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

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

      Three months ended 2/26/12       Three months ended 2/27/11       Nine months ended 2/26/12       Nine months ended 2/27/11
Revenues:      
Apio Value Added(a) $ 56,456 $ 47,704 $ 146,512 $ 128,911
Apio Export   12,388       12,178       57,972       48,296  
Total Apio 68,844 59,882 204,484 177,207
Lifecore 11,066 12,157 27,422 26,964
Tech. Licensing (b)   154       1,470       3,029       4,459  
Total Revenues 80,064 73,509 234,935 208,630
 
Gross Profit:
Apio Value Added 5,478 3,273 16,069 13,388
Apio Export   917       937       3,732       3,099  
Total Apio 6,395 4,210 19,801 16,487
Lifecore 6,623 6,798 14,602 15,204
Tech. Licensing   154       1,470       3,029       4,459  
Total Gross Profit 13,172 12,478 37,432 36,150
R&D:
Apio 279 284 792 753
Lifecore 1,232 1,046 3,475 3,191
Tech. Licensing   962       945       2,875       2,818  
Total R&D 2,473 2,275 7,142 6,762
 
S,G&A:
Apio 3,722 3,199 10,758 9,411
Lifecore 1,268 1,357 3,381 3,608
Tech. Licensing 94 93 317 312
Corporate   1,580       1,809       4,716       4,852  
Total S,G&A 6,664 6,458 19,172 18,183
 
Other (c):
Apio 3,796 76 5,324 (80 )
Lifecore (153 ) (198 ) (476 ) (672 )
Corporate   (2,913 )     (1,325 )     (6,049 )     (3,796 )
Total Other 730 (1,447 ) (1,201 ) (4,548 )
 
Net Income (Loss):
Apio 6,190 803 13,575 6,243
Lifecore 3,970 4,197 7,270 7,733
Tech. Licensing (902 ) 432 (163 ) 1,329
Corporate   (4,493 )     (3,134 )     (10,765 )     (8,648 )
Net Income $ 4,765     $ 2,298     $ 9,917     $ 6,657  

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

b) Included in Tech. Licensing are the Intellicoat license fees from Monsanto.

c) Included in Other is net interest income/(expense), dividend income, change in the FMV of Windset, non-operating income/(expense) and income tax expense.

Copyright Business Wire 2010
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