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Landec Corporation Reports First Quarter Fiscal Year 2012 Results

--Tables and Q&A to Follow--

LANDEC CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)
 
 

August 28, 2011
 

May 29, 2011

(unaudited)

ASSETS
Current Assets:
Cash, cash equivalents and marketable securities $ 39,354 $ 36,259
Accounts and income taxes receivable, net 21,290 22,672
Inventories, net 19,628 20,161
Prepaid expenses and other current assets   7,717     6,534  
Total Current Assets 87,989 85,626
 
Property and equipment, net 52,063 51,779
Intangible assets, net 52,179 52,256
Investments in non-public companies, fair value 15,714 15,662
Investments in non-public companies, non-fair value 793 793
Other assets   153     196  
Total Assets $ 208,891   $ 206,312  
 

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 18,531 $ 17,047
Accrued compensation 2,625 3,080
Other accrued liabilities 13,620 3,581
Deferred revenue 1,150 2,657
Current portion of long-term debt   4,330     4,330  
Total Current Liabilities 40,256 30,695
 
Long-term debt, less current portion 14,500 15,500
Deferred taxes 11,470 11,338
Other non-current liabilities 1,324 11,053
 
Stockholders' Equity
Common stock 27 27
Additional paid-in capital 120,865 119,169
Accumulated other comprehensive loss, net of taxes (301 ) (267 )
Retained earnings   18,938     17,126  
Total Stockholders' Equity 139,529 136,055
Noncontrolling interest   1,812     1,671  
Total Equity   141,341     137,726  
Total Liabilities and Stockholders’ Equity $ 208,891   $ 206,312  

LANDEC CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(In thousands, except per-share data)

(unaudited)
 
 

Three Months Ended
August 28,   August 29,
  2011     2010  
Revenues:
Product sales $ 70,859 $ 62,261
Services revenues 980 1,065
License fees and royalty revenues   1,462     1,627  
Total revenues 73,301 64,953
 
Cost of revenues:
Cost of product sales 61,269 52,286
Cost of services revenues   782     850  
Total cost of revenues 62,051 53,136
 
Gross profit 11,250 11,817
 
Operating costs and expenses:
Research and development 2,333 2,232
Selling, general and administrative   6,044     5,652  
Total operating costs and expenses   8,377     7,884  
Operating income 2,873 3,933
 
Dividend income 281 —
Interest income 76 107
Interest expense (176 ) (227 )
Other income (expense)   9     (58 )
Net income before taxes 3,063 3,755
Income tax expense  

(1,110

)
 

(1,352

)
Consolidated net income 1,953 2,403
Noncontrolling interest   (141 )   (99 )
Net income applicable to Common Stockholders $ 1,812   $ 2,304  
 
Diluted net income per share $

0.07
  $

0.09
 
 
Shares for diluted net income per share   26,687     26,719  
 
 

LANDEC CORPORATION FIRST QUARTER ENDED AUGUST 28, 2011 QUESTIONS AND ANSWERS

1) How are the Chiquita programs progressing?

4 of 8

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