Last10K.com

Landec Corp Ca (LNDC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 25, 2014

Landec Corp Ca

CIK: 1005286 Ticker: LNDC

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

Contact Information:

 

   
At the Company: Investor Relations:
Gregory S. Skinner  Matt Glover or Michael Koehler
Vice President Finance and CFO (949) 574-3860
(650) 261-3677 LNDC@liolios.com

 

Landec Corporation Reports Fiscal Fourth Quarter 

and Full Year 2014 Results

 

Landec’s Fiscal 2014 Revenues Increase to a Record $476.8 Million Driven by Strong Sales

of New Eat Smart® Superfood Products and Lifecore Products.

 

MENLO PARK, CA – July 29, 2014 – Landec Corporation (NASDAQ: LNDC), a Company that develops and markets innovative and proprietary products for healthy living applications in food and biomedical markets, reported results for the fiscal 2014 fourth quarter and fiscal year ended May 25, 2014.

 

Summary of Fiscal Fourth Quarter 2014 Results

 

Consolidated revenues increased 13% to $120.9 million with Apio's value-added vegetable business up 13% and Apio’s export business up 26% compared to the fourth quarter of last year. Revenues for the Lifecore Biomedical business were essentially flat compared to the fourth quarter of last year due to lower sales of fermentation products.

 

Net income was $4.5 million or $0.17 per share equaling the fourth quarter of last year.

 

Cash and marketable securities totaled $14.2 million at year end after generating $21.0 million in cash flows from operations and after spending $14.9 million primarily for capacity expansion and reducing debt by $9.9 million during fiscal 2014. The Company had $27.7 million available under its lines of credit as of May 25, 2014.

 

“During the fourth quarter and for all of fiscal 2014 Apio, Landec’s food subsidiary, continued to grow its traditional core packaged vegetable products as well as its new vegetable salad kit products that feature nutrient-dense superfoods,” stated Gary Steele, Landec’s Chairman and CEO. “Lifecore, Landec’s biomaterials subsidiary, continued to experience increased sales in its aseptic filling business and continues to expand its operating capacity for anticipated increases in demand. Also during the fourth quarter, the Company completed a comprehensive five-year strategic plan that identifies numerous growth opportunities and margin enhancement initiatives which the Company will begin implementing in fiscal 2015. Our key five-year financial goals are to grow the revenues of our two core businesses, Apio’s value-added vegetable business and Lifecore’s biomaterials business, by a combined 10% on average and to increase our overall margins each year for the next five years.”

 

Fiscal Fourth Quarter 2014 Results

Revenues in the fourth quarter of fiscal 2014 increased 13%, or $13.8 million, to $120.9 million, compared to $107.1 million in the year-ago quarter. The improvement was primarily due to an $11.3 million, or 13%, increase in revenues in Apio’s value-added businesses (which includes Apio’s fresh-cut specialty packaged vegetable business, Apio Cooling and Apio Packaging) and a $3.0 million, or 26%, increase in revenues in Apio’s export business. Lifecore revenues were essentially flat at $8.2 million compared to the fourth quarter of last year.

 

 
1

The following information was filed by Landec Corp Ca (LNDC) on Wednesday, July 30, 2014 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.

View differences made from one year to another to evaluate Landec Corp Ca's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Landec Corp Ca.

Continue

Assess how Landec Corp Ca's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Landec Corp Ca's Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parentheticals)
Consolidated Statements Of Comprehensive Income
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Allowance For Sales Returns And Doubtful Accounts
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Components Of Inventories
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Diluted Net Income Per Share
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Fair Value Of Assets And Liabilities Measure On Recurring Basis
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Fair Value Of Stock Option, Weighted Average Assumptions
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Revenue Arrangements
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Sensitiviy To Changes In Inputs And Assumptions Used In Discounted Cash Flow Models
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Significant Unobservable Inputs Used In Discounted Cash Flow Models
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (details) - Stock-based Compensation Expense
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (tables)
Note 10 - Derivative Financial Instruments
Note 10 - Derivative Financial Instruments (details)
Note 11 - Income Taxes
Note 11 - Income Taxes (details)
Note 11 - Income Taxes (details) - Deferred Tax Assets And Liabilities
Note 11 - Income Taxes (details) - Income Tax Rate Reconcilliation
Note 11 - Income Taxes (details) - Provision For Income Taxes
Note 11 - Income Taxes (details) - Unrecognized Tax Benefits
Note 11 - Income Taxes (tables)
Note 12 - Commitments And Contingencies
Note 12 - Commitments And Contingencies (details)
Note 12 - Commitments And Contingencies (details) - Future Minimum Lease Payments Under Operating Leases, Excluding Land Leases
Note 12 - Commitments And Contingencies (tables)
Note 13 - Employee Savings And Investment Plans
Note 13 - Employee Savings And Investment Plans (details)
Note 14 - Business Segment Reporting
Note 14 - Business Segment Reporting (details)
Note 14 - Business Segment Reporting (details) - Operations By Business Segment
Note 14 - Business Segment Reporting (details) - Sales By Geograhic Area
Note 14 - Business Segment Reporting (tables)
Note 15 - Quarterly Consolidated Financial Information (unaudited)
Note 15 - Quarterly Consolidated Financial Information (unaudited) (details) - Summary Of Unaudited Quarterly Results Of Operations
Note 15 - Quarterly Consolidated Financial Information (unaudited) (tables)
Note 16 - Subsequent Events
Note 16 - Subsequent Events (details)
Note 2 - Acquisitions
Note 2 - Acquisitions (details)
Note 3 - Sale Of Landec Ag
Note 3 - Sale Of Landec Ag (details)
Note 4 - Investments In Non-public Companies
Note 4 - Investments In Non-public Companies (details)
Note 5 - License Agreements
Note 5 - License Agreements (details)
Note 6 - Property And Equipment
Note 6 - Property And Equipment (details)
Note 6 - Property And Equipment (details) - Components Of Property And Equipment
Note 6 - Property And Equipment (tables)
Note 7 - Intangible Assets
Note 7 - Intangible Assets (details)
Note 7 - Intangible Assets (details) - Goodwill
Note 7 - Intangible Assets (details) - Other Intangible Assets
Note 7 - Intangible Assets (tables)
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity (details)
Note 8 - Stockholders' Equity (details) - Stock Options Outstanding And Exercisable
Note 8 - Stockholders' Equity (details) - Stock-based Compensation Activity
Note 8 - Stockholders' Equity (details) - Vested And Expected To Vest Option Awards
Note 8 - Stockholders' Equity (tables)
Note 9 - Debt
Note 9 - Debt (details)
Note 9 - Debt (details) - Future Minimum Principal Payments Of Debt
Note 9 - Debt (details) - Long-term Debt
Note 9 - Debt (details) - Long-term Debt (parentheticals)
Note 9 - Debt (tables)
Ticker: LNDC
CIK: 1005286
Form Type: 10-K Annual Report
Accession Number: 0001437749-14-013994
Submitted to the SEC: Fri Aug 01 2014 5:10:08 PM EST
Accepted by the SEC: Fri Aug 01 2014
Period: Sunday, May 25, 2014
Industry: Canned Fruits Veg Preserves Jams And Jellies

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/lndc/0001437749-14-013994.htm