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Landec Corporation Reports First Quarter Fiscal Year 2012 Results

Chiquita has made the decision to renew the licensing and distribution agreement with Apio for another five years, thus maintaining Chiquita’s exclusive right to use our BreatheWay technology for bananas, avocados and mangos. The Chiquita-to-Go® banana program continues to grow at double digit rates and is a higher margin program for Chiquita. The Fresh and Ready® avocado program is a strategic focus for Chiquita and Landec’s BreatheWay technology for avocados continues to demonstrate good performance in the marketplace. In connection with renewing the agreement, the companies have agreed to add the use of our BreatheWay technology for creating an optimal atmosphere within shipping containers in the field of global transport of tropical fruit. Chiquita has a sizable shipping container technology business that fits well with Landec’s long-term interest in using modified atmosphere technology for preserving produce during global transport. The container concept is in development and we will update you as the technology is advanced and tested.

2) What is the status of Windset’s new Santa Maria, California operation?

Windset is several months ahead of plan. They have completed construction on the first 64 acres of greenhouses, which also includes the completion of the processing facility and the water treatment plant. Half of the 64 acres has been planted with different varieties of tomatoes and the second half should be fully planted with tomatoes by the middle of October. Initial harvest and sales should begin in November.

3) What are Lifecore’s priorities over the next 24 months?

Lifecore’s first priority is to drive revenue and earnings growth by adding several new customers and expanding product sales to its existing customer base. The second priority is to investigate new applications for hyaluronan in the form of new medical devices and/or as an adjuvant therapy.

4) Are you considering new investments or acquisition initiatives?

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