taglich brothers inc the standard of excellence in microcap market member nasd sipc please view our disclaimer located at end text portion this report 1370 avenue americas 31st floor new york ny 10019 800 456 1220 fax 212 265 4744 www taglichbrothers com research update lifeway foods rating speculative buy howard halpern lway 7 05 nasdaqnm june 12 2001 fye 98 99 00 01 02 revenues millions 6 8 9 2 11 13 0 earnings per share diluted 20 17 21 28 33 52week range 75 4 25 fiscal year ends december shares outstanding 32 million revenue 59 trading float 1 price sales 7x insider ownership 63 2002 4x tangible book value shr a o 3 31 57 2x based morton grove illinois is manufacturer cultured probiotic and functional food products health industry america s leading