$LFCR
LIFECORE BIOMEDICAL, INC. \DE\

2023 Q4 Form 10-Q Financial Statement

#000100528624000111 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $30.15M
YoY Change -22.3%
Cost Of Revenue $20.19M
YoY Change -36.29%
Gross Profit $9.957M
YoY Change 40.08%
Gross Profit Margin 33.02%
Selling, General & Admin $9.185M
YoY Change -14.74%
% of Gross Profit 92.25%
Research & Development $2.098M
YoY Change -0.94%
% of Gross Profit 21.07%
Depreciation & Amortization $2.206M
YoY Change -23.4%
% of Gross Profit 22.16%
Operating Expenses $11.28M
YoY Change -24.85%
Operating Profit -$1.326M
YoY Change -83.23%
Interest Expense -$4.073M
YoY Change -196.54%
% of Operating Profit
Other Income/Expense, Net $19.73M
YoY Change -5972.92%
Pretax Income $14.18M
YoY Change -213.92%
Income Tax -$64.90K
% Of Pretax Income -0.46%
Net Earnings $14.22M
YoY Change -214.21%
Net Earnings / Revenue 47.16%
Basic Earnings Per Share $0.47
Diluted Earnings Per Share $0.39
COMMON SHARES
Basic Shares Outstanding 30.46M shares
Diluted Shares Outstanding 36.42M shares

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.221M
YoY Change -52.63%
Cash & Equivalents $3.221M
Short-Term Investments
Other Short-Term Assets $1.845M
YoY Change -73.64%
Inventory $41.45M
Prepaid Expenses
Receivables $30.20M
Other Receivables $0.00
Total Short-Term Assets $76.71M
YoY Change -39.64%
LONG-TERM ASSETS
Property, Plant & Equipment $146.9M
YoY Change 23.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.072M
YoY Change 56.31%
Total Long-Term Assets $169.1M
YoY Change 11.27%
TOTAL ASSETS
Total Short-Term Assets $76.71M
Total Long-Term Assets $169.1M
Total Assets $245.8M
YoY Change -11.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.02M
YoY Change -31.99%
Accrued Expenses $12.20M
YoY Change -38.98%
Deferred Revenue $8.300M
YoY Change 1035.43%
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due $773.0K
YoY Change -99.22%
Total Short-Term Liabilities $40.25M
YoY Change -79.43%
LONG-TERM LIABILITIES
Long-Term Debt $92.09M
YoY Change
Other Long-Term Liabilities $53.84M
YoY Change 26685.07%
Total Long-Term Liabilities $92.09M
YoY Change 45713.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.25M
Total Long-Term Liabilities $92.09M
Total Liabilities $203.5M
YoY Change -0.7%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.421M
YoY Change
Total Liabilities & Shareholders Equity $245.8M
YoY Change -11.92%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income $14.22M
YoY Change -214.21%
Depreciation, Depletion And Amortization $2.206M
YoY Change -23.4%
Cash From Operating Activities $1.006M
YoY Change -134.1%
INVESTING ACTIVITIES
Capital Expenditures $3.979M
YoY Change 22.43%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$3.979M
YoY Change 22.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.448M
YoY Change -127.79%
NET CHANGE
Cash From Operating Activities 1.006M
Cash From Investing Activities -3.979M
Cash From Financing Activities -2.448M
Net Change In Cash -5.421M
YoY Change -308.5%
FREE CASH FLOW
Cash From Operating Activities $1.006M
Capital Expenditures $3.979M
Free Cash Flow -$2.973M
YoY Change -52.05%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Fiscal Period
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<div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s fiscal year is the 52- or 53-week period that ends on the last Sunday of May with quarters within each year ending on the last Sunday of August, November, and February; however, in instances where the last Sunday would result in a quarter being 12-weeks in length, the Company’s policy is to extend that quarter to the following Sunday. A 14th week is included in the fiscal year every five or six years to realign the Company’s fiscal quarters with calendar quarters.</span></div>The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year.
us-gaap Use Of Estimates
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates that require management’s most significant and subjective judgments include revenue recognition; loss contingencies; recognition and measurement of current and deferred income tax assets and liabilities; the assessment of recoverability of long-lived and indefinite-lived assets (including intangible assets and goodwill), and inventory; the valuation and recognition of stock-based compensation, and the valuation of the debt derivative liability.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These estimates involve the consideration of complex factors and require management to make judgments. The analysis of historical and future trends can require extended periods of time to resolve and are subject to change from period to period. The actual results may differ from management’s estimates.</span></div>
us-gaap Concentration Risk Credit Risk
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentrations of Risk</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash and cash equivalents and trade accounts receivable are financial instruments that potentially subject the Company to concentrations of credit risk. Our Company policy limits, among other things, the amount of credit exposure to any one issuer and to any one type of investment, other than securities issued or guaranteed by the U.S. government. The Company maintains cash in U.S. bank accounts, the balance of which may at times exceed the federally insured limit.</span></div>
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.89
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y10M24D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1608580 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.95
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y4M9D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2023Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1578000 usd
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1112000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3110000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1896000 usd
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
11400000 usd
CY2023Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
14242000 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-9201000 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1632000 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-15908000 usd
CY2023Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-24000 usd
CY2022Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-3605000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1832000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-7864000 usd
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
14218000 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-12806000 usd
us-gaap Net Income Loss
NetIncomeLoss
3464000 usd
us-gaap Net Income Loss
NetIncomeLoss
-23772000 usd
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30458000 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29634000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30431000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29605000 shares
CY2023Q4 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
5791000 shares
CY2022Q4 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
5738000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2023Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
170000 shares
CY2022Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
229000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36419000 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29634000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36398000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29605000 shares
CY2023Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.47
CY2022Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.31
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.05
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.54
CY2023Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2022Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.12
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.06
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.26
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.80
CY2023Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.39
CY2022Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.31
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.05
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.54
CY2023Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2022Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.12
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.05
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.26
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.80
CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-64900 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23300 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8000 usd
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0046
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0003
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0141
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0003
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
157271000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
150233000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
92858000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
84836000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
773000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
580000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
92085000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
84256000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
387000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
773000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
773000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
773000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
773000 usd
CY2023Q4 lfcr Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
153792000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
157271000 usd
CY2023Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
64900000 usd
CY2023Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
64900000 usd
CY2023Q4 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
44000000 usd
CY2023Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
64900000 usd
CY2023Q4 us-gaap Restructuring Charges
RestructuringCharges
157000 usd
CY2022Q4 us-gaap Restructuring Charges
RestructuringCharges
563000 usd
us-gaap Restructuring Charges
RestructuringCharges
147000 usd
us-gaap Restructuring Charges
RestructuringCharges
1610000 usd
us-gaap Restructuring Charges
RestructuringCharges
30103000 usd
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
2997000 usd
us-gaap Restructuring Charges
RestructuringCharges
147000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
2105000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
1039000 usd
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001005286-24-000111.txt Edgar Link pending
0001005286-24-000111-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
lfcr-20231126.htm Edgar Link pending
lfcr-20231126.xsd Edgar Link pending
lfcr-20231126xexx311.htm Edgar Link pending
lfcr-20231126xexx312.htm Edgar Link pending
lfcr-20231126xexx321.htm Edgar Link pending
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lfcr-20231126_def.xml Edgar Link unprocessable
lfcr-20231126_htm.xml Edgar Link completed
lfcr-20231126_lab.xml Edgar Link unprocessable
lfcr-20231126_pre.xml Edgar Link unprocessable
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