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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV