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Landec Corp Ca (LNDC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 27, 2018

Landec Corp Ca

CIK: 1005286 Ticker: LNDC

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Contact Information:

 
   

At the Company:

Investor Relations:

Gregory S. Skinner

John Mills, Partner

Vice President Finance and CFO

(646) 277-1254

(650) 261-3677

John.Mills@ICRINC.com

 

Landec Corporation Reports Fourth Quarter and Fiscal 2018 Results

 

Fourth Quarter Revenues Increase 40% for Lifecore and 22% for Eat Smart Salads

Landec Launches Innovative Natural Foods Plant-based Brand, Now Planting®

 

SANTA CLARA, CA – July 31, 2018 – Landec Corporation (Nasdaq: LNDC), a leading innovator of diversified health and wellness solutions within the branded natural foods and contract development and manufacturing (“CDMO”) markets, reported results for the fiscal 2018 fourth quarter and fiscal year ended May 27, 2018.

 

“We continue to make progress toward our long-term strategic plan of driving growth and profitability through internal innovation capabilities within our natural foods business, which includes Apio, Inc. and O Olive Oil & Vinegar® (“O”), and within our CDMO business, Lifecore Biomedical, Inc. Landec consolidated revenues from continuing operations in fiscal 2018 increased 12% to $524.2 million primarily due to a $46.9 million or 12% increase in revenues in Apio’s packaged fresh vegetables business and from a $6.0 million or 10% increase in Lifecore revenues. Net income from continuing operations in fiscal 2018 was $0.92 per share or $0.41 excluding the one-time tax benefit of $0.51,” commented Molly Hemmeter, Landec’s President and CEO.

 

“We completed three significant milestones in fiscal year 2018 toward our long-term strategic plan of driving growth and profitability in our three growth platforms: (1) Lifecore completed its transformation to a fully integrated CDMO with the installation of a new vial filling line which provides the required infrastructure to commercialize new products currently in its product development pipeline, (2) Eat Smart® salad kits significantly increased its All Commodity Volume (“ACV”) in the U.S. retail market from 24% to 45% and (3) Landec’s New Venture Group (“NVG”) created and is preparing to launch a new natural foods brand called Now Planting®, that will focus on pure-plant meal solutions for the plant-forward consumer. The first product platform to be introduced under Now Planting brand is a full line of fresh, pure-plant soups that will begin shipping in the second quarter of fiscal 2019 to select customers,” noted Hemmeter.

 

Lifecore

 

“Our Lifecore strategy has been to accelerate growth and profitability by expanding the Lifecore business beyond its historical capabilities as a premium supplier of hyaluronic acid (HA). We have achieved this with the completion of Lifecore’s transition to a fully integrated CDMO, providing differentiated fermentation, as well as formulation, aseptic filling and final packaging services for difficult-to-handle pharmaceutical products. We will continue to expand Lifecore’s CDMO development pipeline to drive future commercial product sales,” commented Hemmeter.

 

“Lifecore had a tremendous quarter, realizing revenues of $16.2 million and a gross margin of 51%. Revenues increased 40% and gross profit doubled compared to the fourth quarter of last year. For full year fiscal 2018, Lifecore revenues increased 10% while gross profit increased 7% and operating income increased 9% compared to fiscal 2017.

 

“The installation of Lifecore’s new $16 million multi-purpose filling line is complete and validation will begin during the second quarter of fiscal 2019 with commercial production projected to begin in late fiscal 2019 or early fiscal 2020. The new line will further enhance Lifecore’s growth strategy as a CDMO, which is specifically designed to align Lifecore’s capabilities with the growing needs and market expectations of its partners. This investment provides Lifecore the incremental capacity to fill commercial quantities of drug products in vials, which expands the breadth of products and markets that Lifecore will be able to address. Although the new line will be primarily utilized to fill vials, it can also be used to fill syringes, which provides significant versatility and increased capacity utilization. At full capacity, the new dual filling line has the potential to generate $40 million to $50 million of new product revenues annually. Revenues and net income contribution will vary due to the product mix manufactured on the new line during any given year,” stated Hemmeter.    

