Lifeway Foods, Inc
(NASDAQ:LWAY)

Lifeway Foods, Inc. produces and markets probiotic-based products in the United States and internationally. Its primary product is drinkable kefir, a cultured dairy product in various organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, and BioKefir. Th...

Website: http://www.lifewaykefir.com

Founded: 1986

Full Time Employees: 307

Sector: Consumer Defensive

Industry: Packaged Foods

Consumer Defensive

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Quarterly

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30

net sales	63,012,000	55,361,000	57,143,000	53,901,000	46,091,000	46,934,000	46,095,000	49,157,000	44,634,000	42,093,000	40,896,000	39,230,000	37,904,000	35,838,000	38,140,000	33,491,000	34,099,000	30,974,000	29,553,000	29,162,000	29,376,000	25,585,000	26,039,000	25,014,000	25,388,000	23,165,000	22,729,000	23,153,000	24,615,000	23,032,000	24,480,000	27,096,000	28,742,000	26,257,000	28,786,000	31,733,000	32,117,000	30,188,000	29,990,000	31,131,000	32,570,000	29,545,023	29,598,665	29,821,188	29,622,124	30,152,269	30,110,222	29,565,411	29,131,711	26,266,697	23,792,530	23,077,884	24,387,031	20,780,954	20,619,733	20,553,380	19,397,197	16,766,984	17,701,604	18,197,918	17,303,903
yoy	36.71%	17.96%	23.97%	9.65%	3.26%	11.50%	12.71%	25.30%	17.76%	17.45%	7.23%	17.14%	11.16%	15.70%	29.06%	14.84%	16.08%	21.06%	13.50%	16.58%	15.71%	10.45%	14.56%	8.04%	3.14%	0.58%	-7.15%	-14.55%	-14.36%	-12.28%	-14.96%	-14.61%	-10.51%	-13.02%	-4.01%	1.93%	-1.39%	2.18%	1.32%	4.39%	9.95%	-2.01%	-1.70%	0.87%	1.68%	14.79%	26.55%	28.11%	19.46%	26.40%	15.39%	12.28%	25.72%	23.94%	16.49%	12.94%	12.10%
qoq	13.82%	-3.12%	6.01%	16.94%	-1.80%	1.82%	-6.23%	10.13%	6.04%	2.93%	4.25%	3.50%	5.76%	-6.04%	13.88%	-1.78%	10.09%	4.81%	1.34%	-0.73%	14.82%	-1.74%	4.10%	-1.47%	9.60%	1.92%	-1.83%	-5.94%	6.87%	-5.92%	-9.65%	-5.73%	9.46%	-8.79%	-9.29%	-1.20%	6.39%	0.66%	-3.67%	-4.42%	10.24%	-0.18%	-0.75%	0.67%	-1.76%	0.14%	1.84%	1.49%	10.91%	10.40%	3.10%	-5.37%	17.35%	0.78%	0.32%	5.96%	15.69%	-5.28%	-2.73%	5.17%
cost of goods sold	44,741,000	39,106,000	39,821,000	37,669,000	34,254,000	34,273,000	33,508,000	35,181,000	32,438,000	29,632,000	29,099,000	27,299,000	29,030,000	27,318,000	29,962,000	27,207,000	27,863,000	24,331,000	21,915,000	20,846,000	20,512,000	18,393,000	17,710,000	17,279,000	18,624,000	17,144,000	16,813,000	16,843,000	17,567,000	17,234,000	17,892,000	19,495,000	20,025,000	20,495,000	20,331,000	21,857,000	23,074,000	21,044,000	21,478,000	20,306,000	23,351,000	21,794,265	19,929,639	22,201,129	20,647,967	22,748,348	21,697,954	21,432,624	21,681,910	21,057,495	16,513,357	15,058,461	15,402,875	15,215,973	12,738,310	12,102,841	12,238,341	12,613,413	11,066,579	12,535,368	9,651,272	9,196,932	9,837,171	9,273,872	8,618,999		7,978,110	8,000,052	8,522,540	7,505,794	7,455,696
depreciation expense	920,000	892,000	914,000	832,000	802,000	764,000	720,000	701,000	661,000	669,000	654,000	651,000	648,000	599,000	590,000	587,000	656,000	652,000	645,000	639,000	815,000	761,000	752,000	807,000	767,000	911,000	743,000	747,000	745,000	703,000	738,000	725,000	680,000	639,000	618,000	597,000	586,000	526,000	533,000	633,000	631,000	604,012	613,830	604,531	590,627	513,733	1,010,966	627,878	383,361	399,946	410,797	421,707	394,125	409,873	407,567	413,109	399,045	389,022	396,732	390,694	376,513	360,133	349,017	281,220	403,375		353,654	216,774	195,795	197,366	195,128
total cost of goods sold	45,661,000	39,998,000	40,735,000	38,501,000	35,056,000	35,037,000	34,228,000	35,882,000	33,099,000	30,301,000	29,753,000	27,950,000	29,678,000	27,917,000	30,552,000	27,794,000	28,519,000	24,983,000	22,560,000	21,485,000	21,327,000	19,154,000	18,462,000	18,086,000	19,391,000	18,055,000	17,556,000	17,590,000	18,312,000	17,937,000	18,630,000	20,220,000	20,705,000	21,134,000	20,949,000	22,454,000	23,660,000	21,570,000	22,011,000	20,939,000	23,982,000	22,398,277	20,543,469	22,805,660	21,238,594	23,262,081	22,708,920	22,060,502	22,065,271	21,457,441	16,924,154	15,480,168	15,797,000	15,625,846	13,145,877	12,515,950	12,637,386	13,002,435	11,463,311	12,926,062	10,027,785	9,557,065	10,186,188	9,555,092	9,022,374		8,331,764	8,216,826	8,718,335	7,703,160	7,650,824
gross profit	17,351,000	15,363,000	16,408,000	15,400,000	11,035,000	11,897,000	11,867,000	13,275,000	11,535,000	11,792,000	11,143,000	11,280,000	8,226,000	7,921,000	7,588,000	5,697,000	5,580,000	5,991,000	6,993,000	7,677,000	8,049,000	6,431,000	7,577,000	6,928,000	5,997,000	5,110,000	5,173,000	5,563,000	6,303,000	5,095,000	5,850,000	6,876,000	8,037,000	5,123,000	7,837,000	9,279,000	8,457,000	8,618,000	7,979,000	10,192,000	8,588,000	7,146,746	9,055,196	7,015,528	8,383,530	6,890,188	7,401,302	7,504,909	7,066,440	4,809,256	6,868,376	7,597,716	8,590,030	5,155,108	7,473,856	8,037,430	6,759,811	3,764,549	6,238,293	5,271,856	7,276,118	1,523,329	5,722,596	5,991,464	6,941,785		6,147,665	5,519,254	1,857,208	3,537,122	3,872,569
yoy	57.24%	29.13%	38.27%	16.01%	-4.33%	0.89%	6.50%	17.69%	40.23%	48.87%	46.85%	98.00%	47.42%	32.21%	8.51%	-25.79%	-30.67%	-6.84%	-7.71%	10.81%	34.22%	25.85%	46.47%	24.54%	-4.85%	0.29%	-11.57%	-19.10%	-21.58%	-0.55%	-25.35%	-25.90%	-4.97%	-40.55%	-1.78%	-8.96%	-1.53%	20.59%	-11.88%	45.28%	2.44%	3.72%	22.35%	-6.52%	18.64%	43.27%	7.76%	-1.22%	-17.74%	-6.71%	-8.10%	-5.47%	27.08%	36.94%	19.81%	52.46%	-7.10%	147.13%	9.01%	-12.01%	4.82%		-6.91%	8.56%	273.78%		58.75%
qoq	12.94%	-6.37%	6.55%	39.56%	-7.25%	0.25%	-10.61%	15.08%	-2.18%	5.82%	-1.21%	37.13%	3.85%	4.39%	33.19%	2.10%	-6.86%	-14.33%	-8.91%	-4.62%	25.16%	-15.12%	9.37%	15.52%	17.36%	-1.22%	-7.01%	-11.74%	23.71%	-12.91%	-14.92%	-14.45%	56.88%	-34.63%	-15.54%	9.72%	-1.87%	8.01%	-21.71%	18.68%	20.17%	-21.08%	29.07%	-16.32%	21.67%	-6.91%	-1.38%	6.20%	46.93%	-29.98%	-9.60%	-11.55%	66.63%	-31.02%	-7.01%	18.90%	79.56%	-39.65%	18.33%	-27.55%	377.65%	-73.38%	-4.49%	-13.69%			11.39%	197.18%	-47.49%	-8.66%
gross margin %	27.54%	27.75%	28.71%	28.57%	23.94%	25.35%	25.74%	27.01%	25.84%	28.01%	27.25%	28.75%	21.70%	22.10%	19.90%	17.01%	16.36%	19.34%	23.66%	26.33%	27.40%	25.14%	29.10%	27.70%	23.62%	22.06%	22.76%	24.03%	25.61%	22.12%	23.90%	25.38%	27.96%	19.51%	27.23%	29.24%	26.33%	28.55%	26.61%	32.74%	26.37%	24.19%	30.59%	23.53%	28.30%	22.85%	24.58%	25.38%	24.26%	18.31%	28.87%	32.92%	35.22%	24.81%	36.25%	39.11%	34.85%	22.45%	35.24%	28.97%	42.05%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
selling expense	6,188,000	3,615,750	5,047,000	4,718,000	4,698,000	2,814,000	3,979,000	3,577,000	3,700,000				3,519,000				3,202,000				3,222,000				2,575,000				3,139,000				4,018,000				4,238,000
general and administrative expense	4,703,000	3,891,500	6,186,000	4,752,000	4,628,000	2,969,250	3,564,000	4,177,000	4,136,000				3,135,000				3,292,000				2,891,000				3,145,000				3,492,000				3,705,000				3,785,000
amortization expense	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	135,000	89,000	33,000			35,000	39,000	39,000	39,000	40,000	39,000	40,000	73,000	141,000	163,000	164,000	163,000	168,000	168,000	168,000	168,000	168,000	176,000	177,000	176,000	179,242	178,919	178,920	178,919	178,919	178,919	178,919	178,919	178,919	178,201	177,842	177,842	180,279	197,129	188,705	188,705	195,959	195,958	195,957	195,959	197,257	175,760	175,761	175,760		168,698	170,690	79,861	79,862	79,862
total operating expenses	11,026,000	11,600,000	11,368,000	9,605,000	9,461,000	11,184,000	7,678,000	7,889,000	7,971,000	6,039,000	6,104,000	6,514,000	6,789,000	5,959,000	6,393,000	5,456,000	6,629,000	5,585,000	5,949,000	5,183,000	6,113,000	5,801,000	4,960,000	5,490,000	5,759,000	6,321,000	5,428,000	5,629,000	6,704,000	8,090,000	6,449,000	6,543,000	7,886,000	8,327,000	7,323,000	7,381,000	8,191,000	7,385,000	7,790,000	7,143,000	7,476,000	6,255,203	7,003,105	6,966,474	6,973,218	6,997,573	5,610,612	5,979,937	6,039,238	5,198,088	4,664,407	5,112,058	4,859,514	3,386,889	5,396,647	4,910,679	4,887,281	4,221,599	4,670,588	4,571,642	4,010,496	2,059,722	3,814,303	3,837,127	4,193,390		2,993,018	2,975,741	2,046,272	2,069,883	2,326,408
income from operations	6,325,000	3,763,000	5,040,000	5,795,000	1,574,000	713,000	4,189,000	5,386,000	3,564,000	5,753,000	5,039,000	4,766,000	1,437,000	1,962,000	1,195,000	241,000	-1,049,000	406,000	1,044,000	2,494,000	1,936,000	630,000	2,617,000	1,438,000	238,000	-1,211,000	-255,000	-66,000	-401,000	-2,995,000	-599,000	333,000	151,000	-3,204,000	514,000	1,898,000	266,000	1,233,000	189,000	3,049,000	1,112,000	891,543	2,052,091	49,054	1,410,312	-107,385	1,790,690	1,524,972	1,027,202	-388,832	2,203,969	2,485,658	3,730,517	1,768,219	2,077,209	3,126,751	1,872,530	-457,050	1,567,705	700,214	3,265,622	-536,393	1,908,293	2,154,337	2,748,395		3,154,647	2,543,513	-189,064	1,467,239	1,546,161
