Key Developments: Landec Corp (LNDC.O)
13.88USD
24 May 2013
$-0.08 (-0.57%)
$13.96
$13.89
$13.91
$13.65
30,272
169,136
$14.66
$6.72
Latest Key Developments (Source: Significant Developments)
Landec Corp Issues Q4 2013 Guidance; Raises Low End Of Prior FY 2013 Revenue Guidance; Raises FY 2013 Net Income Guidance
Landec Corp announced that for the fourth quarter of fiscal 2013, it expects revenues of $101 million to $105 million and net income of $4.0 million to $4.5 million. For fiscal 2013 compared to fiscal year 2012, it expect revenues to grow 37% to 38%, compared to prior guidance of 33% to 38%, and we expect net income to grow 70% to 75%, which includes the additional $3.9 million, or $0.15 per share, from the non-recurring earn-out adjustment, compared to prior guidance of 60% to 70%, which also included the earn-out adjustment. Full Article
Landec Corp Announces Restatements
Landec Corp announced that the Company has restated its financial statements for the first quarter of fiscal year 2013 to reflect a $2.9 million increase in the previously reported first quarter fiscal year 2013 fair market value of Windset Holdings 2010 Ltd. (Windset). In December 2012, during the second quarter review of the recently updated fair market value appraisal of minority equity investment in Windset for fiscal year 2013, the Company became aware that it had miscalculated the fair market value of Windset at the end of its first quarter of fiscal year 2013. This miscalculation has no impact on projected annual fair market value of Windset which has been independently valued. As a result, in the first fiscal quarter ended August 26, 2012, the Company understated the recorded value of its Windset investment, and the related investment income, by $2.9 million, and understated its net income by $1.8 million, or $0.07 per share. Therefore, the Company has filed with the Securities and Exchange Commission an amendment to its Form 10-Q for the first quarter of fiscal year 2013 which contains its restated financial statements for that period. The restated financial statements for the first quarter of fiscal year 2013 reflect that the fair market value of its Windset investment has been increased by $2.9 million and net income by $1.8 million, net of related income taxes of $1.1 million. Full Article
Landec Corp Raises FY 2013 Guidance
Landec Corp announced that for fiscal 2013, it expects revenues growth of approximately 33%-38% and net income by 60% to 70%. The Company reported revenues of $317.55 million and net income of $12.70 million in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $424 million and net income of $17.7 million for fiscal 2013. Full Article
Landec Corp Reaffirms FY 2013 Guidance
Landec Corp announced that for fiscal 2013, it is in track towards meeting revenues growth of approximately 30% and net income by 25% to 35%. The Company reported revenues of $317.55 million and net income of $12.70 million in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $418 million and net income of $16.5 million for fiscal 2013. Full Article
Landec Corporation Issues FY 2013 Guidance In Line With Analysts' Estimates
Landec Corporation announced that for fiscal 2013, it expects revenue to be in a range of $408-$422 million and net income to be in a range of $16.0-$17.1 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $416 million and net income of $16.4 million for fiscal 2013. Full Article
Landec Corporation Raises FY 2012 Revenue Guidance
Landec Corporation announced that for fiscal 2012, it expect revenues to grow more than 10% compared to previous guidance for revenues to grow 9% to 10% and the Company is maintaining guidance for net income to grow approximately 40% compared to fiscal year 2011, after adding back the one-time impairment charge of $4.8 million to net income for fiscal year 2011. Full Article
Landec Corporation's Wholly Owned Food Subsidiary Apio, Inc. Acquires GreenLine Foods, Inc.
Landec Corporation announced today that its wholly owned food subsidiary, Apio, Inc., has acquired GreenLine Foods, Inc. from The Riverside Company, a global private equity firm. GreenLine Foods, headquartered in Perrysburg, Ohio, is the processor and marketer of value-added, fresh-cut green beans in North America. Under the agreement with Riverside, Apio acquired all of the outstanding equity interests of GreenLine for $63.0 million in cash with no assumed debt. The agreement also includes future earn-out potential for Riverside of up to $7.0 million based on GreenLine achieving certain financial targets during calendar year 2012. In conjunction with the acquisition, Apio obtained $31.8 million in term financing secured by Apio’s and GreenLine’s fixed assets. In addition, Apio entered into a five-year, $25.0 million working capital line, with an interest rate of LIBOR plus 2%, based on the combination of Apio and GreenLine accounts receivable and eligible inventory balances. The term debt is comprised of a $12.7 million equipment loan which matures in seven years with a fixed interest rate of 4.37% and a $19.1 million real estate loan that matures in ten years with a fixed interest rate of 4.02%. Both the term financing and the working capital line are being financed by GE Capital. Full Article
Landec Corporation Raises FY 2012 Guidance
Landec Corporation announced that for fiscal 2012, it expects revenues to grow 9% to 10% compared to original guidance of 5% or better growth. In addition, it expects net income to grow approximately 40%, after adding back the one-time impairment charge of $4.8 million to net income for fiscal 2011, compared to original guidance of 30% to 40%. Full Article
Landec Corporation Reaffirms FY 2012 Guidance-Conference Call
Landec Corporation announced that barring any adverse weather events during the winter months, the Company expects to meet or exceed the Company's fiscal 2012 guidance of 5% or more better revenue growth and net income growth of 30% to 40% after adding back the one-time impairment charge of $4.8 million to net income for fiscal 2011. The Company reported revenue of $276.7 million and net income of $3.9 million for fiscal 2011. Full Article
Landec Corporation To Meet Or Exceed FY 2012 Guidance
Landec Corporation announced that it is tracking well towards meeting or exceeding guidance for fiscal 2012 and expects 5% or better revenue growth and 30% to 40% net income growth after adding back the one-time impairment charge of $4.8 million to net income for fiscal 2011. Full Article
BRIEF-Landec shares down 9.4 pct after the bell following results
NEW YORK, March 26 - Landec Corp : * Shares were down 9.4 percent after the bell following results.
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