$LFCR
LIFECORE BIOMEDICAL, INC. \DE\

2017 Q4 Form 10-Q Financial Statement

#000143774918000336 Filed on January 05, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $122.5M $110.2M
YoY Change 11.16% -21.56%
Cost Of Revenue $107.5M $116.9M
YoY Change -8.02% -5.09%
Gross Profit $14.92M $17.10M
YoY Change -12.76% -0.94%
Gross Profit Margin 12.18% 15.53%
Selling, General & Admin $12.24M $13.72M
YoY Change -10.78% 7.09%
% of Gross Profit 82.06% 80.24%
Research & Development $3.372M $1.965M
YoY Change 71.6% 19.6%
% of Gross Profit 22.6% 11.49%
Depreciation & Amortization $2.980M $2.550M
YoY Change 16.86% 19.83%
% of Gross Profit 19.97% 14.91%
Operating Expenses $15.62M $15.69M
YoY Change -0.47% 8.51%
Operating Profit -$695.0K $3.264M
YoY Change -121.29% 16.28%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $1.300M
YoY Change
Pretax Income $579.0K $2.067M
YoY Change -71.99% -31.03%
Income Tax $165.0K $693.0K
% Of Pretax Income 28.5% 33.53%
Net Earnings $487.0K $1.326M
YoY Change -63.27% -29.01%
Net Earnings / Revenue 0.4% 1.2%
Basic Earnings Per Share $0.02 $0.05
Diluted Earnings Per Share $0.02 $0.05
COMMON SHARES
Basic Shares Outstanding 27.52M 27.25M
Diluted Shares Outstanding 27.88M 27.62M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.400M $2.600M
YoY Change 69.23% -56.67%
Cash & Equivalents $4.602M $2.566M
Short-Term Investments
Other Short-Term Assets $4.400M $3.900M
YoY Change 12.82% -61.39%
Inventory $30.84M $27.97M
Prepaid Expenses
Receivables $56.36M $50.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $95.99M $84.48M
YoY Change 13.63% -11.26%
LONG-TERM ASSETS
Property, Plant & Equipment $135.3M $121.0M
YoY Change 11.82% 26.18%
Goodwill $54.78M $49.62M
YoY Change 10.4% 0.0%
Intangibles $16.03M $14.43M
YoY Change 11.09% -70.21%
Long-Term Investments $65.80M $62.70M
YoY Change 4.94% 0.32%
Other Assets $5.152M $2.621M
YoY Change 96.57% 25.83%
Total Long-Term Assets $283.3M $256.9M
YoY Change 10.3% -3.4%
TOTAL ASSETS
Total Short-Term Assets $95.99M $84.48M
Total Long-Term Assets $283.3M $256.9M
Total Assets $379.3M $341.3M
YoY Change 11.12% -5.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.48M $25.91M
YoY Change 44.64% -29.81%
Accrued Expenses $16.10M $14.10M
YoY Change 14.18% 24.78%
Deferred Revenue
YoY Change
Short-Term Debt $10.00M $1.500M
YoY Change 566.67%
Long-Term Debt Due $4.940M $4.940M
YoY Change 0.0% -63.48%
Total Short-Term Liabilities $70.19M $46.95M
YoY Change 49.51% -25.02%
LONG-TERM LIABILITIES
Long-Term Debt $39.83M $44.77M
YoY Change -11.04% 29.08%
Other Long-Term Liabilities $6.900M $2.000M
YoY Change 245.0% 17.65%
Total Long-Term Liabilities $39.83M $44.77M
YoY Change -11.04% 29.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.19M $46.95M
Total Long-Term Liabilities $39.83M $44.77M
Total Liabilities $146.6M $121.8M
YoY Change 20.37% -9.4%
SHAREHOLDERS EQUITY
Retained Earnings $87.10M $78.52M
YoY Change 10.93% -12.68%
Common Stock $28.00K $27.00K
YoY Change 3.7% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $231.2M $218.0M
YoY Change
Total Liabilities & Shareholders Equity $379.3M $341.3M
YoY Change 11.12% -5.47%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $487.0K $1.326M
YoY Change -63.27% -29.01%
Depreciation, Depletion And Amortization $2.980M $2.550M
YoY Change 16.86% 19.83%
Cash From Operating Activities $6.336M $9.712M
YoY Change -34.76% 135.73%
INVESTING ACTIVITIES
Capital Expenditures -$3.710M -$2.610M
YoY Change 42.15% -77.71%
Acquisitions
YoY Change
Other Investing Activities -$890.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$11.46M -$8.909M
YoY Change 28.67% -29.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.110M -2.520M
YoY Change -16.27% -134.43%
NET CHANGE
Cash From Operating Activities 6.336M 9.712M
Cash From Investing Activities -11.46M -8.909M
Cash From Financing Activities -2.110M -2.520M
Net Change In Cash -5.127M 803.0K
YoY Change -738.48% -171.7%
FREE CASH FLOW
Cash From Operating Activities $6.336M $9.712M
Capital Expenditures -$3.710M -$2.610M
Free Cash Flow $10.05M $12.32M
YoY Change -18.47% -22.16%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
LANDEC CORP \CA\
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-27
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2017-11-26
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
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dei Trading Symbol
TradingSymbol
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dei Amendment Flag
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MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4087000
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4724000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4330000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5527000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
487000
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
1326000
us-gaap Net Income Loss
NetIncomeLoss
2633000
us-gaap Net Income Loss
NetIncomeLoss
4638000
CY2017Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
26000
CY2016Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
48000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
92000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
81000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
16306000
us-gaap Operating Expenses
OperatingExpenses
33070000
us-gaap Operating Expenses
OperatingExpenses
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CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-554000
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
3264000
us-gaap Operating Income Loss
OperatingIncomeLoss
1968000
us-gaap Operating Income Loss
OperatingIncomeLoss
8734000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8471000
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9125000
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5152000
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2918000
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
239000
CY2016Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
327000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
136000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
327000
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
239000
CY2016Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