yoy	301.84%	427.77%	20.32%	7.59%	-55.84%	-87.61%	-16.87%	13.01%	148.02%	193.22%	321.67%	1877.59%	-236.99%	383.25%	14.46%	-90.34%	-154.18%	-35.56%	-60.11%	73.44%	713.45%	-152.02%	-1126.27%	-2278.79%	-159.35%	-59.57%	-57.43%	-119.82%	-365.56%	-6.52%	-216.54%	-82.46%	-43.23%	-359.85%	171.96%	-37.75%	-76.08%	38.30%	-90.79%	6115.60%	-21.15%	-930.23%	14.60%	-96.78%	37.30%	-72.38%	-18.75%	-38.65%	-72.46%	-121.99%	6.10%	-20.50%	99.22%	-486.88%	32.50%	346.54%	-42.66%	-14.79%	-17.85%	-67.50%	18.82%		-39.51%	-15.30%	-1553.68%		104.03%
qoq	68.08%	-25.34%	-13.03%	268.17%	120.76%	-82.98%	-22.22%	51.12%	-38.05%	14.17%	5.73%	231.66%	-26.76%	64.18%	395.85%	-122.97%	-358.37%	-61.11%	-58.14%	28.82%	207.30%	-75.93%	81.99%	504.20%	-119.65%	374.90%	286.36%	-83.54%	-86.61%	400.00%	-279.88%	120.53%	-104.71%	-723.35%	-72.92%	613.53%	-78.43%	552.38%	-93.80%	174.19%	24.73%	-56.55%	4083.33%	-96.52%	-1413.32%	-106.00%	17.42%	48.46%	-364.18%	-117.64%	-11.33%	-33.37%	110.98%	-14.88%	-33.57%	66.98%	-509.70%	-129.15%	123.89%	-78.56%	-708.81%	-128.11%	-11.42%	-21.61%			24.03%	-1445.32%	-112.89%	-5.10%
operating margin %	10.04%	6.80%	8.82%	10.75%	3.41%	1.52%	9.09%	10.96%	7.98%	13.67%	12.32%	12.15%	3.79%	5.47%	3.13%	0.72%	-3.08%	1.31%	3.53%	8.55%	6.59%	2.46%	10.05%	5.75%	0.94%	-5.23%	-1.12%	-0.29%	-1.63%	-13.00%	-2.45%	1.23%	0.53%	-12.20%	1.79%	5.98%	0.83%	4.08%	0.63%	9.79%	3.41%	3.02%	6.93%	0.16%	4.76%	-0.36%	5.95%	5.16%	3.53%	-1.48%	9.26%	10.77%	15.30%	8.51%	10.07%	15.21%	9.65%	-2.73%	8.86%	3.85%	18.87%	-Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%
other income:
interest expense	-68,000	-21,000	-21,000	-21,000	-14,000	-3,000	-4,000	-47,000	-51,000	-62,000	-109,000	-109,000	-104,000	-96,000	-77,000	-52,000	-42,000	-44,000	-30,000	-20,000	-22,000	-22,000	-27,000	-30,000	-39,000	-47,000	-65,000	-68,000	-69,000	-51,000	-82,000	-75,000	-63,000	-62,000	-62,000	-61,000	-57,000	-59,000	-56,000	-47,000	-58,000		-55,698	-58,429	-65,341	-82,518	-62,084	-66,724	-65,569	-69,755	-59,887	-37,424	-36,299	-41,622	-41,897	-43,918	-50,186	-51,840	-61,074	-72,298	-62,130	-88,723	-86,167	-80,164	-95,942		-110,090	-154,383	-71,768	-71,928	-68,969
gain on sales of investments					3,352,000
other income		50,000	73,000	82,000	54,000	77,000	138,000	20,000	-5,000	5,000	-1,000	-5,000	5,000	-2,500	-5,000	-4,000	-1,000	-1,000	-2,000	-49,000	-8,000	45,000		5,000	-3,000	2,000	77,000	2,000	3,000	5,000	3,000	3,000	5,000					-34,000	28,000	60,000	17,000		-205,000	136	-98,932	6,518		1,672		-208,827	209,175	10,229
total other income	-68,000	-46,000	52,000	116,000	3,392,000	63,000	137,000	-27,000	-56,000	-56,000	-110,000	-81,000	-99,000	-327,000	-82,000	-56,000	-43,000	-45,000	-37,000	-145,000	-37,000	23,000	-27,000	-54,000	-37,000	3,105,000	166,000	-62,000	-41,000	-41,750	-51,000	-73,000	-43,000	-59,000	-96,000	-61,000	-62,000	-70,000	-172,000	-153,000	-53,000		-232,600	169,485	-106,087	18,517	23,993	-47,788	-31,563	-472,429	188,215	63,760	46,314	27,143	-17,333	-12,016	-17,628	-46,411	-95,675	-54,013	-47,134	167,531	13,893	59,855	-69,458		1,176	-232,615	-1,252,744	-344,406	-81,634
income before provision for income taxes	6,257,000	3,717,000	5,092,000	5,911,000	4,966,000	776,000	4,326,000	5,359,000	3,508,000	5,697,000	4,929,000	4,685,000	1,338,000	1,635,000	1,113,000	185,000	-1,092,000	361,000	1,007,000	2,349,000	1,899,000	653,000	2,590,000	1,384,000	201,000	1,894,000	-89,000	-128,000	-442,000	-3,029,000	-650,000	260,000	108,000	-3,263,000	418,000	1,837,000	204,000	1,163,000	17,000	2,896,000	1,059,000					-88,877	1,814,683	1,477,184		2,179,608.5	2,392,184	2,549,418				3,114,735				646,201				2,214,192	2,678,937
provision for income taxes	1,583,000	1,176,000	1,563,000	1,662,000	1,426,000	936,000	1,350,000	1,576,000	1,082,000	1,728,000	1,517,000	1,529,000	508,000	919,000	130,000	65,000	-197,000	454,000	527,000	731,000	593,000	373,000	764,000	404,000	55,000			13,000	-54,000	-2,000	-136,000	90,000	38,000	-1,514,000	175,000	801,000	80,000	682,000	81,000	789,000	411,000	323,228	926,639	119,626	650,507	734,992	789,005	382,768	335,461	-392,053	702,257	1,145,478	1,411,192	721,860	657,697	1,065,607	759,913	-137,528	441,989	380,659	1,292,717	-133,299	1,017,349	1,029,688	910,248		623,918
net income	4,674,000	2,541,000	3,529,000	4,249,000	3,540,000	-160,000	2,976,000	3,783,000	2,426,000	3,969,000	3,412,000	3,156,000	830,000	716,000	983,000	120,000	-895,000	-93,000	480,000	1,618,000	1,306,000	280,000	1,826,000	980,000	146,000	1,054,000	-72,000	-141,000	-388,000	-2,812,000	-514,000	170,000	70,000	-1,749,000	243,000	1,036,000	124,000	481,000	-64,000	2,107,000	648,000	326,517	892,852	98,913	653,718	-823,869	1,025,678	1,094,416	660,178	-469,208	1,689,927	1,403,940	2,365,639	1,073,502	1,402,179	2,049,128	1,094,989	-365,933	1,030,041	265,542	1,925,771	-235,563	904,837	1,184,504	1,768,689		2,531,905	1,547,466	-742,965	854,916	911,718
yoy	32.03%	-1688.13%	18.58%	12.32%	45.92%	-104.03%	-12.78%	19.87%	192.29%	454.33%	247.10%	2530.00%	-192.74%	-869.89%	104.79%	-92.58%	-168.53%	-133.21%	-73.71%	65.10%	794.52%	-73.43%	-2636.11%	-795.04%	-137.63%	-137.48%	-85.99%	-182.94%	-654.29%	60.78%	-311.52%	-83.59%	-43.55%	-463.62%	-479.69%	-50.83%	-80.86%	47.31%	-107.17%	2030.15%	-0.87%	-139.63%	-12.95%	-90.96%	-0.98%	75.59%	-39.31%	-22.05%	-72.09%	-143.71%	20.52%	-31.49%	116.04%	-393.36%	36.13%	671.68%	-43.14%	55.34%	13.84%	-77.58%	8.88%		-64.26%	-23.46%	-338.06%		177.71%
qoq	83.94%	-28.00%	-16.95%	20.03%	-2312.50%	-105.38%	-21.33%	55.94%	-38.88%	16.32%	8.11%	280.24%	15.92%	-27.16%	719.17%	-113.41%	862.37%	-119.38%	-70.33%	23.89%	366.43%	-84.67%	86.33%	571.23%	-86.15%	-1563.89%	-48.94%	-63.66%	-86.20%	447.08%	-402.35%	142.86%	-104.00%	-819.75%	-76.54%	735.48%	-74.22%	-851.56%	-103.04%	225.15%	98.46%	-63.43%	802.66%	-84.87%	-179.35%	-180.32%	-6.28%	65.78%	-240.70%	-127.76%	20.37%	-40.65%	120.37%	-23.44%	-31.57%	87.14%	-399.23%	-135.53%	287.90%	-86.21%	-917.52%	-126.03%	-23.61%	-33.03%			63.62%	-308.28%	-186.91%	-6.23%
net income margin %	7.42%	4.59%	6.18%	7.88%	7.68%	-0.34%	6.46%	7.70%	5.44%	9.43%	8.34%	8.04%	2.19%	2.00%	2.58%	0.36%	-2.62%	-0.30%	1.62%	5.55%	4.45%	1.09%	7.01%	3.92%	0.58%	4.55%	-0.32%	-0.61%	-1.58%	-12.21%	-2.10%	0.63%	0.24%	-6.66%	0.84%	3.26%	0.39%	1.59%	-0.21%	6.77%	1.99%	1.11%	3.02%	0.33%	2.21%	-2.73%	3.41%	3.70%	2.27%	-1.79%	7.10%	6.08%	9.70%	5.17%	6.80%	9.97%	5.65%	-2.18%	5.82%	1.46%	11.13%	-Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%
net earnings per common share:
basic	310	160	230	280	230	-10	200	260	170
diluted	300	150	230	280	230		190	250	160
weighted-average common shares outstanding:
basic	15,257,000	15,200,000	15,229,000	15,206,000	15,134,000	14,769,000	14,801,000	14,727,000	14,691,000	14,667,000	14,677,000	14,654,000	14,645,000		15,490,000	15,466,000	15,435,000		15,473,000	15,639,000	15,604,000		15,602,000	15,560,000	15,623,000		15,740,000	15,775,000	15,767,000		15,872,000	15,879,000	15,908,000		16,093,000	16,154,000	16,154,000
diluted	15,559,000	15,539,000	15,422,000	15,390,000	15,333,000	15,130,000	15,265,000	15,197,000	15,222,000	15,103,000	15,101,000	15,084,000	15,030,000		15,848,000	15,875,000	15,435,000		15,651,000	15,793,000	15,814,000		15,642,000	15,586,000	15,737,000		15,740,000	15,775,000	15,767,000		16,256,000	15,992,000	16,019,000		16,168,000	16,203,000	16,156,000
gain on sale of property and equipment						-11,000	3,000			1,000		33,000									-7,000			-33,000		6,000	154,000	4,000		12,000	28,000							23,000	-156,000	-151,000		60,820.75	200	207,083
fair value loss on investments		-5,000
gain on sale of investments		851,750		55,000																																																	64,335	44,871	4,024	4,406	17,985	6,277	-33,477	541	-2,597
selling expenses										2,802,000	2,884,000	2,571,000		2,777,000	2,843,000	2,482,000		2,587,000	2,722,000	2,566,000		2,786,000	2,116,000	2,720,000		2,553,000	2,679,000	2,691,000		2,940,000	3,136,000	3,383,000		4,947,000	4,010,000	3,400,000		3,734,000	4,306,000	3,463,000	2,944,000	3,265,823	2,706,375	2,617,399	4,162,403	4,556,402	2,804,127	3,693,821	3,479,688	3,004,421	2,815,126	2,876,635	2,813,572	3,205,897	2,974,294	2,622,275	2,721,973	2,444,737	2,748,389	2,790,507	2,221,808	583,581	2,308,740	2,183,304	2,527,473		1,386,815	1,307,925	926,907	957,978	1,154,126
