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Landec Reports Results For Second Quarter And First Half Fiscal Year 2013 And Increases Guidance For Fiscal Year 2013

Stocks in this article: LNDC

MENLO PARK, Calif., Jan. 2, 2013 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq:LNDC), today reported results for the second quarter and first half of fiscal year 2013. Revenues for the second quarter of fiscal year 2013 increased by 41% to $114.7 million compared to revenues of $81.6 million for the second quarter of fiscal year 2012. Net income increased by 167% to $8.9 million, or $0.34 per share, compared to net income of $3.3 million, or $0.13 per share, during the second quarter of fiscal year 2012. Revenues for the first six months of fiscal year 2013 increased by $61.9 million, or 40%, to $216.7 million compared to revenues of $154.9 million for the same period a year ago. Net income for the first six months increased by 158% to $13.3 million or $0.50 per diluted share compared to net income of $5.2 million or $0.20 per diluted share for the same period last year.

Revenues and net income for the second quarter and the first half of fiscal year 2013 reflect strong operating results in our fresh-cut specialty packaged food subsidiary, Apio, Inc.'s value-added business that includes GreenLine Holding Company ("GreenLine"), which was acquired in April 2012, and Apio's export business. In addition to the strong operating results, the Company concluded at the end of the second quarter of fiscal year 2013, based on GreenLine's revenues for the first eleven months of calendar year 2012 and projections for December of 2012, that the required revenue target to meet the minimum earn-out payment to the former GreenLine owners, a target derived from the revenue projections of the former owners of GreenLine, will not be met. As a result, the $3.9 million earn-out liability recorded at the close of the GreenLine acquisition was reversed as of November 25, 2012 and the corresponding increase in operating income is reflected on the Consolidated Condensed Statements of Income under the caption "Change in value of contingent consideration" in this release (see Question 5 in the Questions and Answers section for more details). Also today, as reported in a separate release by Landec, the Company has restated its financial statements for the first quarter of fiscal year 2013 to reflect a $2.9 million increase in the previously reported fair market value of Windset Holdings 2010 Ltd. ("Windset").

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