327000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
136000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
327000
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
140000
CY2016Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
192000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
85000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
192000
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6863000
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8391000
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1300000
CY2016Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2200000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
CY2017Q4 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
34416000
CY2016Q4 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
45954000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
63665000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
94179000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
233000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
897000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
256000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
272000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7431000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4738000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
115000
CY2017Q4 us-gaap Profit Loss
ProfitLoss
513000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
166000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4426000
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3498000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
193000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
50000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
14500000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1500000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
73000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
14000
us-gaap Profit Loss
ProfitLoss
2725000
us-gaap Profit Loss
ProfitLoss
4719000
CY2016Q4 us-gaap Profit Loss
ProfitLoss
1374000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
135271000
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
133220000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
7500000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
3500000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2543000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
54697000
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3372000
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1965000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6091000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3903000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
87103000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
84470000
CY2017Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
136457000
CY2016Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
135865000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
259814000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
268259000
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
136457000
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
135865000
us-gaap Sales Revenue Net
SalesRevenueNet
259814000
us-gaap Sales Revenue Net
SalesRevenueNet
268259000
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12934000
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13724000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26979000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
27460000
CY2017Q4 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
-4500000
us-gaap Share Based Compensation
ShareBasedCompensation
2066000
us-gaap Share Based Compensation
ShareBasedCompensation
1773000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
393000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
498000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1000
CY2010Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
226609000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
231189000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
232709000
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
228152000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2017 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
535000
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
537000
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
433000
CY2017Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
419000
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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The preparation of financial statements in conformity with <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">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&#x2019;s most significant and subjective judgments include revenue recognition; loss contingencies; sales returns and allowances; inventories; self-insurance liabilities; recognition and measurement of current and deferred income tax assets and liabilities; the assessment of recoverability of long-lived assets including intangible assets; the valuation of investments; and the valuation and recognition of stock-based compensation and contingent liabilities</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">These estimates involve the consideration of complex f<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">actors 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ from management&#x2019;s estimates.</div></div></div></div>
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27875000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27618000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27866000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27572000
CY2017Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27518000
CY2016Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27249000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27512000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27234000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27518000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27249000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27512000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27234000

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