Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”), the 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, 2021.

“I am proud to report that the second quarter of 2021 marked yet another consecutive quarter of year-over-year growth, highlighted by our strong 16.6% increase in net sales when compared to the second quarter of 2020,” commented Julie Smolyansky, Lifeway’s President and Chief Executive Officer. “Throughout the quarter, we remained focused on advertising and customer acquisition strategies with elevated digital engagement and marketing programs, including our first Spanish-language campaign. This increased marketing, combined with the improving execution of our previously outlined Lifeway 2.0 strategy, have contributed to our accelerating growth. I am excited for the remainder of 2021, as current consumer trends towards healthy eating alongside the continued efficient execution of our growth strategy should provide a strong platform for Lifeway moving forwards.”

Smolyansky added, “I would also like to highlight two pivotal events that indicate Lifeway’s commitment to growth. On July 1, 2021, we announced the brand’s first expansion of kefir distribution into the French market with our first listing in France. We are very excited to capitalize on this expansion, and the French market is a perfect target, as fermented dairy foods like kefir have been prevalent in the country’s diet for generations. In addition, on August 3, 2021, we announced the intended acquisition of the assets of GlenOaks Farms. GlenOaks’ product offering includes six different flavors of their popular, probiotic drinkable yogurt, a tremendous strategic complement to our kefir products. The acquisition further solidifies our position in California and the West, and we look forward to integrating the GlenOaks brand and expanding its reach.”

A pre-recorded conference call and webcast with Lifeway CEO Julie Smolyansky discussing these results with additional comments and details will be available on August 16, 2021 at approximately 9:00 a.m. ET. The webcast will be available over the Internet through the “Investor Relations” section of the Company’s website at

Second Quarter 2021 Results

Net sales were $29.2 million for the second quarter, an increase of $4.1 million or 16.6% from the same period in 2020. The net sales increase was primarily driven by higher volumes of our branded drinkable kefir.

Gross profit as a percentage of net sales was 26.3% for the second quarter, compared to 27.7% during the same period in 2020. The decrease versus the prior year was primarily due to the unfavorable impact of milk pricing, and to a lesser extent the increased pricing of other inputs, partially offset by decreasing in depreciation expense.

Selling expenses decreased $0.1 million, or 5.7%, to $2.6 million for the second quarter from $2.7 million in the second quarter of 2020. The decrease was primarily due to favorable compensation expense.

General and administrative expenses decreased $0.1 million, or 4.2% to $2.6 million for the second quarter of 2021 from $2.7 million during the same period in 2020. The decrease is primarily a result of lower compensation expense due to organizational changes made in 2020 and lower professional fees.

Income tax expense was $0.7 million for the second quarter of 2021, compared to $0.4 million during the same period in 2020.

The Company reported net income of $1.6 million or $0.10 per basic and diluted common share for the second quarter ended June 30, 2021 compared to a net income of $1.0 million or $0.06 per basic and diluted common share in the prior year period.

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 cheese and a ProBugs line for kids. Lifeway's tart and tangy fermented dairy products are now sold across the United States, Mexico, Ireland, France and the United Kingdom. Learn how Lifeway is good for more than just you at

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, 2020, and the Company’s subsequent filings with the SEC. Copies of these filings are available online at,, 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.


Lifeway Foods, Inc.Phone: 847-967-1010Email:

LIFEWAY FOODS, INC. AND SUBSIDIARIESConsolidated Balance SheetsJune 30, 2021 and December 31, 2020(In thousands)

    June 30, 2021(Unaudited)     December 31, 2020  
Current assets                
Cash and cash equivalents   $ 10,412     $ 7,926  
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,190 and $1,350 at June 30, 2021 and December 31, 2020 respectively     9,157       8,002  
Inventories, net     7,291       6,930  
Prepaid expenses and other current assets     908       1,163  
Refundable income taxes     354       31  
Total current assets     28,122       24,052  
Property, plant and equipment, net     20,671       21,048  
Operating lease right-of-use asset     226       345  
Intangible assets                
Goodwill and indefinite-lived intangibles     12,824       12,824  
Other intangible assets, net            
Total intangible assets     12,824       12,824  
Other assets     1,800       1,800  
Total assets   $ 63,643     $ 60,069  
Current liabilities                
Accounts payable   $ 5,285     $ 5,592  
Accrued expenses     3,587       2,196  
Accrued income taxes     106       653  
Total current liabilities     8,978       8,441  
Line of credit     2,777       2,768  
Operating lease liabilities     107       165  
Deferred income taxes, net     1,764       1,764  
Other long-term liabilities     12       77  
Total liabilities     13,638       13,215  
Commitments and contingencies                
Stockholders' equity                
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at June 30, 2021 and December 31, 2020            
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,650 and 15,604 outstanding at June 30, 2021 and December 31, 2020, respectively     6,509       6,509  
Paid-in capital     2,488       2,600  
Treasury stock, at cost     (12,111 )     (12,450 )
Retained earnings     53,119       50,195  
Total stockholders' equity     50,005       46,854  
Total liabilities and stockholders' equity   $ 63,643     $ 60,069  

LIFEWAY FOODS, INC. AND SUBSIDIARIESConsolidated Statements of OperationsFor the three months ended June 30, 2021 and 2020(Unaudited)(In thousands, except per share data)

    Three Months Ended June 30,     Six Months Ended June 30,  
    2021     2020     2021     2020  
Net sales   $ 29,162     $ 25,014     $ 58,538     $ 50,402  
Cost of goods sold     20,846       17,279       41,358       35,903  
Depreciation expense     639       807       1,454       1,574  
Total cost of goods sold     21,485       18,086       42,812       37,477  
Gross profit     7,677       6,928       15,726       12,925  
Selling expenses     2,566       2,720       5,788       5,295  
General and administrative     2,617       2,731       5,508       5,876  
Amortization expense           39             78  
Total operating expenses     5,183       5,490       11,296       11,249  
Income from operations     2,494       1,438       4,430       1,676  
Other income (expense):                                
Interest expense     (20 )     (30 )     (42 )     (69 )
Gain on investments           4       2       4  
Loss on sale of property and equipment     (76 )     (33 )     (83 )     (28 )
Other (expense) income, net     (49 )     5       (59 )     2  
Total other income (expense)     (145 )     (54 )     (182 )     (91 )
Income before provision for income taxes     2,349       1,384       4,248       1,585  
Provision for income taxes     731       404       1,324       459  
Net income   $ 1,618     $ 980     $ 2,924     $ 1,126  
Earnings (loss) per common share:                                
Basic   $ 0.10     $ 0.06     $ 0.19     $ 0.07  
Diluted   $ 0.10     $ 0.06     $ 0.19     $ 0.07  
Weighted average common shares:                                
Basic     15, 639       15,560       15, 622       15,591  
Diluted     15, 793       15,586       15, 772       15,607  

LIFEWAY FOODS, INC. AND SUBSIDIARIESConsolidated Statements of Cash Flows(Unaudited)(In thousands) 

    Six Months Ended June 30,  
    2021     2020  
Cash flows from operating activities:                
Net income   $ 2,924     $ 1,126  
Adjustments to reconcile net income to operating cash flow:                
Depreciation and amortization     1,454       1,652  
Non-cash interest expense     9       12  
Non-cash rent expense     51       (38 )
Bad debt expense     (1 )     (4 )
Deferred revenue     (15 )     (48 )
Stock-based compensation     301       232  
Deferred income taxes           369  
Loss (gain) on sale of property and equipment     83       28  
(Increase) decrease in operating assets:                
Accounts receivable     (1,154 )     (1,041 )
Inventories     (361 )     (262 )
Refundable income taxes     (323 )     65  
Prepaid expenses and other current assets     255       502  
Increase (decrease) in operating liabilities:                
Accounts payable     (305 )     (172 )
Accrued expenses     1,276       (448 )
Accrued income taxes     (547 )     (62 )
Net cash provided by operating activities     3,647       1,911  
Cash flows from investing activities:                
Purchases of property and equipment     (1,161 )     (728 )
Proceeds from sale of property and equipment           5  
Net cash used in investing activities     (1,161 )     (723 )
Cash flows from financing activities:                
Purchase of treasury stock           (405 )
Net cash used in financing activities           (405 )
Net increase in cash and cash equivalents     2,486       783  
Cash and cash equivalents at the beginning of the period     7,926       3,836  
Cash and cash equivalents at the end of the period   $ 10,412     $ 4,619  
Supplemental cash flow information:                
Cash paid for income taxes, net of (refunds)   $ 2,194     $ 82  
Cash paid for interest   $ 33     $ 61  
Non-cash investing activities                
Increase (decrease) in right-of-use assets and operating lease obligations   $ 27     $ (58 )
Non-cash financing activities                
Issuance of common stock under equity incentive plans   $     $ 522  
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