none of its accruals for outstanding legal matters are
material individually or in the aggregate to its financial position and it is management’s opinion that the ultimate resolution
of these outstanding legal matters will not have a material adverse effect on its business, financial condition, results of operations,
or cash flows. However, if the Company is ultimately required to make payments in connection with an adverse outcome, it is possible that
such contingency could have a material adverse effect on the Company’s business, financial condition, results of operations or cash
flows.
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Income taxes
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income taxes |
Note 10 – Income taxes
Income taxes were recognized at effective rates
of 30.0% and 33.8% for the six months ended June 30, 2024 and 2023, respectively. Income taxes were recognized at effective rates of 29.4%
and 32.6% for the three months ended June 30, 2024 and 2023, respectively.
The Company calculates the provision for income
taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year, excluding unusual or
infrequently occurring discrete items, and applies that rate to income (loss) before provision for income taxes for the period.
The Company’s effective tax rate may change
from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the jurisdictional
mix of earnings, enacted tax legislation, state income taxes, the impact of non-deductible items, changes in valuation allowances, settlement
of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits. The Company records discrete
income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur. The Company consistently
reflects non-deductible officer compensation expense, non-deductible compensation expense related to equity incentive awards and separate
state tax rates from period to period. Although similar items were reflected in 2024, the percentage effect is different due to the difference
in pre-tax income in 2024 compared to 2023.
Unrecognized tax benefits were $0 at June 30,
2024 and 2023. The Company does not expect material changes to its unrecognized tax benefits during the next twelve months.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
Stock-based and Other Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-based and Other Compensation |
Note 11 – Stock-based and Other Compensation
Omnibus Incentive Plan
In December 2015, Lifeway stockholders approved
the 2015 Omnibus Incentive Plan, which authorized the issuance of an aggregate of 3.5 million shares to satisfy awards of stock options,
stock appreciation rights, unrestricted stock, restricted stock, restricted stock units, performance shares and performance units to qualifying
employees. Under the 2015 Omnibus Incentive Plan, the Board of Directors or its Compensation Committee approves stock awards to executive
officers and certain senior executives, generally in the form of restricted stock or performance shares. The number of performance shares
that participants may earn depends on the extent to which the corresponding performance goals have been achieved. Stock awards generally
vest over a three-year performance or service period. At June 30, 2024, no shares remain available for award under the 2015 Omnibus Incentive
Plan as it was terminated on August 31, 2022. However, any outstanding awards under the 2015 Omnibus Incentive Plan are unaffected by
the termination of the 2015 Omnibus Incentive Plan or by the approval of the 2022 Omnibus Incentive Plan (the “2022 Plan”)
as described below.
On August 31, 2022, Lifeway stockholders approved
the 2022 Plan. Under the 2022 Plan, the Compensation Committee of the Board of Directors may grant awards of various types of compensation,
including, nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance
shares, performance units, cash-based awards and other stock-based awards. The maximum number of shares authorized to be awarded under
the 2022 Plan is 3.25 million shares of common stock, which includes shares that remained available under the now terminated 2015 Omnibus
Incentive Plan.
Awards granted under the 2022 Plan are generally
subject to a minimum vesting period of at least one year. Awards may be subject to cliff-vesting or graded-vesting conditions, with graded
vesting starting no earlier than one year after the grant date. The Plan Administrator may provide for shorter vesting periods in an award
agreement for no more than five percent of the maximum number of shares authorized for issuance under the 2022 Plan. As of June 30, 2024,
2.64 million shares remain available to award under the 2022 Plan.
Stock Options
The following table summarizes stock option activity during the six
months ended June 30, 2024:
Schedule of stock option activity | |
| | |
| | |
| | |
| |
| |
Options | | |
Weighted average exercise price | | |
Weighted average remaining contractual life | | |
Aggregate intrinsic value | |
| |
| (In thousands) | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 41 | | |
$ | 10.42 | | |
| 2.21 | | |
$ | 121 | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| (11 | ) | |
| 10.41 | | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 30 | | |
$ | 10.42 | | |
| 1.72 | | |
$ | 70 | |
Exercisable at June 30, 2024 | |
| 30 | | |
$ | 10.42 | | |
| 1.72 | | |
$ | 70 | |
Restricted Stock Units
A Restricted Stock Unit (“RSU”) represents
the right to receive one share of common stock in the future. RSUs have no exercise price. The grant date fair value of the awards is
determined by the Company’s closing stock price on the grant date. Lifeway expenses RSUs over the vesting period. The following
table summarizes RSU activity during the three months ended June 30, 2024.
