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Landec Corp Ca (LNDC) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, May 29, 2022

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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 2022 Results

Recently announced intent to rename and rebrand to Lifecore Biomedical, along with leadership and Board changes
Lifecore segment revenues increased 6.9% to $27.6 million in fiscal fourth quarter, and increased 11.5% to $109.3 million for the full fiscal year 2022, as compared to the respective prior year periods
Lifecore segment EBITDA increased 14.5% to $8.8 million in fiscal fourth quarter, and increased 16.4% to $28.5 million for the full fiscal year 2022, as compared to the respective prior year periods
Lifecore segment adjusted EBITDA increased 15.9% to $8.9 million in fiscal fourth quarter, and increased 17.9% to $28.9 million for the full fiscal year 2022, as compared to the respective prior year periods
Introduces fiscal 2023 full year guidance for Lifecore

SANTA MARIA, CA & MINNEAPOLIS, MN – August 10, 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. (“Curation Foods”), reported results for the fiscal 2022 fourth quarter ended May 29, 2022. Additionally, as reported today in a separate press release, the Company announced its path forward as a CDMO-focused life sciences company, complete with a corporate rebranding to Lifecore Biomedical, new ticker symbol, and the naming of its go-forward executive leadership team and Board of Directors.

CEO COMMENTS:
James G. Hall, CEO of Landec Corporation and President of Lifecore, commented, "Lifecore finished the year on a high note — we delivered full year revenue growth of 11.5% to $109.3 million and adjusted EBITDA growth of 18% to $28.9 million — both of which exceeded our full year fiscal 2022 goals. Our business remains very well positioned as a fully-integrated CDMO with highly differentiated capabilities for the development, fill and finish of complex sterile, injectable-grade pharmaceutical products. Lifecore is aligned with large and growing addressable markets with attractive underlying tailwinds and we have a long history of success, proven by our long-term customer relationships and low turnover. Looking ahead to fiscal 2023, our growth continues to be driven by our robust development pipeline and we remain focused on driving towards a multi-year acceleration of annual revenue growth into the mid- to high-teens based upon current pipeline characteristics and favorable industry tailwinds in the coming years."
LANDEC FISCAL FOURTH QUARTER 2022 BUSINESS HIGHLIGHTS:
As previously reported, on December 13, 2021 the Company closed on the sale of its Curation Foods' fresh packaged salads and vegetables business (the “Eat Smart Disposition”), and as such, those results are reflected as discontinued operations in all periods presented within the Company’s financial statements. The operations associated with the Company's remaining Curation Foods assets will continue to be reflected in its consolidated financial results until their eventual disposition, at which time they will be transitioned into discontinued operations.
Consolidated revenues of $47.6 million, an increase of 6.0% year-over-year


The following information was filed by Landec Corp Ca (LNDC) on Wednesday, August 10, 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-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

Audit Information
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
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 (Details)
Discontinued Operations - Components Of Loss From 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 - Intangible Assets (Details)
Goodwill And Intangible Assets - Narrative (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 - Advertising Cost, Receivables, And Related Party Transactions Narrative (Details)
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 - Balance Sheet Error Correction (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Cash Flow Error Correction (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 - Concentration Of Risk (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 Earnings Per Share Error Correction (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Diluted Net (Loss) 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 - Eat Smart Sale And Discontinued Operations (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Employee Savings, Fair Value Measurements Narrative (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 Business Interruption Insurance Recoveries (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Income Statement Error Correction (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Inventories (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Organization (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 - Restructuring Cost Error Correction (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Revenue Narrative (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Significant Unobservable Inputs Used In Discounted Cash Flow Models (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Stockholders' Equity Error Correction (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: 0001005286-22-000047
Submitted to the SEC: Tue Sep 13 2022 9:43:35 PM EST
Accepted by the SEC: Wed Sep 14 2022
Period: Sunday, May 29, 2022
Industry: Canned Fruits Veg Preserves Jams And Jellies

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