$LFCR
LIFECORE BIOMEDICAL, INC. \DE\

2015 Q4 Form 10-Q Financial Statement

#000143774916023322 Filed on January 07, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $140.4M $132.7M
YoY Change 5.86% 10.53%
Cost Of Revenue $123.2M $117.0M
YoY Change 5.28% 10.07%
Gross Profit $17.27M $15.67M
YoY Change 10.21% 14.07%
Gross Profit Margin 12.29% 11.81%
Selling, General & Admin $12.82M $9.949M
YoY Change 28.81% 15.16%
% of Gross Profit 74.23% 63.51%
Research & Development $1.643M $1.825M
YoY Change -9.97% -4.9%
% of Gross Profit 9.52% 11.65%
Depreciation & Amortization $2.128M $1.830M
YoY Change 16.28% -5.91%
% of Gross Profit 12.33% 11.68%
Operating Expenses $14.46M $11.77M
YoY Change 22.8% 11.52%
Operating Profit $2.807M $3.892M
YoY Change -27.88% 22.54%
Interest Expense $439.0K $472.0K
YoY Change -6.99% 8.26%
% of Operating Profit 15.64% 12.13%
Other Income/Expense, Net $200.0K $1.200M
YoY Change -83.33% -47.83%
Pretax Income $2.997M $5.000M
YoY Change -40.06% -7.41%
Income Tax $1.069M $1.785M
% Of Pretax Income 35.67% 35.7%
Net Earnings $1.868M $3.223M
YoY Change -42.04% -6.61%
Net Earnings / Revenue 1.33% 2.43%
Basic Earnings Per Share $0.07 $0.12
Diluted Earnings Per Share $0.07 $0.12
COMMON SHARES
Basic Shares Outstanding 27.02M 26.86M
Diluted Shares Outstanding 27.42M 27.31M

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.000M $5.000M
YoY Change 20.0% -13.79%
Cash & Equivalents $5.975M $4.970M
Short-Term Investments
Other Short-Term Assets $10.10M $7.100M
YoY Change 42.25% 18.33%
Inventory $28.86M $30.44M
Prepaid Expenses
Receivables $50.28M $52.14M
Other Receivables $0.00 $200.0K
Total Short-Term Assets $95.19M $94.94M
YoY Change 0.26% 11.05%
LONG-TERM ASSETS
Property, Plant & Equipment $95.87M $78.38M
YoY Change 22.32% 11.96%
Goodwill $49.62M $49.62M
YoY Change 0.0%
Intangibles $48.43M $48.43M
YoY Change 0.0%
Long-Term Investments $62.50M $59.80M
YoY Change 4.52% 56.96%
Other Assets $2.083M $1.662M
YoY Change 25.33% 18.71%
Total Long-Term Assets $265.9M $246.2M
YoY Change 8.03% 13.54%
TOTAL ASSETS
Total Short-Term Assets $95.19M $94.94M
Total Long-Term Assets $265.9M $246.2M
Total Assets $361.1M $341.1M
YoY Change 5.87% 12.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.92M $39.18M
YoY Change -5.78% 12.6%
Accrued Expenses $11.30M $9.900M
YoY Change 14.14% 26.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $5.000M
YoY Change -100.0% 400.0%
Long-Term Debt Due $13.53M $7.550M
YoY Change 79.17% 25.83%
Total Short-Term Liabilities $62.62M $62.19M
YoY Change 0.69% 22.18%
LONG-TERM LIABILITIES
Long-Term Debt $34.69M $34.68M
YoY Change 0.03% 11.14%
Other Long-Term Liabilities $1.700M $1.700M
YoY Change 0.0% 6.25%
Total Long-Term Liabilities $34.69M $34.68M
YoY Change 0.03% 5.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.62M $62.19M
Total Long-Term Liabilities $34.69M $34.68M
Total Liabilities $134.4M $130.0M
YoY Change 3.42% 14.43%
SHAREHOLDERS EQUITY
Retained Earnings $89.92M $77.13M
YoY Change 16.58%
Common Stock $27.00K $27.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $225.1M $209.5M
YoY Change
Total Liabilities & Shareholders Equity $361.1M $341.1M
YoY Change 5.87% 12.83%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $1.868M $3.223M
YoY Change -42.04% -6.61%
Depreciation, Depletion And Amortization $2.128M $1.830M
YoY Change 16.28% -5.91%
Cash From Operating Activities $4.120M -$590.0K
YoY Change -798.31% 136.0%
INVESTING ACTIVITIES
Capital Expenditures -$11.71M -$3.040M
YoY Change 285.2% -8.71%
Acquisitions
YoY Change
Other Investing Activities -$850.0K -$7.000M
YoY Change -87.86% -638.46%
Cash From Investing Activities -$12.56M -$10.04M
YoY Change 25.1% 392.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.320M 7.070M
YoY Change 3.54% -931.76%
NET CHANGE
Cash From Operating Activities 4.120M -590.0K
Cash From Investing Activities -12.56M -10.04M
Cash From Financing Activities 7.320M 7.070M
Net Change In Cash -1.120M -3.560M
YoY Change -68.54% 13.38%
FREE CASH FLOW
Cash From Operating Activities $4.120M -$590.0K
Capital Expenditures -$11.71M -$3.040M
Free Cash Flow $15.83M $2.450M
YoY Change 546.12% -20.45%

Facts In Submission

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6745000
us-gaap Operating Income Loss
OperatingIncomeLoss
7426000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5876000
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3983000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2083000
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1415000
CY2015Q4 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
2997000
CY2014Q4 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
5032000
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
7676000
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
8757000
CY2015Q4 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
1069000
CY2014Q4 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
1785000
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
2760000
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
3086000
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1672000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15203000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7135000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
248000
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1691000
CY2015Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
200000
CY2014Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1200000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1400000
CY2015Q4 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
43972000
CY2014Q4 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
41600000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
90248000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
87972000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
12000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
18000000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
196000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8012000
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5458000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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: left; 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;">Reclassifications</div></div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><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">Certain reclassifications have been made to prior period financial statements to conform to the current period presentation.</div></div></div></div></div></div>
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
249000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
363000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
108000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
100000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
9972000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
11194000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
10500000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25117000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
91000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
CY2015Q4 us-gaap Profit Loss
ProfitLoss
1928000
CY2014Q4 us-gaap Profit Loss
ProfitLoss
3247000
us-gaap Profit Loss
ProfitLoss
4916000
us-gaap Profit Loss
ProfitLoss
5671000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
95869000
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
84465000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
10500000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
20117000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4278000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3341000
CY2015Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1643000
CY2014Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1825000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3518000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3620000
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
85098000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
89918000
CY2015Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
140441000
CY2014Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
132665000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
275796000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
266279000
CY2014Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
132665000
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
140441000
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
132665000
us-gaap Sales Revenue Net
SalesRevenueNet
275796000
us-gaap Sales Revenue Net
SalesRevenueNet
266279000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18808000
CY2015Q4 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of10 Percent Adverse Change In Discount Rate
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInDiscountRate
-1000000
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12815000
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9949000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24979000
us-gaap Share Based Compensation
ShareBasedCompensation
1697000
us-gaap Share Based Compensation
ShareBasedCompensation
748000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
36000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
96000
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
8114
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2010Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
225147000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
218432000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
226672000
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
220109000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2015Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
864000
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1000000
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
720000
CY2015Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
800000
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27420000
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27314000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27417000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27293000
CY2015Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27021000
CY2014Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
26864000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27013000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
26852000
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27021000
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26864000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27013000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26852000

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