Schedule of RSUs activity | |
| | |
| |
| |
Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
| |
(In thousands) | | |
| |
Outstanding at December 31, 2023 | |
| 207 | | |
$ | 6.89 | |
Granted | |
| 33 | | |
| 13.73 | |
Shares issued upon vesting | |
| (7 | ) | |
| 6.88 | |
Forfeited | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 233 | | |
$ | 7.84 | |
Vested and deferred at June 30, 2024 | |
| 90 | | |
$ | 6.93 | |
For the six months ended June 30, 2024 and
2023 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $468
and $202,
respectively. For the six months ended June 30, 2024 and 2023 tax-related benefits of $131
and $57,
respectively, were also recognized. For the three months ended June 30, 2024 and 2023 total pre-tax stock-based compensation expense
recognized in the consolidated statements of operations was $235
and $98,
respectively. For the three months ended June 30, 2024 and 2023 tax-related benefits of $66
and $29,
respectively, were also recognized. Future compensation expense related to restricted stock units was $706
as of June 30, 2024 and will be recognized on a weighted average basis over the next 1.2
years.
Long-Term Incentive Plan Compensation
Lifeway has established long-term incentive-based
compensation programs for certain senior executives and key employees pursuant to the terms of its incentive plans.
2020 CEO Incentive Award
During the fourth quarter 2020, Lifeway awarded
a long-term equity-based incentive of $750 to its Chief Executive Officer (the “2020 CEO Award”) depending on Lifeway’s
2020 performance levels compared to the respective targets. The equity-based incentive compensation is payable in restricted stock that
vests one-third in April 2022, one-third in April 2023, and one-third in April 2024. The issuance of vested equity awards is subject to
approval under the Stock Purchase Agreement dated October 1, 1999. For the six months ended June 30, 2024 and 2023, $24 and $69 was expensed
as stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June 30, 2024
and 2023, $6 and $26 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively. As of
June 30, 2024, all compensation has been recognized.
2021 Equity Award
The 2021 long-term equity incentive plan compensation
is based on Lifeway’s achievement of adjusted EBITDA performance versus the respective target established by the Board of Directors
for 2021. Under the 2021 plan, collectively the participants earned equity-based incentive compensation of $1,069 based on Lifeway’s
achievement of the respective financial target. The equity-based incentive compensation is payable in restricted stock that vests one-third
in April 2022, one-third in April 2023, and one-third in April 2024. For the six months ended June 30, 2024 and 2023, $40 and $128 was
expensed as stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June
30, 2024 and 2023, $7 and $44 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively.
As of June 30, 2024, all compensation has been recognized.
2022 Equity Award
Under the 2022 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2022 to 2024. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 125,066 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $6.25 dollars per share. For the six months ended June 30, 2024 and 2023, $288 and $240 was expensed as
stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June 30, 2024
and 2023, $132 and $127 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2022 long-term incentive plan also granted
restricted stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each
of the first three anniversaries of the August 31, 2022 grant date. The stock-based compensation expense for these awards is included
in the Restricted Stock Units section above.
2023 Equity Award
Under the 2023 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2023 to 2025. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 115,622 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $6.88 dollars per share. For the six months ended June 30, 2024 and 2023, $255 and $16 was expensed as
stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June 30, 2024
and 2023, $124 and $16 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2023 long-term incentive plan also granted
restricted stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each
of the first three anniversaries of the June 16, 2023 grant date. The stock-based compensation expense for these awards is included in
the Restricted Stock Units section above.
2024 Equity Award
Under the 2024 long-term incentive plan, participants
can earn a specified number of target level Performance Share Units (“PSUs”) contingent upon the achievement of strategic
milestones during the three-year Measurement Period, which is fiscal year 2024 to 2026. The strategic milestones are 1) 3-year cumulative
net revenue, and 2) 3-year cumulative adjusted EBITDA. The target number of PSU awards are weighted 50% on net revenue and 50% on adjusted
EBITDA. Collectively, the participants can earn 64,986 PSUs at the target level. Participants may earn more or less than the target number
of shares based on actual results, however the minimum and maximum number of shares that can be earned are bound by minimum and maximum
thresholds of net revenue and adjusted EBITDA. The PSU awards will be earned and will vest, if at all, after the end of the three-year
measurement period based on achievement of the milestones. The PSU awards do not vest during the three-year measurement period. The PSUs
have a grant date fair value of $13.73 dollars per share. For the six months ended June 30, 2024 and 2023, $221 and $0 was expensed as
stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended June 30, 2024
and 2023, $119 and $0 was expensed as stock-based compensation expense in the consolidated statements of operations, respectively.
