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Landec's CEO Discusses F4Q2012 Results - Earnings Call Transcript

From our 20% ownership investment in Windset, we received 7.5% annual dividend and a 20% share of the increase in their fair market value, which when combined contributed approximately $7 million to pre-tax income in 2012 and that’s on a $15 million original investment.

And to pursue opportunities in the Biomedical materials sector. In 2010, we acquired Lifecore Biomedical, which in 2012 contributed $34 million in revenues and over 30% EBITDA margins.

With these investments we are now focused on integrating GreenLine assisting Windset Farms and doubling its California greenhouse growing capacity, and expanding Lifecore’s customer base and product offerings.

We’ve taken steps to further focus and rationalize our business. We recently announced the sale of our Landec Ag seed coating business to INCOTEC, a leading provider of seed and coating technology products and services to the seed industry.

While we plan to continue to support our licensing partner applications for materials. We are directing most of our R&D spending in support of our core food and Biomedical materials businesses.

As reflected in our financial and business results, we had a very good fiscal year 2012 and we plan to continue our growth path for fiscal year 2013. For fiscal year 2013, we plan to grow Landec revenues by approximately 30% and net income by 25 to 35% compared to fiscal year 2012.

Let me turn over to Greg for discussion of this specific results.

Greg Skinner

Thank you, Gary, and good morning, everyone. In yesterday’s news release, Landec reported that for the fourth quarter of fiscal year 2012, revenues increased 21% to $8.6 million versus revenues of $68.1 million for the fourth quarter of last year.

The increase in total revenues during this year’s fourth quarter, compared to last year’s fourth quarter was primarily due to, first, $9.1 million of revenues from GreenLine; second, a $5.2 million increase in revenues Apio’s non-GreenLine value-added businesses, which include the Apio fresh-cut specialty packaged vegetable business, Apio Cooling and Apio Packaging; and third, a $1.3 million increase in revenues at Lifecore.

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