Landec's Lifecore Subsidiary Shifting Shipments From Our Second Fiscal Quarter to Our Third Fiscal Quarter
MENLO PARK, Calif., Oct. 16, 2012 (GLOBE NEWSWIRE) -- Landec Corporation (LNDC), a materials science company that develops and markets innovative and patented products for food and biomedical applications, today announced that certain customers of its wholly-owned biomaterials subsidiary, Lifecore Biomedical, Inc., have requested that shipments originally planned to be shipped in November be shipped in December, which will result in revenues and profits planned for the second quarter being recognized in the third quarter. Therefore, approximately $3.0 million of gross profit is being shifted from Landec's second fiscal quarter to Landec's third fiscal quarter.
Gary Steele, Landec Chairman and CEO, explained, "The shift in Lifecore shipments has no impact on Landec's overall guidance for fiscal year 2013, which is for Landec to grow revenues by approximately 30% and net income by 25% to 35% compared to fiscal year 2012, nor does the shift have any impact on our guidance for Lifecore for all of fiscal year 2013, which is to grow revenues by approximately 15% while maintaining historical margins."
Continued Steele, "Commercial shipments to Lifecore customers have begun for the products which recently received FDA clearance. Once fully commercialized, Lifecore expects to generate annual revenues from these products of approximately $5 million to $6 million with margins consistent with its historical margins for aseptically-filled products."
About Landec Corp.
Landec Corporation is a materials science company that leverages its proprietary polymer technologies, application development and innovation capabilities to develop and commercialize new products in food and biomaterials markets. Landec has two proprietary polymer technology platforms: Intelimer Polymers® and Hyaluronan ("HA") that are the foundation for its business. Landec's subsidiary, Apio, has become the leader in US fresh-cut specialty packaged vegetables sold in North America by combining Landec's proprietary food packaging technology, and the strength of two major national brands Eat Smart® and GreenLine®, with the capabilities of a large national food supplier, processor and distributor. Through its subsidiary, Lifecore Biomedical, Landec is a premium supplier of hyaluronan-based materials and medical products to ophthalmic, orthopedic and veterinary markets worldwide. Landec's Licensing Partnerships work closely with market-leading companies to develop and commercialize differentiated polymer-based products. For more information about the Company, visit Landec's website at www.landec.com .
CONTACT: At the Company: Gregory S. Skinner Vice President Finance and CFO (650) 261-3677