$LFCR
LIFECORE BIOMEDICAL, INC. \DE\

2018 Q1 Form 10-Q Financial Statement

#000143774918006422 Filed on April 05, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $144.9M $129.3M
YoY Change 12.08% -0.54%
Cost Of Revenue $125.1M $113.1M
YoY Change 10.58% -3.35%
Gross Profit $19.81M $22.87M
YoY Change -13.41% 76.89%
Gross Profit Margin 13.67% 17.69%
Selling, General & Admin $13.21M $15.01M
YoY Change -12.0% 40.81%
% of Gross Profit 66.69% 65.62%
Research & Development $3.113M $2.014M
YoY Change 54.57% 6.28%
% of Gross Profit 15.72% 8.81%
Depreciation & Amortization $3.142M $2.717M
YoY Change 15.64% 26.55%
% of Gross Profit 15.86% 11.88%
Operating Expenses $16.32M $19.10M
YoY Change -14.56% -58.97%
Operating Profit $3.485M $4.329M
YoY Change -19.5% -112.88%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $0.00 $700.0K
YoY Change -100.0%
Pretax Income $3.454M $5.050M
YoY Change -31.6% -115.0%
Income Tax -$12.83M $1.556M
% Of Pretax Income -371.37% 30.81%
Net Earnings $16.09M $3.500M
YoY Change 359.66% -116.52%
Net Earnings / Revenue 11.1% 2.71%
Basic Earnings Per Share $0.58 $0.13
Diluted Earnings Per Share $0.57 $0.13
COMMON SHARES
Basic Shares Outstanding 27.55M shares 27.29M
Diluted Shares Outstanding 27.92M shares 27.68M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.700M $12.70M
YoY Change -39.37% 54.88%
Cash & Equivalents $7.660M $12.73M
Short-Term Investments
Other Short-Term Assets $7.600M $4.700M
YoY Change 61.7% -16.07%
Inventory $28.75M $23.27M
Prepaid Expenses
Receivables $50.44M $45.92M
Other Receivables $0.00 $0.00
Total Short-Term Assets $94.45M $86.58M
YoY Change 9.1% 3.18%
LONG-TERM ASSETS
Property, Plant & Equipment $143.4M $123.0M
YoY Change 16.55% 13.14%
Goodwill $54.78M $49.62M
YoY Change 10.4% 0.0%
Intangibles $16.03M $14.43M
YoY Change 11.09% 0.0%
Long-Term Investments $65.80M $63.40M
YoY Change 3.79% 1.44%
Other Assets $5.364M $2.804M
YoY Change 91.3% 21.07%
Total Long-Term Assets $291.4M $259.6M
YoY Change 12.26% 6.04%
TOTAL ASSETS
Total Short-Term Assets $94.45M $86.58M
Total Long-Term Assets $291.4M $259.6M
Total Assets $385.8M $346.1M
YoY Change 11.47% 5.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.24M $24.76M
YoY Change 42.3% -1.3%
Accrued Expenses $17.10M $17.00M
YoY Change 0.59% 47.83%
Deferred Revenue
YoY Change
Short-Term Debt $12.00M $0.00
YoY Change
Long-Term Debt Due $4.940M $4.940M
YoY Change 0.0% -42.2%
Total Short-Term Liabilities $71.19M $47.17M
YoY Change 50.91% 1.76%
LONG-TERM LIABILITIES
Long-Term Debt $38.60M $43.53M
YoY Change -11.35% -10.44%
Other Long-Term Liabilities $6.400M $2.000M
YoY Change 220.0% 17.65%
Total Long-Term Liabilities $38.60M $43.53M
YoY Change -11.35% -10.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.19M $47.17M
Total Long-Term Liabilities $38.60M $43.53M
Total Liabilities $135.7M $122.0M
YoY Change 11.22% -0.06%
SHAREHOLDERS EQUITY
Retained Earnings $103.2M $82.02M
YoY Change 25.82% 19.34%
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 $248.6M $222.6M
YoY Change
Total Liabilities & Shareholders Equity $385.8M $346.1M
YoY Change 11.47% 5.31%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $16.09M $3.500M
YoY Change 359.66% -116.52%
Depreciation, Depletion And Amortization $3.142M $2.717M
YoY Change 15.64% 26.55%
Cash From Operating Activities $20.30M $26.63M
YoY Change -23.76% 541.59%
INVESTING ACTIVITIES
Capital Expenditures -$11.30M -$4.750M
YoY Change 137.89% -56.66%
Acquisitions
YoY Change
Other Investing Activities $20.00K $60.00K
YoY Change -66.67% 50.0%
Cash From Investing Activities -$22.75M -$12.86M
YoY Change 76.89% 17.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K -2.800M
YoY Change -121.43% -131.08%
NET CHANGE
Cash From Operating Activities 20.30M 26.63M
Cash From Investing Activities -22.75M -12.86M
Cash From Financing Activities 600.0K -2.800M
Net Change In Cash -2.446M 13.77M
YoY Change -117.77% 514.6%
FREE CASH FLOW
Cash From Operating Activities $20.30M $26.63M
Capital Expenditures -$11.30M -$4.750M
Free Cash Flow $31.60M $31.38M
YoY Change 0.71% 107.65%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-6000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
90000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
75000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
16920000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
19103000
us-gaap Operating Expenses
OperatingExpenses
49990000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3208000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4329000
us-gaap Operating Income Loss
OperatingIncomeLoss
5176000
us-gaap Operating Income Loss
OperatingIncomeLoss
13063000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10369000
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9125000
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5364000
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2918000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
347000
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
103000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
483000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
430000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
347000
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
103000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
483000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
430000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
210000
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
59000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
552000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
251000
CY2018Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6417000
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8391000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
700000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2200000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
700000
CY2018Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
37906000
CY2017Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
39102000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
101571000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
133285000
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
902000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
394000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
385000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18533000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9488000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
115000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
166000
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7614000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
74000
us-gaap Profit Loss
ProfitLoss
18811000
us-gaap Profit Loss
ProfitLoss
8213000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
16086000
CY2017Q1 us-gaap Profit Loss
ProfitLoss
3494000
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
233000
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
18000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1500000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
88000
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
143362000
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
133220000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
9000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
5000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3805000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
55966000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3113000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2014000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9204000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5917000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
103191000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
84470000
CY2018Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
149323000
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
136568000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
409137000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
404827000
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
149323000
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
136568000
us-gaap Sales Revenue Net
SalesRevenueNet
409137000
us-gaap Sales Revenue Net
SalesRevenueNet
404827000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13807000
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15009000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
40786000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
41969000
CY2018Q1 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
-4200000
us-gaap Share Based Compensation
ShareBasedCompensation
3212000
us-gaap Share Based Compensation
ShareBasedCompensation
2842000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
498000
CY2010Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
248632000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
226609000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
250150000
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
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
472000
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
537000
CY2018Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
366000
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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The preparation of financial statements in conformity with <div style="display: inline; font-family: &quot;Times New Roman&quot;, 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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">.</div></div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">These estimates involve the consideration of comple<div style="display: inline; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">x</div> 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 <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> may </div>differ from management&#x2019;s estimates.</div></div></div></div></div>
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27918000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27682000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27884000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27608000
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27547000
CY2017Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27286000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27524000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
27252000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27547000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27286000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27524000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27252000

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