This document consists of 34 pages, of which this is page number 1.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Quarter Ended August 29, 2004, or
o 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)
|
California |
|
94-3025618 |
|
(State or other jurisdiction of |
|
(IRS Employer |
|
|
|
|
|
3603 Haven Avenue |
||
|
(Address of principal executive offices) |
||
|
|
|
|
|
Registrant’s telephone number, including area code: |
||
|
(650) 306-1650 |
||
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 ý No o
As of September 27, 2004, there were 23,232,691 shares of Common Stock outstanding.
LANDEC CORPORATION
FORM 10-Q For the Fiscal Quarter Ended August 29, 2004
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
LANDEC CORPORATION
(In thousands)
|
|
|
August 29, |
|
May 30, |
|
||
|
|
|
(Unaudited) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current Assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
5,585 |
|
$ |
6,458 |
|
|
Accounts receivable, less allowance for doubtful accounts of $272 and $265 at August 29, 2004 and May 30, 2004 |
|
15,181 |
|
14,851 |
|
||
|
Accounts receivable, related party |
|
465 |
|
498 |
|
||
|
Inventory |
|
13,173 |
|
11,227 |
|
||
|
Notes and advances receivable |
|
590 |
|
1,144 |
|
||
|
Notes receivable, related party |
|
167 |
|
306 |
|
||
|
Prepaid expenses and other current assets |
|
1,471 |
|
1,527 |
|
||
|
Total Current Assets |
|
36,632 |
|
36,011 |
|
||
|
|
|
|
|
|
|
||
|
Property and equipment, net |
|
18,396 |
|
18,341 |
|
||
|
Goodwill, net |
|
25,987 |
|
25,987 |
|
||
|
Trademarks and other intangible, net |
|
11,641 |
|
11,655 |
|
||
|
Notes receivable |
|
605 |
|
605 |
|
||
|
Notes receivable, related party |
|
52 |
|
96 |
|
||
|
Other assets |
|
288 |
|
312 |
|
||
|
Total Assets |
|
$ |
93,601 |
|
$ |
93,007 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Current Liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
16,096 |
|
$ |
14,960 |
|
|
Related party payables |
|
234 |
|
430 |
|
||
|
Accrued compensation |
|
1,068 |
|
1,570 |
|
||
|
Other accrued liabilities |
|
2,687 |
|
2,506 |
|
||
|
Deferred revenue |
|
764 |
|
807 |
|
||
|
Lines of credit |
|
5,882 |
|
5,317 |
|
||
|
Current maturities of long term debt |
|
1,493 |
|
1,505 |
|
||
|
Total Current Liabilities |
|
28,224 |
|
27,095 |
|
||
|
|
|
|
|
|
|
||
|
Long term debt, less current maturities |
|
2,107 |
|
2,174 |
|
||
|
Other liabilities |
|
615 |
|
637 |
|
||
|
Minority interest |
|
1,707 |
|
1,552 |
|
||
|
|
|
|
|
|
|
||
|
Shareholders’ Equity: |
|
|
|
|
|
||
|
Common stock |
|
116,932 |
|
116,841 |
|
||
|
Accumulated deficit |
|
(55,984 |
) |
(55,292 |
) |
||
|
Total Shareholders’ Equity |
|
60,948 |
|
61,549 |
|
||
|
Total Liabilities and Shareholders’ Equity |
|
$ |
93,601 |
|
$ |
93,007 |
|
See accompanying notes.
3
LANDEC CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
|
|
|
Three Months Ended |
|
||||
|
|
|
August 29, |
|
August 31, |
|
||
|
Revenues: |
|
|
|
|
|
||
|
Product sales |
|
$ |
45,557 |
|
$ |
38,827 |
|
|
Services revenue |
|
¾ |
|
2,074 |
|
||
|
Services revenue, related party |
|
1,162 |
|
763 |
|
||
|
License fees |
|
22 |
|
22 |
|
||
|
Research, development and royalty revenues |
|
40 |
|
52 |
|
||
|
Royalty revenues, related party |
|
73 |
|
65 |
|||