Landec Corp. Trades Lower on Revenue Miss (LNDC)

Landec Corp. LNDC reports Q1 earnings of $0.09 versus consensus of $0.09. Landec Corp. reports revenues of $65.0 million versus consensus of $69.37 million. "For the first quarter of fiscal year 2011, we generated $2.3 million in net income and $4.4 million of positive cash flow from operations," stated Gary Steele, Chairman and CEO of Landec. He added, "Gross profit for the first quarter of fiscal year 2011 increased $2.9 million to $11.8 million compared to the first quarter of fiscal year 2010, while gross margin improved 3.6 percentage points to 18.2% compared to 14.6% during the first quarter last year, and also increased by 2.1 percentage points compared to 16.1% in the prior quarter. Landec's hyaluronan-based biomaterials subsidiary, Lifecore Biomedical, Inc., completed its first full quarter under Landec's ownership and generated $6.4 million in revenues with a gross margin of 47% generating $3.0 million in gross profit.” “Overall revenues for Landec increased 7% during the first quarter of fiscal year 2011 compared to last year's first quarter. Revenue growth during the first quarter of fiscal year 2011 was adversely impacted by Apio, Inc., Landec's food subsidiary, due to delays in harvesting certain export products that we expect to ship in the second quarter.” Shares of LNDC are lower by 2.94% in the after-hours.