Food technology group Landec Corporation has announced a positive set of results for the first quarter of fiscal 2011, with revenues up 7 per cent to US$65m (€48m) from the US$60.9m (€45m) recorded last year.
Net income grew slightly to US$2.3m (€1.7m), or US$0.09 per share, through the first quarter, up from US$2.2m (€1.6m), or US$0.08 per share, for the same period last year.
'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,' said Landec chairman and CEO Gary Steele.
'We still believe that we will realise revenue growth in our Apio food business for all of fiscal 2011,' Mr Steele added. 'The gross margin for all of Apio increased 12.8 per cent in the first quarter of fiscal year 2011 from 12.6 per cent during the first quarter last year.'
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