The 2024 long-term incentive plan also granted
restricted stock unit awards that contain only a service condition and vest on the passage of time in three equal installments on each
of the first three anniversaries of the January 10, 2024 grant date. The stock-based compensation expense for these awards is included
in the Restricted Stock Units section above.
Non-Employee Director Plan
On August 31, 2022, Lifeway stockholders approved
the 2022 Non-Employee Director Equity and Deferred Compensation Plan, as amended by Amendment No. 1 approved by the Board on June 7, 2024
(the “2022 Director Plan”), which authorizes the grant of restricted stock units (“RSUs”), which will vest on
such schedule as the Company, in its sole discretion, shall determine. Each non-employee director of the Company is eligible to be a participant
in the 2022 Director Plan until they no longer serve as a non-employee director. As of the date of each annual shareholder meeting, or
such other date as the Board shall determine, the Company may grant each director a number of RSUs for such year and set the vesting schedule
for the RSUs granted. Whether and how many RSUs the Company will grant to directors in any year is subject to the sole discretion of the
Company and shall in any event be subject to the 2022 Director Plan’s overall share limits. The maximum aggregate number of shares
of common stock that may be issued under the 2022 Director Plan is 500 thousand shares. As of June 30, 2024, 419 thousand shares remain
available to award under the 2022 Director Plan. The aggregate fair market value of shares underlying RSU compensation that may be issued
as RSU compensation to a director in any year shall not exceed $170. In addition to the grant of RSUs, the 2022 Director Plan also provides
for the deferral by electing participants of all or part of their cash and/or RSU compensation (in 10% increments) into a deferred RSU
account as RSUs. Deferred benefits are paid in a lump sum upon the applicable director’s departure from the Board of Directors.
Retirement Benefits
Lifeway has a defined contribution plan which
is available to all full-time employees. Under the terms of the plan, the Company matches employee contributions under a prescribed formula.
For the six months ended June 30, 2024 and 2023 total contribution expense recognized in the consolidated statements of operations was
$362 and $258, respectively. For the three months ended June 30, 2024 and 2023, total contribution expense recognized in the consolidated
statements of operations was $169 and $108, respectively.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Earnings Per Share
|
6 Months Ended |
Jun. 30, 2024 |
Net earnings per common share: |
|
Earnings Per Share |
Note 12 - Earnings Per Share
The following table summarizes the effects of the share-based compensation
awards on the weighted average number of shares outstanding used in calculating diluted earnings per share:
Schedule of weighted average number of shares outstanding | |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
(In thousands) | |
Weighted average common shares outstanding | |
| 14,727 | | |
| 14,654 | | |
| 14,709 | | |
| 14,649 | |
Assumed exercise/vesting of equity awards | |
| 470 | | |
| 430 | | |
| 467 | | |
| 409 | |
Weighted average diluted common shares outstanding | |
| 15,197 | | |
| 15,084 | | |
| 15,176 | | |
| 15,058 | |
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.2.u1
Disaggregation of Revenue and Significant Customers
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Disaggregation of Revenue and Significant Customers |
Note 13 – Disaggregation of Revenue and Significant Customers
Lifeway’s primary product is drinkable kefir.
The Company manufactures (directly or through a co-manufacturer) and markets products under the Lifeway, Fresh Made, and GlenOaks Farms
brand names, as well as under private labels on behalf of certain customers.
