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 |
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For the Fiscal Quarter Ended February 29, 2004, or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Transition period from to . |
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Commission file number: 0-27446 |
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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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Registrant’s 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.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
As of April 2, 2004, there were 21,355,627 shares of Common Stock and 170,729 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 February 29, 2004
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1 |
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Consolidated Balance Sheets as of February 29, 2004 and May 25, 2003 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
Item 1. Financial Statements
LANDEC
CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
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February
29, |
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May 25, |
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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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$ |
6,248 |
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$ |
3,699 |
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Restricted cash |
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375 |
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2,382 |
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Accounts receivable, less allowance for doubtful accounts of $247 and $191 at February 29, 2004 and May 25, 2003 |
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11,336 |
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17,313 |
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Accounts receivable, related party |
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364 |
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¾ |
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Inventory |
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16,668 |
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11,716 |
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Investment in farming activities |
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162 |
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50 |
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Notes and advances receivable |
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935 |
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2,312 |
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Notes receivable, related party |
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326 |
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83 |
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Prepaid expenses and other current assets |
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1,812 |
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1,614 |
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Total Current Assets |
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38,226 |
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39,169 |
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Property and equipment, net |
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18,636 |
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18,511 |
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Goodwill, net |
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25,987 |
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26,116 |
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Trademarks and other intangible, net |
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11,680 |
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11,710 |
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Notes receivable |
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925 |
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1,120 |
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Notes receivable, related party |
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151 |
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¾ |
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Other assets |
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350 |
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261 |
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Total Assets |
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$ |
95,955 |
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$ |
96,887 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
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$ |
11,289 |
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$ |
13,940 |
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Grower payables |
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¾ |
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3,234 |
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Related party payables |
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436 |
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632 |
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Accrued compensation |
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993 |
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1,223 |
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Other accrued liabilities |
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2,435 |
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3,931 |
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Deferred revenue |
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11,772 |
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719 |
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Lines of credit |
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6,279 |
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7,244 |
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Current maturities of long term debt |
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1,645 |
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2,375 |
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Total Current Liabilities |
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34,849 |
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33,298 |
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Long term debt, less current maturities |
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2,261 |
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3,875 |
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Other liabilities |
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659 |
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760 |
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Minority interest |
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1,301 |
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1,051 |
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Shareholders’ Equity: |
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Preferred stock |
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5,876 |
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5,531 |
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Common stock |
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110,564 |
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110,100 |
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Accumulated deficit |
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(59,555 |
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(57,728 |
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Total Shareholders’ Equity |
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56,885 |
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57,903 |
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Total Liabilities and Shareholders’ Equity |
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$ |
95,955 |
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$ |
96,887 |
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See accompanying notes.
3
LANDEC CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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February
29, |
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March 2, |
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February
29, |
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March 2, |
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Revenues: |
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Product sales |
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$ |
47,347 |
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$ |
39,547 |
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$ |
127,738 |
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$ |
109,700 | |