 

 

The following information was filed by Landec Corp Ca (LNDC) on Wednesday, August 1, 2018 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Note 12 - 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 Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parentheticals)
Consolidated Statements Of Income (Loss)
Note 1 - Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents (Details)
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 - Allowance For Sales Returns And Doubtful Accounts (Details)
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 - Components Of Inventories (Details)
Note 1 - Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Components Of Other Comprehensive Income (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 Assets And Liabilities (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 - Stock-Based Compensation (Details)
Note 10 - Employee Savings And Investment Plans
Note 10 - Employee Savings And Investment Plans (Details Textual)
Note 11 - Business Segment Reporting
Note 11 - Business Segment Reporting (Details Textual)
Note 11 - Business Segment Reporting (Tables)
Note 11 - Business Segment Reporting - Operations By Business Segment (Details)
Note 11 - Business Segment Reporting - Sales By Geographic Area (Details)
Note 12 - Quarterly Consolidated Financial Information (Unaudited) (Tables)
Note 12 - Quarterly Consolidated Financial Information (Unaudited) - Restatement Of Quarterly Cash Flows Disclosure (Details)
Note 12 - Quarterly Consolidated Financial Information (Unaudited) - Summary Of Unaudited Quarterly Results Of Operations (Details)
Note 13 - Discontinued Operations
Note 13 - Discontinued Operations (Details Textual)
Note 13 - Discontinued Operations (Tables)
Note 13 - Discontinued Operations - Assets And Liabilities Of Discontinued Operations (Details)
Note 14 - Subsequent Events
Note 14 - Subsequent Events (Details Textual)
Note 2 - Acquisition Of O
Note 2 - Acquisition Of O (Details Textual)
Note 3 - Investment In Non-Public Company
Note 3 - Investment In Non-Public Company (Details Textual)
Note 4 - Property And Equipment
Note 4 - Property And Equipment (Details Textual)
Note 4 - Property And Equipment (Tables)
Note 4 - Property And Equipment - Components Of Property And Equipment (Details)
Note 5 - Intangible Assets
Note 5 - Intangible Assets (Details Textual)
Note 5 - Intangible Assets (Tables)
Note 5 - Intangible Assets - Other Intangible Assets (Details)
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity (Details Textual)
Note 6 - Stockholders' Equity (Tables)
Note 6 - Stockholders' Equity - Stock Options Outstanding And Exercisable (Details)
Note 6 - Stockholders' Equity - Stock-Based Compensation Activity (Details)
Note 6 - Stockholders' Equity - Vested And Expected To Vest Option Awards (Details)
Note 7 - Debt
Note 7 - Debt (Details Textual)
Note 7 - Debt (Tables)
Note 7 - Debt - Future Minimum Principal Payments Of Debt (Details)
Note 7 - Debt - Long-Term Debt (Details)
Note 7 - Debt - Long-Term Debt (Details) (Parentheticals)
Note 8 - Income Taxes
Note 8 - Income Taxes (Details Textual)
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 8 - Income Taxes - Income Tax Rate Reconciliation (Details)
Note 8 - Income Taxes - Provision For Income Taxes (Details)
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details)
Note 9 - Commitments And Contingencies
Note 9 - Commitments And Contingencies (Details Textual)
Note 9 - Commitments And Contingencies (Tables)
Note 9 - Commitments And Contingencies - Future Minimum Lease Payments Under Capital Lease (Details)
Note 9 - Commitments And Contingencies - Future Minimum Lease Payments Under Operating Leases, Excluding Land Leases (Details)
Significant Accounting Policies (Policies)
Ticker: LNDC
CIK: 1005286
Form Type: 10-K Annual Report
Accession Number: 0001437749-18-015135
Submitted to the SEC: Thu Aug 09 2018 5:18:54 PM EST
Accepted by the SEC: Thu Aug 09 2018
Period: Sunday, May 27, 2018
Industry: Canned Fruits Veg Preserves Jams And Jellies

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