Landec Corporation (NASDAQ:LNDC) fell back in the standings on Friday markets, after the company reported weaker-than-expected results for its second quarter.
The Santa Clara, California-based Landec, a leading innovator of diversified health and wellness solutions with two operating businesses, Landec Natural Foods (LNF) and Lifecore Biomedical, Inc. reported consolidated revenues were $124.9 million, consistent with the low end of its revenue guidance for the quarter.
CEO Molly Hemmeter declared, "We continue to make progress toward our long-term strategic plan of driving growth and profitability through innovation within our contract development and manufacturing organization (CDMO) business at Lifecore and within our LNF business, which includes Eat Smart®packaged fresh vegetables and salad kits and our emerging natural food brands - O Olive & Vinegar®, Now Planting®, and our newly acquired Yucatan® and Cabo Fresh® brands."
Hemmeter continued "The earnings per share (figure) was below guidance because of acquisition-related costs but in line with earnings per share guidance at breakeven excluding acquisition-related costs.”
Gross profit increased 11% to $16.6 million, while gross profit margin increased 110 basis points to 13.3%. The Company recorded a net loss of $584,000, or a $0.02 loss per share, in the second quarter of fiscal 2019 compared to net income from continuing operations of $414,000, or $0.02 per share, in the year-ago quarter.
Landec claims to be a leading innovator of diversified health and wellness solutions with two operating businesses, Landec Natural Foods (LNF) and Lifecore Biomedical, Inc. LNF is focused on innovating and distributing fresh, plant-based foods with 100% clean ingredients through grocery, mass market and foodservice channels
Shares dipped 11 cents, or 1%, to $11.30
