SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Quarter Ended January 26, 2003,
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition period from to .
Commission file number: 0-27446
LANDEC CORPORATION
(Exact name of registrant as specified in its charter)
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California |
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94-3025618 |
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(State or other
jurisdiction of |
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(IRS Employer |
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3603 Haven Avenue |
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(Address of principal executive offices) |
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Registrants telephone number, including area code: |
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(650) 306-1650 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. |
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Yes |
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No |
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Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). |
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Yes |
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No |
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As of March 3, 2003, there were 21,107,517 shares of Common Stock and 157,726 shares of Convertible Preferred Stock, convertible into ten shares of Common Stock for each share of Preferred Stock, outstanding. |
LANDEC CORPORATION
FORM 10-Q For the Fiscal Quarter Ended January 26, 2003
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a) Consolidated condensed balance sheets as of January 26, 2003 and October 27, 2002 |
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Managements Discussion and Analysis of Financial Condition and Results of Operations |
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3
LANDEC CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
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January
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October
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(Unaudited) |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
5,339 |
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$ |
7,849 |
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Restricted cash |
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2,382 |
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1,032 |
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Accounts receivable, less allowance for doubtful accounts of $837 and $1,022 at January 26, 2003 and October 27, 2002 |
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14,722 |
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19,040 |
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Inventory |
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17,266 |
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10,121 |
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Investment in farming activities |
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700 |
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1,591 |
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Notes and advances receivable |
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2,720 |
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3,645 |
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Notes receivable, related party |
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751 |
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Prepaid expenses and other current assets |
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2,097 |
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2,456 |
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Total Current Assets |
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45,226 |
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46,485 |
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Property and equipment, net |
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19,202 |
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19,902 |
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Goodwill |
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25,733 |
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25,733 |
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Other intangible assets, net |
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11,732 |
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11,747 |
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Notes receivable |
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1,465 |
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1,132 |
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Restricted cash, non-current |
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1,350 |
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Other assets |
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296 |
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1,454 |
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$ |
103,654 |
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$ |
107,803 |
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Liabilities and Shareholders Equity |
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Current Liabilities: |
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Accounts payable |
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$ |
10,362 |
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$ |
11,512 |
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Grower payables |
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1,001 |
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6,460 |
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Related party payables |
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174 |
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450 |
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Accrued compensation |
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1,312 |
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1,518 |
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Other accrued liabilities |
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4,314 |
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7,771 |
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Deferred revenue |
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15,404 |
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3,215 |
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Lines of credit |
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8,134 |
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10,098 |
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Current maturities of long term debt |
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2,255 |
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2,193 |
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Total Current Liabilities |
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42,956 |
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43,217 |
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Long term debt, less current maturities |
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3,922 |
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5,252 |
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Other liabilities |
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1,544 |
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1,791 |
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Minority interest |
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1,158 |
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1,580 |
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Total Liabilities |
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49,580 |
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51,840 |
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Shareholders Equity: |
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Preferred stock |
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5,420 |
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14,461 |
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Common stock |
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110,098 |
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100,802 |
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Accumulated deficit |
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(61,444 |
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(59,300 |
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Total Shareholders Equity |
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54,074 |
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55,963 |
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$ |
103,654 |
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$ |
107,803 |
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See accompanying notes.
4
LANDEC CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
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Three Months Ended |
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January
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January
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Revenues: |
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Product sales |
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$ |
34,203 |
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$ |
32,924 |
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Services revenue |
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5,996 |
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6,094 |
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Service revenue, related party |
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454 |
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780 |
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License fees |
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272 |
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427 |
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Research, development and royalty revenues |
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200 |
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121 |
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Total revenues |
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41,125 |
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40,346 |
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