$LFCR
LIFECORE BIOMEDICAL, INC. \DE\

2015 Q1 Form 10-Q Financial Statement

#000143774915006795 Filed on April 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $138.5M $126.4M
YoY Change 9.61% 7.22%
Cost Of Revenue $121.6M $106.2M
YoY Change 14.52% 5.8%
Gross Profit $16.89M $20.16M
YoY Change -16.22% 15.12%
Gross Profit Margin 12.19% 15.95%
Selling, General & Admin $10.30M $8.700M
YoY Change 18.37% 2.35%
% of Gross Profit 60.99% 43.17%
Research & Development $1.755M $1.723M
YoY Change 1.86% -25.09%
% of Gross Profit 10.39% 8.55%
Depreciation & Amortization $1.834M $1.577M
YoY Change 16.3% -15.67%
% of Gross Profit 10.86% 7.82%
Operating Expenses $12.05M $10.42M
YoY Change 15.64% -3.49%
Operating Profit $4.832M $9.732M
YoY Change -50.35% 45.08%
Interest Expense $510.0K $390.0K
YoY Change 30.77% -295.0%
% of Operating Profit 10.55% 4.01%
Other Income/Expense, Net $1.307M $400.0K
YoY Change 226.75% -60.0%
Pretax Income $6.100M $10.10M
YoY Change -39.6% 34.67%
Income Tax $2.324M $3.679M
% Of Pretax Income 38.1% 36.43%
Net Earnings $3.772M $6.400M
YoY Change -41.06% 33.33%
Net Earnings / Revenue 2.72% 5.06%
Basic Earnings Per Share $0.14 $0.24
Diluted Earnings Per Share $0.14 $0.24
COMMON SHARES
Basic Shares Outstanding 26.89M 26.70M
Diluted Shares Outstanding 27.36M 27.12M

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.70M $13.00M
YoY Change 20.77% -5.11%
Cash & Equivalents $15.70M $12.99M
Short-Term Investments $0.00
Other Short-Term Assets $5.600M $4.900M
YoY Change 14.29% -40.96%
Inventory $24.66M $25.70M
Prepaid Expenses
Receivables $45.28M $41.20M
Other Receivables $1.200M $4.200M
Total Short-Term Assets $92.49M $88.90M
YoY Change 4.04% 8.41%
LONG-TERM ASSETS
Property, Plant & Equipment $78.96M $71.00M
YoY Change 11.21% 12.52%
Goodwill $49.62M
YoY Change
Intangibles $48.43M
YoY Change
Long-Term Investments $61.10M $38.50M
YoY Change 58.7% 34.62%
Other Assets $1.648M $1.400M
YoY Change 17.71% -6.67%
Total Long-Term Assets $247.8M $217.9M
YoY Change 13.73% 8.41%
TOTAL ASSETS
Total Short-Term Assets $92.49M $88.90M
Total Long-Term Assets $247.8M $217.9M
Total Assets $340.3M $306.8M
YoY Change 10.92% 8.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.17M $29.70M
YoY Change -5.16% 6.45%
Accrued Expenses $9.500M $8.600M
YoY Change 10.47% 2.38%
Deferred Revenue
YoY Change
Short-Term Debt $9.300M $0.00
YoY Change -100.0%
Long-Term Debt Due $7.591M $6.000M
YoY Change 26.52% -14.29%
Total Short-Term Liabilities $55.84M $46.10M
YoY Change 21.13% -4.55%
LONG-TERM LIABILITIES
Long-Term Debt $32.90M $29.80M
YoY Change 10.41% -16.76%
Other Long-Term Liabilities $1.700M $1.800M
YoY Change -5.56% -10.0%
Total Long-Term Liabilities $32.90M $31.60M
YoY Change 4.12% -16.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.84M $46.10M
Total Long-Term Liabilities $32.90M $31.60M
Total Liabilities $124.8M $108.8M
YoY Change 14.71% -1.09%
SHAREHOLDERS EQUITY
Retained Earnings $80.90M
YoY Change
Common Stock $27.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $213.9M $198.0M
YoY Change
Total Liabilities & Shareholders Equity $340.3M $306.8M
YoY Change 10.92% 8.41%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $3.772M $6.400M
YoY Change -41.06% 33.33%
Depreciation, Depletion And Amortization $1.834M $1.577M
YoY Change 16.3% -15.67%
Cash From Operating Activities $10.03M $9.540M
YoY Change 5.14% -14.05%
INVESTING ACTIVITIES
Capital Expenditures -$3.060M -$2.510M
YoY Change 21.91% 99.21%
Acquisitions
YoY Change
Other Investing Activities $920.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.140M -$2.510M
YoY Change -14.74% -18.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.850M 190.0K
YoY Change 1400.0% -106.53%
NET CHANGE
Cash From Operating Activities 10.03M 9.540M
Cash From Investing Activities -2.140M -2.510M
Cash From Financing Activities 2.850M 190.0K
Net Change In Cash 10.74M 7.220M
YoY Change 48.75% 41.57%
FREE CASH FLOW
Cash From Operating Activities $10.03M $9.540M
Capital Expenditures -$3.060M -$2.510M
Free Cash Flow $13.09M $12.05M
YoY Change 8.63% -2.51%

Facts In Submission

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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Stock Issued During Period Shares Share Based Compensation
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TreasuryStockSharesAcquired
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CY2014Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
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us-gaap Use Of Estimates
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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&#x2019;s most significant and subjective judgments include revenue recognition; sales returns and allowances; self insurance liabilities; recognition and measurement of current and deferred income tax assets and liabilities; the assessment of recoverability of long-lived assets; the valuation of intangible assets and inventory; the valuation of investments; and the valuation and recognition of stock-based compensation.</div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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 is subject to change from period to period. Actual results may differ from management&#x2019;s estimates. </div></div></div></div></div></div></div></div></div></div></div></div>
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CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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26886000
CY2014Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
26697000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
26863000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26574000

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