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
TheStreet Open House

Landec Corporation Reports Second Quarter And First Half Fiscal 2014 Results

Stocks in this article: LNDC

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.

Summary of Second Quarter 2014 Results

  • 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.

"During the second quarter and first half of fiscal 2014, our businesses continued to make progress advancing our future growth plans. Apio, our food subsidiary, continues to grow its new vegetable salad kit products featuring nutrient-dense superfoods. Lifecore, our biomaterials subsidiary, continues to experience increased sales in its aseptic filling business and is expanding capacity for anticipated future increases in demand," stated Gary Steele, Landec's Chairman and CEO.

"Landec's strategic partner, Windset Farms, a leading grower of hydroponic vegetables in which Landec has a 20% ownership interest, is now harvesting from all 64 acres of its newly constructed hydroponic greenhouses in Santa Maria, California, several months ahead of its original plan. This expansion has doubled Windset's capacity in California to 128 acres or 6 million square feet of greenhouse operations. The accelerated harvesting of the additional 64 acres has been incorporated into Windset's projections used to calculate the change in the fair market value of our investment in Windset for both the second quarter and first half of fiscal 2014.

1 of 5

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 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

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