The Company’s product categories are:
|
· |
Drinkable kefir, a cultured dairy product sold in a variety of organic and non-organic sizes, flavors, and types. |
|
· |
European-style soft cheeses, including farmer cheese, white cheese, and Sweet Kiss. |
|
· |
Cream and other, which primarily consists of cream, a byproduct of raw milk processing. |
|
· |
Drinkable yogurt, sold in a variety of sizes and flavors. |
|
· |
ProBugs, a line of kefir products designed for children. |
|
· |
Other dairy, which primarily consists of Fresh Made butter and sour cream. |
Net sales of products by category were as follows
for the six months ended June 30:
Schedule of sales of products by category | |
| | |
| | |
| | |
| |
| |
2024 | | |
2023 | |
In thousands | |
$ | | |
% | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| |
Drinkable Kefir other than ProBugs | |
| 77,543 | | |
| 83% | | |
| 61,139 | | |
| 79% | |
Cheese | |
| 6,892 | | |
| 7% | | |
| 6,721 | | |
| 9% | |
Cream and other | |
| 3,987 | | |
| 4% | | |
| 3,551 | | |
| 5% | |
Drinkable Yogurt | |
| 2,918 | | |
| 3% | | |
| 3,275 | | |
| 4% | |
ProBugs Kefir | |
| 1,750 | | |
| 2% | | |
| 1,670 | | |
| 2% | |
Other dairy | |
| 701 | | |
| 1% | | |
| 778 | | |
| 1% | |
Net Sales | |
| 93,791 | | |
| 100% | | |
| 77,134 | | |
| 100% | |
Net sales of products by category were as follows
for the three months ended June 30:
| |
| | |
| | |
| | |
| |
| |
2024 | | |
2023 | |
In thousands | |
$ | | |
% | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| |
Drinkable Kefir other than ProBugs | |
| 41,010 | | |
| 83% | | |
| 31,339 | | |
| 80% | |
Cheese | |
| 3,377 | | |
| 7% | | |
| 3,376 | | |
| 9% | |
Cream and other | |
| 2,171 | | |
| 4% | | |
| 1,659 | | |
| 4% | |
Drinkable Yogurt | |
| 1,382 | | |
| 3% | | |
| 1,631 | | |
| 4% | |
ProBugs Kefir | |
| 884 | | |
| 2% | | |
| 862 | | |
| 2% | |
Other dairy | |
| 333 | | |
| 1% | | |
| 363 | | |
| 1% | |
Net Sales | |
| 49,157 | | |
| 100% | | |
| 39,230 | | |
| 100% | |
Significant Customers
Sales are predominately to companies in the retail
food industry located within the United States. Two major customers accounted for a total of approximately 26% and 23% of net sales for
the six months ended June 30, 2024 and 2023, respectively. Two major customers accounted for a total of approximately 27% and 22% of net
sales for the three months ended June 30, 2024 and 2023, respectively.
Geographic Information
Net sales outside the of the United States represented
less than 1% of total consolidated net sales for the six months and three months ended June 30, 2024 and 2023. Net sales are determined
based on the destination where the products are shipped by Lifeway.
All the Company’s long-lived assets are
in the United States.
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v3.24.2.u1
Basis of Presentation (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Principles of consolidation |
Principles of consolidation
The consolidated financial statements include
the accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”).
All significant intercompany accounts and transactions have been eliminated.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Use of estimates |
Use of estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the
consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based
and incentive compensation, and deferred income taxes.
|
Cash and cash equivalents |
Cash and cash equivalents
Lifeway considers cash and all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which
approximates or equals fair value due to their short-term nature.
Lifeway from time to time may have bank deposits
in excess of insurance limits of the Federal Deposit Insurance Corporation. The Company places its cash and cash equivalents with high
credit quality financial institutions. Lifeway has not experienced any losses in such accounts and believes the financial risks associated
with these financial instruments are minimal.
|
Advertising and promotional costs |
Advertising and promotional costs
Advertising costs are expensed as incurred and
reported in Selling expense in the Company’s consolidated statement of operations. Total advertising expense was $2,531 and $2,006
for the six months ended June 30, 2024 and 2023, respectively. Total advertising expense was $1,159 and $543 for the three months ended
June 30, 2024 and 2023, respectively.
|
Segments |
Segments
The Company is managed as a single reportable
segment. The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), reviews financial
information on an aggregate basis for purposes of allocating resources and assessing financial performance, as well as for making strategic
operational decisions and managing the organization. Substantially all of Lifeway’s consolidated revenues relate to the sale of
cultured dairy products that it produces using the same processes and materials and are sold to consumers through a common network of
distributors and retailers in the United States.
|
Recent accounting pronouncements |
Recent accounting pronouncements
Issued but not yet effective
In November 2023, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07: Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures. The new guidance requires entities to report incremental information about significant segment expenses
included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance
also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually.
The new standard is effective for our annual period ending December 31, 2024 and our interim periods during the fiscal year ending December
31, 2025. The guidance does not affect recognition or measurement in the Company’s consolidated financial statements.
