This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: LNDC

Nine Months Results

Revenue growth of $99.7 million during the first nine months of fiscal year 2013 compared to the same period last year was due to (1) $70.3 million of revenues from GreenLine, (2) a $17.1 million increase in revenues in Apio's non-GreenLine value-added businesses, (3) an $8.9 million increase in Apio's export revenues due to a 4% increase in export unit volume sales and very favorable pricing, and (4) a $5.6 million increase in revenues from Lifecore due primarily to new product introductions and increased sales to existing customers. The growth in the first nine months of fiscal year 2013 of $17.1 million in Apio's non-GreenLine value-added businesses resulted primarily from a year-over-year 14% increase in unit volume sales of fresh-cut specialty packaged products due to new product offerings, new distribution gains and overall growth in the fresh-cut vegetable category. These increases in revenue were partially offset by a $2.3 million decrease in Corporate revenues primarily due to the termination of the Monsanto license agreement at the end of the second quarter of fiscal year 2012.

For the first nine months of fiscal year 2013, net income increased $8.2 million, or 82% compared to the same period last year, primarily due to an $11.1 million increase in Apio's pre-tax income and a $1.2 million increase in Lifecore's pre-tax income as a result of increased revenues. The increases in Apio's pre-tax income were comprised of: (1) the $3.9 million non-recurring reversal of the GreenLine earn-out liability at the end of the second quarter, (2) $8.6 million from GreenLine, and (3) a $1.6 million increase in the fair market value of our Windset investment compared to the increase in Windset's fair market value during the first nine months of last year. These increases in Apio's pre-tax income were partially offset by: (1) a $1.3 million decrease in pre-tax income in Apio's non-GreenLine value-added businesses primarily due to weather-related sourcing issues during the third quarter and (2) $1.7 million of interest and amortization expenses associated with the acquisition of GreenLine.  The $12.3 million net increase in the pre-tax income for Apio and Lifecore was partially offset by: (1) a $2.3 million reduction in Corporate license fees primarily due to the termination of the Monsanto license agreement and (2) a $2.2 million increase in income tax expense.

4 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs