Earnings Labs

Lifeway Foods, Inc. (LWAY)

Q4 2021 Earnings Call· Thu, Jul 21, 2022

$28.02

+0.88%

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Transcript

Unknown Executive

Management

Good morning. Welcome to Lifeway Foods' Fourth Quarter and Full Year 2021 Earnings Conference Call. On the call with me today is Julie Smolyansky, Chief Executive Officer. As previously announced, the company experienced delays in reporting its financial results and filing its 10-K for the year ended December 31, 2021, because of the identification of an error in accounting for income taxes of a prior year acquisition. Please see this morning's press release for more information on the delay. If you have not received the release, it is available on the Investor Relations portion of Lifeway's website at www.lifewayfoods.com. A recording of this call will be available on the company's website. Before we begin, we would like to remind everyone that the prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. The words believe, expect, anticipate and other similar expressions generally identify forward-looking statements. These statements do not guarantee future performance, and therefore, undue reliance should not be placed on them. Actual results could differ materially from those projected in any forward-looking statements. Lifeway assumes no obligation to update any forward-looking projection that may be made in today's release or call. All of the forward-looking statements contained herein speak only as of the date of this call. And with that, I would like to turn the call over to Lifeway's Chief Executive Officer, Julie Smolyansky.

Julie Smolyansky

Management

Thank you, John, and good morning to everyone joining us today. First, as always, thank you for your interest in Lifeway Foods. I am pleased to be speaking with you today regarding our fourth quarter and full year 2021 earnings results. Before diving into the results, I'd first like to thank the whole Lifeway family for their dedication and efforts, which have allowed us to deliver efficient operations and keep our customers and partners happy despite the industry-wide roadblocks 2021 presented. I'd like to begin by sending our thoughts and support to those who have been impacted by the conflict in Ukraine. At Lifeway, many of our staff and customers have family and friends in the country and are dealing with the stress and trauma surrounding the situation. We are praying for a rapid resolution and actively assessing how best we can support our partners and employees and all of the Ukrainian people. In the first half of this year, we completed a fundraiser for the people of Ukraine that raised over $0.5 million, and we also began distribution of a specifically marked charity relief kefir bottle to help raise money for critical needs and rebuilding efforts. We stand in solidarity with those affected by the situation and are dedicated to continue our support of the cause. I would also like to quickly reflect, this is my 20th year as CEO at Lifeway Foods, and I'm so proud of how far we have taken this business, all while staying true to the goals and values of my father. To put things in perspective, we had net sales of $10.7 million for the fiscal year of 2001 compared to $119.1 million in 2021. In addition, our share price as of June 30 was $4.97 as compared to a closing price of…