MENLO PARK, Calif., Sept. 24, 2013 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq:LNDC), a materials science company that develops and markets innovative and patented products for healthy living applications in food and biomedical markets, reported results for the first quarter of fiscal 2014 ended August 25, 2013.
Summary of First Quarter 2014 Results
- Revenues increased 7% to $109.5 million, with Apio, Inc.'s value-added vegetable business up 16% and Lifecore Biomedical, Inc. up 8% compared to the first quarter of last year.
- Net income increased 9% to $4.8 million or $0.18 per share compared to the last year's first quarter.
- Operating income met plan but approximately $0.06 per share of net income from the change in the fair market value of our Windset investment will be shifted from the first quarter to the remaining three quarters due to timing.
- Cash and marketable securities totaled $10.2 million at quarter end after spending $4.3 million for capacity expansion and reducing debt by $4.3 million during the quarter.
"Despite weather-related produce sourcing issues in our Apio food business, the company exceeded its revenue plan and met its operating income plan for the quarter," commented Gary Steele, Landec's Chairman and CEO. "The contribution to net income of $5.4 million during the quarter from the change in the fair market value of our investment in Windset Farms was $2.3 million lower than we had budgeted strictly because of a change in the timing of income recognition. This will result in approximately $0.06 per share shifting from the first quarter to the remaining three quarters of fiscal 2014. While a change in the fair market value of an investment is difficult to predict, per our original guidance for fiscal 2014, we continue to expect to recognize a 35% to 40% increase in the fair market value change of our Windset investment compared to the fair market value change in fiscal 2013.