Lifeway Foods Gross profit (Q1, 2018)8.7 M

Lifeway Foods Gross profit margin (Q1, 2018), %30.3%

Lifeway Foods Net income (Q1, 2018)70 K

Lifeway Foods EBIT (Q1, 2018)151 K

Lifeway Foods Cash, 31-Mar-20183.7 M

Lifeway Foods EV64.6 M

Lifeway Foods revenue breakdown by business segment: 5.2% from ProBugs Kefir Products, 8.3% from Lifeway Cheese Products, 85.6% from Drinkable Kefir other than ProBugs and 1.0% from Other

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Revenue | 97.5 m | 119 m | 118.6 m | 123.9 m |

| 22% | 0% | 4% | |

## Cost of goods sold | 87.6 m | 84.6 m | 86.5 m | |

## Gross profit | 31.4 m | 34 m | 37.4 m | |

| 26% | 29% | 30% | |

## Sales and marketing expense | 14.5 m | 12.8 m | 14.5 m | |

## General and administrative expense | 9.4 m | 13.7 m | 13.8 m | |

## Operating expense total | 23.9 m | 26.5 m | 28.3 m | |

## EBIT | 8 m | 4.2 m | 4.4 m | 6.1 m |

| 8% | 4% | 4% | 5% |

## Interest expense | 276.9 k | 236 k | 220 k | |

## Pre tax profit | 4.2 m | 4 m | 5.6 m | |

## Income tax expense | 2.2 m | 2 m | 2.2 m | |

## Net Income | 5 m | 2 m | 2 m | 3.5 m |

- Source: SEC Filings

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 29.6 m | 29.8 m | 29.6 m | 32.6 m | 31.1 m | 30 m | 32.1 m | 31.7 m | 28.8 m | 28.7 m |

## Cost of goods sold | 20.6 m | 22.2 m | 19.9 m | 23.4 m | 20.3 m | 21.5 m | 23.1 m | 21.9 m | 20.3 m | 20 m |

## Gross profit | 9 m | 7.6 m | 9.7 m | 9.2 m | 10.8 m | 8.5 m | 9 m | 9.9 m | 8.5 m | 8.7 m |

| 30% | 26% | 33% | 28% | 35% | 28% | 28% | 31% | 29% | 30% |

## Sales and marketing expense | 4.2 m | 2.6 m | 2.7 m | 2.9 m | 3.5 m | 4.3 m | 4 m | 4 m | ||

## General and administrative expense | 2.6 m | 4.2 m | 4.1 m | 4.4 m | 3.5 m | 3.3 m | 3.8 m | 3.1 m | 3.7 m | |

## Operating expense total | 7 m | 7 m | 7 m | 7.5 m | 7.1 m | 7.8 m | 8.2 m | 7.4 m | 7.3 m | 7.9 m |

## Depreciation and amortization | 168 k | 163 k | ||||||||

## EBIT | 1.4 m | 49.1 k | 2.1 m | 1.1 m | 3 m | 189 k | 266 k | 1.9 m | 514 k | 151 k |

| 5% | 0% | 7% | 3% | 10% | 1% | 1% | 6% | 2% | 1% |

## Interest expense | 65.3 k | 58.4 k | 55.7 k | 58 k | 47 k | 56 k | 57 k | 61 k | 62 k | 63 k |

## Pre tax profit | 1.3 m | 218.5 k | 1.8 m | 1.1 m | 2.9 m | 17 k | 204 k | 1.8 m | 418 k | 108 k |

## Income tax expense | 650.5 k | 119.6 k | 926.6 k | 411 k | 789 k | 81 k | 80 k | 801 k | 175 k | 38 k |

## Net Income | 653.7 k | 98.9 k | 892.9 k | 648 k | 2.1 m | (64 k) | 124 k | 1 m | 243 k | 70 k |

- Source: SEC Filings

usd | Y, 2010 | Y, 2011 | Y, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|---|---|---|

## Cash | 3.2 m | 1.1 m | 2.3 m | 3.3 m | 3.3 m | 5.6 m | 8.8 m |

## Accounts Receivable | 295.3 m | 134.3 k | 45 k | 71.5 m | |||

## Inventories | 39.8 m | 5.8 m | 7.7 m | 8 m | |||

## Current Assets | 24.2 m | 26.8 m | 28.2 m | ||||

## PP&E | 21.9 m | 21.4 m | 21.8 m | ||||

## Goodwill | 14.1 m | ||||||

## Total Assets | 63.4 m | 64.9 m | 65.9 m | ||||

## Accounts Payable | 72 m | 5.6 m | 7.1 m | 5.7 m | |||

## Short-term debt | 872.3 k | 840 k | 840 k | ||||

## Current Liabilities | 8.5 m | 10.8 m | 9.4 m | ||||

## Long-term debt | 8.1 m | 7.1 m | 6.3 m | ||||

## Total Debt | 9 m | 8 m | 7.1 m | ||||

## Total Liabilities | 17.5 m | ||||||

## Retained Earnings | 44.5 m | 46.5 m | 50 m | ||||

## Total Equity | 44.7 m | 45.3 m | 48.4 m | ||||

## Debt to Equity Ratio | 0.2 x | 0.2 x | 0.1 x | ||||

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.1 x | ||||

## Financial Leverage | 1.4 x | 1.4 x | 1.4 x |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|

## Cash | 3.8 m | 5.9 m | 5 m | 3.8 m | 6.1 m | 9.2 m | 9.8 m | 9.3 m | 7.3 m | 3.7 m |

## Accounts Receivable | 118.4 k | 28.8 k | 37.9 k | (814 k) | ||||||

## Inventories | 6.3 m | 6.3 m | 6.9 m | 8.3 m | 9.3 m | 9.2 m | 7.6 m | 8.1 m | 8.1 m | 7.5 m |

## Current Assets | 24.3 m | 27.1 m | 26.6 m | 26.6 m | 29 m | 30.4 m | 30.6 m | 29.5 m | 27.5 m | 23.4 m |

## PP&E | 22.3 m | 22 m | 21.6 m | 21.1 m | 21.3 m | 21.6 m | 22.3 m | 23 m | 23.9 m | 24.8 m |

## Goodwill | 14.1 m | 14.1 m | 14.1 m | |||||||

## Total Assets | 63.8 m | 66.1 m | 65.1 m | 64.2 m | 66.6 m | 68.2 m | 68.6 m | 68 m | 66.8 m | 63.2 m |

## Accounts Payable | 4.1 m | 5.7 m | 5.2 m | 7.3 m | 6.7 m | 8.8 m | 8.3 m | 6.3 m | 7.1 m | 7.1 m |

## Short-term debt | 840 k | 840 k | 840 k | 840 k | 840 k | 840 k | 840 k | 3.4 m | 3.3 m | |

## Current Liabilities | 8.6 m | 11.3 m | 9.6 m | 10 m | 10.5 m | 11.9 m | 12.6 m | 13.6 m | 13.3 m | 10.1 m |

## Long-term debt | 7.9 m | 7.5 m | 7.3 m | 6.9 m | 6.7 m | 6.5 m | 6.1 m | 3.3 m | 3.2 m | 6.1 m |

## Total Debt | 8.7 m | 8.4 m | 8.2 m | 7.7 m | 7.5 m | 7.3 m | 6.9 m | 6.7 m | 6.5 m | 6.1 m |

## Total Liabilities | 18.4 m | 20.6 m | 18.7 m | 18.7 m | 18.9 m | 20.5 m | 20.1 m | 18.4 m | 18.1 m | 17.5 m |

## Retained Earnings | 45.2 m | 45.3 m | 46.2 m | 47.2 m | 49.6 m | 49.5 m | 50.1 m | 51.2 m | 51.4 m | 49.7 m |

## Total Equity | 45.4 m | 45.5 m | 46.3 m | 45.5 m | 47.7 m | 47.7 m | 48.5 m | 49.6 m | 48.6 m | 45.7 m |

## Debt