MENLO PARK, Calif., Jan. 2, 2014 (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 fiscal 2014 second quarter and first six months ended November 24, 2013.
- Revenues increased 5% to $120.0 million, with Apio, Inc.'s value-added vegetable business up 12% and Lifecore Biomedical, Inc. up 13% compared to the second quarter of last year.
- Net income, as expected and announced in the Company's press release on November 22, 2013, decreased to $3.5 million or $0.13 per share compared to the last year's second quarter of $5.0 million, after excluding the $3.9 million earn-out adjustment recorded during the second quarter of last year.
- Gross profit was negatively impacted by $4.4 million during the second quarter because of severe shortages of produce resulting in higher than projected costs for raw materials in Apio's value-added vegetable business.
- Cash and marketable securities totaled $5.8 million at quarter end after generating first half cash flow from operations of $4.3 million and after spending $7.7 million for capacity expansion and reducing debt by $6.1 million during the first half of fiscal 2014. The Company had $27.7 million available under its lines of credit as of November 24, 2013.