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Landec Corp Ca (LNDC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 29, 2016

Landec Corp Ca

CIK: 1005286 Ticker: LNDC

Exhibit 99.1

 

 

 FOR IMMEDIATE RELEASE

Contact Information: 

 

 

 

At the Company: Investor Relations:

Gregory S. Skinner

Vice President Finance and CFO

John Mills, Partner

(646) 277-1254

(650) 261-3677 John.Mills@ICRINC.com

 

Landec Corporation Reports Fiscal Fourth Quarter

and Full Year 2016 Results

 

Fourth Quarter Gross Profit Increased 22% and Gross Margin Improved 300 Basis Points

 

In Fiscal 2017 Company Expects Net Income Increase of 50% to 70%

 

MENLO PARK, CA – July 26, 2016 – Landec Corporation (NASDAQ: LNDC), a leading developer and marketer of innovative and proprietary products for healthy living applications in the food and biomaterials markets, reported results for the fiscal 2016 fourth quarter and fiscal year ended May 29, 2016.

 

“Lifecore Biomedical, Inc. had a very strong fourth quarter with revenues increasing 50% and operating income increasing 137% compared to the fourth quarter of last year, driven by increased fermentation and product development revenues,” stated Molly Hemmeter, Landec’s President and CEO. “At Apio, Inc., our food subsidiary, gross margin in the fourth quarter increased 50 basis points to 12.2% due to a favorable product mix that nearly offset the gross profit impact from lower revenues and from $3.0 million of excess costs related to the produce shortages early in the quarter. As we enter fiscal 2017, based on current weather patterns, we believe these sourcing issues should be behind us and we look forward to stronger overall Apio results in fiscal 2017.”

 

Summary of Fourth Quarter 2016 Results Compared to Fourth Quarter of 2015

 

Revenues increased 1% to $135.3 million

 

Gross profit increased 22% to $22.8 million leading to a gross margin increase of 300 basis points to 16.8%

 

Operating income increased 14% to $7.1 million

 

Net income increased 13% to $4.7 million or $0.17 per share

 

“We continue to make progress in our long-term strategy of innovation in our food business, resulting in a higher margin product mix to drive increased profitability. Thus far, we have been successful in this strategy by significantly growing our high-margin vegetable salad product revenues at an average annual compounded growth rate of over 80% from $26 million in fiscal 2013 to $154 million in fiscal 2016. Our salad products are clearly meeting consumers’ growing desire to eat healthy, fresh and convenient vegetable products. According to U.S. and Canadian Nielsen 52-week data ending May 28, 2016, the North American retail salad kit market category, which excludes amongst others Costco and food service, grew 28% in consumer retail dollars, while our Eat Smart® salad kits grew 36% in consumer retail dollars during the same time period,” continued Hemmeter.

 

 
 

The following information was filed by Landec Corp Ca (LNDC) on Wednesday, July 27, 2016 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

Document And Entity Information
Note 11 - Quarterly Consolidated Financial Information (unaudited)
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 (loss) Income
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 Textual)
Note 1 - Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Note 1 - Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Assumptions Used In Discounted Cash Flow Models (details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Allowance For Sales Returns And Doubtful Accounts (details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Components Of Inventories (details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Diluted Net Income Per Share (details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Fair Value Of Stock Option, Weighted Average Assumptions (details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Revenue Arrangements (details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Significant Unobservable Inputs Used In Discounted Cash Flow Models (details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Summary Of Stock-based Compensation By Income Statement Line Item (details)
Note 10 - Business Segment Reporting
Note 10 - Business Segment Reporting (details Textual)
Note 10 - Business Segment Reporting (tables)
Note 10 - Business Segment Reporting - Operations By Business Segment (details)
Note 10 - Business Segment Reporting - Sales By Geographic Area (details)
Note 11 - Quarterly Consolidated Financial Information (unaudited) (tables)
Note 11 - Quarterly Consolidated Financial Information (unaudited) - Summary Of Unaudited Quarterly Results Of Operations (details)
Note 2 - Investments In Non-public Company
Note 2 - Investments In Non-public Company (details Textual)
Note 3 - Property And Equipment
Note 3 - Property And Equipment (details Textual)
Note 3 - Property And Equipment (tables)
Note 3 - Property And Equipment - Components Of Property And Equipment (details)
Note 4 - Intangible Assets
Note 4 - Intangible Assets (details Textual)
Note 4 - Intangible Assets (tables)
Note 4 - Intangible Assets - Other Intangible Assets (details)
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity (details Textual)
Note 5 - Stockholders' Equity (tables)
Note 5 - Stockholders' Equity - Stock Options Outstanding And Exercisable (details)
Note 5 - Stockholders' Equity - Stock-based Compensation Activity (details)
Note 5 - Stockholders' Equity - Vested And Expected To Vest Option Awards (details)
Note 6 - Debt
Note 6 - Debt (details Textual)
Note 6 - Debt (tables)
Note 6 - Debt - Future Minimum Principal Payments Of Debt (details)
Note 6 - Debt - Long-term Debt (details)
Note 6 - Debt - Long-term Debt (details) (parentheticals)
Note 7 - Income Taxes
Note 7 - Income Taxes (details Textual)
Note 7 - Income Taxes (tables)
Note 7 - Income Taxes - Deferred Tax Assets And Liabilities (details)
Note 7 - Income Taxes - Income Tax Rate Reconcilliation (details)
Note 7 - Income Taxes - Provision For Income Taxes (details)
Note 7 - Income Taxes - Unrecognized Tax Benefits (details)
Note 8 - Commitments And Contingencies
Note 8 - Commitments And Contingencies (details Textual)
Note 8 - Commitments And Contingencies (tables)
Note 8 - Commitments And Contingencies - Future Minimum Lease Payments Under Capital Lease (details)
Note 8 - Commitments And Contingencies - Future Minimum Lease Payments Under Operating Leases, Excluding Land Leases (details)
Note 9 - Employee Savings And Investment Plans
Note 9 - Employee Savings And Investment Plans (details Textual)
Significant Accounting Policies (policies)
Ticker: LNDC
CIK: 1005286
Form Type: 10-K Annual Report
Accession Number: 0001437749-16-036012
Submitted to the SEC: Fri Jul 29 2016 7:07:57 PM EST
Accepted by the SEC: Mon Aug 01 2016
Period: Sunday, May 29, 2016
Industry: Canned Fruits Veg Preserves Jams And Jellies

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