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Landec Corporation Reports Third Quarter And First Nine Months Fiscal Year 2012 Results

--Tables and Q&A to Follow--

 

LANDEC CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

           

February 26, 2012

May 29, 2011

(unaudited)

ASSETS

Current Assets:
Cash, cash equivalents and marketable securities $ 37,628 $ 36,259
Accounts and income taxes receivable, net 23,956 22,672
Inventories, net 19,932 20,161
Prepaid expenses and other current assets   4,592     6,534  
Total Current Assets 86,108 85,626
 
Property and equipment, net 51,791 51,779
Intangible assets, net 52,025 52,256
Investments in non-public companies 21,181 16,455
Other assets   441     196  
Total Assets $ 211,546   $ 206,312  
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable $ 14,669 $ 17,047
Accrued compensation 3,918 3,080
Other accrued liabilities 12,717 3,581
Deferred revenue 344 2,657
Current portion of long-term debt   4,330     4,330  
Total Current Liabilities 35,978 30,695
 
Long-term debt 12,170 15,500
Deferred taxes 12,627 11,338
Other non-current liabilities 1,161 11,053
 
Stockholders' Equity
Common stock 26 27
Additional paid-in capital 121,041 119,169
Accumulated other comprehensive loss, net of taxes (202 ) (267 )
Retained earnings   27,043     17,126  
Total Stockholders' Equity 147,908 136,055
Non controlling interest   1,702     1,671  
Total Equity   149,610     137,726  
Total Liabilities and Stockholders’ Equity $ 211,546   $ 206,312  
 
   

LANDEC CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per-share data)

(unaudited)

           
Three Months Ended Nine Months Ended
February 26,     February 27, February 26,     February 27,
  2012     2011     2012     2011  
Revenues:
Product sales $ 79,365 $ 71,490 $ 229,577 $ 201,470
Services revenues 545 549 2,330 2,600
License fees   154     1,470     3,028     4,560  
Total revenues 80,064 73,509 234,935 208,630
 
Cost of revenue:
Cost of product sales 66,432 60,548 195,596 170,272
Cost of services revenues   460     483     1,907     2,208  
Total cost of revenue 66,892 61,031 197,503 172,480
 
Gross profit 13,172 12,478 37,432 36,150
 
Operating costs and expenses:
Research and development 2,473 2,275 7,142 6,762
Selling, general and administrative   6,664     6,458     19,172     18,183  
Total operating costs and expenses   9,137     8,733     26,314     24,945  
Operating income 4,035 3,745 11,118 11,205
 
Dividend income 281 47 844 47
Interest income 63 120 219 344
Interest expense (153 ) (196 ) (492 ) (631 )
Other income (expense)   3,508     (44 )   4,595     (146 )
Net income before taxes 7,734 3,672 16,284 10,819
Income taxes   (2,920 )   (1,350 )   (6,079 )   (3,911 )
Consolidated net income 4,814 2,322 10,205 6,908
Non controlling interest   (49 )   (24 )   (288 )   (251 )
Net income available to common stockholders $ 4,765   $ 2,298   $ 9,917   $ 6,657  
 
Diluted net income per share $ 0.18   $ 0.09   $ 0.38   $ 0.25  
 
Shares used in diluted per share computations   25,825     26,634     26,205     26,654  
 

LANDEC CORPORATION THIRD QUARTER ENDED FEBRUARY 26, 2012 QUESTIONS AND ANSWERS

1) What are your revenue and net income projections for the fourth quarter of fiscal year 2012?

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