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Landec Corporation Reports First Quarter Fiscal Year 2012 Results

Yes. Between September 22, 2011 and October 3, 2011, the Company purchased 604,768 shares of Landec Common Stock at a total cost of $3.3 million.

8) What are Landec’s priorities for the next 12 to 24 months?

Our goals are as follows: (1) grow Lifecore’s business by utilizing Lifecore’s strengths in ophthalmology, viscoelastic materials and sterile filling, (2) grow Apio’s food business and maintain Apio’s margins, (3) support Chiquita with its roll-out plans for avocados, (4) support Landec Ag in targeting top seed treatment and crop protection companies, (5) continue to invest in polymer chemistry R&D, (6) find new applications for BreatheWay packaging technology and Intelimer polymer technology that can be commercialized through Landec’s subsidiaries or third party partners, (7) find new investment opportunities for growth and margin enhancement, and (8) maintain a strong balance sheet. We see growth opportunities and we are continuing to expand our investment in R&D to take advantage of these opportunities, while continuing the shift in revenue mix to higher margin businesses.

9) How do the results by line of business for the three months ended August 28, 2011 compare with the same period last year?

The results are as follows (unaudited and in thousands):
 
 

Three months ended 8/28/11
 

Three months ended 8/29/10
Revenues:
Apio Value Added(a) $ 43,363 $ 40,558
Apio Export (b)   21,355       16,483  
Total Apio 64,718 57,041
Lifecore 7,121 6,385
Tech. Licensing (c)   1,462       1,527  
Total Revenues 73,301 64,953
 
Gross Profit:
Apio Value Added 6,059 6,363
Apio Export   1,014       932  
Total Apio 7,073 7,295
Lifecore 2,715 2,995
Tech. Licensing   1,462       1,527  
Total Gross Profit 11,250 11,817
 
R&D:
Apio 270 223
Lifecore 1,086 1,054
Tech. Licensing   977       955  
Total R&D 2,333 2,232
 
S,G&A:
Apio 3,350 3,021
Lifecore 994 989
Tech. Licensing 111 118
Corporate   1,589       1,524  
Total S,G&A 6,044 5,652
 
Other (d):
Apio 201 (71 )
Lifecore (173 ) (258 )
Corporate   (1,089 )     (1,300 )
Total Other (1,061 ) (1,629 )
 
Net Income (Loss):
Apio 3,654 3,980
Lifecore 462 694
Tech. Licensing 374 454
Corporate   (2,678 )     (2,824 )
Net Income $ 1,812     $ 2,304  

a) Apio’s Value-Added business includes revenues and gross profit from Apio Cooling LP. and Apio Packaging.

b) Apio’s Export business includes its commission-based commodity export business.

c) Included in Tech. Licensing is the Intellicoat license fees from Monsanto.

d) Included in Other are net interest income/(expense), dividend income, non-operating income/(expense) and income tax expense.

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