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Landec Corp Ca (LNDC) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, May 30, 2021

Landec Corp Ca

CIK: 1005286 Ticker: LNDC
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact Information:
Investor Relations
Jeff Sonnek
(646) 277-1263
jeff.sonnek@icrinc.com

Landec Corporation Reports Fourth Quarter and Full Fiscal Year 2021 Results
Lifecore Biomedical Generates Full Year Revenue Growth of 14.3%, Net Income Growth of 23.1%, and Adjusted EBITDA Growth of 22.0%
Curation Foods Achieves Fiscal Fourth Quarter Gross Margin of 11.9% on Revenue of $114.0 Million
Landec Consolidated Full Year Revenues of $544.2 Million, Net Loss of $32.7 Million, and Adjusted EBITDA of $31.4 Million

SANTA MARIA, CA – July 28, 2021 - Landec Corporation (Nasdaq: LNDC), a diversified health and wellness company with two operating businesses, Lifecore Biomedical, Inc. and Curation Foods, Inc., reported results for the fiscal 2021 fourth quarter and full fiscal year ended May 30, 2021. Looking forward, Landec’s strategy to continue to create shareholder value is to seek to deliver against its long-term targets, strengthen its balance sheet, drive top-line growth at Lifecore, and selectively invest in innovation and growth while implementing strategic priorities to improve operating margins at Curation Foods
.

CEO COMMENTS:
Dr. Albert Bolles, Landec’s President and CEO stated, “Landec had a solid finish to fiscal 2021 with fiscal fourth quarter performances in both segments that exceeded our revised projections. Lifecore proved to be resilient through the COVID-19 disruptions, generating top-line growth of 14% and adjusted EBITDA growth of 22% for the full year. Lifecore is an important partner to the life sciences community it services and is helping solve complex development and manufacturing projects. A great example of this was the FDA approval of Heron Therapeutics' ZYNRELEF product in May, a partner that the Lifecore organization has worked with for many years across all stages of its development pipeline. We believe Lifecore is extremely well positioned in this environment with added capabilities and capacity to support its growing customer base. We look forward to many years of success and will continue to support the team’s efforts to invest for sustainable long-term double-digit revenue growth.”

Dr. Bolles continued, “At Curation Foods, we were pleased to meet our year-end, steady-state goal of generating segment gross profit margins in the range of 11% to 14% with a reported margin of 11.9%. While our trajectory was temporarily disrupted in fiscal third quarter due to unforeseen impacts from the COVID-19 pandemic, we drove a 450 basis point sequential improvement in the fiscal fourth quarter. We believe our turnaround efforts with Curation Foods remain on track, and we have the added support of a more efficient distribution network that expands our reach while further simplifying our operations. Looking ahead to fiscal 2022, we believe we have the benefit of a nimbler organization along with some product innovations that will drive a transition to growth in the years ahead. Our efforts aren’t yet complete, but we remain committed to the process as a means to improve shareholder value under the framework of Project SWIFT.”

FISCAL FOURTH QUARTER 2021 BUSINESS HIGHLIGHTS:
Revenues of $139.8 million, a planned decrease of 10.4% year-over-year
Gross profit of $24.8 million, an increase of 2.9% year-over-year


The following information was filed by Landec Corp Ca (LNDC) on Wednesday, July 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Landec Corp Ca's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
Consolidated Statements Of Operations
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Business Acquisitions (Details)
Acquisitions - Schedule Of Purchase Price Allocation (Details)
Business Segment Reporting
Business Segment Reporting (Tables)
Business Segment Reporting - Narrative (Details)
Business Segment Reporting - Operations By Business Segment (Details)
Business Segment Reporting - Property And Equipment, Net By Geographic Region (Details)
Business Segment Reporting - Sales By Geographic Area (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Future Minimum Principal Payments Of Debt (Details)
Debt - Long-Term Debt (Details)
Debt - Narrative (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Assets And Liabilities Of Discontinued Operations (Details)
Discontinued Operations - Narrative (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Changes In Goodwill (Details)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Other Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Expected Future Amortization Expense (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Income Tax Rate Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Investment In Non-Public Company
Investment In Non-Public Company (Details)
Leases
Leases (Tables)
Leases - Maturity Analysis Of Operating And Finance Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Schedule Of Lease Costs (Details)
Leases - Supplemental Cash Flow Information (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (Policies)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (Tables)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Allowance For Sales Returns And Doubtful Accounts (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Assumptions Used In Discounted Cash Flow Models (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Basis Of Presentation, Concentration Of Risk, And Financial Instruments Narrative (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Components Of Inventories (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Components Of Other Comprehensive Income (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Contract Assets And Liabilities Narrative (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Diluted Net Income Per Share (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Fair Value Of Assets And Liabilities (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Fair Value Reconciliation Of Level 3 (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Impairment Review Of Intangible Assets And Goodwill, Insurance Recoveries, And Non-Controlling Interest Narrative (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Per Share, Employee Savings, Fair Value Measurements Narrative (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Restricted Cash, Advertising Cost, Receivables, And Related Party Transactions Narrative (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Significant Unobservable Inputs Used In Discounted Cash Flow Models (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Components Of Property And Equipment (Details)
Property And Equipment - Narrative (Details)
Quarterly Consolidated Financial Information (Unaudited)
Quarterly Consolidated Financial Information (Unaudited) (Details)
Quarterly Consolidated Financial Information (Unaudited) (Tables)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Narrative (Details)
Restructuring Costs - Schedule Of Costs (Details)
Stock-Based Compensation And Stockholders??? Equity
Stock-Based Compensation And Stockholders??? Equity (Tables)
Stock-Based Compensation And Stockholders??? Equity - Narrative (Details)
Stock-Based Compensation And Stockholders??? Equity - Stock Options Outstanding And Exercisable (Details)
Stock-Based Compensation And Stockholders??? Equity - Stock-Based Compensation Activity (Details)
Stock-Based Compensation And Stockholders??? Equity - Summary Of Stock-Based Compensation By Income Statement Line Item (Details)
Stock-Based Compensation And Stockholders??? Equity - Weighted Average Assumptions (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: LNDC
CIK: 1005286
Form Type: 10-K Annual Report
Accession Number: 0001005286-21-000043
Submitted to the SEC: Thu Jul 29 2021 5:21:11 PM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Sunday, May 30, 2021
Industry: Canned Fruits Veg Preserves Jams And Jellies

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