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Landec's CEO Discusses F2Q2012 Results - Earnings Call Transcript

For the second quarter of fiscal year 2012, Landec’s net income increased 63% to $3.3 million or $0.13 share compared to $2.1 million or $0.08 per share for the second quarter of last year. The increase in net income during the second quarter of fiscal year 2012 compared to the second quarter last year was due to $1.4 million of pre-tax income from our investment in Windset Farms and a $1.1 million increase in pre-tax income from Apio’s value-added and export businesses. These increases were partially offset by an $840,000 increase in the income tax expense due to higher pre-tax income and by an increase of approximately $400,000 in marketing and business development expenses.

For the first six months of the year 2012, revenues increased 15% to $154.9 million versus revenues of $135.1 million for the same period a year ago. The increase in revenues during the first six months of fiscal year 2012 compared to the first six months of fiscal year 2011 was due to first, an $8.8 million increase in Apio’s value-added business; second, a $9.5 million increase in Apio’s export business; and third, a $1.6 million increase in Lifecore’s biomaterials business.

For the first six months of fiscal year 2012, net income increased 18% to $5.2 million or $0.20 per share compared to net income of $4.4 million or $0.16 per share for the same period last year. The increase in net income during the first six months of fiscal year 2012 compared to the same period last year was due to $1.7 million of pre-tax income from our investment in Windset Farms and a $679,000 increase in pre-tax income from our Apio’s value-added and export businesses.

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