In December 2023, the FASB issued
ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose
additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and
income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and
unrecognized deferred tax liabilities. The guidance is effective for our fiscal year ending December 31, 2024. The guidance does not
affect recognition or measurement in the Company’s consolidated financial statements.
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v3.24.2.u1
Inventories, net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of inventories |
Schedule of inventories | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Ingredients | |
$ | 1,944 | | |
$ | 2,929 | |
Packaging | |
| 3,150 | | |
| 3,014 | |
Finished goods | |
| 3,360 | | |
| 3,161 | |
Total inventories, net | |
$ | 8,454 | | |
$ | 9,104 | |
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Property, Plant and Equipment, net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property, plant and equipment |
Schedule of property, plant and equipment | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Land | |
$ | 1,565 | | |
$ | 1,565 | |
Buildings and improvements | |
| 22,110 | | |
| 21,661 | |
Machinery and equipment | |
| 35,217 | | |
| 33,573 | |
Vehicles | |
| 705 | | |
| 705 | |
Office equipment | |
| 1,072 | | |
| 1,072 | |
Construction in process | |
| 3,774 | | |
| 2,154 | |
| |
| 64,443 | | |
| 60,730 | |
Less accumulated depreciation | |
| (39,167 | ) | |
| (37,966 | ) |
Total property, plant and equipment, net | |
$ | 25,276 | | |
$ | 22,764 | |
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v3.24.2.u1
Goodwill and Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of goodwill |
Schedule of goodwill | |
| |
| |
Total | |
Balance at December 31, 2023 | |
| | |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
Balance at June 30, 2024 | |
| |
Goodwill | |
$ | 12,948 | |
Accumulated impairment losses | |
| (1,244 | ) |
| |
$ | 11,704 | |
|
Schedule of finite-lived intangible assets |
Schedule of finite-lived intangible assets | |
| | |
| | |
| | |
| | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Gross | | |
| | |
Net | | |
Gross | | |
| | |
Net | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Carrying | | |
Accumulated | | |
Carrying | |
| |
Amount | | |
Amortization | | |
Amount | | |
Amount | | |
Amortization | | |
Amount | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Recipes | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | | |
$ | 44 | | |
$ | (44 | ) | |
$ | – | |
Customer lists and other customer related intangibles | |
| 4,529 | | |
| (4,529 | ) | |
| – | | |
| 4,529 | | |
| (4,529 | ) | |
| – | |
Customer relationships | |
| 3,385 | | |
| (1,452 | ) | |
| 1,933 | | |
| 3,385 | | |
| (1,372 | ) | |
| 2,013 | |
Brand names | |
| 7,948 | | |
| (3,253 | ) | |
| 4,695 | | |
| 7,948 | | |
| (3,063 | ) | |
| 4,885 | |
Formula | |
| 438 | | |
| (438 | ) | |
| – | | |
| 438 | | |
| (438 | ) | |
| – | |
Total intangible assets, net | |
$ | 16,344 | | |
$ | (9,716 | ) | |
$ | 6,628 | | |
$ | 16,344 | | |
$ | (9,446 | ) | |
$ | 6,898 | |
|
Schedule of estimated amortization expense on intangible assets |
Schedule of estimated amortization expense on intangible assets | |
| |
Year | |
Amortization | |
Six months ended December 31, 2024 | |
$ | 270 | |
2024 | |
$ | 540 | |
2025 | |
$ | 540 | |
2026 | |
$ | 540 | |
2027 | |
$ | 540 | |
|
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Accrued Expenses (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of accrued expenses |
Schedule of accrued expenses | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Payroll and incentive compensation | |
$ | 3,309 | | |
$ | 3,853 | |
Real estate taxes | |
| 479 | | |
| 442 | |
Utilities | |
| 394 | | |
| 241 | |
Current portion of operating lease liabilities | |
| 66 | | |
| 74 | |
Other | |
| 239 | | |
| 306 | |
Total accrued expenses | |
$ | 4,487 | | |
$ | 4,916 | |
|
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Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of debt |
Schedule of debt | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Term loan due August 18, 2026. Interest payable monthly. | |
$ | – | | |
$ | 2,750 | |
Unamortized deferred financing costs | |
| – | | |
| (17 | ) |
Total note payable | |
| – | | |
| 2,733 | |
Less current portion | |
| – | | |
| (1,250 | ) |
Total long-term portion | |
$ | – | | |
$ | 1,483 | |
|
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Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
Schedule of future maturities of lease liabilities |
