taglich brothers inc the standard of excellence in microcap market member nasd sipc please view our disclaimer located on page 8 1370 avenue americas 31st floor new york ny 10019 800 456 1220 fax 212 265 4744 www taglichbrothers com research report update investors should consider this as only a single factor making their investment decision lifeway foods rating speculative buy howard halpern lway 12 85 nasdaqnm september 2003 fye 00 01 02 03 e 04 revenues millions 9 2 10 7 14 17 1 earnings per share diluted 0 21 28 36 53 65 52week range 15 25 5 fiscal year ends december shares outstanding 4 22 million revenue ttm 3 16 trading float 18 price sales 07x insider and institutional ownership 72 2004 21x tangible book value shr o 06 60 30 29 9x 89x 19 8x excludes gain from sale assets one
