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Landec Corp Ca (LNDC) SEC Filing 10-Q Quarterly report for the period ending Sunday, November 24, 2019

Landec Corp Ca

CIK: 1005286 Ticker: LNDC
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact Information:
 
Investor Relations:
Jeff Sonnek
(646) 277-1263
jeff.sonnek@icrinc.com

Landec Corporation Reports Second Quarter and First Half Fiscal 2020 Results
SANTA MARIA, CA - January 2, 2020 - 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 second quarter and first six months ended November 24, 2019. Landec plans to create shareholder value by delivering against its long-term financial targets, investing in growth, strengthening its balance sheet, implementing strategic priorities to improve operating margins at Curation Foods and driving topline growth at Lifecore.

FISCAL SECOND QUARTER 2020 BUSINESS HIGHLIGHTS
Revenues of $142.6 million increased 14% year over year, driven by a 48% and 10% increase in Lifecore and Curation Foods revenues, respectively
Gross profit decreased 8% year over year, Lifecore gross profit increased 52% year over year, partially offsetting Curation Foods’ decrease
Lifecore net income increased 166% year-over-year, partially offsetting Curation Foods’ net loss
Loss per share was $0.23 and includes $0.07 per share of restructuring fees and non-recurring charges, net of tax
Launched transformative value creation program to strengthen business
Reiterated full-year fiscal 2020 guidance

“Our Lifecore business had another tremendous quarter with impressive year-over-year growth in revenues, operating income and EBITDA. Lifecore continues to demonstrate success in moving customers through the product development lifecycle to commercialization and advancing its deep pipeline of development customers that will drive long-term, profitable growth,” said Dr. Albert Bolles, Landec’s President and CEO. “However, Curation Foods negatively impacted our second quarter results due to supply chain challenges. When I assumed the helm at Landec earlier this fiscal year, I established our strategic priorities and promised prompt and decisive action to help us achieve our short-term and long-term financial goals. Today, we are launching Project SWIFT to continue to transform our business into an agile, competitive company.”

During the second quarter, the Company completed a strategic review of its operations to better understand strengths and challenges within its Curation Foods business, which revealed additional opportunities to simplify and focus the business to drive enhanced profitability. Project SWIFT is the outcome of this strategic review. It is a value creation program that will continue network optimization initiatives already underway at Curation Foods, focus the business on strategic assets and redesign the organization to be the appropriate size to compete and thrive. Project SWIFT is defined by five core drivers of decision-making: Simplify, Win, Innovate, Focus and Transform. The program comprises necessary actions and charts a focused path forward rooted in solid, achievable goals that align the Company’s resources with its vision. It will improve Curation Foods’ operating cost structure, enhance profitability and strengthen the Company’s balance sheet.

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The following information was filed by Landec Corp Ca (LNDC) on Thursday, January 2, 2020 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:

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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 (Unaudited)
Consolidated Statements Of Comprehensive Loss (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 Earnings Per Share
Diluted Earnings Per Share (Tables)
Diluted Earnings Per Share - Diluted Earnings Per Share (Details)
Diluted Earnings Per Share - Narrative (Details)
Discontinued Operations
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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
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Leases - Components Of Lease Cost (Details)
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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 - 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)
Subsequent Events
Subsequent Events (Details Textual)

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

Ticker: LNDC
CIK: 1005286
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-000015
Submitted to the SEC: Thu Jan 02 2020 9:23:59 PM EST
Accepted by the SEC: Thu Jan 02 2020
Period: Sunday, November 24, 2019
Industry: Canned Fruits Veg Preserves Jams And Jellies

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