general and administrative										3,102,000	3,085,000	3,808,000		3,047,000	3,415,000	2,839,000		2,909,000	3,194,000	2,617,000		2,980,000	2,805,000	2,731,000		3,728,000	2,710,000	2,898,000		3,765,000	3,150,000	2,996,000		3,212,000	3,145,000	3,813,000		3,483,000	3,308,000	3,503,000	4,356,000	2,810,138	4,117,811	4,170,155	2,631,896	2,262,252	2,627,566	2,107,197	2,380,631	2,014,748	1,671,080	2,057,581	1,868,100	713	2,225,224	2,099,699	1,976,603	1,580,903	1,726,241	1,585,178	1,592,729	1,278,884	1,329,803	1,478,062	1,490,157		1,437,505	1,497,126	1,039,504	1,032,043	1,092,420
earnings per common share:
basic										125	230	220	60	2.5	60	10	-60	55	30	100	80	47.5	120	60	10			-10	-20	-5	-30	10		22.5	20	60	10
diluted										122.5	230	210	60	2.5	60	10	-60	55	30	100	80	47.5	120	60	10			-10	-20	-5	-30	10		22.5	20	60	10
weighted-average common shares:
basic	15,257,000	15,200,000	15,229,000	15,206,000	15,134,000	14,769,000	14,801,000	14,727,000	14,691,000	14,667,000	14,677,000	14,654,000	14,645,000		15,490,000	15,466,000	15,435,000		15,473,000	15,639,000	15,604,000		15,602,000	15,560,000	15,623,000		15,740,000	15,775,000	15,767,000		15,872,000	15,879,000	15,908,000		16,093,000	16,154,000	16,154,000
diluted	15,559,000	15,539,000	15,422,000	15,390,000	15,333,000	15,130,000	15,265,000	15,197,000	15,222,000	15,103,000	15,101,000	15,084,000	15,030,000		15,848,000	15,875,000	15,435,000		15,651,000	15,793,000	15,814,000		15,642,000	15,586,000	15,737,000		15,740,000	15,775,000	15,767,000		16,256,000	15,992,000	16,019,000		16,168,000	16,203,000	16,156,000
gain on investments																		500				1,000		4,000
loss on sale of property and equipment																			-5,000	-76,000												-1,000		1,000	-34,000
gain on sale of property equipment																									5,000				25,000
benefit for income taxes																										-14,500	-17,000
loss per common share:
basic																										-10
diluted																										-10
gain on sale of equipment																																	15,000												36,000	-2,000	85,077
gain on sale of investments, net reclassified from oci																																						-3,750	12,000							59,763	-22,940	57,321
comprehensive income																																		-1,749,000	243,000	1,036,000	124,000	481,000	-66,000	2,143,000	684,000	453,952	834,047	91,133	719,838	-983,751	945,701	1,123,134	665,505	-463,457	1,719,192	1,307,955	2,380,824	1,054,969	1,462,171	2,031,046	1,134,151	-294,600	965,837	275,641	1,942,689	-329,125	1,007,161	1,079,329	1,832,007		2,838,198	1,203,699	-223,153	439,617	729,668
other comprehensive income, net of tax:
unrealized gains on investments, net of taxes																																						15,500	6,000	12,000
reclassifications to earnings:
realized losses on investments, net of taxes																																						2,250	-8,000	24,000
loss on sale of investments, net reclassified from oci																																								-15,000	-12,000
realized gains on investments, net of taxes
loss on sale of equipment																																					-5,000											-76,484
realized (losses) on investments, net of taxes
impairment of investments
basic earnings per common share																																						30
diluted earnings per common share																																						30
weighted-average number of shares outstanding – basic																																							16,141,000
weighted-average number of shares outstanding – diluted																																							16,161,000
other than temporary impairment of investments, net of taxes
basic and diluted earnings per common share																																								130	40					-0.05	0.06	0.07		0.083	0.1	0.09				0.13				0.02				0.07	0.11		0.15	0.09	-0.05	0.05	0.05
weighted-average number of shares outstanding																																								16,149,000	16,189,000	16,331,000				16,346,017	16,346,017	16,346,017			16,346,017	16,346,017				16,376,601				16,434,314				16,701,539	16,761,774			16,846,671	16,765,080	16,730,526	16,765,094
gross sales																																									37,030,000	34,330,004	33,519,071	36,291,842	33,103,084
less: discounts and allowances																																									-4,460,000					-2,703,817	-2,594,213	-3,028,637	-2,929,436	-2,669,376	-2,808,811	-2,760,174	-3,203,591	-2,096,067	-1,997,399		-2,148,699	-1,972,213	-1,721,929	-1,715,085	-1,743,363
unrealized gains on investments, net of (23) and 23 of taxes																																									36,000
other than temporary impairment of investments, net of (76) of taxes
realized losses on investments, net of -- and 2 of taxes
less: discounts and promotional allowances																																											-3,920,406	-6,470,654	-3,480,960
interest and dividend income																																										25,523	25,259	35,739	25,479	35,354	22,739	35,227	28,698	34,214	36,535	30,622	15,009	33,062	16,270	24,478	11,573	21,459	14,465	17,094	17,593	55,171	97,697	53,176	54,508		48,506	62,211	82,292	95,042	62,862
rental income																																										1,600	1,800	1,800	1,800	1,400	1,201	1,200	500	2,838	2,231	3,389	3,269	2,001	4,270	3,018	3,000	1,954	4,546	650		3,700	4,050	2,800	1,235		11,947	9,347	11,946	13,647	11,647
reclassified from oci																																											839	-16,844	-5,093				4,808
income before provision for
income taxes																																										835,563.75	1,819,491	218,539	1,304,225				995,639				3,776,831	1,795,362	2,059,876		1,854,902	-503,461	1,472,030		3,218,488	-368,862	1,922,186				3,155,823		1,008,468	1,122,833
basic and diluted earnings
per common share																																										0.025	0.05	0.01	0.04				0.04				0.14	0.06	0.09		0.07	-0.03	0.06		0.12	-0.01	0.05
weighted-average number of
common shares outstanding																																										4,086,504.25	16,346,017	16,346,017	16,346,017
other comprehensive income
(loss), net of tax:
unrealized gains on
investments																																											-183,170	-18,215	-46,260	-5,631	-93,679	63,111	8,044				51,535	6,820	62,266		29,000	74,879	-83,118		15,451	22,302	101,334
less reclassification adjustment
for losses and other than temporary impairments included in
for losses and other than
temporary impairments included in
sales																																														32,856,086	32,704,435	32,594,048	32,061,147	28,936,073	26,601,341	25,838,058	27,590,622	22,877,021	22,617,132	22,713,958	21,545,896	14,595,950.5	19,423,533	19,913,003	19,047,266	11,854,874.75	15,908,784	15,546,556	15,964,159		14,479,429	13,736,080	10,575,543	11,240,282	11,523,393
for losses included in
loss on disposition of assets																																																										-5,033.75	-20,135
shares outstanding																																																	16,346,017				16,346,017	-7,569	16,366,974		16,397,998	-8,025	16,428,005		16,489,954	-32,225	16,625,414
gain on sale of investments, net, reclassified from oci																																																		30,360.25	161	56,944
unrealized gains on investments																																																		4,269.75	29,356	-63,811				-15,593				10,404				-55,842	46,143
less reclassification adjustment for losses included in net income																																																		-17,153.5	-91	-32,174				-2,489				-305				-49,333	17,175
other expense
less reclassification adjustment for																																																																					344,688	64,746	51,171
losses included in
loss on disposition of equipment																																																																			-2,825
other comprehensive income (loss), net of tax:
gain on sale of marketable
securities																																																														13,274.25	-1,687
gain on sale of marketable securities																																																																84,043			53,638	-149,790	-587,243	-110,259	-87,174
loss on sale of investments																																																																	-29,259
impairment of marketable securities																																																																					-687,971	-270,908
weighted-average number of weighted-average number of shares outstanding
other comprehensive income,
net of tax:
marketable securities
income before benefit from income taxes																																																																				2,310,898			1,464,527
benefit from income taxes																																																																				763,432	-698,843	267,917	552,809
unrealized gains																																																																				-343,767	175,124	-480,045	-233,221
income before benefit from