Schedule of future maturities of lease liabilities | |
| |
Year | |
Operating Leases | |
Six months ended December 31, 2024 | |
$ | 42 | |
2025 | |
| 55 | |
2026 | |
| 31 | |
2027 | |
| 21 | |
2028 | |
| 17 | |
Thereafter | |
| 10 | |
Total lease payments | |
| 176 | |
Less: Interest | |
| (22 | ) |
Present value of lease liabilities | |
$ | 154 | |
|
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Stock-based and Other Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of stock option activity |
Schedule of stock option activity | |
| | |
| | |
| | |
| |
| |
Options | | |
Weighted average exercise price | | |
Weighted average remaining contractual life | | |
Aggregate intrinsic value | |
| |
| (In thousands) | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 41 | | |
$ | 10.42 | | |
| 2.21 | | |
$ | 121 | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| (11 | ) | |
| 10.41 | | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 30 | | |
$ | 10.42 | | |
| 1.72 | | |
$ | 70 | |
Exercisable at June 30, 2024 | |
| 30 | | |
$ | 10.42 | | |
| 1.72 | | |
$ | 70 | |
|
Schedule of RSUs activity |
Schedule of RSUs activity | |
| | |
| |
| |
Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
| |
(In thousands) | | |
| |
Outstanding at December 31, 2023 | |
| 207 | | |
$ | 6.89 | |
Granted | |
| 33 | | |
| 13.73 | |
Shares issued upon vesting | |
| (7 | ) | |
| 6.88 | |
Forfeited | |
| – | | |
| – | |
Outstanding at June 30, 2024 | |
| 233 | | |
$ | 7.84 | |
Vested and deferred at June 30, 2024 | |
| 90 | | |
$ | 6.93 | |
|
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Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Net earnings per common share: |
|
Schedule of weighted average number of shares outstanding |
Schedule of weighted average number of shares outstanding | |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
(In thousands) | |
Weighted average common shares outstanding | |
| 14,727 | | |
| 14,654 | | |
| 14,709 | | |
| 14,649 | |
Assumed exercise/vesting of equity awards | |
| 470 | | |
| 430 | | |
| 467 | | |
| 409 | |
Weighted average diluted common shares outstanding | |
| 15,197 | | |
| 15,084 | | |
| 15,176 | | |
| 15,058 | |
|
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Disaggregation of Revenue and Significant Customers (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of sales of products by category |
Schedule of sales of products by category | |
| | |
| | |
| | |
| |
| |
2024 | | |
2023 | |
In thousands | |
$ | | |
% | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| |
Drinkable Kefir other than ProBugs | |
| 77,543 | | |
| 83% | | |
| 61,139 | | |
| 79% | |
Cheese | |
| 6,892 | | |
| 7% | | |
| 6,721 | | |
| 9% | |
Cream and other | |
| 3,987 | | |
| 4% | | |
| 3,551 | | |
| 5% | |
Drinkable Yogurt | |
| 2,918 | | |
| 3% | | |
| 3,275 | | |
| 4% | |
ProBugs Kefir | |
| 1,750 | | |
| 2% | | |
| 1,670 | | |
| 2% | |
Other dairy | |
| 701 | | |
| 1% | | |
| 778 | | |
| 1% | |
Net Sales | |
| 93,791 | | |
| 100% | | |
| 77,134 | | |
| 100% | |
Net sales of products by category were as follows
for the three months ended June 30:
| |
| | |
| | |
| | |
| |
| |
2024 | | |
2023 | |
In thousands | |
$ | | |
% | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| |
Drinkable Kefir other than ProBugs | |
| 41,010 | | |
| 83% | | |
| 31,339 | | |
| 80% | |
Cheese | |
| 3,377 | | |
| 7% | | |
| 3,376 | | |
| 9% | |
Cream and other | |
| 2,171 | | |
| 4% | | |
| 1,659 | | |
| 4% | |
Drinkable Yogurt | |
| 1,382 | | |
| 3% | | |
| 1,631 | | |
| 4% | |
ProBugs Kefir | |
| 884 | | |
| 2% | | |
| 862 | | |
| 2% | |
Other dairy | |
| 333 | | |
| 1% | | |
| 363 | | |
| 1% | |
Net Sales | |
| 49,157 | | |
| 100% | | |
| 39,230 | | |
| 100% | |
|
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Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
Advertising expense |
$ 1,159
|
$ 543
|
$ 2,531
|
$ 2,006
|
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Inventories, net (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Ingredients |
$ 1,944
|
$ 2,929
|
Packaging |
3,150
|
3,014
|
Finished goods |
3,360
|
3,161
|
Total inventories, net |
$ 8,454
|
$ 9,104
|
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Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 64,443
|
$ 60,730
|
Less accumulated depreciation |
(39,167)
|
(37,966)
|
Total property, plant and equipment, net |
25,276
|
22,764
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,565
|
1,565
|
Building and Building Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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22,110
