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Landec Corporation Reports Fiscal Year 2012 And Fourth Quarter Results

In the short term, we are going to focus on integrating GreenLine and on executing our operational strategies, while continuing to look for opportunities that can accelerate growth in our core businesses of food and biomaterials and that have the potential for increasing our revenues and net income.

10) What new products and/or programs does the Company plan to introduce during fiscal year 2013?

We intend to introduce several new products and product lines at Apio. We also plan to expand offerings to customers of Lifecore primarily resulting from the recent clearance of customer products by the FDA. In addition, we expect Windset to launch new BreatheWay packaged products for cucumbers and peppers and we plan to purchase tomatoes from Windset’s new Santa Maria operation for Apio’s vegetable tray business.

11) What are Landec’s priorities for the next 12 to 24 months?

Our goals are as follows: (1) grow Lifecore’s business by launching new products and obtaining new customers, (2) integrate GreenLine into Apio’s operations, (3) grow Apio’s business while maintaining Apio’s margins, and (4) invest in R&D efforts for developing new Intelimer polymer technology applications.

12) How do the pre-tax results by line of business for the three and twelve months ended May 27, 2012 compare with the same periods last year?

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

Revenues:

Three months ended 5/27/12
 

Three months ended 5/29/11
 

Twelve months ended 5/27/12
 

Twelve months ended 5/29/11
Apio Value Added(a) $ 61,070 $ 46,754 $ 207,582 $ 175,664
Apio Export (b)   13,513       13,366       71,485       61,663  
Total Apio 74,583 60,120 279,067 237,327
Lifecore 6,861 5,542 34,283 32,505
Tech. Licensing (c)   1,173       2,438       4,202       6,897  
Total Revenues 82,617 68,100 317,552 276,729
 
Gross Profit:
Apio Value Added 9,169 5,499 25,237 18,888
Apio Export   1,167       803       4,900       3,901  
Total Apio 10,336 6,302 30,137 22,789
Lifecore 3,392 2,028 17,994 17,231
Tech. Licensing   978       2,216       4,007       6,675  
Total Gross Profit 14,706 10,546 52,138 46,695
 
R&D:
Apio 315 271 1,106 1,023
Lifecore 1,196 1,080 4,671 4,272
Tech. Licensing   972       1,162       3,848       3,980  
Total R&D 2,483 2,513 9,625 9,275
 
S,G&A:
Apio 4,018 3,311 14,776 12,722
Lifecore 1,140 1,230 4,521 4,838
Tech. Licensing 112 108 428 419
Corporate   2,073       1,776       6,790       6,629  
Total S,G&A 7,343 6,425 26,515 24,608
 
Other (d):
Apio 218 854 5,541 773
Lifecore (654 ) (173 ) (1,130 ) (843 )
Tech. Licensing

―  
(4,780 )

―  
(4,780 )
Corporate   (1,665 )     (246 )     (7,713 )     (4,042 )
Total Other (2,101 ) (4,345 ) (3,302 ) (8,892 )

Net Income (Loss):
Apio 6,221 3,574 19,796 9,817
Lifecore 402 (455 ) 7,672 7,278
Tech. Licensing (106 ) (3,834 ) (269 ) (2,504 )
Corporate   (3,738 )     (2,022 )     (14,503 )     (10,671 )

Net Income (Loss)

$

2,779
   

$

(2,737

)
 

$

12,696
   

$

3,920
 

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

b) Apio’s Export business includes (1) its commission-based commodity export business, and (2) its commission-based domestic buy/sell business.

c) Included in Tech. Licensing are the operating results of Landec Ag.

d) Included in Other are net interest income/(expense), dividend income, non-operating income/(expense), income tax expense and impairment charges and acquisition related costs.

Copyright Business Wire 2010
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