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Landec Corp Ca (LNDC) SEC Filing 10-Q Quarterly Report for the period ending Sunday, November 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 Second Quarter Fiscal Year 2022 Results
Reiterates Fiscal 2022 Guidance for Lifecore
Provides Pro Forma Curation Foods Segment Results and Updates Guidance for Continuing Segment Operations

SANTA MARIA, CA – January 5, 2022 - Landec Corporation (Nasdaq: LNDC) (“Landec” or the “Company”), a diversified health and wellness company with two operating businesses, Lifecore Biomedical, Inc. ("Lifecore") and Curation Foods, Inc., reported results for the fiscal 2022 second quarter ended November 28, 2021. Subsequent to fiscal second quarter end, on December 13, 2021 the Company closed on the sale of its Curation Food’s fresh packaged salads and vegetables business (the “Eat Smart Disposition”) for $73.5 million in cash, subject to certain adjustments. Looking forward, Landec continues to focus on creating shareholder value through strengthening its balance sheet, accelerating growth at Lifecore, and seeking opportunities to optimize its remaining assets.
CEO COMMENTS:
“We have made great progress in our strategic plan to transform Landec. The divestment of our Eat Smart fresh packaged salad and vegetables business marked an important milestone toward extracting value from our non-core assets within the Curation Foods business and re-orienting the Company around our Lifecore business,” commented Dr. Albert Bolles, Chief Executive Officer of Landec Corporation. “Lifecore performed well during the second quarter, delivering 7% revenue growth, which we expect to accelerate further in the second half of fiscal 2022, and 26% adjusted EBITDA growth in our Lifecore segment. We will continue to optimize the value of the remaining assets within Curation Foods, while turning our primary focus to Lifecore, which we believe is at an inflection point to drive a multi-year acceleration in growth."
FISCAL SECOND QUARTER 2022 BUSINESS HIGHLIGHTS:
Revenues of $129.5 million, pro forma revenues of $43.5 million after adjustment for the Eat Smart Disposition, a pro forma increase of 8.8% year-over-year
Gross profit of $13.0 million, pro forma gross profit of $14.7 million, a pro forma increase of 8.2% year-over-year
Net loss of $38.4 million, which includes non-cash goodwill impairment related to the Eat Smart Disposition of $29.1 million and $1.9 million of restructuring and other non-recurring charges such as legal expenses, both net of tax
Pro forma adjusted EBITDA of $8.3 million, compared to $5.9 million in the prior year period, a pro forma increase of 41.3% year-over-year
Lifecore segment adjusted EBITDA of $9.1 million, compared to $7.3 million in the prior year period, an increase of 25.6% year-over-year
Curation Foods segment pro forma adjusted EBITDA of $0.8 million, compared to $0.7 million in the prior year period
Pro forma information gives pro forma effect to the Eat Smart Disposition, as if the Eat Smart Disposition occurred at the beginning of each respective period. See “Pro Forma Financial Information” at the end of this release for more information regarding the pro forma adjustments related to the Eat Smart Disposition including a reconciliation of pro forma adjusted EBITDA.





The following information was filed by Landec Corp Ca (LNDC) on Wednesday, January 5, 2022 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 - 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 - 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 - 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 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 - Narrative (Details)
Stock-Based Compensation And Stockholders' Equity - Summary Of Stock-Based Compensation By Income Statement Line Item (Details)
Subsequent Events
Subsequent Events (Details)

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: 0001005286-22-000005
Submitted to the SEC: Fri Jan 07 2022 4:13:30 PM EST
Accepted by the SEC: Fri Jan 07 2022
Period: Sunday, November 28, 2021
Industry: Canned Fruits Veg Preserves Jams And Jellies

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