|
21,661
|
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|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
35,217
|
33,573
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
705
|
705
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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1,072
|
1,072
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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$ 3,774
|
$ 2,154
|
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Goodwill and Intangible Assets (Details - Finite lived) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 16,344
|
$ 16,344
|
Accumulated Amortization |
(9,716)
|
(9,446)
|
Net Carrying Amount |
6,628
|
6,898
|
Recipes [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
44
|
44
|
Accumulated Amortization |
(44)
|
(44)
|
Net Carrying Amount |
0
|
0
|
Customer Lists and Other Customer Related Intangibles [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
4,529
|
4,529
|
Accumulated Amortization |
(4,529)
|
(4,529)
|
Net Carrying Amount |
0
|
0
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
3,385
|
3,385
|
Accumulated Amortization |
(1,452)
|
(1,372)
|
Net Carrying Amount |
1,933
|
2,013
|
Brand Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
7,948
|
7,948
|
Accumulated Amortization |
(3,253)
|
(3,063)
|
Net Carrying Amount |
4,695
|
4,885
|
Formula [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
438
|
438
|
Accumulated Amortization |
(438)
|
(438)
|
Net Carrying Amount |
$ 0
|
$ 0
|
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Debt (Details Narrative)
|
6 Months Ended |
Jun. 30, 2024
USD ($)
|
Short-Term Debt [Line Items] |
|
Paid outstanding term loan |
$ 2,250
|
Unused revolving line of credit fee |
0.20%
|
Letter of credit fee percentage |
0.20%
|
Revolving Credit Facility [Member] |
|
Short-Term Debt [Line Items] |
|
Line of credit |
$ 5,000,000
|
Termination date |
Jun. 30, 2025
|
Revolving credit facility amount outstanding |
$ 0
|
Future borrowings |
5,000,000
|
Incremental Facility [Member] |
|
Short-Term Debt [Line Items] |
|
Line of credit |
5,000,000
|
Credit Agreement Term Loan [Member] |
|
Short-Term Debt [Line Items] |
|
Termination loans |
$ 5,000,000
|
Termination date |
Aug. 18, 2026
|
Credit Agreement [Member] |
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Secured Overnight Financing Rate (“SOFR”), plus 2.07%. Interest is payable monthly in arrears.
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Stock-based and Other Compensation (Details - Option activity) - Equity Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Options outstanding, beginning balance | shares |
41
|
|
Weighted average exercise price, beginning balance | $ / shares |
$ 10.42
|
|
Weighted average remaining contractual life, outstanding |
1 year 8 months 19 days
|
2 years 2 months 15 days
|
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$ 121
|
|
Options granted | shares |
0
|
|
Weighted average exercise price, options granted | $ / shares |
$ 0
|
|
Options exercised | shares |
(11)
|
|
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$ 10.41
|
|
Options forfeited | shares |
0
|
|
Weighted average exercise price, options forfeited | $ / shares |
$ 0
|
|
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30
|
41
|
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$ 10.42
|
$ 10.42
|
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$ 70
|
$ 121
|
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30
|
|
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$ 10.42
|
|
Weighted average remaining contractual life, exercisable |
1 year 8 months 19 days
|
|
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$ 70
|
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v3.24.2.u1
Stock-based and Other Compensation (Details - Restricted stock units) - Restricted Stock Units (RSUs) [Member] shares in Thousands |
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Restricted stock units outstanding, beginning | shares |
207
|
Weighted average grant date fair value outstanding, beginning | $ / shares |
$ 6.89
|
Restricted stock units, granted | shares |
33
|
Weighted average grant date fair value, granted | $ / shares |
$ 13.73
|
Restricted stock units, shares issued upon vesting | shares |
(7)
|
Weighted average grant date fair value, shares issued upon vesting | $ / shares |
$ 6.88
|
Restricted stock units, forfeited | shares |
0
|
Weighted average grant date fair value, forfeited | $ / shares |
$ 0
|
Restricted stock units outstanding, ending | shares |
233
|
Weighted average grant date fair value outstanding, ending | $ / shares |
$ 7.84
|
Restricted stock units, vested and deferred | shares |
90
|
Weighted average grant date fair value, vested and deferred | $ / shares |
$ 6.93
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v3.24.2.u1
Stock-based and Other Compensation (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2020 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Aug. 31, 2022 |
Dec. 31, 2015 |
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation |
$ 235
|
$ 98
|
|
$ 468
|
$ 202
|
|
|
Tax related benefits |
66
|
29
|
|
131
|
57
|
|
|
Compensation expense related to restricted stock units |
706
|
|
|
$ 706
|
|
|
|
Weighted average basis term |
|
|
|
1 year 2 months 12 days
|
|
|
|
2020 CEO Incentive Award [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation |
6
|
26
|
|
$ 24
|
69
|
|
|
Long-term equity-based incentive |
|
|
$ 750
|
|
|
|
|
2021 Equity Award [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation |
7
|
44
|
|
40
|
128
|
|
|
Long-term equity-based incentive |
|
|
|
1,069
|
|
|
|
2022 Equity Award [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation |
132
|
127
|
|
288
|
240
|
|
|
2023 Equity Award [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation |
124
|
16
|
|
255
|
16
|
|
|
2024 Equity Award [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation |
$ 119
|
0
|
|
$ 221
|
0
|
|
|
2015 Omnibus Incentive Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Number of shares authorized for issuance |
|
|
|
|
|
|
3,500,000
|
2022 Omnibus Incentive Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Number of shares authorized for issuance |
|
|
|
|
|
3,250,000
|
|
Shares available for grant |
2,640,000
|
|
|
2,640,000
|
|
|
|
2022 Director Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Shares available for grant |
419,000
|
|
|
419,000
|
|
|
|
Defined Contribution Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Employer contribution expense |
$ 169
|
$ 108
|
|
$ 362
|
$ 258
|
|
|
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v3.24.2.u1
Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Net earnings per common share: |
|
|
|
|
Weighted average common shares outstanding |
14,727
|
14,654
|
14,709
|
14,649
|
Assumed exercise/vesting of equity awards |
470
|
430
|
467
|
409
|
Weighted average diluted common shares outstanding |
15,197
|
15,084
|
15,176
|
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v3.24.2.u1
Disaggregation of Revenue and Significant Customers (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales |
$ 49,157
|
$ 39,230
|
$ 93,791
|
$ 77,134
|
Drinkable Kefir other than ProBugs [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales |
$ 41,010
|
$ 31,339
|
$ 77,543
|
$ 61,139
|
Drinkable Kefir other than ProBugs [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales percentage |
83.00%
|
80.00%
|
83.00%
|
79.00%
|
Cheese [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales |
$ 3,377
|
$ 3,376
|
$ 6,892
|
$ 6,721
|
Cheese [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales percentage |
7.00%
|
9.00%
|
7.00%
|
9.00%
|
Cream And Other [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales |
$ 2,171
|
$ 1,659
|
$ 3,987
|
$ 3,551
|
Cream And Other [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales percentage |
4.00%
|
4.00%
|
4.00%
|
5.00%
|
Drinkable Yogurt [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales |
$ 1,382
|
$ 1,631
|
$ 2,918
|
$ 3,275
|
Drinkable Yogurt [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales percentage |
3.00%
|
4.00%
|
3.00%
|
4.00%
|
ProBugs Kefir [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales |
$ 884
|
$ 862
|
$ 1,750
|
$ 1,670
|
ProBugs Kefir [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales percentage |
2.00%
|
2.00%
|
2.00%
|
2.00%
|
Other Dairy [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales |
$ 333
|
$ 363
|
$ 701
|
$ 778
|
Other Dairy [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales percentage |
1.00%
|
1.00%
|
1.00%
|
1.00%
|
Net Sales [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales |
$ 49,157
|
$ 39,230
|
$ 93,791
|
$ 77,134
|
Net Sales [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Net sales percentage |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
X |
- DefinitionFor an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.
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Lifeway Foods (NASDAQ:LWAY)
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De Set 2024 até Out 2024
Lifeway Foods (NASDAQ:LWAY)
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