{"id":409847,"date":"2021-01-06T16:08:26","date_gmt":"2021-01-06T21:08:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=409847"},"modified":"2021-01-06T16:08:26","modified_gmt":"2021-01-06T21:08:26","slug":"landec-corporation-reports-second-quarter-and-first-half-fiscal-year-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/landec-corporation-reports-second-quarter-and-first-half-fiscal-year-2021-results\/","title":{"rendered":"Landec Corporation Reports Second Quarter and First Half Fiscal Year 2021 Results"},"content":{"rendered":"

\nReiterates Fiscal 2021 Guidance
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SANTA MARIA, Calif., Jan. 06, 2021 (GLOBE NEWSWIRE) — Landec Corporation (Nasdaq: LNDC), a diversified health and wellness company with two operating businesses, Curation Foods, Inc. and Lifecore Biomedical, Inc., reported results for the fiscal 2021 second quarter and year-to-date period ended November\u00a029, 2020. Looking forward, Landec\u2019s strategy to create shareholder value is to deliver against its long-term targets, strengthen its balance sheet, selectively invest in innovation and growth and implement strategic priorities to improve operating margins at Curation Foods and drive top line growth at Lifecore.<\/p>\n

\n CEO COMMENTS:<\/strong>
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Dr. Albert Bolles, Landec\u2019s President and CEO stated, \u201cWe are delivering against our strategic plan to create shareholder value by significantly improving the performance of Curation Foods in the first six months of fiscal 2021, supporting the growth of Lifecore, and implementing a comprehensive refinancing of the balance sheet. We drove a $10.6 million increase in our first six months adjusted EBITDA versus the prior year period, with both segments contributing to this strong performance. We believe that our hard work to optimize our operations is resulting in significant improvements to our consolidated financial results, which is demonstrated by our $33.4 million increase in operating cash flow in the first six months of fiscal 2021 compared to the prior year period.\u201d<\/p>\n

Dr. Bolles continued, \u201cAt Lifecore, we remain focused on supporting its business development pipeline and advancing commercialization of key projects to drive consistent long-term double-digit growth in a robust CDMO marketplace. At Curation Foods, we believe that we have right sized and focused the business and are beginning to demonstrate significant measurable improvements. This is perhaps most visible in Curation Foods\u2019 gross margin profile, which increased approximately 360 basis points to 9.4% in the fiscal second quarter compared to 5.8% in the prior year second quarter. We believe Curation Foods is well on its way to achieving our estimated steady state gross margin targets of 11% to 14% by fiscal year-end 2021 that we laid out previously. The improved consolidated cash flow generation, which was largely driven by the turnaround of Curation Foods, allowed us to close on a comprehensive refinancing of our debt facilities on December 31, 2020, which provides us the flexibility and terms to continue supporting growth initiatives at both our businesses. Looking ahead, we remain focused on further advancing our key pillars of success \u2013 simplifying the business, achieving operational excellence, and focusing on customer and consumer insight-driven innovation \u2013 to execute against our fiscal 2021 plan and to drive consistent improvement in our financial performance.\u201d<\/p>\n

\n FISCAL SECOND QUARTER 2021 BUSINESS HIGHLIGHTS:<\/strong>\n <\/p>\n