MENLO PARK, Calif., March 26, 2013 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq:LNDC), today reported results for the third quarter and first nine months of fiscal year 2013. Revenues for the third quarter of fiscal year 2013 increased by 47% to $117.9 million compared to revenues of $80.1 million for the third quarter of fiscal year 2012. Net income for the third quarter of fiscal year 2013 was equal to the net income for the third quarter of last year at $4.8 million, or $0.18 per diluted share. Revenues for the first nine months of fiscal year 2013 increased by $99.7 million, or 42%, to $334.6 million compared to revenues of $234.9 million for the same period a year ago. Net income for the first nine months increased by 82% to $18.1 million or $0.68 per diluted share compared to net income of $9.9 million or $0.38 per diluted share for the same period last year.
Revenues and net income for the third quarter and the first nine months of fiscal year 2013 reflect strong operating results in our biomedical materials subsidiary, Lifecore Biomedical, Inc. and in our fresh-cut specialty packaged food subsidiary, Apio, Inc.'s value-added business which includes GreenLine Holding Company ("GreenLine"), 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 that the required revenue target to meet the minimum earn-out payment to the former GreenLine owners was not 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, which equals $0.15 per share, is reflected on the Consolidated Condensed Statement of Income under the caption "Change in value of contingent considerations" for the nine months ended February 24, 2013.