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

--Tables and Q&A to Follow--

LANDEC CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
     
     
  February 24, 2013 May 27, 2012
   (unaudited)  
ASSETS    
Current Assets:    
Cash, cash equivalents and marketable securities $13,733 $22,177
Accounts receivable, net 37,579 32,321
Inventories, net 22,385 22,011
Prepaid expenses and other current assets 8,290 4,654
Total Current Assets 81,987 81,163
     
Property and equipment, net 63,056 63,495
Intangible assets, net 107,875 108,605
Investments in non-public companies 28,593 22,293
Other assets 1,484 2,136
Total Assets $282,995 $277,692
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current Liabilities:    
Accounts payable $27,931 $23,420
Accrued compensation 5,913 5,782
Other accrued liabilities 2,452 18,642
Deferred revenue 931 162
Lines of credit 4,000 11,666
Current portion of long-term debt 7,047 7,012
Total Current Liabilities 48,274 66,684
     
Long-term debt 35,794 40,305
Deferred taxes 22,283 18,037
Other non-current liabilities 1,965 1,108
     
Stockholders' Equity    
Common stock 26 26
Additional paid-in capital 125,108 119,894
Retained earnings 47,890 29,822
Total Stockholders' Equity 173,024 149,742
Non controlling interest 1,655 1,816
Total Equity 174,679 151,558
Total Liabilities and Stockholders' Equity $282,995 $277,692
 
LANDEC CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In thousands, except per-share data)
(unaudited)
         
   Three Months Ended   Nine Months Ended 
   February 24,   February 26,   February 24,   February 26, 
  2013 2012 2013 2012
 Revenues:         
 Product sales  $117,584 $79,519 $332,977 $232,605
 Services revenues  283 545 1,618 2,330
 Total revenues  117,867 80,064 334,595 234,935
         
 Cost of revenue:         
 Cost of product sales  100,090 66,432 283,461 195,596
 Cost of services revenues  269 460 1,404 1,907
 Total cost of revenue  100,359 66,892 284,865 197,503
         
 Gross profit  17,508 13,172 49,730 37,432
         
 Operating costs and expenses:         
 Research and development  2,325 2,473 6,642 7,142
 Selling, general and administrative  8,524 6,664 26,266 19,172
 Change in value of contingent considerations  (3,933)
 Total operating costs and expenses  10,849 9,137 28,975 26,314
 Operating income 6,659 4,035 20,755 11,118
         
 Dividend income 281 281 844 844
 Interest income 46 63 104 219
 Interest expense  (487) (153) (1,526) (492)
 Other income 1,047 3,508 6,288 4,595
 Net income before taxes 7,546 7,734 26,465 16,284
 Income taxes (2,754) (2,920) (8,238) (6,079)
 Consolidated net income 4,792 4,814 18,227 10,205
 Non controlling interest  (3) (49) (159) (288)
 Net income available to common stockholders $4,789 $4,765 $18,068 $9,917
         
 Diluted net income per share $0.18 $0.18 $0.68 $0.38
         
 Shares used in diluted per share computations 26,667 25,825 26,492 26,205

LANDEC CORPORATION THIRD QUARTER ENDED FEBRUARY 24, 2013 QUESTIONS AND ANSWERS

1) With the addition of GreenLine, why was Apio's overall gross margin lower in the third quarter of fiscal year 2013 compared to the third quarter last year?

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