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30

current assets
cash and cash equivalents	5,604,000	5,571,000	22,990,000	21,220,000	19,446,000	16,728,000	20,558,000	14,633,000	12,025,000	13,198,000	12,632,000	7,449,000	5,209,000	4,444,000	8,933,000	6,494,000	7,987,000	9,233,000	10,018,000	10,412,000	8,618,000	7,926,000	7,616,000	4,619,000	1,978,000	3,836,000	5,512,000	3,022,000	2,524,000	2,998,000	2,726,000	3,632,000	3,722,000	4,978,000	7,264,000	9,349,000	9,808,000	8,812,000	9,164,000	6,064,000	3,786,000	5,646,000	5,010,669	5,873,079	3,824,923	3,260,244	2,795,429	2,869,638	2,474,708	3,306,608	1,240,730	4,939,948	2,739,957	2,286,226	2,379,565	2,000,325	1,156,539	1,115,150	860,683	1,398,523	2,075,791	3,229,939	849,657	858,490	652,177	630,407	804,387	582,766	607,098	277,248	530,866	342,039
accounts receivable	22,985,000	16,643,000	17,421,000	16,065,000	16,684,000	15,424,000	13,495,000	14,526,000	15,064,000	13,875,000	13,095,000	11,320,000	11,985,000	11,414,000	11,507,000	10,354,000	11,389,000	9,930,000	9,828,000	9,157,000	9,961,000	8,002,000	8,159,000	7,737,000	8,430,000	6,692,000	6,572,000	7,570,000	7,374,000	6,276,000	8,073,000	8,590,000	8,189,000	8,676,000	10,408,000	10,388,000	12,170,000	9,594,000	10,426,000	10,136,000	10,187,000	9,604,000	10,753,485		10,218,003	10,213,541	11,803,145	9,538,188								9,486,141	8,484,371	7,950,276	9,362,672	8,891,068	8,346,560	6,793,276	7,795,659	7,780,512	7,726,348		7,311,856	6,064,801	6,062,316	4,765,865	5,161,414	4,626,287
inventories	11,452,000	11,890,000	11,057,000	10,224,000	9,241,000	8,678,000	8,441,000	8,454,000	8,130,000	9,104,000	9,321,000	9,670,000	9,292,000	9,631,000	9,192,000	8,436,000	8,649,000	8,285,000	7,572,000	7,291,000	6,736,000	6,930,000	6,472,000	6,653,000	6,883,000	6,392,000	6,758,000	6,843,000	6,514,000	5,817,000	6,837,000	7,183,000	7,515,000	7,697,000	8,050,000	8,097,000	7,630,000	8,042,000	9,186,000	9,312,000	8,291,000	7,664,000	6,931,773	6,289,816	6,327,345	5,814,219	7,134,857	6,810,541	7,355,884	6,899,008	8,382,287	7,807,150	7,080,899	5,939,186	5,569,887	5,426,715	5,205,457	4,954,475	5,779,926	5,608,151	4,752,054	3,985,374	4,509,153	4,154,719	3,869,825	3,296,976	4,106,631	3,817,195	3,641,748	3,097,542	4,207,094	3,851,725
prepaid expenses and other current assets	2,588,000	2,627,000	2,204,000	1,822,000	2,007,000	2,144,000	1,893,000	1,488,000	1,988,000	2,019,000	1,621,000	1,214,000	1,068,000	1,445,000	1,369,000	1,100,000	1,066,000	1,254,000	1,315,000	908,000	1,110,000	1,163,000	1,339,000	1,086,000	1,279,000	1,598,000	1,477,000	1,393,000	1,123,000	1,077,000	1,298,000	1,599,000	1,167,000	983,000	1,016,000	1,285,000	698,000	785,000	550,000	650,000	287,000	156,000	53,966	113,751	87,009	251,922	54,944	13,612	39,855	128,323	88,629	31,797	92,827	97,138	45,350	96,860	39,880	79,630	86,402	199,866	126,919	158,315	37,120	70,130	38,447	40,697	45,565	55,669	23,051	23,226	20,864	12,582
refundable income taxes	41,000	325,000	134,000			631,000	379,000	180,000	378,000		260,000	4,000		44,000	653,000	784,000	503,000	344,000	415,000	354,000	46,000	31,000	189,000	615,000	1,027,000	681,000	827,000	1,278,000	1,258,000	2,748,000	2,959,000	2,811,000	2,795,000	2,347,000	771,000	342,000	309,000	309,000	521,000	519,000	877,000	449,000	129,426	741,302	90,764	1,140,796	842,425	1,965,933	2,580,323	1,014,947	423,242	28,123	84,828	84,828	84,828			41,316				906,748			476,915	1,308,978	26,276	778,125	73,174	356,416
total current assets	42,670,000	37,056,000	53,806,000	49,331,000	47,378,000	43,605,000	44,766,000	39,281,000	37,585,000	38,196,000	36,929,000	29,657,000	27,554,000	26,978,000	31,654,000	27,168,000	29,594,000	29,046,000	29,148,000	28,122,000	26,471,000	24,052,000	23,775,000	20,710,000	19,597,000	19,199,000	21,146,000	20,106,000	18,793,000	18,916,000	22,393,000	23,815,000	23,388,000	24,681,000	27,509,000	29,461,000	30,615,000	28,204,000	30,356,000	28,953,000	26,594,000	26,849,000	26,576,273	27,132,486	24,279,549	24,152,505	26,075,499	24,677,202	26,488,309	24,750,821	24,553,753	26,294,882	24,527,701	19,694,515	20,884,126	19,793,544	17,423,983	16,698,785	18,676,861	17,974,002	17,308,761	16,836,034	17,469,774	17,357,293	18,064,005	16,622,140	17,620,957	16,661,819	15,583,917	14,742,428	16,527,575	15,956,458
property, plant and equipment	57,844,000	48,282,000	36,423,000	30,731,000	28,112,000	26,862,000	26,310,000	25,276,000	24,627,000	22,764,000	22,285,000	21,699,000	22,140,000	20,905,000	20,905,000	20,595,000	19,822,000	20,130,000	20,546,000	20,671,000	20,744,000	21,048,000	21,082,000	21,394,000	21,910,000	22,274,000	22,620,000	23,365,000	23,959,000	24,573,000	25,035,000	25,243,000	24,827,000	24,645,000	23,888,000	23,010,000	22,285,000	21,832,000
operating lease right-of-use asset	553,000		358,000	278,000	109,000		136,000	154,000	172,000		203,000	136,000	154,000		135,000	179,000	216,000		255,000	226,000	317,000		380,000	431,000	707,000		839,000	966,000	1,056,000
goodwill	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000	11,704,000																										14,068,091	14,068,091	14,068,091	14,068,091	14,068,091																							5,414,858	5,414,858	5,414,858
intangible assets	5,683,000	5,818,000	5,953,000	6,088,000	6,223,000	6,358,000	6,493,000	6,628,000	6,763,000	6,898,000	7,033,000	7,168,000	7,303,000	7,438,000	7,573,000	7,708,000	7,843,000
other assets	2,051,000	2,285,000	1,282,000	135,000	141,000	1,900,000	1,900,000	1,900,000	1,900,000	1,900,000	1,900,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	165,000	165,000	165,000	150,000	150,000	150,000	150,000	150,000	150,000	125,000	125,000	125,000	368,000																								500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000
total assets	120,505,000	105,610,000	109,526,000	98,267,000	93,667,000	90,547,000	91,309,000	84,943,000	82,751,000	81,654,000	80,054,000	72,164,000	70,655,000	68,999,000	73,771,000	69,154,000	70,979,000	70,874,000	70,340,000	63,643,000	62,156,000	60,069,000	59,896,000	57,233,000	56,951,000	56,987,000	57,786,000	57,657,000	57,068,000	56,807,000	62,131,000	63,924,000	63,245,000	64,519,000	66,758,000	67,975,000	68,572,000	65,876,000	68,210,000	66,565,000	64,178,000	64,918,000	65,064,563	66,144,891	63,835,010	63,424,438	65,527,392	63,936,943	65,649,904	63,673,801	64,468,696	59,469,294	58,092,455	53,506,624	54,512,574	53,759,666		51,473,308	53,539,688	52,889,349	52,312,441	52,058,731	52,438,323	52,461,620	52,935,588	51,469,843	50,515,216	49,706,668	48,827,211	34,656,216	36,448,010	35,736,931
current liabilities
accounts payable	13,845,000	11,008,000	17,501,000	11,880,000	11,635,000	10,401,000	11,117,000	9,370,000	10,024,000	9,976,000	9,102,000	5,565,000	9,146,000	7,979,000	9,119,000	6,859,000	8,723,000	6,614,000	7,867,000	5,285,000	5,289,000	5,592,000	6,036,000	5,108,000	6,113,000	5,282,000	6,968,000	5,459,000	5,601,000	4,570,000	6,263,000	7,271,000	7,136,000	6,848,000	7,104,000	6,285,000	8,273,000	5,718,000	8,762,000	6,681,000	7,339,000	7,138,000	5,190,593	5,725,222	4,123,138	5,586,755	7,318,512	6,471,442	6,958,999	6,723,179	5,429,988	7,166,377	6,465,801	4,256,725	5,118,902	4,769,851	4,597,466	4,386,239	4,529,757	4,174,835	3,781,059	4,183,481	2,708,534	2,259,236	3,116,627	2,764,000	2,180,297	2,024,337	2,368,732	2,260,272	2,361,318	1,873,644
accrued expenses	4,589,000	5,413,000	5,910,000	4,409,000	3,939,000	5,103,000	5,589,000	4,487,000	3,604,000	4,916,000	5,555,000	4,294,000	3,228,000	3,813,000	4,378,000	3,166,000	3,190,000	3,724,000	3,872,000	3,587,000	2,587,000	2,196,000	2,890,000	3,066,000	2,632,000	4,087,000	3,402,000	4,141,000	3,114,000	2,777,000	3,118,000	3,388,000	2,849,000	2,984,000	2,866,000	3,813,000	2,754,000	2,169,000	2,002,000	2,302,000	1,849,000	2,793,000	3,104,452	4,702,762	3,460,774	2,066,076	1,243,876	899,803	2,732,170	1,284,060	1,323,213	1,094,820	1,197,883	1,155,677	894,092	593,412	755,187	553,725	857,862	552,058	595,841	509,459	739,982	531,553	637,263	614,344	683,685	617,662	486,718	458,282	532,662	548,706
accrued income taxes	1,518,000	218,000			795,000					474,000	500,000	1,024,000	416,000				199,000	725,000	100,000	106,000	1,215,000	653,000	176,000	92,000	116,000	154,000	63,000	63,000	87,000	106,000	82,000	82,000	101,000	203,000	74,000	75,000	734,000	654,000	267,000	628,000		52,000	448,891	14,600	144,585						1,292,762	1,224,115	462,593	254,311	1,341,652	1,639,515	279,402		351,107	378,482	430,246										308,260	395,093
total current liabilities	19,952,000	16,639,000	23,411,000	16,289,000	16,369,000	15,504,000	16,706,000	13,857,000	14,878,000	16,616,000	16,407,000	12,133,000	13,790,000	13,042,000	14,497,000	11,025,000	13,112,000	12,063,000	12,839,000	8,978,000	9,091,000	8,441,000	9,102,000	11,023,000	8,861,000	9,523,000	10,433,000	9,663,000	8,802,000	7,453,000	9,463,000	10,741,000	10,086,000	13,201,000	13,336,000	13,592,000	12,601,000	9,381,000	11,871,000	10,451,000	10,028,000	10,823,000	9,583,936	11,282,584	8,568,497	8,525,116	9,439,426	8,248,307	10,570,523	8,882,241	8,924,051	10,030,806	8,669,868	6,209,694	7,935,427	8,254,853	6,755,434	7,072,720	8,533,149	8,706,467	8,238,993	8,885,760	8,627,521	8,674,359	9,020,702	8,563,635	9,095,186	8,861,787	10,260,483	3,646,998	4,756,799	4,355,534
line of credit	6,939,000										2,777,000	2,777,000	2,777,000	2,777,000	2,777,000	2,777,000	2,777,000	2,777,000	2,777,000	2,777,000	2,774,000	2,768,000	2,763,000		2,751,000	2,745,000	4,224,000	4,677,000	4,671,000	5,995,000	5,990,000	5,984,000
operating lease liabilities	426,000	360,000	289,000	220,000	68,000	70,000	79,000	88,000	102,000	118,000	130,000	73,000	88,000	104,000	74,000	86,000	98,000	85,000	113,000	107,000	143,000	165,000	198,000	239,000	427,000	488,000	527,000	584,000	611,000
deferred income taxes	2,792,000	2,792,000	3,062,000	3,062,000	3,062,000	3,062,000	3,001,000	3,001,000	3,001,000	3,001,000	3,029,000	3,029,000	3,029,000	3,029,000	3,201,000	3,201,000	3,201,000	3,201,000	1,764,000	1,764,000	1,764,000	1,764,000	1,292,000	1,292,000	1,292,000	922,000	390,000	390,000	390,000	390,000	840,000	840,000	840,000	840,000	1,192,000	1,192,000	1,192,000	662,000	509,000	509,000	532,000	556,000	612,159	451,198	439,596	408,340	360,765	293,445	360,110	322,071	394,277	391,139	295,701	234,687	315,887	512,260	357,963	338,690	458,001	394,376	368,176	328,470	277,393	389,249	303,431	251,456	338,070	638,372	862,607	919,649	909,479	602,227
other long-term liabilities	74,000																224,000	147,000	62,000	12,000	160,000	77,000	35,000	42,000	50,000	58,000	76,000	100,000	124,000	564,000	661,000	554,000	540,000	775,000	406,000	351,000	204,000
