Lifeway’s kefir will officially be available to consumers in the four major retailers as of December 1, and the company expects to expand marketing and advertising to support sales at the retail chains.
Julie Smolyansky, Lifeway’s president and CEO, said: “We are thrilled major retailers continue to choose Lifeway’s kefir, once a niche health food product, to enhance their healthy consumable product offerings. As a result of our marketing campaigns, we continue to increase our distribution and awareness of kefir. It is exciting to see consumers choose kefir as a way to feed their families nutritious and delicious food products.
“We believe our kefir distribution growth and the continued expansion of frozen kefir with existing customers should lead to increased long-term sales growth. We look forward to growing deeper in our current retail account base and the adding new distribution accounts in the future.”
Based on the company’s strong cash position and cashflow from operating activities that they paid down $1.8m of their long term notes payable including $1.5m associated with the company’s credit facility and $0.3 related to the company’s long term mortgage. The reduction of the company’s notes payable reflects debt associated with the company’s Fresh Made acquisition in February 2009.
The balance of the long term notes payable as of September 30, was $5.9m and is now approximately $4.1m.
Source: Lifeway Foods
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