Last $13.37 USD
Change Today +0.17 / 1.29%
Volume 62.7K
LNDC On Other Exchanges
Symbol
Exchange
Berlin
NASDAQ GS
As of 8:10 PM 11/26/14 All times are local (Market data is delayed by at least 15 minutes).

landec corp (LNDC) Key Developments

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.

Landec Corp. to Report Q1, 2015 Results on Oct 07, 2014

Landec Corp. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Oct 07, 2014

Landec Corp., Q1 2015 Earnings Call, Oct 08, 2014

Landec Corp., Q1 2015 Earnings Call, Oct 08, 2014

Landec Corp., Annual General Meeting, Oct 09, 2014

Landec Corp., Annual General Meeting, Oct 09, 2014., at 13:30 Pacific Standard Time. Location: Seaport Conference Center. Agenda: To elect four directors to serve for a term expiring at the annual meeting of stockholders held in the second year following the year of their election and until their successors are duly elected and qualified; to ratify the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending May 31, 2015; to approve a non-binding advisory proposal on executive compensation; and to transact such other business as may properly come before the meeting or any postponement or adjournments thereof.

Gary T. Steele to Retire as Chairman and CEO of Landec Corporation

Landec Corporation announced that its Chairman and CEO, Gary T. Steele, plans to retire on May 31, 2015 at the end of Landec's fiscal year. Mr. Steele has agreed to remain on the Board of Directors as a director, but not as Chairman after his retirement. Mr. Steele has served as Landec's President and CEO since September 1991 and was named Chairman of the Board in January 1996.

 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup
Recently Viewed
LNDC:US $13.37 USD +0.17

LNDC Competitors

Market data is delayed at least 15 minutes.

Company Last Change
No competitor information is available for LNDC.
View Industry Companies
 

Industry Analysis

LNDC

Industry Average

Valuation LNDC Industry Range
Price/Earnings 21.7x
Price/Sales 0.7x
Price/Book 1.7x
Price/Cash Flow 21.4x
TEV/Sales 0.6x
 | 

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact LANDEC CORP, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.