LifeWay expects record revenues in 2003

GLORIETA, N.M. — LifeWay Christian Resources reported to its trustees Sept. 9 that the company expects to post record 2003 revenues of almost $421 million, $6.3 million more than last year. LifeWay’s fiscal year ends Sept. 30.

“LifeWay has demonstrated good stability in a weak economy,” chief operating officer Ted Warren told trustees during their semi-annual meeting at LifeWay Glorieta (N.M.) Conference Center. He credited the introduction of new books, Bibles and literature, sound operations and tight expense control for LifeWay’s success during a time when the economy continued to be soft.

Funds provided from operations — money for reinvestment in ministry expansion after all expenses are paid — are expected to be $14 million, or 3.3 percent of revenue, consistent with LifeWay’s goal of financial performance.

In their Sept. 8–9 meeting, the trustees adopted a record 2004 operating budget of $445.4 million, a 5.8 percent increase over projected 2003 revenues, along with capital expenditures of $14.7 million.