September 01, 2014 11:40 PM ET

Food Products

Company Overview of Apio, Inc.

Company Overview

Apio, Inc. engages in processing, shipping, distributing, and exporting specialty packaged vegetables. It offers fresh-cut green beans and vegetables. The company also provides membranes, storage bags, and trays to keep fruits and vegetables. It sells its specialty packaged vegetables in convenient bags and tray formats through foodservice channels, retail grocery stores, club stores, and wholesale stores throughout in the United States, Mexico, and Canada. The company was founded in 1979 and is headquartered in Guadalupe, California. Apio, Inc. operates as a subsidiary of Landec Corp.

4575 West Main Street

Guadalupe, CA 93434

United States

Founded in 1979

Phone:

805-343-2835

Fax:

805-343-3033

Key Executives for Apio, Inc.

Chief Executive Officer
Age: 48
Director of Marketing
Vice President of Sales & Marketing
Compensation as of Fiscal Year 2014.

Apio, Inc. Key Developments

Apio, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended May 25, 2014; Provides Earnings Guidance for Fiscal 2015

Apio, Inc. reported unaudited earnings results for the fourth quarter and full year ended May 25, 2014. For the quarter, the company reported revenues of $112.492 million compared to $98.230 million a year ago. Net income was $8.798 million compared to $5.835 million a year ago. For the year, the company reported revenues of $430.555 million compared to $399.015 million a year ago. Net income was $27.231 million compared to $30.554 million a year ago. For the fiscal 2015, the company expects revenues to grow 9% to10% and operating income to grow 25% to 30%.

Apio, Inc. Secures New $25 Million Equipment Loan from GE Capital

Apio, Inc. announced that it has secured a new $25 million equipment loan from GE Capital. Approximately $11 million will be funded by August 1, 2014 and be used to pay for the new investment in Windset with the remaining amount available for future draw downs based on Apio’s equipment purchases between July 1, 2014 and August 31, 2015. The equipment loan carries a 3.53% fixed interest rate with a 5-year term and a 7-year amortization period. In addition, Apio’s line of credit with GE Capital has been increased to $40 million from $25 million and the interest rate has been reduced to Libor plus 1.75% from the prior Libor plus 2.0%. The term of the amended line of credit is 5 years.

Apio, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended May 26, 2013; Provides Revenue Guidance for Fiscal 2014

Apio, Inc. reported unaudited earnings results for the fourth quarter and full year ended May 26, 2013. For the quarter, the company reported revenues of $98.230 million compared to $74.583 million a year ago. Net income was $5.835 million compared to $6.221 million a year ago. For the year, the company reported revenues of $399.015 million compared to $279.067 million a year ago. Net income was $30.554 million compared to $19.796 million a year ago. The company provided revenue guidance for the fiscal year 2014. The company projects revenues from value-added business will grow approximately 10% compared to fiscal year 2013 and export business will decrease approximately 10%.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 18, 2014
Windset Farms Inc.
 

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