Leading Brands Q1 Gross Revenue Declines 5.8%
Leading Brands, a health beverage company in North America, has reported gross revenue of $5.55m for the first quarter of fiscal 2010, a decrease of 5.8% compared to $5.89m in the same quarter last year.
The decline in revenues is attributable to the company's decision to no longer distribute its low margin food and some beverage products and instead focus on higher margin, fiscally sustainable, branded beverage sales.
The company ceased its food distribution business during the previous year quarter.
Net income for the first quarter was $408,000 or $0.10 per diluted share compared to $201,000 or $0.05 per diluted share in the previous year quarter.
The improvement in earnings is a consequence of increasing gross profit margin percentage driven both by operating efficiencies and improvements in the price of some key raw materials.
Gross profit margin for the quarter was 50.3%, up from 39% in the same quarter last year.
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