COMPANY FINANCIAL RELEASE — Landec Corporation (NASDAQ: LNDC), a leading innovator of diversified health and wellness solutions with two operating businesses, Landec Natural Foods (LNF) and Lifecore Biomedical, Inc. reported results for the fiscal 2019 second quarter and first six months ended November 25, 2018.
“We continue to make progress toward our long-term strategic plan of driving growth and profitability through innovation within our contract development and manufacturing organization (CDMO) business at Lifecore and within our LNF business, which includes Eat Smart® packaged fresh vegetables and salad kits and our emerging natural food brands – O Olive & Vinegar®, Now Planting®, and our newly acquired Yucatan® and Cabo Fresh® brands,” stated Molly Hemmeter, Landec’s President and CEO.
“Through the first seven months of fiscal 2019 we have made significant strides in both of our operating businesses. At LNF, we launched the Now Planting brand, with a line of pure-plant soups targeted for the plant-based consumer. We also completed the acquisition of Yucatan Foods and entered the high growth guacamole category. This acquisition accelerates the transformation of LNF from a packaged fresh vegetables business to a branded, natural foods business by providing our emerging natural brand portfolio with critical mass. As the emerging brands scale, they are expected to contribute gross margins over 30% compared to a 10% to 12% gross margin for our packaged fresh vegetables business. Lifecore, the Company’s specialty CDMO focused on sterile injectable products, delivered another quarter of strong revenue growth. Landec’s recent investments in additional aseptic filling capacity position Lifecore for continued growth.
“For the second quarter of fiscal 2019 our consolidated revenues were $124.9 million, consistent with the low end of our revenue guidance for the quarter. The earnings per share was below guidance because of acquisition-related costs but in line with earnings per share guidance at breakeven excluding acquisition-related costs,” continued Hemmeter.
CONTACTS:
At Landec: Gregory S. Skinner, Vice President Finance and CFO, 650 261-3677
Investor Relations: John Mills, Partner, 646) 277-1254, John.Mills@ICRINC.com
COMPANY FINANCIAL RELEASE — Landec Corporation (NASDAQ: LNDC), a leading innovator of diversified health and wellness solutions with two operating businesses, Landec Natural Foods (LNF) and Lifecore Biomedical, Inc. reported results for the fiscal 2019 second quarter and first six months ended November 25, 2018.
“We continue to make progress toward our long-term strategic plan of driving growth and profitability through innovation within our contract development and manufacturing organization (CDMO) business at Lifecore and within our LNF business, which includes Eat Smart® packaged fresh vegetables and salad kits and our emerging natural food brands – O Olive & Vinegar®, Now Planting®, and our newly acquired Yucatan® and Cabo Fresh® brands,” stated Molly Hemmeter, Landec’s President and CEO.
“Through the first seven months of fiscal 2019 we have made significant strides in both of our operating businesses. At LNF, we launched the Now Planting brand, with a line of pure-plant soups targeted for the plant-based consumer. We also completed the acquisition of Yucatan Foods and entered the high growth guacamole category. This acquisition accelerates the transformation of LNF from a packaged fresh vegetables business to a branded, natural foods business by providing our emerging natural brand portfolio with critical mass. As the emerging brands scale, they are expected to contribute gross margins over 30% compared to a 10% to 12% gross margin for our packaged fresh vegetables business. Lifecore, the Company’s specialty CDMO focused on sterile injectable products, delivered another quarter of strong revenue growth. Landec’s recent investments in additional aseptic filling capacity position Lifecore for continued growth.
“For the second quarter of fiscal 2019 our consolidated revenues were $124.9 million, consistent with the low end of our revenue guidance for the quarter. The earnings per share was below guidance because of acquisition-related costs but in line with earnings per share guidance at breakeven excluding acquisition-related costs,” continued Hemmeter.
CONTACTS:
At Landec: Gregory S. Skinner, Vice President Finance and CFO, 650 261-3677
Investor Relations: John Mills, Partner, 646) 277-1254, John.Mills@ICRINC.com