total liabilities	30,183,000	19,791,000	26,762,000	19,571,000	19,499,000	18,636,000	19,786,000	16,946,000	19,216,000	21,218,000	24,074,000	19,992,000	21,912,000	21,429,000	23,274,000	20,062,000	22,634,000	21,743,000	21,281,000	13,638,000	13,932,000	13,215,000	13,390,000	12,596,000	13,381,000	13,736,000	15,650,000	15,414,000	14,598,000	14,402,000	16,954,000	18,119,000	17,535,000	17,929,000	18,131,000	18,415,000	20,066,000	17,514,000	20,522,000	18,869,000	18,656,000	19,661,000	18,719,803	20,634,208	18,415,460	18,724,726	19,843,929	19,199,181	22,035,277	20,724,679	21,056,117	17,775,907	16,399,162	14,194,157	16,144,631	16,724,074	15,514,141	16,116,151	17,728,932	17,993,799	17,567,024	18,409,713	17,945,731	18,334,934	18,841,197	18,898,513
commitments and contingencies
stockholders’ equity
preferred stock, no par value; 2,500 shares authorized; none issued
common stock	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000	6,509,000									6,509,267					6,509,267			6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267	6,509,267
treasury stock	-12,889,000	-13,214,000	-13,233,000	-13,268,000	-13,383,000	-14,052,000	-15,883,000	-16,050,000	-16,695,000	-16,695,000	-16,695,000	-16,920,000	-16,993,000	-16,993,000	-12,997,000	-13,156,000	-13,436,000	-13,436,000	-13,436,000	-12,111,000	-12,450,000	-12,450,000	-12,450,000	-12,548,000	-12,796,000	-12,601,000	-12,630,000	-12,477,000	-12,824,000	-12,970,000	-12,918,000	-12,777,000	-12,713,000	-11,812,000	-11,527,000	-10,340,000	-10,340,000	-10,340,000	-10,468,000	-10,468,000	-10,170,000	-9,730,000	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,187,682	-8,077,239	-7,947,418	-7,783,580	-7,606,974	-7,447,975	-7,397,344	-7,271,836	-6,425,546	-5,897,308	-5,256,054	-4,182,190	-3,846,773	-3,851,462	-3,353,490	-3,056,859	-3,302,025	-3,207,213	-3,110,637
paid-in capital	3,347,000	3,843,000	3,348,000	2,844,000	2,680,000	4,632,000	5,915,000	5,532,000	5,498,000	4,825,000	4,338,000	4,167,000	3,967,000	3,624,000	3,271,000	3,008,000	2,661,000	2,552,000	2,387,000	2,488,000	2,664,000	2,600,000	2,532,000	2,587,000	2,748,000	2,380,000	2,348,000	2,230,000	2,663,000	2,303,000	2,211,000	2,184,000	2,195,000	2,244,000	2,247,000	2,236,000	2,218,000	2,198,000
retained earnings	93,355,000	88,681,000	86,140,000	82,611,000	78,362,000	74,822,000	74,982,000	72,006,000	68,223,000	65,797,000	61,828,000	58,416,000	55,260,000	54,430,000	53,714,000	52,731,000	52,611,000	53,506,000	53,599,000	53,119,000	51,501,000	50,195,000	49,915,000	48,089,000	47,109,000	46,963,000	45,909,000	45,981,000	46,122,000	46,563,000	49,375,000	49,889,000	49,719,000	49,649,000	51,398,000	51,155,000	50,119,000	49,995,000	49,514,000	49,578,000	47,164,000	46,516,000	46,189,101	45,296,249	45,197,336	44,543,618	45,367,487	44,341,809	43,247,392	42,587,214	43,056,422	41,366,495	41,270,416	38,904,777	37,831,275	36,429,095	35,526,285	34,431,296	34,797,229	33,767,188	33,501,646	31,575,875	31,811,438	30,906,602	29,722,098	27,953,409	27,833,816	26,463,077	23,931,173	22,383,707	23,126,672	22,271,730
total stockholders’ equity	90,322,000	85,819,000	82,764,000	78,696,000	74,168,000	71,911,000				60,436,000				47,570,000				49,131,000				46,854,000				43,251,000				42,405,000				46,590,000									46,344,760	45,510,683	45,419,550																				34,094,391			30,995,318	28,427,280	26,294,049	26,856,452	26,216,006
total liabilities and stockholders’ equity	120,505,000	105,610,000	109,526,000	98,267,000	93,667,000	90,547,000				81,654,000				68,999,000				70,874,000				60,069,000				56,987,000				56,807,000				64,519,000									65,064,563	66,144,891	63,835,010																				52,935,588			49,706,668	48,827,211	34,656,216	36,448,010	35,736,931
operating lease right-of use asset		465,000				118,000				192,000				174,000				216,000				345,000				738,000
current portion of note payable									1,250,000	1,250,000	1,250,000	1,250,000	1,000,000	1,250,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
note payable									1,235,000	1,483,000	1,731,000	1,980,000	2,228,000	2,477,000	2,725,000	2,973,000	3,222,000	3,470,000	3,726,000
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at september 30, 2024 and december 31, 2023
total stockholders' equity							71,523,000	67,997,000	63,535,000		55,980,000	52,172,000	48,743,000		50,497,000	49,092,000	48,345,000		49,059,000	50,005,000	48,224,000		46,506,000	44,637,000	43,570,000		42,136,000	42,243,000	42,470,000		45,177,000	45,805,000	45,710,000		48,627,000	49,560,000	48,506,000	48,362,000	47,688,000	47,696,000	45,522,000	45,257,000				44,699,712	45,683,463	44,737,762	43,614,627	42,949,122	43,412,579	41,693,387	41,693,293	39,312,469	38,367,943	37,035,592	36,314,702	35,357,157	35,810,756	34,895,550	34,745,417	33,649,018	34,492,592	34,126,686		32,571,330	32,009,184
total liabilities and stockholders' equity							91,309,000	84,943,000	82,751,000		80,054,000	72,164,000	70,655,000		73,771,000	69,154,000	70,979,000		70,340,000	63,643,000	62,156,000		59,896,000	57,233,000	56,951,000		57,786,000	57,657,000	57,068,000		62,131,000	63,924,000	63,245,000		66,758,000	67,975,000	68,572,000	65,876,000	68,210,000	66,565,000	64,178,000	64,918,000				63,424,438	65,527,392	63,936,943	65,649,904	63,673,801	64,468,696	59,469,294	58,092,455	53,506,626	54,512,574	53,759,666	51,828,843	51,473,308	53,539,688	52,889,349	52,312,441	52,058,731	52,438,323	52,461,620		51,469,843	50,515,216
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at june 30, 2024 and december 31, 2023
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at march 31, 2024 and december 31, 2023
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at september 30, 2023 and december 31, 2022
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at june 30, 2023 and december 31, 2022
stockholders' equity
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at march 31, 2023 and december 31, 2022
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at september 30, 2022 and december 31, 2021
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at june 30, 2022 and december 31, 2021
total intangible assets																	19,547,000	19,682,000	18,591,000	12,824,000	12,824,000	12,824,000	12,859,000	12,898,000	12,937,000	12,976,000	13,016,000	13,055,000	13,095,000	13,168,000	14,553,000	14,716,000	14,880,000	15,043,000	15,211,000	15,379,000	15,547,000	15,715,000	15,883,000	16,059,000	16,234,000	16,412,000	16,591,097	16,770,016	16,948,936	17,127,855	17,306,774	17,485,693	17,639,613	17,818,532	17,997,451	18,175,652	18,353,494	18,531,333	18,711,614	18,908,743	19,097,446	19,286,151	19,482,110	19,678,068	19,874,025	20,069,984	19,538,240	19,714,000	19,889,761	20,065,521	18,582,220	18,750,920	19,019,371	8,351,074	8,430,935	8,510,797
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at march 31, 2022 and december 31, 2021
goodwill and indefinite-lived intangibles																		15,404,000	14,224,000	12,824,000	12,824,000	12,824,000	12,824,000	12,824,000	12,824,000	12,824,000				12,824,000				14,068,000				14,068,000
other intangible assets																		4,278,000	4,367,000				35,000	74,000	113,000	152,000	192,000	231,000	271,000	344,000	485,000	648,000	812,000	975,000	1,143,000	1,311,000	1,479,000	1,647,000	1,815,000	1,991,000	2,166,000	2,344,000	2,523,006	2,701,925	2,880,845
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at september 30, 2021 and december 31, 2020
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at june 30, 2021 and december 31, 2020
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at march 31, 2021 and december 31, 2020
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at 2020 and 2019
f-2
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at september 30, 2020 and december 31, 2019
line of credit – current																								2,757,000
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at june 30, 2020 and december 31, 2019
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at march 31, 2020 and december 31, 2019
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at 2019 and 2018
f-3
goodwill & indefinite-lived intangibles																											12,824,000	12,824,000	12,824,000		14,068,000	14,068,000	14,068,000		14,068,000	14,068,000	14,068,000		14,068,000	14,068,000	14,068,000	14,068,000
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at september 30, 2019 and december 31, 2018, respectively
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at june 30, 2019 and december 31, 2018, respectively
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at march 31, 2019 and december 31, 2018, respectively
current maturities of notes payable																																		3,166,000	3,292,000	3,419,000	840,000	840,000	840,000	840,000	840,000	840,000	840,000	840,000	840,000	872,285	877,038	877,062	879,354	875,002	878,088	545,494	543,591	542,981	580,781	540,478	789,933	1,540,716	1,923,436	1,892,042	2,364,774	2,851,610	3,608,978	4,431,873	4,733,354	4,842,315	6,231,204	6,219,788	6,982,001	928,444	1,125,608	1,130,612
notes payable																																	6,069,000	3,113,000	3,197,000	3,280,000	6,069,000	6,279,000	6,489,000	6,699,000	6,909,000	7,119,000	7,329,328	7,539,328	7,885,555	8,124,515	8,339,282	8,555,731	8,775,587	8,999,012	9,214,853	4,726,472	4,820,160	4,955,945	5,096,675	5,228,395	5,363,750	5,539,836	5,882,691	5,957,795	5,995,558	6,122,225	6,197,778	6,397,780	6,502,222	6,890,214	7,400,573	7,907,847	8,376,389	3,108,014	3,219,338	3,517,841
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at 2018 and 2017
investments, at fair value																															500,000									1,763,000	2,484,000	2,216,000	2,512,537	2,849,752	3,038,503
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at september 30, 2018 and december 31, 2017, respectively
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at june 30, 2018 and december 31, 2017, respectively
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at march 31, 2018 and december 31, 2017, respectively
preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at 2017 and 2016
certificates of deposits in financial institutions																																									150,000	513,000	534,678	434,981	134,981	149,965				15,373	115,373	115,373	250,000	450,000	450,000	300,000	300,000	300,000	300,000	300,000	250,000	250,000	450,000	550,000	550,000
accumulated other comprehensive loss, net of taxes																																									-35,000	-71,000	-198,442	-139,667	-131,887												30,214	-8,948						-51,856	52,959	-10,359	-421,753	-536,381	-842,676	-498,909
property and equipment																																							21,603,000	21,301,000	21,080,000	21,375,000	21,602,426	21,974,931	22,341,373	21,892,395	21,874,520	21,494,127	21,248,982	20,824,448	21,637,492	14,718,760	14,917,260	14,986,776	14,754,312	14,865,789	15,031,364	15,198,822	15,380,717	15,237,279	15,129,655	15,152,713	14,930,309	14,890,327	14,481,822	14,282,182	13,812,039	13,793,929	13,723,923	11,062,714	10,989,500	10,769,676
17,274, shares issued; 16,141 and 16,210 shares
