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Landec Corporation (Nasdaq: LNDC), today reported results for fourth quarter and fiscal year 2012. Revenues for the fourth quarter of fiscal year 2012 increased 21% to $82.6 million compared to revenues of $68.1 million for the fourth quarter of fiscal year 2011. Net income increased to $2.8 million, or $0.11 per diluted share, compared to a net loss of $2.7 million, or $0.10 per share, during the fourth quarter of fiscal year 2011. Revenues for fiscal year 2012 increased 15% to $317.6 million compared to revenues of $276.7 million for fiscal year 2011. Net income for fiscal year 2012 was $12.7 million or $0.49 per diluted share compared to net income of $3.9 million or $0.15 per diluted share for fiscal year 2011.
Fourth Quarter Results
The revenue growth of $14.5 million during the fourth quarter of fiscal year 2012 compared to the fourth quarter of 2011 was due to (1) $9.1 million of revenues from GreenLine Holding Company, (“GreenLine”) which was acquired by Apio, Inc., our specialty packaged food subsidiary, on April 23, 2012, (2) a $5.2 million increase in revenues in Apio’s non-GreenLine value-added businesses, which include the Apio fresh-cut specialty packaged vegetable business, Apio Cooling and Apio Packaging, and (3) a $1.3 million increase in revenues at Lifecore Biomedical, Inc., our biomaterials subsidiary, due to an increase in sales to existing customers. The fourth quarter growth of $5.2 million in Apio’s value-added non-GreenLine businesses resulted from a combined year-over-year 14% increase in unit volume sales due to new product offerings, new distribution gains and overall growth in the fresh-cut vegetable category. These increases in revenue were partially offset by a $1.3 million decrease in revenues in our Technology Licensing business primarily due to the termination of the Monsanto license agreement at the end of the second quarter of fiscal year 2012.