Key Developments For Landec Corporation
Landec Corporation (LNDC.O) (Nasdaq)
Landec Corporation Reaffirms FY 2010 Guidance
Landec Corporation reaffirmed fiscal 2010 guidance for revenues and net income to be flat to slightly higher compared to fiscal 2009. The Company reported net profit of $7.73 million and revenue of $235.94 million in fiscal 2009. According to Reuters Estimates, analysts on an average are expecting the Company to report net profit of $8.2 million for fiscal 2010.
Landec Corporation Comments On H1 2010 Revenue Guidance; Issues H1 2010 Net Income Guidance Below Analysts Estimates; Comments On H2, FY 2010 Guidance
Landec Corporation announced that it expects revenues and net income during the first half of 2010 to be lower than the first half of 2009 and revenues and net income during the second half of 2010 to be higher than the second half of 2009. For fiscal 2010, it expects revenue and net income to be flat to slightly higher compared to fiscal 2009. The Company reported revenues of $71.75 million and net income of $2.84 million in first quarter of 2009; revenue of $58.04 million and net income of $1.50 million in second quarter of 2009; revenues of $53.91 million and net income of $1.54 million in third quarter of 2009; revenues of $52.2 million and net income of $1.9 million in fourth quarter of 2009; revenue and net income of $235.94 million and net income of $7.73 million for fiscal 2009. According to Reuters Estimates, analysts were expecting the Company to report net income of $2.48 million on revenue of $67.64 million for first quarter of 2010, net income of $2.10 million on revenue of $61.01 million for second quarter of 2010, net income of $2.20 million on revenue of $59.69 million for third quarter of 2010; net income of $2.09 million on revenue of $57.01 million for fourth quarter of 2010 and net income of $9.27 million on revenue of $247.23 million for fiscal 2010.
Landec Corporation Issues FY 2009 Revenue Guidance Below Analysts' Estimates; Issues Q4 2009 Guidance; Revenue Guidance Below Analysts' Estimates
Landec Corporation announced that for fiscal 2009, it expects revenues to be moderately down compared to fiscal 2008. The Company expects fourth quarter of 2009 revenues to follow the normal seasonal pattern resulting in a decrease of about 5% from third quarter revenues. At this point in time, due to the uncertainty of the U.S. economy and consumer spending, it is difficult to forecast its net income for all of fiscal 2009 with any degree of reliability. However, in fourth quarter it expect operating income to be higher than in its third quarter. The Company reported revenues of $238.53 million in fiscal 2008; reported revenues of $53.91 million and EBIT of $2.55 million in third quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $240.21 million for fiscal 2009; revenues of $55.75 million and EBIT of $3.01 million for fourth quarter of 2009.
Landec Corporation Not To Achieve FY 2009 Guidance
Landec Corporation announced that given the results through the first six months of fiscal 2009, the Company currently projected that it will not achieve its original guidance for fiscal 2009 of 10% revenue growth and 15% to 20% pre-tax net income growth. According to Reuters Estimates, analysts were expecting the Company to report revenue of $255.97 million for fiscal 2009.
Landec Corporation Announces Reincorporation as a Delaware Corporation
Landec Corporation announced that effective November 6, 2008, Landec completed its reincorporation in the State of Delaware by merging into a wholly-owned Delaware subsidiary. The reincorporation was approved by the shareholders of Landec at the annual meeting of shareholders held on October 16, 2008. In the merger, each outstanding share of Landec's common stock was converted into one share of common stock of the surviving Delaware corporation. Following the reincorporation, holders of common stock of Landec own the same number of shares of common stock in the surviving Delaware corporation as they owned prior to the reincorporation. Shareholders of Landec do not need to exchange their stock certificates for stock certificates of the Delaware corporation. The reincorporation did not result in any change in Landec's name, ticker symbol, Nasdaq Global Select Market listing, CUSIP number, business, assets, operations or liabilities.