outstanding at september 30, 2016 and december 31, 2015 respectively																																							6,509,000
paid-in-capital																																							2,133,000	2,075,000	2,054,000	2,033,000	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,032,516	2,018,727	2,018,727	1,992,257	1,965,786	1,939,316	1,912,845	1,886,375	1,202,009	1,175,539	1,149,068
accumulated other comprehensive income, net of taxes																																								2,000						-198,007	-38,125	41,852	13,134	7,807	2,056	-27,209	68,776	53,591	72,124	12,132			-80,281	-16,077	-26,176	-43,094	50,468								-747,813	-603,422
long-term accounts receivable, net of current portion																																								252,000	270,000	282,000	294,767	267,458	265,152	251,683	270,599	279,921
outstanding at june 30, 2016 and december 31, 2015 respectively																																								6,509,000
17,274, shares issued; 16,171 and 16,210 shares
outstanding at march 31, 2016 and december 31, 2015 respectively																																									6,509,000
other receivables																																										45,000	37,850	28,794	118,425	134,338	26,720	56,680	91,628	103,272	89,100	5,400	5,165	8,825	3,946	104,009	155,937	224,204	14,833	9,825	74,879	104,680	62,290	142,389	49,081	49,758	37,715	65,730	27,472	40,314	28,918	49,571
17,274, shares issued; 16,210 and 16,346 shares
outstanding at 2015 and 2014																																										6,509,000
assets
liabilities and stockholders’ equity
17,273,776 shares issued; 16,346,017 shares outstanding
at september 30, 2015 and december 31, 2014																																											6,509,267
accounts and discounts of 2,100,000 and 1,050,000 at june 30, 2015 and december 31, 2014, respectively																																												10,349,813
at june 30, 2015 and december 31, 2014																																												6,509,267
at march 31, 2015 and december 31, 2014																																													6,509,267
investments																																														2,779,140	3,057,214	2,986,329	2,790,935	2,516,380	2,506,463	2,483,673	2,062,343	1,869,888	2,032,598	1,867,234	1,723,836	1,695,044	1,814,344	1,172,193	1,314,382	1,079,232	3,488,502	3,411,804	4,397,781
other intangible assets, net of accumulated amortization of 5,184,036 and 4,468,359 in 2014 and 2013, respectively																																														3,059,764
liabilities and stockholders' equity
at 2014 and 2013																																														6,509,267
other intangible assets, net of accumulated amortization of 5,005,117, 4,376,640 and 4,468,359 at september 30, 2014 and 2013 and at december 31, 2013, respectively																																															3,238,683
deposits																																																142,836				580,974
goodwill and other non amortizable brand assets																																																14,068,091	14,068,091	14,068,091						14,068,091	14,068,091	14,068,091	14,068,091	14,068,091	14,068,091	14,068,091
other intangible assets, net of accumulated amortization of 4,913,397, 4,198,439 and 4,555,559 at june 30, 2014 and 2013 and at december 31, 2013, respectively																																																3,417,602
17,273,776 shares issued; 16,346,017 shares outstanding at june 30, 2014; 17,273,776 shares issued; 16,346,017 shares outstanding at june 30, 2013 and 16,346,017 shares outstanding at december 31, 2013																																																6,509,267
accounts and discounts																																																	10,794,866		11,313,652	9,911,305	11,915,981	8,723,737	10,002,065
other intangible assets, net of accumulated amortization of
4,734,478, 4,020,598 and 4,555,559 at march 31, 2014
and 2013 and at december 31, 2013, respectively																																																	3,571,522
long-term accounts receivable net of current portion																																																	273,000	280,000	280,000	280,000	294,000	294,000	162,522	191,590	276,050	289,550
at march 31, 2014; 17,273,776 shares issued; 16,346,017 shares outstanding at march 31, 2013 and 16,346,017 shares outstanding at december 31, 2013																																																	6,509,267
accounts and discounts of 1,050,000 and 970,000																																																		10,444,839
4,555,559 and 3,842,756 at december 31, 2013 and 2012,
respectively																																																		3,750,441				4,463,242
at december 31, 2013; 17,273,776 shares issued; 16,346,017 shares outstanding at december 31, 2012																																																		6,509,267
goodwill and other non-amortizable brand assets																																																			14,068,091	14,068,091	14,068,091	14,068,091	14,068,091
other intangible assets, net of accumulated amortization of 4,376,640 and 3,662,477 at september 30, 2013 and 2012 and 3,842,756 at
december 31, 2012, respectively																																																			3,929,360	4,107,561
shares issued; 16,359,017 shares outstanding at
september 30, 2012; 17,273,776 shares issued; 16,346,017 shares outstanding at december 31, 2012																																																			6,509,267
other intangible assets, net of accumulated amortization of 4,198,439 and 3,465,349 at june 30, 2013 and 2012 and 3,842,756 at
checks written in excess of bank balances																																																								711,597	333,446	592,040	870,987	1,709,050	1,067,073	1,341,210	1,002,101	847,374	533,458	342,976
4,020,598 and 3,276,645 at march 31, 2013 and 2012 and 3,842,756
at december 31, 2012, respectively																																																					4,285,403
17,273,776 shares issued; 16,346,017 shares outstanding at
march 31, 2013; 17,273,776 shares issued; 16,390,417 shares
outstanding at march 31, 2012; 17,273,776 shares issued; 16,346,017 shares
outstanding at december 31, 2012																																																					6,509,267
3,842,756 and 3,087,940 at december 31, 2012 and 2011,
december 31, 2012; 17,273,776 shares issued; 16,409,317 shares
outstanding at december 31, 2011																																																						6,509,267
other intangible assets, net of accumulated amortization of 3,662,477 and 2,891,981 at september 30, 2012 and 2011 and 3,087,940 at december 31, 2011, respectively																																																							4,643,523
other intangible assets, net of accumulated amortization of 3,465,349 and 2,696,023 at june 30, 2012 and 2011 and 3,087,940 at december 31, 2011, respectively																																																								4,840,652
other intangible assets, net of accumulated amortization of 3,276,645 and 2,500,066 at march 31, 2012 and 2011 and 3,087,940 at december 31, 2011, respectively																																																									5,029,355
other intangible assets, net of accumulated amortization of 3,087,940 and 2,304,107 at december 31, 2011 and 2010, respectively																																																										5,218,060
other intangible assets, net of accumulated amortization of 2,891,981 and 2,106,851 at september 30, 2011 and 2010 and 2,304,107 at december 31, 2010, respectively																																																											5,414,019
other intangible assets, net of accumulated amortization of 2,696,023 and 1,931,091 at june 30, 2011 and 2010 and 2,304,107 at december 31, 2010, respectively																																																												5,609,977
other intangible assets, net of accumulated amortization of 2,500,066 and 1,773,968 at march 31, 2011 and 2010 and 2,304,107 at december 31, 2010, respectively																																																													5,805,934
other intangible assets, net of accumulated amortization of 2,322,745 and 1,598,208 at december 31, 2010 and 2009, respectively																																																														6,001,893
goodwill and other non amortizable brand asset																																																															13,806,091	13,806,091	13,806,091	13,806,091	12,154,091	12,154,091	12,253,845
other intangible assets, net of accumulated amortization of 2,125,489 and 1,429,509 at september 30, 2010 and 2009 and 1,598,208 at december 31, 2009																																																															5,732,149
accrued income tax																																																															567,926	604,323
other intangible assets, net of accumulated amortization of 1,949,729 and 1,260,809 at june 30, 2010 and 2009 and 1,598,208 at december 31, 2009																																																																5,907,909
other intangible assets, net of accumulated amortization of 1,773,968 and 1,092,112 at march 31, 2010 and 2009 and 1,598,208 at december 31, 2009																																																																	6,083,670
margins payable
marketable securities																																																																		5,044,130	4,950,457	4,659,161	4,286,451	5,262,168	5,668,940	6,472,027
of 35,011 and 110,011 at december 31, 2009 and 2008																																																																		5,999,738
1,591,569 and 921,422 at december 31, 2009 and 2008																																																																		6,259,430
other intangible assets, net of accumulated amortization of 1,429,509 and 841,561 at september 30, 2009 and 2008 and 921,422 at december 31, 2008																																																																			6,428,129
margin payable																																																																					423,032		428,951	407,479
other intangible assets, net of accumulated amortization of 1,260,810 and 761,699 at june 30, 2009 and 2008 and 921,422 at december 31, 2008																																																																				6,596,829
other intangible assets, net of accumulated amortization of 1,092,112 and 681,837 at march 31, 2009 and 2008 and 921,422 at december 31, 2008																																																																					6,765,526
other intangible assets, net of accumulated amortization of 921,422 and 601,976 at december 31, 2008 and 2007																																																																						2,936,216
other intangible assets, net of accumulated amortization of 841,561 and 520,979 at september 30, 2008 and 2007 and 601,976 at december 31, 2007																																																																							3,016,077
other intangible assets, net of accumulated amortization of 761,699 and 439,982 at june 30, 2008 and 2007 and 601,976 at december 31, 2007																																																																								3,095,939

