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Landec Corp Ca (LNDC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 31, 2020

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 Year 2020 Results
Provides Fiscal 2021 Outlook

SANTA MARIA, CA – August 11, 2020 - Landec Corporation (Nasdaq: LNDC), a diversified health and wellness company with two operating businesses, Curation Foods, Inc. and Lifecore Biomedical, Inc., reported results for the fiscal 2020 fourth quarter and full year ended May 31, 2020. The Company previously announced its preliminary fiscal 2020 fourth quarter revenue and other select financial metrics on June 29, 2020. Looking forward, Landec intends to create further stockholder value by delivering against its long-term financial targets, strengthening its balance sheet, selectively investing in innovation and growth, and implementing strategic priorities to improve operating margins at Curation Foods and driving topline growth at Lifecore.
FISCAL FOURTH QUARTER 2020 BUSINESS HIGHLIGHTS:
Revenues of $156.1 million, an increase of 2.2% year over year
Gross profit of $24.1 million, a decrease of 8.1% year over year
Net loss of $15.1 million, which includes $6.8 million of restructuring and other non-recurring charges, net of tax and $9.6 million of impairment of goodwill and intangibles charges, net of tax.
Diluted net loss per share of $0.52; adjusted diluted net income per share of $0.05, which excludes $0.23 per share of restructuring and other non-recurring charges, net of tax and $0.34 per share of impairment of goodwill and intangibles charges, net of tax.
Adjusted EBITDA was $14.1 million, which excludes $9.2 million of restructuring and other non-recurring charges and $13.0 million of impairment of goodwill and intangibles charges.
Sale of Curation Foods’ non-strategic manufacturing asset in Ontario, California for $4.8 million
Decision to retain Curation Foods’ legacy core vegetable bag and tray business
FISCAL YEAR 2020 BUSINESS HIGHLIGHTS:
Revenues of $590.4 million, an increase of 5.9% year over year
Gross profit of $75.0 million, a decrease of 7.4% year over year
Net loss of $38.2 million, which includes $21.1 million of restructuring and other non-recurring charges, net of tax and $9.6 million of impairment of goodwill and intangibles charges, net of tax.
Diluted net loss per share of $1.31; adjusted diluted net loss per share of $0.26, which excludes $0.72 per share of restructuring and other non-recurring charges and $0.33 per share of impairment of goodwill and intangibles charges, net of tax.
Adjusted EBITDA was $22.0 million, which excludes $28.3 million of restructuring and other non-recurring charges and $13.0 million of impairment of goodwill and intangibles charges.
Introduced full-year fiscal 2021 guidance



The following information was filed by Landec Corp Ca (LNDC) on Tuesday, August 11, 2020 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)
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 - Future Minimum Annual Lease Payments Under Capital Lease (Details)
Leases - Future Minimum Annual Lease Payments Under Operating Leases (Details)
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 - 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 Of Contingent Consideration Liability (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 - 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 - 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: 0001005286-20-000004
Submitted to the SEC: Fri Aug 14 2020 4:20:45 PM EST
Accepted by the SEC: Fri Aug 14 2020
Period: Sunday, May 31, 2020
Industry: Canned Fruits Veg Preserves Jams And Jellies

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