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

Stocks in this article: LNDC

Our Pollinator Plus® delay coatings for male inbreds, which are used by seed companies to spread pollination to increase yields, is having it best year in its ten year history. We currently estimate that sales are going to increase 25% to 30% this year compared to last year to approximately $1.0 million in revenues. This increase can be attributed to new customers and increased orders by existing customers. We expect that Pollinator Plus will be used on approximately 25% of the seed corn production acres in the U.S. this year. We are evaluating alternative directions for our seed coating business. We are also working with an Ag consulting firm to investigate strategic options for our Intellicoat® technology. We should know within the next six months the future direction of our Ag business.

7) Are you still considering new investments or acquisition initiatives?

Yes. Our investment search is focused on opportunities where we can accelerate growth in our core businesses of food and biomaterials while increasing our net income. We are focused on identifying potential investment targets that have technology and commercial products that are synergistic with our polymer materials technology and/or profitable food businesses that benefit from our already well established channels of distribution.

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) determine Landec Ag’s strategic direction within the next six months, (4) find new applications for BreatheWay packaging technology and Intelimer polymer technology that can be commercialized through Landec’s subsidiaries or third party partners, and (5) find new investment opportunities for growth and margin enhancement. We see growth opportunities and are continuing to expand our investment in R&D to take advantage of these opportunities.

9) How do the results by line of business for the three and nine months ended February 26, 2012 compare with the same periods last year?

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