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30

cash flows from operating activities:
net income	4,674,000	2,541,000	3,529,000	4,249,000	3,540,000	-160,000	2,976,000	3,783,000	2,426,000	3,969,000	3,412,000	3,156,000	830,000	716,000	983,000	120,000	-895,000	-93,000	480,000	1,618,000	1,306,000	280,000	1,826,000	980,000	146,000		-529,000	-388,000	-274,000	240,000	70,000	1,403,000	1,160,000	124,000	2,998,000	3,062,000	648,000	1,645,483	752,631	653,718	2,780,273	1,754,595	660,178	5,459,506	3,769,579	2,365,639	4,546,296	3,144,116	1,094,989	3,221,354	2,191,313	1,925,771	3,858,029	2,953,193	1,768,689	119,593	1,370,739	2,531,904	1,547,466	-742,965	854,916
adjustments to reconcile net income to operating cash flow:
depreciation and amortization	1,055,000	1,027,000	1,049,000	967,000	937,000	899,000	855,000	836,000	796,000	804,000	789,000	786,000	783,000	734,000	725,000	722,000	791,000	741,000	678,000	639,000	815,000	796,000	791,000	846,000	806,000	951,000	1,605,000	818,000	2,633,000	1,732,000	843,000	2,305,000	1,519,000	754,000	2,326,000	1,617,000	807,000	2,345,746	1,552,997	769,546	2,558,962	1,369,077	562,280	1,760,513	1,171,515	571,967	1,794,259	1,189,563	587,750	1,751,813	1,159,123	572,472	1,560,893	1,036,116	579,135	444,060	457,314	522,352	387,464	271,490	277,230
stock-based compensation	548,000	481,000	539,000	601,000	326,000	548,000	602,000	623,000	673,000	419,000	423,000	312,000	343,000	354,000	208,000	232,000	315,000	536,000	307,000	148,000	153,000	119,000	42,000	115,000	117,000	124,000	535,000	353,000	827,000	495,000	386,000	901,000	775,000	449,000
non-cash interest expense	5,000	5,000	5,000	6,000	3,000	0	0	15,000	2,000	1,000	2,000	1,000	2,000	1,000	2,000	1,000	2,000	2,000	0	3,000	6,000	6,000	5,000	6,000	6,000	6,000	12,000	6,000	9,000	3,000
bad debt expense	87,000									0	0							-4,000	7,000			-3,000	1,000	-5,000	1,000	-13,000	3,000		50,000	20,000	20,000							250	250	250	76,049	156,049	126,049	26,819	26,819	51,819	332,301	172,303	6,384
gain on sale of investments		0	0	-55,000	-3,352,000																																				-39,190	-62,130
fair value loss on investment		76,000	0	0	20,000
decrease in operating assets:
accounts receivable	-6,429,000	778,000	-1,357,000	619,000	-1,259,000	-1,929,000	1,030,000	538,000	-1,189,000	-780,000	-1,774,000	663,000	-572,000	93,000	-1,152,000	1,034,000	-1,458,000			805,000	-1,959,000	160,000	-423,000	698,000	-1,739,000	-107,000	-1,297,000	-1,099,000	553,000	66,000	467,000	-814,000	-793,000	-2,576,000	-823,000	-532,000	-584,000	-540,194	-166,829	-32,942	-1,548,110	728,281	-468,826	-2,612,905	-1,211,015	-3,244,063	-2,106,020	-1,610,208	-526,979	-2,649,396	-2,117,792	-1,573,284	-1,795,921	-1,780,774	-1,726,610	1,387,118	-1,247,055	383,280	-1,136,258	320,549	-535,127
inventories	438,000	-834,000	-832,000	-983,000	-563,000	-237,000	13,000	-324,000	974,000	217,000	349,000	-378,000	339,000	-438,000	-756,000	213,000	-364,000			-554,000	193,000	-458,000	182,000	229,000	-491,000	595,000	-1,235,000	-727,000	280,000	243,000	52,000	-328,000	-185,000	363,000	-1,611,000	-1,649,000	-627,000	-1,117,554	-475,597	-513,126	-235,849	88,467	-456,876	-2,443,101	-1,867,964	-1,141,713	-615,412	-472,240	-250,982	-1,794,552	-1,622,777	-766,680	-1,212,177	-857,743	-572,849	809,655	-289,436	-375,042	28,242	1,109,552	-355,369
prepaid expenses and other current assets	228,000	28,000	-199,000	186,000	136,000	-250,000	-406,000	500,000	31,000	-398,000	-408,000	-145,000	377,000	-76,000	-269,000	-34,000	188,000			201,000	54,000	175,000	-254,000	190,000	312,000	-127,000	-308,000	-57,000	-291,000	-584,000	-185,000	-231,000	-500,000	87,000	-310,000	-418,000	-71,000	197,956	138,171	164,913	73,379	-28,125	88,468	33,509	-515,633	4,311	34,280	-17,230	39,750	71,913	-41,551	31,396	3,577	-29,433	2,250	4,845	-368	18,994	-13,965	-2,638	-8,285
refundable income taxes	283,000	-191,000	-134,000	0	631,000	-252,000	-199,000	198,000	-378,000	260,000	-256,000	-4,000	44,000	609,000	131,000	-281,000	-159,000			-308,000	-15,000	157,000	427,000	411,000	-346,000	146,000	1,470,000	1,490,000	-612,000	-463,000	-448,000	-462,000	-33,000		-72,000	-70,000	-427,000	1,011,370	399,494	1,050,032	172,522	-950,986	-1,565,376	-338,414	56,705		-43,512	41,316	41,316	906,748	906,748	906,748	1,308,978	1,308,978	832,063	-1,282,702	1,242,272	-279,819	-155,386	-356,416	0
increase in operating liabilities:
accounts payable	3,397,000	-3,092,000	2,830,000	-901,000	1,401,000	-793,000	1,523,000	-568,000	-6,000	931,000	3,454,000	-3,572,000	1,046,000	-1,140,000	2,839,000	-1,863,000	2,109,000	-1,253,000	2,580,000	-4,000	-301,000	-445,000	928,000	-1,005,000	833,000	-1,687,000	888,000	1,031,000	-586,000	423,000	288,000	1,384,000	564,000	2,553,000	370,000	-1,710,000	-1,054,000	-396,162	138,467	-1,463,617	595,333	-1,972,157	235,820	1,173,263	2,909,652	2,209,076	732,663	383,612	211,227	346,276	-8,646	-402,422	-55,466	-504,764	352,627	583,727	155,984	-842,744	401,833	-101,046	487,674
accrued expenses	-1,282,000	-500,000	1,489,000	133,000	-2,765,000	-477,000	1,060,000	943,000	-1,309,000	-571,000	1,222,000	1,032,000	-581,000	-569,000	1,465,000	181,000	-643,000	-994,000	222,000	878,000	398,000	-683,000	-147,000	533,000	-981,000	730,000	774,000	-207,000	-588,000	-153,000	-629,000	252,000	1,259,000	361,000	465,000	765,000	311,000	1,038,376	2,636,686	1,394,698	-40,184	1,336,163	1,448,110	167,536	-60,857	42,206	340,367	39,687	201,462	348,403	42,599	86,382	125,638	-82,791	22,919	-71,051	130,395	-57,615	94,334	-74,407	-16,017
accrued income taxes	1,300,000				795,000	0	0	0	-474,000	-26,000	-524,000	608,000	416,000	0	0	-199,000	-526,000			-1,108,000	561,000	478,000	84,000	-24,000	-38,000	90,000	-43,000	-19,000	-121,000	-121,000	-102,000	-580,000	-579,000	80,000	215,000			448,891	14,600	144,585													567,926	604,323					-197,694		-86,833
other long-term liabilities	74,000
net cash from operating activities	4,378,000	267,000	6,919,000	3,912,000	-150,000	-2,579,000	7,451,000	6,544,000	1,546,000	4,797,000	6,689,000	2,428,000	3,027,000	348,000	4,168,000	119,000	-648,000	-871,000	2,788,000	2,437,000	1,210,000	1,037,000	3,437,000	2,966,000	-1,055,000	-1,142,000	2,008,000	1,182,000	2,346,000	2,109,000	853,000	4,189,000	3,323,000	2,250,000	4,513,000	1,861,000	-1,016,000	4,377,976	4,702,950	2,136,460	3,677,538	2,102,024	440,262	3,623,068	5,026,617	814,759	6,092,293	4,127,928	1,548,796	2,592,504	848,370	1,143,898	3,965,200	2,271,542	1,096,404	2,098,917	2,113,429	1,695,322	1,695,393	1,101,671	1,003,982
capital expenditures	-10,825,000	-20,787,000	-2,357,000	-1,463,000	-1,980,000	-1,176,000	-1,315,000	-1,522,000	-2,277,000	-1,262,000	-1,072,000	-240,000	-1,640,000	-840,000	-899,000	-1,362,000	-348,000	0	0	-643,000	-518,000	-727,000	-440,000	-325,000	-403,000	-568,000	-290,000	-137,000	-2,581,000	-2,024,000	-879,000	-3,932,000	-2,400,000	-1,078,000	-2,481,000	-1,382,000	-336,000	-1,618,716	-1,377,390	-1,039,605	-3,052,303	-1,761,401	-807,894	-8,205,669	-547,819	-324,608	-775,210	-478,428	-231,243	-1,241,388	-747,250	-353,455	-1,681,740	-1,292,741	-603,015	-745,504	-306,724	-364,203	-349,849	-264,843	-417,192
free cash flows	-6,447,000	-20,520,000	4,562,000	2,449,000	-2,130,000	-3,755,000	6,136,000	5,022,000	-731,000	3,535,000	5,617,000	2,188,000	1,387,000	-492,000	3,269,000	-1,243,000	-996,000	-871,000	2,788,000	1,794,000	692,000	310,000	2,997,000	2,641,000	-1,458,000	-1,710,000	1,718,000	1,045,000	-235,000	85,000	-26,000	257,000	923,000	1,172,000	2,032,000	479,000	-1,352,000	2,759,260	3,325,560	1,096,855	625,235	340,623	-367,632	-4,582,601	4,478,798	490,151	5,317,083	3,649,500	1,317,553	1,351,116	101,120	790,443	2,283,460	978,801	493,389	1,353,413	1,806,705	1,331,119	1,345,544	836,828	586,790
cash flows from investing activities:
purchases of property and equipment	-11,041,000	-17,686,000	-5,149,000	-2,307,000	-2,219,000	-1,252,000	-1,540,000	-1,436,000	-2,469,000	-1,205,000	-1,156,000	-228,000	-1,762,000	-840,000	-899,000	-1,362,000	-348,000			-643,000	-518,000	-727,000	-440,000	-325,000	-403,000	-568,000	-290,000	-137,000	-2,581,000	-2,024,000	-879,000	-3,932,000	-2,400,000	-1,078,000	-2,481,000	-1,382,000	-336,000	-1,618,716	-1,377,390	-1,039,605	-3,052,303	-1,761,401	-807,894	-8,205,669	-547,819	-324,608	-775,210	-478,428	-231,243	-1,241,388	-747,250	-353,455	-1,681,740	-1,292,741	-603,015	-745,504	-306,724	-364,203	-349,849	-264,843	-417,192
proceeds from sale of investments		0	0	54,000	5,152,000																														2,751,000	1,024,000	152,000	1,229,855	1,133,647	693,223	1,736,946	1,419,362	554,609	2,281,792	1,948,839	1,170,271	802,026	658,233	404,028	990,397	532,640	234,388	2,868,975	1,502,724
net cash from investing activities	-11,041,000	-17,686,000	-5,149,000	-2,138,000	2,933,000	-1,251,000	-1,526,000	-1,436,000	-2,469,000	-1,204,000	-1,256,000	-188,000	-1,762,000	-840,000	-1,479,000	-1,362,000	-348,000			-643,000	-518,000	-727,000	-440,000	-325,000	-398,000	950,000	-269,000	-121,000	-2,991,000	-1,989,000	-847,000	-3,920,000	-2,366,000	-1,044,000	373,000	-285,000	-194,000	-1,800,079	-1,472,643	-1,300,536	-3,531,023	-2,097,773	-1,053,089	-7,929,718	-838,074	-225,853	-1,216,160	-563,870	-145,338	-2,107,555	-847,307	-564,116	-419,391	-226,324	-428,058	-8,316,625	-893,290	-187,581	-2,639,691	-947,300	-410,384
cash flows from financing activities:
borrowings under line of credit	8,000,000
repayments under line of credit	-1,000,000
payment of deferred financing costs	-21,000	0	0	0	-65,000																								-69,000	-69,000
equity award settled in cash	-283,000
net cash from financing activities	6,696,000	0	0	0	-65,000	0	0	-2,500,000	-250,000	-3,027,000	-250,000	0	-500,000	-3,997,000	-250,000	-250,000	-250,000	-257,000				0	0	0	-405,000	-1,484,000	-1,715,000	-1,535,000	-1,607,000	-1,466,000	-1,262,000	-1,817,000	-420,000	-210,000	-1,368,000	-1,158,000	-650,000	-827,472	-617,472	-271,245	-657,694	-441,221		3,261,154	-1,534,821	-135,175	-3,611,718	-2,678,883	-1,362,069	-2,854,205	-1,832,479	-1,733,930							1,274,148	-407,989	-404,771
net increase in cash and cash equivalents	33,000	-17,419,000	1,770,000	1,774,000	2,718,000	-3,830,000	5,925,000	2,608,000	-1,173,000	566,000	5,183,000	2,240,000	765,000	-4,489,000	2,439,000	-1,493,000	-1,246,000	-785,000	-394,000	1,794,000	692,000	310,000	2,997,000			-1,676,000				-1,346,000	-1,256,000	-1,548,000	537,000	996,000	3,518,000	418,000	-1,860,000	1,750,425	2,612,835	564,679		-436,970	-831,900	-1,045,496	2,653,722	453,731	1,264,415	885,175	41,389	-2,369,256	-1,831,416	-1,154,148	219,250	228,083	21,770	-173,980	221,621	-24,332	329,850
cash and cash equivalents at the beginning of the period	5,571,000	0	0	0	16,728,000	0	0	0	13,198,000	0	0	0	4,444,000	0	0	0	9,233,000	0	0	0	7,926,000	0	0	0	3,836,000	0	2,998,000	2,998,000	4,978,000	4,978,000	4,978,000	8,812,000	8,812,000	8,812,000	5,646,000	5,646,000		3,260,244	3,260,244	3,260,244	3,306,608	3,306,608	3,306,608	2,286,226	2,286,226	2,286,226	1,115,150	1,115,150	1,115,150	3,229,939	3,229,939	3,229,939	630,407	630,407	630,407	0	0	0	277,248	0	0
