Landec Corporation has reported a 15 per cent rise in revenues for the first quarter of fiscal 2009, ended 31 August, to US71.8m compared to US$62.7m in the year-earlier period.
Operating income increased 26 per cent to US$4.6m compared to US$3.6m in 2008. The company reported net income for the quarter of US$2.8m or US$0.11 per diluted share, compared to US$3.1m or US$0.11 per share for the same period last year.
“The results for our first quarter reflect continuing progress in our businesses,” said Gary Steele, chairman and CEO of Landec. “Overall, revenues grew 15 per cent while operating income grew 26 per cent and pre-tax income grew 12 per cent compared to the first quarter last year. Even more notable, our cash balances grew to US$62.0m with no debt, resulting in the continued strengthening of Landec’s positive financial position.”
Mr Steele said Landec’s food technology business was a major contributor to the company’s growth. The food technology business consists of Apio’s value-added speciality packaged vegetables business plus Apio’s separate packaging business. Their combined revenue growth was 11 per cent in the first quarter and their gross profit increased 17 per cent during that period.
“The packaging technology business benefited from expanded shipments of our BreatheWay packaging technology to Chiquita Brands International for its Chiquita-To-Go banana programme which is focused on selling Chiquita-branded bananas to convenience stores, quick service restaurants and coffee chains,” said Mr Steele.
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