MENLO PARK, Calif., March 25, 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 the fiscal 2014 third quarter and nine months ended February 23, 2014.
Summary of Fiscal Third Quarter 2014 Results
- Revenues increased 7% to $126.4 million with Apio's value-added vegetable business up 10% and Lifecore Biomedical up 16% compared to the third quarter of last year.
- Net income increased 33% to $6.4 million or $0.24 per share compared to $4.8 million or $0.18 per share in the same period last year.
- Cash and marketable securities totaled $13.0 million at quarter end after generating $13.8 million in cash flows from operations and after spending $10.2 million for capacity expansion and reducing debt by $8.5 million during the first nine months of fiscal 2014. The Company had $28.6 million available under its lines of credit as of February 23, 2014.
"During the third quarter and first nine months of fiscal 2014 Apio, Landec's food subsidiary, continued to grow its traditional core packaged vegetable products as well as its new vegetable salad kit products that feature nutrient-dense superfoods," stated Gary Steele, Landec's Chairman and CEO. "Lifecore, Landec's biomaterials subsidiary, continued to experience increased sales in its aseptic filling business and continues to expand its operating capacity for anticipated increases in demand."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 128 acres of its hydroponic greenhouses in Santa Maria, California. Windset Farms was recently awarded the 2014 Tomato Inspiration Award as the best worldwide tomato grower and marketer at the first annual Tomato Inspiration Event hosted by HortiBiz in Berlin.