As reported in yesterday’s earnings release, for the second quarter of fiscal year 2012, revenues increased 16% and net income increased 63% compared to the second quarter of fiscal year 2011. Notably, our Apio food subsidiary had a very good quarter with revenues increasing $10.6 million or 18%, resulting in a $2.3 million or 155% increase in pre-tax income.
For our Lifecore subsidiary, revenues increased 10%, while pre-tax income was flat compared to the second quarter of last year due to the timing of production, which resulted in reduced overhead absorption. We do expect production at Lifecore to be greater in the second half of fiscal year 2012, resulting in higher absorption.
For the first six months of fiscal year 2012, revenues increased $19.8 million, or 15%, and net income increased $793,000, or 18%, compared to the first six months of last year. In addition, during the first six months of fiscal year 2012, we paid down debt by $2.3 million to $17.5 million, resulting in a debt-to-equity ratio of 12% at the end of the second quarter. Also in the quarter, we purchased 880,060 shares of our stock in the open market under our stock buyback plan at a total cost of $4.8 million.
Let me turn the discussion of our financial results and the details of that over to Greg.Gregory S. SkinnerThank you, Gary, and good morning everyone. In yesterday’s news release, Landec reported that for the second quarter of fiscal year 2012, revenues increased 16% to $81.6 million versus revenues of $70.2 million for the second quarter of last year. The increase in total revenues during this year’s second quarter compared to last year’s second quarter was primarily due to first, a $6 million increase in Apio’s value-added businesses, which includes the fresh-cut specialty packaged vegetable business, Apio Cooling, and Apio Packaging; second, a $4.6 million increase in Apio’s export business; and third, an $813,000 increase in Lifecore’s biomaterials business.
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