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Landec Corp Ca (LNDC) SEC Filing 10-Q Quarterly report for the period ending Sunday, August 25, 2019

Landec Corp Ca

CIK: 1005286 Ticker: LNDC
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact Information:
 
 
 
At the Company:
Investor Relations:
Gregory S. Skinner
Jeff Sonnek
Executive Vice President Finance and Administration and CFO
(646) 277-1263
(650) 261-3677
Jeff.sonnek@icrinc.com

Landec Corporation Reports Fiscal 2020 First Quarter Results

Company Advances Strategic Priorities to Improve Long-Term Profitability
and Reiterates Fiscal Year 2020 Guidance

SANTA CLARA, CA - October 1, 2019 - Landec Corporation (Nasdaq: LNDC), a diversified health and wellness company with two operating businesses, Curation Foods, Inc. and Lifecore Biomedical, Inc. reported results for the fiscal 2020 first quarter ended August 25, 2019. Landec plans to create shareholder value by delivering against our financial targets, investing in growth, strengthening our balance sheet, implementing our strategic priorities to improve operating margins at Curation Foods and driving topline momentum at Lifecore.

Dr. Albert Bolles, Landec’s President and CEO commented, “First quarter results met our guidance and we are set up for a successful year at both Lifecore and Curation Foods. We are investing capital at Lifecore to expand capacity and at Curation Foods to further automate our processing facilities and drive out costs. Our people are integral to our success and we are investing in talent across our entire organization to drive meaningful change. The results of these efforts are beginning to show in an improved culture at Landec, which is squarely focused on profitability and on executing with excellence with an emphasis on productivity to increase margins, while fostering a culture of sustainability.”

Fiscal First Quarter 2020 Financial Highlights

First fiscal quarter 2020 results compared to first fiscal quarter 2019 are as follows:
(Unaudited and in thousands, except per-share data)
 
Three Months Ended
 
Change
 
 
August 25, 2019
 
August 26, 2018
 
Amount
 
%
Revenues
 
$
138,714

 
$
124,668

 
$
14,046

 
11
 %
Gross profit
 
15,336

 
16,337

 
(1,001
)
 
(6
)%
Net (loss) income from continuing operations
 
(4,784
)
 
335

 
(5,119
)
 
N/M

EBITDA*
 
314

 
3,301

 
(2,987
)
 
(90
)%
Diluted net (loss) income per share
 
$
(0.16
)
 
$
0.01

 
$
(0.17
)
 
N/M

*See “Non-GAAP Financial Information” at the end of this release for more information and for a reconciliation of certain financial information.

Revenues increased during the first quarter of fiscal 2020 primarily due to the addition of Yucatan Foods, which was acquired on December 1, 2018, that contributed $16.2 million in revenues and from a $2.2 million or 4% increase in salad revenues compared to the first quarter of last year. These increases were partially offset by: (1) a $3.2 million decrease in green bean revenues due to the extremely heavy rains and flooding in the Ohio Valley during May and June resulting in yields of 35% to 50% of normal, (2) a planned $1.4 million decrease in revenues in the packaged vegetables in bags and trays business, and (3) a $0.6 million planned decrease at Lifecore. The Lifecore decrease was a result of lower fermentation revenues during the first quarter of fiscal 2020 compared to the first quarter of fiscal 2019 due to the timing of shipments within fiscal 2020. The Lifecore revenue decrease was partially offset by a 49% increase in product development revenues due to an increase in development activities during the quarter.


1



The following information was filed by Landec Corp Ca (LNDC) on Tuesday, October 1, 2019 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive (Loss) Income (Unaudited)
Consolidated Statements Of Comprehensive (Loss) Income (Unaudited) (Parenthetical)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Business Acquisitions (Details)
Acquisitions - Schedule Of Purchase Price Allocation (Details)
Business Segment Reporting
Business Segment Reporting (Tables)
Business Segment Reporting - Narrative (Details)
Business Segment Reporting - Operations By Business Segment (Details)
Business Segment Reporting - Sales By Geographic Area (Details)
Debt
Debt (Tables)
Debt - Long-Term Debt (Details)
Debt - Narrative (Details)
Diluted Net Income Per Share
Diluted Net Income Per Share (Tables)
Diluted Net Income Per Share - Diluted Net Income Per Share (Details)
Diluted Net Income Per Share - Narrative (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Assets And Liabilities Of Discontinued Operations (Details)
Income Taxes
Income Taxes - Narrative (Details)
Investment In Non-Public Company
Investment In Non-Public Company - Narrative (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Cost (Details)
Leases - Maturity Analysis Of Operating And Financing Lease Liabilities (Details)
Leases - Narrative (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 - Assumptions For Investment Used In Discounted Cash Flow Models (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Components Of Inventories (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 - Disaggregation Of Revenue (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 Of Contingent Consideration Liability (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 - Narrative (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 - Sensitivity Analysis (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Significant Unobservable Inputs Used In Discounted Cash Flow Models For Investment (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 - Summary Of Stock-Based Compensation By Income Statement Line Item (Details)

Material Contracts, Statements, Certifications & more

Landec Corp Ca provided additional information to their SEC Filing as exhibits

Ticker: LNDC
CIK: 1005286
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-19-012132
Submitted to the SEC: Thu Oct 03 2019 12:04:58 PM EST
Accepted by the SEC: Thu Oct 03 2019
Period: Sunday, August 25, 2019
Industry: Canned Fruits Veg Preserves Jams And Jellies

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