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Landec Corporation Reports Fiscal Year 2012 And Fourth Quarter Results

Stocks in this article: LNDC

The increase in revenues during fiscal year 2012 compared to fiscal year 2011 resulted from: (1) $9.1 million of revenues from GreenLine, (2) a $22.8 million increase in revenues in Apio’s non-GreenLine value-added businesses, (3) a $9.8 million increase in Apio’s export revenues due to an 11% increase in export unit volume sales and favorable pricing, and (4) a $1.8 million increase in revenues at Lifecore. The fiscal year growth in Apio’s non-GreenLine value-added businesses resulted from a combined year-over-year 11% increase in unit volume sales due to new product offerings, new distribution gains and overall growth in the fresh-cut vegetable category aided by normal weather patterns during fiscal year 2012 compared to poor weather conditions last year that resulted in produce sourcing issues in fiscal year 2011. These increases in revenues were partially offset by a $2.7 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.

Net income for fiscal year 2012 increased $8.8 million compared to fiscal year 2011, primarily due to: (1) a $4.8 million impairment charge during fiscal year 2011 which resulted from the write off of goodwill at Landec Ag, (2) a $5.2 million increase in operating income at Apio, which includes $1.6 million from GreenLine and excludes acquisition related expenses, (3) a $6.0 million increase in pre-tax income from our 20% investment in Windset Farms, and (4) a $681,000 increase in operating income at Lifecore. These increases in net income for fiscal year 2012 were partially offset by (1) non-recurring acquisition related expenses of $2.0 million, (2) a $2.7 million reduction in license fees from the termination of the Monsanto license agreement, and (3) a $3.0 million increase in the income tax expense.

Landec ended fiscal year 2012 with $22.2 million in cash and cash equivalents. In fiscal year 2012, Landec purchased $5.4 million of property, plant and equipment and increased cash from operations by 53% to $22.2 million from $14.5 million in fiscal year 2011.

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