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Landec Reports Results For Third Quarter And First Nine Months Of Fiscal Year 2013

For all of fiscal year 2013, the favorable produce sourcing in California during the first six months of this fiscal year and the favorable sourcing of green beans during the third quarter roughly offsets the combined $5.0 million impact from the unfavorable sourcing in California during the third quarter and from the estimated green bean sourcing issues in March affecting the fourth quarter.  For fiscal year 2013 compared to fiscal year 2012, we expect revenues to grow 37% to 38%, compared to prior guidance of 33% to 38%, and we expect net income to grow 70% to 75%, which includes the additional $3.9 million, or $0.15 per share, from the non-recurring earn-out adjustment, compared to prior guidance of 60% to 70%, which also included the earn-out adjustment. In addition, we expect to generate $20 million to $25 million in cash flow from operations and to spend approximately $8.0 million to $9.0 million in capital expenditures.

Third Quarter Results

Revenue growth of $37.8 million during the third quarter of fiscal year 2013 compared to the third quarter of last year was due to (1) $26.0 million of revenues from GreenLine, (2) a $4.3 million increase in revenues in Apio's non-GreenLine value-added businesses, which includes Apio Cooling and Apio Packaging, (3) a $1.0 million increase in Apio's export revenues due to a 6% increase in export unit volume sales and favorable pricing, and (4) a $6.3 million increase in revenues for Lifecore due primarily to product shipments planned for the second quarter being delayed and shipped during the third quarter this year. The third quarter growth of $4.3 million in Apio's non-GreenLine value-added businesses resulted primarily from a year-over-year increase in new product offerings, unit volume sales and a favorable mix change to higher priced products. 

For the third quarter of fiscal year 2013, the net income of $4.8 million was primarily comprised of: (1) a $3.9 million increase in pre-tax income for Lifecore, (2) $2.2 million from GreenLine, and (3) a $381,000 decrease in the loss at Corporate primarily due to a $234,000 increase in gross profit and a $166,000 decrease in the Company's income tax expense. These increases were offset by: (1) a $3.5 million decrease in pre-tax income in Apio's non-GreenLine value-added businesses primarily due to weather-related sourcing issues during the quarter, (2) a $2.5 million lower increase in the change of the fair market value of Windset during the third quarter of fiscal year 2013 compared to the fair market value change in the third quarter last year, and (3) $566,000 of interest and amortization expenses associated with the acquisition of GreenLine.

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