MENLO PARK, Calif., July 29, 2014 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq:LNDC), a Company that develops and markets innovative and proprietary products for healthy living applications in food and biomedical markets, reported results for the fiscal 2014 fourth quarter and fiscal year ended May 25, 2014.
Summary of Fiscal Fourth Quarter 2014 Results
- Consolidated revenues increased 13% to $120.9 million with Apio's value-added vegetable business up 13% and Apio's export business up 26% compared to the fourth quarter of last year. Revenues for the Lifecore Biomedical business were essentially flat compared to the fourth quarter of last year due to lower sales of fermentation products.
- Net income was $4.5 million or $0.17 per share equaling the fourth quarter of last year.
- Cash and marketable securities totaled $14.2 million at year end after generating $21.0 million in cash flows from operations and after spending $14.9 million primarily for capacity expansion and reducing debt by $9.9 million during fiscal 2014. The Company had $27.7 million available under its lines of credit as of May 25, 2014.
"During the fourth quarter and for all 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. Also during the fourth quarter, the Company completed a comprehensive five-year strategic plan that identifies numerous growth opportunities and margin enhancement initiatives which the Company will begin implementing in fiscal 2015. Our key five-year financial goals are to grow the revenues of our two core businesses, Apio's value-added vegetable business and Lifecore's biomaterials business, by a combined 10% on average and to increase our overall margins each year for the next five years."