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Stock News Buzz: Landec Corporation (NASDAQ:LNDC)

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Landec Corporation (NASDAQ:LNDC) changed 2.08% to recent value of $11.27. The stock transacted 221788 shares during most recent day however it has an average volume of 146.89K shares. It spotted trading -5.21% off 52-week high price. On the other end, the stock has been noted 50.67% away from the low price over the last 52-weeks.

On Jan. 6, 2021, Landec Corporation (NASDAQ:LNDC) a diversified health and wellness company with two operating businesses, Curation Foods and Lifecore Biomedical, released results for the fiscal 2021 second quarter and year-to-date period ended November 29, 2020.

FISCAL SECOND QUARTER 2021 BUSINESS HIGHLIGHTS:

  • Revenues of $130.9 million, a planned decrease of 8.2% year-over-year
  • Gross profit of $20.6 million, an increase of 33.0% year-over-year
  • Net loss of $13.3 million, which includes $4.4 million of restructuring and other non-recurring charges such as legal expenses, as well as a Windset non-cash fair market value adjustment of $9.4 million, both net of tax
  • Diluted net loss per share of $0.45; adjusted diluted net income per share of $0.02, which excludes $0.15 per share of restructuring and other non-recurring charges, as well as a $0.32 per share negative Windset fair market value adjustment, both net of tax
  • Adjusted EBITDA of $8.7 million, compared to $0.9 million in the prior year period
  • Lifecore segment adjusted EBITDA of $7.3 million, compared to $5.6 million in the prior year period
  • Curation Foods segment adjusted EBITDA of $2.4 million, compared to a loss of $4.4 million in the prior year period
  • Closed on a comprehensive refinancing of credit facilities, which was subsequently completed on December 31, 2020

FIRST SIX MONTHS FISCAL 2021 BUSINESS HIGHLIGHTS:

  • Revenues of $266.5 million, a planned decrease of 5.2% year-over-year
  • Gross profit of $37.0 million, an increase of 19.9% year-over-year
  • Net loss of $24.3 million, which includes $12.5 million of restructuring and other non-recurring charges such as expenses incurred by consolidating and optimizing operations associated with Project SWIFT, as well as a Windset non-cash fair market value adjustment of $9.1 million, both net of tax
  • Diluted net loss per share of $0.83; adjusted diluted net loss per share of $0.09, which excludes $0.43 per share of restructuring and other non-recurring charges, as well as a $0.31 per share negative Windset fair market value adjustment, both net of tax
  • Adjusted EBITDA of $11.8 million, compared to $1.2 million in the prior year period

LNDC has a gross margin of 12.90% and an operating margin of -8.00% while its profit margin remained -7.60% for the last 12 months. Its earnings per share (EPS) expected to touch remained 111.50% for this year while earning per share for the next 5-years is expected to reach at 10.00%.

The company has 29.24M of outstanding shares and 28.47M shares were floated in the market. According to the most recent quarter its current ratio was 1 that represents company’s ability to meet its current financial obligations. The price moved ahead of 2.84% from the mean of 20 days, 8.00% from mean of 50 days SMA and performed 12.72% from mean of 200 days price. Company’s performance for the week was 7.64%, 1.53% for month and YTD performance remained 3.87%.

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