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Landec Corp Ca (LNDC) SEC Filing 10-Q Quarterly report for the period ending Sunday, February 28, 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 Third Quarter and First Nine Months Fiscal 2021 Results
Lifecore Biomedical Generates Year-to-date Revenue Growth of 20%, Net Income Growth of 39%, and Adjusted EBITDA Growth of 34%
Reiterates Fiscal 2021 Lifecore Biomedical Guidance
Revises Curation Foods Fiscal 2021 Guidance to Reflect COVID-19 Headwinds
SANTA MARIA, CA – April 7, 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 third quarter and year-to-date period ended February 28, 2021. Looking forward, Landec’s strategy to create shareholder value is 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, “Lifecore produced another strong quarterly performance which helped propel year-to-date segment revenue growth of 20% and adjusted EBITDA growth of 34% for the fiscal nine-month period ended February 28, 2021. We believe that the business is extremely well positioned to benefit from several strong industry trends which include the rise in drug development, a need for capable partners to outsource complex development and manufacturing projects, and growing demand for vial and syringe capacity. Taken together, we believe that Lifecore is prepared to utilize its highly specialized CDMO capabilities and is uniquely positioned to provide solutions to complex manufacturing needs and benefit from an expected acceleration in new drug application approvals in the coming years. Lifecore remains on-track to meet its guidance for the year and we continue to support the team’s efforts to invest for sustainable long-term double-digit growth.”
Dr. Bolles continued, “At Curation Foods, our turnaround efforts continue to progress, but we were met with several new challenges in our third quarter that temporarily stalled our momentum. Although we realized year-over-year improvement in the segment’s gross margin, this performance came in below our plan due to COVID-19-related variables that weighed on results. Our team is working diligently and creatively to navigate this fluid environment and we remain confident that the steady-state gross margin targets of 11% - 14% that we laid out for the end of fiscal 2021 are still within reach. We still have much to accomplish and recognize that Lifecore and by extension Landec is an undervalued asset, and we are working with focus to transform Curation Foods. We have made many accomplishments as seen by our year-to-date performance and will continue to utilize the framework within Project SWIFT to improve shareholder value.”
FISCAL THIRD QUARTER 2021 BUSINESS HIGHLIGHTS:
Revenues of $137.8 million, a planned decrease of 9.9% year-over-year
Gross profit of $19.7 million, an decrease of 1.8% year-over-year
Net loss of $5.5 million, which includes $2.9 million of restructuring and other non-recurring charges such as legal expenses net of tax


The following information was filed by Landec Corp Ca (LNDC) on Wednesday, April 7, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
Business Segment Reporting
Business Segment Reporting (Tables)
Business Segment Reporting - Narrative (Details)
Business Segment Reporting - Operations By Business Segment (Details)
Business Segment Reporting - Sales By Geographic Area (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Long-Term Debt (Details)
Diluted Earnings Per Share
Diluted Earnings Per Share (Tables)
Diluted Earnings Per Share - Diluted Earnings Per Share (Details)
Diluted Earnings Per Share - Narrative (Details)
Income Taxes
Income Taxes (Details)
Investment In Non-Public Company
Investment In Non-Public Company (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 Credit Loss Rollforward (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Assets Held For Sale (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Assumptions For Investment 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 (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Debt Issuance Cost (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 Measurements Additional Information (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 - Financial Instruments Additional Information (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Intangible Assets (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Legal Contingencies Additional Information (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 - Related Party Transactions (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Restricted Cash (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Significant Unobservable Inputs Used In Discounted Cash Flow Models For Investment (Details)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Narrative (Details)
Restructuring Costs - Schedule Of Restructuring Related Activities (Details)
Stock-Based Compensation And Stockholders' Equity
Stock-Based Compensation And Stockholders' Equity (Tables)
Stock-Based Compensation And Stockholders' Equity - Compensation By Income Statement Location (Details)
Stock-Based Compensation And Stockholders' Equity - Narrative (Details)
Subsequent Events

Material Contracts, Statements, Certifications & more

Landec Corp Ca provided additional information to their SEC Filing as exhibits

Ticker: LNDC
CIK: 1005286
Form Type: 10-Q Quarterly Report
Accession Number: 0001005286-21-000029
Submitted to the SEC: Thu Apr 08 2021 5:10:47 PM EST
Accepted by the SEC: Thu Apr 08 2021
Period: Sunday, February 28, 2021
Industry: Canned Fruits Veg Preserves Jams And Jellies

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