|LifeWay doing 'remarkably well'|
|Thursday, 12 February 2009 03:48 PM EST|
Despite an economy that many observers say is going from bad to worse, LifeWay Christian Resources (LCR) is doing "remarkably well," LifeWay executives have told trustees.
"LifeWay's financial health is good," Jerry Rhyne, LCR's chief financial officer said at their semiannual meeting, Feb. 9-10, Baptist Press (BP) reported. He cited a strong balance sheet, no debt, a healthy reserve fund, a growing revenue trend, a strong and diverse customer base and a steady stream of theologically sound resources.
Brad Waggoner, vice president of B&H Publishing Group, LifeWay's publishing arm, said The Love Dare--a book that was a focal point of the surprise hit movie Fireproof--has spent 17 weeks on The New York Times Paperback Advice best-seller list and has nearly 2 million copies in print.
Waggoner added that the Holman Christian Standard Bible continued to gain in popularity, with B&H planning to release a new study Bible of the translation later this year, BP reported.
LifeWay Christian Stores Vice President Mark Scott told trustees that store associates have found increased ministry opportunities as customers impacted by hard times have visited the chain seeking answers to life's most pressing questions.
Despite the worst national Christmas retail season in 40 years, LifeWay stores performed strongly in the first quarter of 2009, Scott said. He cited strong sales of products such as the Fireproof DVD, The Love Dare, Bibles and Beth Moore's Esther: It's Tough Being Woman (Convention Press/LCR).
Scott also noted increased online and music service sales. Additionally, LifeWay opened a new store and relocated another store in the first quarter, with several projects slated for later this year, BP reported.