cash and cash equivalents at the end of the period	5,604,000	-17,419,000	1,770,000	1,774,000	19,446,000	-3,830,000	5,925,000	2,608,000	12,025,000	566,000	5,183,000	2,240,000	5,209,000	-4,489,000	2,439,000	-1,493,000	7,987,000	-785,000	-394,000	1,794,000	8,618,000	310,000	2,997,000	2,641,000	1,978,000	-1,676,000	3,022,000	2,524,000	2,726,000	3,632,000	3,722,000	7,264,000	9,349,000	9,808,000	9,164,000	6,064,000		5,010,669	5,873,079	3,824,923	2,795,429	2,869,638	2,474,708	1,240,730	4,939,948	2,739,957	2,379,565	2,000,325	1,156,539	860,683	1,398,523	2,075,791	849,657	858,490	652,177	-173,980	221,621	-24,332	607,098	-253,618	188,827
supplemental cash flow information:
cash paid for income taxes, net of		1,434,000	1,697,000			1,126,000	1,549,000	1,378,000	1,934,000									-500,000	594,000	2,147,000	47,000	-761,000	253,000	17,000	65,000	72,000	-1,469,000	-1,525,000
cash paid for interest	45,000	16,000	16,000	15,000	11,000	3,000	6,000	39,000	50,000	72,000	105,000	108,000	130,000	89,000	70,000	48,000	40,000	42,000	27,000	17,000	16,000	17,000	21,000	26,000	35,000	45,000	149,000	84,000	189,000	108,000	63,000	180,000	118,000	57,000	162,000	105,000	58,000	177,521	124,043	65,110
non-cash investing activities
accrued purchase of property and equipment	216,000	-3,101,000	2,792,000	844,000	239,000	76,000	225,000	-86,000	192,000	-57,000	84,000	-12,000	122,000
right-of-use assets obtained in exchange for lease obligations	119,000	133,000	97,000	188,000	8,000
loss on sale of equipment																																										76,484		-209,175						20,135
deferred income taxes																						472,000	0	-1,000	370,000										444,000			-472,375	-351,818	-196,103	-783,607	-440,285	-196,401	-231,218	-104,133	-192,090	-458,424	-480,311	-185,805	-186,677	-156,040	-119,129	-392,966	-290,465	-222,915	153,691	56,267	171,247	8,549	-384,165	-47,186
proceeds from sale of equipment		0	0																																	39,000				36,000	89,076	4,000		537,500
repayment of note payable						0	0	-2,500,000	-250,000	-250,000	-250,000	0	-500,000	0	-250,000	-250,000	-250,000
gain on sale of equipment			0								0																													-36,000	-8,592
loss on sale of property and equipment																		0	5,000	76,000	7,000		0						-42,000	-14,000	-15,000	39,000	5,000	5,000	307,000	151,000
purchase of investments										0																	-15,000	-15,000
repayment of line of credit																										-1,484,000	-1,330,000	-1,330,000
proceeds from sales or equipment
increase in right-of-use assets and operating lease obligations													19,000	64,000	-17,000	0	36,000	0	18,000	6,000	21,000
deferred revenue														-5,000	-8,000	-7,000	-8,000			-7,000	-8,000	-18,000	-25,000	-24,000	-24,000	-24,000	-48,000	-24,000	-72,000	-48,000	-24,000
acquisition, net of cash acquired														0
purchase of treasury stock																						0	0	0	-405,000	0	-385,000	-205,000	-1,309,000	-1,168,000	-1,052,000	-1,187,000			-738,000	-738,000	-440,000
proceeds from sales of equipment											0
cash paid for income taxes											2,297,000	926,000	47,000		0	545,000	95,000																							40,000
non-cash rent expense																		0	-50,000			1,000	0	-27,000	-11,000
payment of deferred financing cost
proceeds from note payable																		0
business acquisition escrow payable
operating lease asset amortization/liability																									-11,000
proceeds from sale of property and equipment																						0	0	0	5,000	9,000	36,000	31,000	90,000	35,000	32,000	37,000	34,000	34,000	149,000			342,780	342,780
non-cash financing activities
issuance of common stock under equity incentive plans																						0	0	6,000	516,000
reserve for inventory obsolescence																										-229,000	210,000	30,000	580,000	271,000	130,000	320,000	131,000	50,000	89,000
fair value gain on investment
net gain on sale of investment
gain on sale of property and equipment																																						-243,083	-243,083
purchases of investments																													-500,000			-25,000			-559,000	-479,000	-373,000	-1,369,285	-1,286,664	-1,005,138	-2,319,742	-1,774,734	-814,804	-2,877,968	-2,573,721	-1,271,516	-1,092,976	-743,675	-318,123	-1,806,564	-582,697	-445,049	-1,809,171	-538,852	-356,498
right-of-use assets recognized at asu 2016-02 transition																											944,000	944,000
operating lease liability recognized at asu 2016-02 transition																											997,000	997,000
increase in right-of-use assets and operating lease liabilities recognized after asu 2016-02 transition																							0
(gain) on sale of property and equipment																									-5,000		-29,000	-25,000
net decrease in cash and cash equivalents																									-1,858,000		24,000	-474,000	-2,252,000												-511,179																			-253,618	188,827
right-of-use assets and operating lease liabilities recognized after asu 2016-02 transition																									113,000		280,000	242,000
goodwill impairment
borrowings under revolving credit facility																													6,050,000	6,050,000
repayment of notes payable																													-6,279,000	-6,279,000	-210,000	-630,000	-420,000	-210,000	-630,000	-420,000	-210,000	-827,472	-617,472	-271,245	-657,694	-441,221	-219,073	-405,985	-226,960	-135,175	-1,403,096	-1,311,679	-926,869	-2,361,553	-1,478,521	-613,503	-2,175,773	-1,152,876	-496,953	-1,899,248	-507,277	-1,242,849	-354,214	-308,488	-303,507
right-of-use assets and operating lease obligations recognized at asu 2016-02 transition
right-of-use assets and operating lease obligations recognized after asu 2016-02 transition
net loss
adjustments to reconcile net loss to operating cash flow:
cash paid for income taxes, net of refunds																													724,000	712,000	587,000	2,098,000	1,493,000		886,000	886,000	886,000
loss on sale of investments																																			15,000	27,000	12,000	21,098	21,937	5,093			-4,808	-121,441	-121,280	-64,335	-26,415	-22,390	-17,985	35,533	2,056	2,597	-53,097	-54,784	29,259
redemption of certificates of deposits																																			513,000	513,000	363,000	249,965	99,965	99,965	15,000	15,000	15,000	334,627	334,627	200,000
cash and cash equivalents at the beginning of the year																																					5,646,000
cash and cash equivalents at the end of the year																																					3,786,000
impairment of investments																																						384,500	179,500	179,500
income taxes payable																																				576,000	-52,000							1,038,451	969,804	208,282	1,341,652	1,639,515	279,402	351,107	378,482	430,246
investments in certificates of deposits																																						-634,678	-384,981	-84,981							-150,000			-50,000	-50,000
stock based compensation																																			100,000	42,000	21,000
investments in certificates of deposit
other receivables																																						53,674	105,544	15,913	76,552	46,591	11,644	-80,275	3,425	3,660	220,258	120,195	68,267	89,847	94,855	29,801	-12,532	-92,631	677	-10,357	28,015	-132,242	106,826	-11,396	20,653
dividends paid																																												-1,307,861	-1,307,861		-1,146,317	-1,146,317
net proceeds from debt issuance																																												4,975,000
adjustments to reconcile net income to net
supplemental cash flow information cash paid for income taxes																																						1,120,000	1,120,000
supplemental cash flow information
checks written in excess of bank balance
net cash provided (used in) financing activities																																											-219,073
checks written in excess of bank balances																																															-592,040	119,557	-258,594	-470,223	367,840	-274,137	659,125	504,398	190,482
purchases of treasury stock																																															-470,265	-340,444	-176,606	-1,022,429	-971,798	-846,290	-2,059,911	-1,418,657	-340,105	0	-502,660	-301,319	-101,628	-99,501	-101,264
loss on disposition of equipment
impairment of investment
proceeds of note payable																																																		1,000,000	250,000		250,000	250,000		7,600,000	11,419	12,095	1,729,990
cash flows from operating activities, net of acquisition:
proceeds from redemption of certificates of deposit																																																					202,545	102,545
treasury stock issued for compensation																																																					62,318	62,317	31,159	31,160	31,158	31,158	51,160	31,159	31,159
acquisition of the assets of first juice
increase in allowance for doubtful accounts																																																		80,000	20,000	20,000
loss on disposition of assets																																																								0	0
acquisition of fresh made, net of cash acquired																																																								-7,600,000	-544,322	-47,336	-2,850,888
net cash provided (used) in investing activities
net cash from in financing activities																																																					-3,326,559	-1,817,135	-646,576
decrease in allowance for doubtful accounts
adjustments to reconcile net income to net cash flows from operating activities, net of acquisition:
margin payable																																																											423,032
sale of investments																																																							531,455
loss on sale of marketable securities																																																								4,178	178,144	-53,638	149,790	587,243	110,259
impairment of marketable securities																																																												687,971
increase (decrease) in allowance for doubtful accounts																																																												75,000	0
(increase) decrease in operating assets:
purchases of marketable securities																																																								-106,480	-2,707,540	-1,585,088	-1,757,574	-917,579	-1,374,223
sale of marketable securities																																																								135,359	2,665,296	1,809,046	2,318,620	664,073	1,359,559
increase in margin
increase (decrease) in operating liabilities:
net cash provided (used) in financing activities																																																									-998,518
investment in cost method securities
increase in margin payable																																																													21,472
purchases of organizational costs

Lifeway Foods, Inc(NASDAQ:LWAY)

Lifeway Foods, Inc
(NASDAQ:LWAY)