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Landec Corp Ca (LNDC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 27, 2012

Landec Corp Ca

CIK: 1005286 Ticker: LNDC
Exhibit 99.1
 

FOR IMMEDIATE RELEASE
Contact Information:
 
At the Company:                                                                           
Gregory S. Skinner
Vice President Finance and CFO
(650) 261-3677
 
LANDEC CORPORATION REPORTS FISCAL YEAR 2012
AND FOURTH QUARTER RESULTS
 
Landec reports record revenues for FY 2012 of $317.6 million and EPS of $0.49

MENLO PARK, CA – July 31, 2012 -- Landec Corporation (Nasdaq: LNDC), today reported
 results for fourth quarter and fiscal year 2012.  Revenues for the fourth quarter of fiscal year 2012 increased 21% to $82.6 million compared to revenues of $68.1 million for the fourth quarter of fiscal year 2011.  Net income increased to $2.8 million, or $0.11 per diluted share, compared to a net loss of $2.7 million, or $0.10 per share, during the fourth quarter of fiscal year 2011.  Revenues for fiscal year 2012 increased 15% to $317.6 million compared to revenues of $276.7 million for fiscal year 2011.  Net income for fiscal year 2012 was $12.7 million or $0.49 per diluted share compared to net income of $3.9 million or $0.15 per diluted share for fiscal year 2011.

Fourth Quarter Results

The revenue growth of $14.5 million during the fourth quarter of fiscal year 2012 compared to the fourth quarter of 2011 was due to (1) $9.1 million of revenues from GreenLine Holding Company, (“GreenLine”) which was acquired by Apio, Inc., our specialty packaged food subsidiary, on April 23, 2012, (2) a $5.2 million increase in revenues in Apio’s non-GreenLine value-added businesses, which include the Apio fresh-cut specialty packaged vegetable business, Apio Cooling and Apio Packaging, and (3) a $1.3 million increase in revenues at Lifecore Biomedical, Inc., our biomaterials subsidiary, due to an increase in sales to existing customers.  The fourth quarter growth of $5.2 million in Apio’s value-added non-GreenLine businesses resulted from a combined year-over-year 14% increase in unit volume sales due to new product offerings, new distribution gains and overall growth in the fresh-cut vegetable category.  These increases in revenue were partially offset by a $1.3 million decrease in revenues in our Technology Licensing business primarily due to the termination of the Monsanto license agreement at the end of the second quarter of fiscal year 2012.

For the fourth quarter, the net income of $2.8 million increased by $5.5 million because the Company recorded a loss of $2.7 million in the prior year fourth quarter. The loss in the prior year fourth quarter was due to the $4.8 million impairment charge from the write off of goodwill at Landec Ag, Landec’s former seed subsidiary.  Additionally, net income in the fourth quarter increased due to (1) a $3.3 million increase in Apio’s operating income, including $1.6 million from GreenLine, and before acquisition related expenses of $1.0 million recorded at Apio, and (2) a $1.3 million increase in operating income at Lifecore.  These increases in net income in the fourth quarter were partially offset by (1) non-recurring acquisition related expenses of $2.0 million (see the Questions and Answers section in this release for details), (2) a $1.3 million reduction in license fees from the termination of the Monsanto license agreement, and (3) an $836,000 increase in the income tax expense.
 
 
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The following information was filed by Landec Corp Ca (LNDC) on Tuesday, July 31, 2012 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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SEC Filing Tools
Ticker: LNDC
CIK: 1005286
Form Type: 10-K Annual Report
Accession Number: 0001437749-12-007975
Submitted to the SEC: Wed Aug 08 2012 5:28:43 PM EST
Accepted by the SEC: Wed Aug 08 2012
Period: Sunday, May 27, 2012
Industry: Canned Fruits Veg Preserves Jams And Jellies

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