This document consists of 34 pages, of which this is page number 1.
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 27, 2005, or |
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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 |
3603 Haven Avenue
Menlo Park, California 94025
(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 March 23, 2005, there were 24,020,986 shares of Common Stock outstanding.
LANDEC CORPORATION
FORM 10-Q For the Fiscal Quarter Ended February 27, 2005
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Facing sheet |
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Consolidated Balance Sheets as of February 27, 2005 and May 30, 2004 |
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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
(In thousands)
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February 27, |
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May 30, |
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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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$ |
14,899 |
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$ |
6,458 |
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Accounts receivable, less allowance for doubtful accounts of $246 and $265 at February 27, 2005 and May 30, 2004 |
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11,330 |
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14,851 |
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Accounts receivable, related party |
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327 |
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498 |
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Inventory |
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14,407 |
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11,227 |
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Notes and advances receivable |
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746 |
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1,144 |
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Notes receivable, related party |
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118 |
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306 |
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Prepaid expenses and other current assets |
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1,971 |
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1,527 |
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Total Current Assets |
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43,798 |
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36,011 |
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Property and equipment, net |
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18,537 |
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18,341 |
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Goodwill, net |
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25,987 |
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25,987 |
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Trademarks and other intangible, net |
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11,628 |
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11,737 |
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Notes receivable |
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765 |
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605 |
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Notes receivable, related party |
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35 |
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96 |
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Other assets |
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282 |
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230 |
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Total Assets |
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$ |
101,032 |
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$ |
93,007 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
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11,223 |
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$ |
14,960 |
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Related party payables |
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338 |
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430 |
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Accrued compensation |
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1,547 |
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1,570 |
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Other accrued liabilities |
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2,969 |
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2,506 |
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Deferred revenue |
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11,646 |
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807 |
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Lines of credit |
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857 |
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5,317 |
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Current maturities of long term debt |
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557 |
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1,505 |
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Total Current Liabilities |
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29,137 |
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27,095 |
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Long term debt, less current maturities |
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2,671 |
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2,174 |
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Other liabilities |
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572 |
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637 |
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Minority interest |
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1,346 |
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1,552 |
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Shareholders’ Equity: |
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Common stock, $0.001 par value; 50,000,000 shares authorized; 24,020,986 and 23,182,020 shares issued and outstanding at February 27, 2005 and May 30, 2004, respectively |
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121,805 |
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116,841 |
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Accumulated deficit |
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(54,499 |
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(55,292 |
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Total Shareholders’ Equity |
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67,306 |
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61,549 |
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Total Liabilities and Shareholders’ Equity |
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$ |
101,032 |
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$ |
93,007 |
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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 27, |
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February 29, |
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February 27, |
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February 29, |
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