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Landec Corp Announces Restatements


Wednesday, 2 Jan 2013 04:05pm EST 

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. 

Company Quote

12.12
0.04 +0.33%
17 Apr 2014