Last $12.77 USD
Change Today -0.68 / -5.06%
Volume 111.4K
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landec corp (LNDC) Key Developments

Landec Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2014; Provides Earnings Guidance for the Third and Fourth Quarter of Fiscal Year 2015

Landec Corporation reported unaudited consolidated earnings results for the second quarter and six months ended November 30, 2014. Revenues in the second quarter of fiscal 2015 increased 11%, or $12.7 million, to $132.7 million, from $120.0 million in the year-ago quarter. The improvement was primarily due to a 16%, or $14.0 million, increase in revenues in Apio's value-added business, which includes its Eat Smart fresh-cut specialty packaged vegetable business, Apio Cooling and Apio Packaging. This increase was partially offset by a 4%, or $925,000, decrease in Apio's export business due to lower volume sales as well as a 5%, or $459,000, decrease in Lifecore's revenues compared to the second quarter of last year due to expected lower business development revenue. Net income in the second quarter of fiscal 2015 was $3.2 million or $0.12 per share compared to $3.5 million or $0.13 per share in the year-ago quarter. The decrease was primarily due to: a $1.1 million decrease in the change in the fair market value of the company's Windset investment to a $1.2 million increase in the second quarter of fiscal 2015 from a $2.3 million increase in the year-ago quarter, and a $712,000 decrease in net income at Lifecore primarily from lower business development revenue. Operating income for the second quarter was $3,892,000 against $3,176,000 a year ago. Product sales for the second quarter were $132,665,000 against $120,026,000 a year ago. Net income before taxes for the second quarter was $8,757,000 against $12,653,000 a year ago. Revenue in the first six months of fiscal 2015 increased 16%, or $36.8 million, to $266.3 million, from $229.5 million in the same period last year. The improvement was primarily due to a 21%, or $34.7 million, increase in revenues from Apio's value-added businesses and a 10%, or $4.3 million, increase in revenues at Apio's export business as a result of higher market pricing. These increases were partially offset by a 13%, or $2.2 million, decrease in Lifecore's revenues compared to the same period last year due to expected lower sales of fermentation products primarily resulting from the previously disclosed one-time inventory reduction by one of Lifecore's customers during fiscal 2015 and from lower business development revenue. Net income in the first six months of fiscal 2015 was $5.6 million, or $0.20 per share, compared to $8.2 million, or $0.30 per share, in the first six months of last year. The decrease was primarily due to: a $6.3 million decrease in the change in the fair market value of the company's Windset investment to a $1.4 million increase in the first six months of fiscal 2015 from a $7.7 million increase in the same period last year, and a $2.0 million decrease in operating income at Lifecore from lower sales of higher margin fermentation products primarily due to the one-time inventory reduction by one customer during fiscal 2015 and lower business development revenue. Operating income for the six months was $7,426,000 against $5,152,000 a year ago. Product sales for the six months were $266,279,000 against $229,505,000 a year ago. Net income before taxes for the six months was $8,757,000 against $12,653,000 a year ago. Increases in cash included generating $3.4 million in cash flow from operations. For the third quarter, the company expects revenues should be 3% to 5% higher than second quarter revenues and that net income should be 35% to 45% higher than second quarter. For the fourth quarter, the company expects revenues should be 2% to 4% lower than second quarter revenues and that net income should be 70% to 80% higher than second quarter.

Landec Corp. to Report Q2, 2015 Results on Jan 06, 2015

Landec Corp. announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Jan 06, 2015

Landec Corp., Q2 2015 Earnings Call, Jan 07, 2015

Landec Corp., Q2 2015 Earnings Call, Jan 07, 2015

Landec Corp. Presents at Sidoti & Company Emerging Growth Institutional Investor Forum, Jan-12-2015 09:20 AM

Landec Corp. Presents at Sidoti & Company Emerging Growth Institutional Investor Forum, Jan-12-2015 09:20 AM. Venue: The Grand Hyatt Hotel, New York, New York, United States. Speakers: Gary T. Steele, Chairman, Chief Executive Officer and President.

Landec Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended August 31, 2014; Reiterates Earnings Guidance for the Fiscal Year 2015

Landec Corp. reported unaudited consolidated earnings results for the first quarter ended August 31, 2014. For the quarter, the company's product sales were $133,614,000 compared to $109,479,000 a year ago. Operating income was $3,534,000 compared to $1,976,000 a year ago. Net income before taxes was $3,725,000 compared to $7,286,000 a year ago. Net income was $2,424,000 compared to $4,811,000 a year ago, Net income and other comprehensive income applicable to common stockholders was $2,353,000 compared to $4,752,000 a year ago. Diluted net income per share was $0.09 compared to $0.18 a year ago. The $24.1 million increase in Revenue was primarily due to a $20.7 million, or 26%, increase in revenues in Apio's value-added vegetable businesses (which includes Apio's fresh-cut specialty packaged vegetable business, Apio Cooling and Apio Packaging), and a $5.2 million, or 24%, increase in revenues in Apio's export business as a result of a 9% increase in sales volumes and higher market pricing. These increases were partially offset by a 21%, or $1.8 million, decrease in Lifecore's revenues compared to the first quarter of last year due to expected lower sales of fermentation products primarily resulting from the previously disclosed one-time inventory reduction by one of Lifecore's customers during fiscal 2015. Operating income increased due to a 13% increase in gross profit, essentially flat operating costs and one extra week. The decrease in net income was primarily due to the significantly smaller increase in the fair market value of the Company's investment in Windset Farms of $200,000 recognized in the first quarter of fiscal 2015 compared to a $5.4 million change in the fair market value recognized in the first quarter of last year when Windset's 64-acre expansion was added to its projections. The company reiterated earnings guidance for the fiscal year 2015. The company is reiterating guidance for consolidated revenues to increase 7-8%, compared to fiscal 2014 and the company expects to surpass $0.5 billion in revenues. The company currently expects net income to be approximately 15% lower than fiscal 2014 due to lower than expected results from Lifecore and a lower projected increase in the fair market value change of Windset investment.

 

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