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Last $12.56 USD
Change Today +0.17 / 1.37%
Volume 153.3K
LNDC On Other Exchanges
As of 8:10 PM 11/25/15 All times are local (Market data is delayed by at least 15 minutes).

landec corp (LNDC) Key Developments

Landec Corp. Presents at Three Part Advisors, LLC Southwest IDEAS 2015, Nov-18-2015 05:10 PM

Landec Corp. Presents at Three Part Advisors, LLC Southwest IDEAS 2015, Nov-18-2015 05:10 PM. Venue: Marriott Quorum, 14901 Dallas Pkwy, Dallas, TX 75254, United States.

Landec Seeks Acquisitions

Landec Corp. (NasdaqGS:LNDC) is seeking acquisitions. Landec intends to use the net proceeds from the subscription to fund acquisitions of businesses, technologies or product lines that complement its business.

Landec Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended August 30, 2015; Reiterates Earnings Guidance for the Fiscal Year 2016

Landec Corporation announced unaudited consolidated earnings results for the first quarter ended August 30, 2015. For the period, the company reported revenues of $135.4 million, increased by 1% compared to $133.6 million in the previous year. The increase in Revenue was primarily due to a $3.6 million, or 4%, increase in revenues in Apio's packaged fresh vegetables business and a $2.0 million increase in revenues at Lifecore due to increased fermentation sales as a result of the key customer who reduced purchases last fiscal year resuming historical order patterns and from new business development revenues. These increases in Revenues were offset by a $4.3 million, or 16% decrease in Apio's export business as a result of a 15% decrease in sales volumes due to a softening of volume demand of key export produce items driven in part by a strong U.S. dollar. Net income increased $0.599 million, or 25%, to $3.0 million or $0.11 per diluted share compared to $2.4 million or $0.09 per diluted share in the year-ago quarter. The increase was primarily due to: a $2.0 million increase in operating income at Lifecore due to a favorable product mix change which increased gross margin to 36.5% in this year's first quarter compared to 15.4% during the first quarter of last year, a $1.4 million increase in gross profit in Apio's packaged fresh vegetables business due to its gross margin increasing 100 basis points from 11.8% to 12.8%, and a $0.6 million increase in the change in fair market value of the company's Windset investment to an increase of $0.8 million recognized during the first quarter of fiscal 2016 compared to the $0.2 million increase recognized in the year-ago quarter. These increases in net income in the first quarter were partially offset by: a $2.1 million planned increase in operating expenses at Apio due to increased sales and marketing expenses and the addition of two senior executives, a $1.1 million increase in G&A at Corporate due to the year ago first quarter reversal of a $0.677 million accrual from the company's Long-term Incentive Program and from an increase in the stock based compensation expense, and from a $0.390 increase in the income tax expense. Operating income was $3.937 million against $3.534 million a year ago. Net income before taxes was $4.679 million against $3.725 million a year ago. Net income and comprehensive income applicable to common stockholders was $2.952 million against $2.353 million a year ago. At the end of the first quarter of fiscal 2016, cash totaled $7.1 million after using $1.8 million in cash flow from operations, paying off $1.9 million of debt and investing $3.5 million in property and equipment primarily for capacity expansion during the quarter. The use of cash flow from operations during the quarter was primarily due to a $3.4 million increase in inventory primarily at Lifecore for shipments later this fiscal year, a $2.8 million decrease in accrued compensation due to the payment of fiscal year 2015 bonuses during the first quarter of fiscal year 2016, and a $1.1 million decrease in income taxes payable for payments made during the first quarter for taxes due for fiscal year 2015. For the fiscal year 2016, the company is reiterating guidance for consolidated revenues to increase 7-9% compared to fiscal 2015. This guidance is based on salad kit product sales exceeding plan and offsetting the projected shortfall in export sales. The company is also reiterating guidance for consolidated net income to increase 60-65%. The company wide the company plans to spend approximately $40-45 million on facility expansions and new equipment during fiscal 2016.

Landec Corp. to Report Q1, 2016 Results on Sep 29, 2015

Landec Corp. announced that they will report Q1, 2016 results at 5:00 PM, Eastern Standard Time on Sep 29, 2015

Landec Corp., Q1 2016 Earnings Call, Sep 30, 2015

Landec Corp., Q1 2016 Earnings Call, Sep 30, 2015


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Price/Sales 0.6x
Price/Book 1.5x
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