In the US, food technology group Landec Corporation has reported on a lower set of results for the first quarter (Q1) of fiscal year 2010, with net revenue down to US$60.9m from US$71.8m last year and net income falling to US$2.2m from US$2.8m in Q1 2009.
The decrease in revenues was partly attributed to a shorter quarter, according to Landec, with net income hit by lower gross profit in key sectors and lower interest income due to lower yields on investments.
However, there was good news for the group's food subsidiary Apio Inc., with value-added fresh-cut vegetable revenue increasing 3 per cent, or US$1.3m, compared with the same period last year.
'Since November 2008, we have felt the impact from the slumping US economy and the decline in consumer spending,' said group chairman and CEO Gary Steele. 'Despite the recession, our fresh-cut vegetable business continues to gain market share and outperform the overall industry category.
'We believe that industry unit volume sales in the fresh-cut vegetable category will begin to return to positive growth during the second-half of fiscal year 2010 as the economy begins to turn around and consumers return to buying fresh, nutritious and conveniently packaged produce products,' he added.
