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Landec Corp Ca (LNDC) SEC Filing 10-Q Quarterly report for the period ending Sunday, February 23, 2020

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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 Third Quarter and First Nine Months Fiscal 2020 Results
SANTA MARIA, CA – March 31, 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 third quarter and first nine months ended February 23, 2020. 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 THIRD QUARTER 2020 BUSINESS HIGHLIGHTS:
Revenues of $152.9 million, a decrease of 2% year over year
Gross profit of $20.0 million, a decrease of 7% year over year
Net loss of $11.5 million, which includes $12.7 million of restructuring and other non-recurring charges, net of tax.
Diluted net loss per share of $0.39; adjusted diluted net income per share of $0.04, which excludes $0.43 per share of restructuring and other non-recurring charges, net of tax
Adjusted EBITDA was $6.8 million, which excludes $16.8 million of restructuring and other non-recurring charges
Reiterated full-year fiscal 2020 guidance

CEO COMMENTS:
“We implemented significant operational enhancements during the third quarter of fiscal 2020, which resulted in a $5.9 million sequential increase in our third quarter fiscal 2020 Adjusted EBITDA, compared to our second quarter fiscal 2020 Adjusted EBITDA,” said Dr. Albert Bolles, Landec’s President and CEO. “Adjusted third quarter earnings per share of $0.04 were in line with our recent guidance of $0.02 to $0.06 per share and represent a $0.20 sequential increase compared to our second quarter fiscal 2020. We believe that the turnaround of Curation Foods will continue to provide a foundation for further improvements in our operating cost structure and enhance profitability. We also believe that Lifecore is well positioned for continued growth following investments to increase its production capacity of sterile injectable products to meet increasing customer demand. These developments demonstrate the progress we have made toward achieving our strategic priorities to improve operating margins at Curation Foods, and to invest in growth to drive topline momentum at Lifecore. We are committed to maximizing the value of our portfolio through sound and deliberate execution in each of our segments, while protecting the planet for future generations with sustainable business practices.”




The following information was filed by Landec Corp Ca (LNDC) on Tuesday, March 31, 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income And Loss
Consolidated Statements Of Comprehensive Income And Loss (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
Discontinued Operations (Details)
Discontinued Operations (Tables)
Income Taxes
Income Taxes (Details)
Investment In Non-Public Company
Investment In Non-Public Company (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Cost (Details)
Leases - Future Minimum Lease Payments Under Capital Lease (Details)
Leases - Future Minimum Lease Payments Under Operating Leases, Excluding Land Leases (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 - Assets Held For Sale (Details)
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 - Debt Issuance Cost (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 - Organization And Restricted Cash (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 - Related Party Transactions (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Significant Unobservable Inputs Used In Discounted Cash Flow Models For Investment (Details)
Restructuring Costs
Restructuring Costs (Details)
Restructuring Costs (Tables)
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)

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: 0001628280-20-004602
Submitted to the SEC: Fri Apr 03 2020 4:56:41 PM EST
Accepted by the SEC: Fri Apr 03 2020
Period: Sunday, February 23, 2020
Industry: Canned Fruits Veg Preserves Jams And Jellies

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