Landec Corp. posts increase in Q2 results, misses revenue estimates
Landec Corp. (Nasdaq: LNDC) reported after Thursday’s close that financial results for its second quarter of fiscal year 2008 rose over the previous year. However, revenue missed analysts’ estimates on Wall Street.
For the three months ended Nov. 25, revenues were $59 million, below the Thomson Financial mean estimate of $61.3 million. Revenues were $55.2 million in the 2007 quarter.
The Menlo Park, Calif.-based company attributed its increase in revenues to a $3.5 million, or 10%, increase in revenues from Apio’s specialty packaging vegetable products and a $940,000, or 130% increase in revenues from the firm’s technology licensing business.
The manufacturer of temperature-activated and polymer products for various food products and agricultural products recorded net income of $3.1 million, or $0.12 per share, compared with net income of $108,000, or $0.00 per share, in the second quarter of 2007. Net income was right in line with the consensus estimate on Wall Street.
Among the items affecting net income included a $1 million increase in licensing gross profit primarily due to an Intellicoat license agreement with Monsanto and the elimination of $3.1 million of operating losses incurred by Landec Ag in the second quarter of fiscal year 2007.
Shares of Landec (LNDC) slipped 7.69$, or $0.97, to $11.65 in pre-market. Shares of Landec have been trading in the range of $9.60 to $16.75 for the past 52 weeks.
