Landec has reported on its results for the second quarter of fiscal 2012, with revenues climbing and net income soaring on the same period of 2011.
Revenues for the second quarter of fiscal 2012 increased by 16 per cent to US$81.6m, compared with US$70.2m the year before, driven by growth in food and biomaterials – specifically Apio’s value-added business including fresh-cut specialty packaged vegetables, Apio Cooling and Apio Packaging.
Net income climbed by 63 per cent to US$3.3m, or US$0.13 per share, up from the US$2.1m recorded in the second quarter of fiscal 2011. This was boosted by US$1.4m of pre-tax income from an investment in Windset Farms and a US$1.1m increase in pre-tax income from Apio’s value-added and export businesses.
'We had a very good second quarter, achieving revenue growth of 16 per cent and net income growth of 63 per cent,' confirmed Gary Steele, Landec’s Chairman and CEO. 'Our Apio food business grew revenues and profits in both its value-added business and its export business. The growth for these businesses can be primarily attributed to increased sales volumes and normal weather patterns so far this year.
'Overall Apio’s revenues increased 18 per cent and its pre-tax net income more than doubled during the quarter compared to the second quarter of last year,' Steele added. 'Our Lifecore business increased revenues 10 per cent during the quarter and pre-tax income was flat with the second quarter of last year due to the timing of production, which resulted in reduced absorption of overhead costs during the quarter.'
