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Landec Corporation Reports Fiscal Fourth Quarter And Full Year 2013 Results

Stocks in this article: LNDC

MENLO PARK, Calif., July 31, 2013 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq:LNDC), today reported results for the fourth quarter and fiscal year 2013. Revenues for the fourth quarter of fiscal year 2013 increased 30% to $107.1 million compared to revenues of $82.6 million for the fourth quarter of fiscal year 2012. Net income increased to $4.5 million or $0.17 per diluted share compared to net income of $2.8 million or $0.11 per diluted share for the fourth quarter of fiscal year 2012. Revenues for fiscal year 2013 increased 39% to $441.7 million compared to revenues of $317.6 million for fiscal year 2012. Net income for fiscal year 2013 was $22.6 million or $0.85 per diluted share compared to net income of $12.7 million or $0.49 per diluted share for fiscal year 2012.

Gary Steele, Landec's Chairman and CEO, commented, "We had a good fourth quarter and an outstanding fiscal year. Operating highlights for the fourth quarter and fiscal year included: (1) growing Lifecore's revenues 20% during both periods and growing pre-tax net income before intercompany charges by 135% and 23%, respectively, (2) increasing revenues in our non-GreenLine Apio food business by 20% and 15%, respectively, (3) increasing Apio's export revenues by 10% during fiscal year 2013, (4) launching a family of new superfood products with significant initial nationwide demand during the year, and (5) benefiting from our partner Windset's 64-acre expansion of hydroponic greenhouses in Santa Maria, California, that is scheduled to begin initial harvesting early this fall, several months ahead of plan. This expansion will double Windset's capacity in California to 128 acres, or six million square feet of greenhouse operations."

Continued Mr. Steele, "For fiscal year 2013, revenues grew 39% and net income grew 47%, before including the $3.9 million non-recurring earn-out adjustment recorded during the second quarter of fiscal year 2013. Earnings per share for fiscal year 2013 were $0.70, excluding the $3.9 million earn-out adjustment. For the quarter, revenues grew 30% and net income grew 63% compared to the fourth quarter of last year. Notably, we achieved this strong growth in both the fourth quarter and fiscal year despite significant weather-related events during the year."

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