to Equity Ratio | 0.1 x | |||||||||

## Debt to Assets Ratio | 0.1 x | |||||||||

## Financial Leverage | 1.4 x | 1.5 x | 1.4 x | 1.4 x | 1.4 x | 1.4 x | 1.4 x | 1.4 x | 1.4 x | 1.4 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Net Income | 2 m | 2 m | 3.5 m | |

## Depreciation and Amortization | 3.3 m | 3.1 m | 3 m | |

## Accounts Receivable | 103.3 k | 54.9 k | 537 k | 292 k |

## Inventories | 6.9 m | 1.1 m | (1.8 m) | (579 k) |

## Accounts Payable | 6.7 m | (1.1 m) | 1.6 m | (2.7 m) |

## Cash From Operating Activities | 1 m | (46.4 k) | 2.4 m | 5.1 m |

## Purchases of PP&E | (3.7 m) | (2 m) | (3.2 m) | |

## Cash From Investing Activities | (4.3 m) | (1.8 m) | (360 k) | |

## Dividends Paid | (1.3 m) | |||

## Cash From Financing Activities | (877.2 k) | (2.6 m) | (1.6 m) | |

## Interest Paid | 235 k | 220 k | ||

## Income Taxes Paid | 2.2 m | 1.4 m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 653.7 k | 752.6 k | 1.6 m | 648 k | 3.1 m | 3 m | 124 k | 1.2 m | 70 k | ||||

## Depreciation and Amortization | 769.5 k | 1.6 m | 2.3 m | 807 k | 1.6 m | 2.3 m | 754 k | 1.5 m | 843 k | ||||

## Accounts Receivable | 89.1 k | 91.6 k | 56.7 k | 26.7 k | (32.9 k) | (166.8 k) | (540.2 k) | (584 k) | (532 k) | (823 k) | (2.6 m) | (793 k) | 467 k |

## Inventories | 8.4 m | 7.4 m | 6.8 m | 7.1 m | (513.1 k) | (475.6 k) | (1.1 m) | (627 k) | (1.6 m) | (1.6 m) | 363 k | (185 k) | 52 k |

## Accounts Payable | 5.4 m | 7 m | 6.5 m | 7.3 m | (1.5 m) | 138.5 k | (396.2 k) | (1.1 m) | (1.7 m) | 370 k | 2.6 m | 564 k | 288 k |

## Cash From Operating Activities | 2.1 m | 4.7 m | 4.4 m | (1 m) | 1.9 m | 4.5 m | 2.3 m | 3.3 m | 853 k | ||||

## Purchases of PP&E | (1 m) | (1.4 m) | (1.6 m) | (336 k) | (1.4 m) | (2.5 m) | (1.1 m) | (2.4 m) | (879 k) | ||||

## Cash From Investing Activities | (1.3 m) | (1.5 m) | (1.8 m) | (194 k) | (285 k) | 373 k | (1 m) | (2.4 m) | (847 k) | ||||

## Long-term Borrowings | (210 k) | ||||||||||||

## Cash From Financing Activities | (271.2 k) | (827.5 k) | (650 k) | (1.2 m) | (1.4 m) | (210 k) | (420 k) | (1.3 m) | |||||

## Interest Paid | 65.1 k | 124 k | 177.5 k | 58 k | 105 k | 162 k | 57 k | 118 k | 63 k | ||||

## Income Taxes Paid | 40 k | 1.1 m | 1.1 m | 886 k | 886 k | 886 k | 1.5 m | 587 k |

USD | Y, 2018 |
---|---|

## EV/EBIT | 427.7 x |

## EV/CFO | 75.7 x |

## Revenue/Employee | 89.8 k |

## Financial Leverage | 1.4 x |

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