Vancouver-based Leading Brands Inc.'s (Nasdaq:LBIX) share price surged more than 30% to US$0.82 on the heels of its second quarter results.
The company many may know for its TrueBlue line of blueberry juices swung from a money-losing venture to a position of profitability.
Leading Brands generated an after-tax profit of $809,000, or $0.04 per share. In the same quarter last year, Leading Brands lost $291,000 or $0.01 per share.
However revenue slipped as Leading Brands generated $6.62 million in 2009's second quarter compared with $9.56 million in the same quarter last year.
So far this year, Leading Brands has posted more than $1 million in profit. In the first half of 2008, the company lost $849,000.
"The past 18-months have been hard and frustrating ones for the company as it moved decisively in anticipation of the global economic downturn," the company said in a release.
"Management has been determined to reduce overheads, increase efficiencies, shed less profitable product lines and ultimately refine the company's core beverage portfolio. As evidenced by these results, that task is now complete."
Leading Brands' share price this week ranged between US$0.54 and US$0.68; 52-week high: US$0.85; 52-week low: $0.05.