Tuesday, polymer products maker Landec Corp. (LNDC) reported a marginal increase in profit for the second quarter with earnings per share flat with last year. Revenue for the quarter improved 5%.
Landec's net income for the second quarter was $1.53 million, compared to the year-ago net income of $1.49 million. Earnings per share for the quarter $0.06, flat with last year.
Analysts polled by Thomson Reuters expected earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net income for the quarter was helped by a $0.17 million increase in gross profit in Apio's value-added fresh-cut vegetable business, a $0.19 million decrease in operating costs, and a $0.17 million decrease in income tax expense.
Second-quarter revenue increased 5% to $60.93 million from $58.03 million in the prior-year period. The Street expected revenues of $59.02 million for the quarter.
Landec said that the 5% increase in revenue was due to a $4.4 million or 12% increase in revenue from Landec's food subsidiary Apio, Inc.'s value-added fresh-cut vegetable business with increasing market share, partially offset by a $1.3 million or 7% decrease in revenues from Apio's commission trading business.
For the six-month period, net income decreased to $3.71 million or $0.14 per share from $4.33 million or $0.16 per share in the prior-year period. Revenue for the period declined to $121.87 million from $129.79 million last year.
Gary Steele, Chairman and CEO, Landec, said, "For the month of November 2009 compared to November 2008, the industry unit volume sales in the fresh-cut vegetable category grew 8%. As a result, we believe that industry unit volume sales in the fresh-cut vegetable category will continue to grow during the second half of fiscal year 2010 assuming the economy continues to improve and consumers continue to return to buying fresh, nutritious and conveniently packaged produce products."
LNDC closed Tuesday's regular trading session at $6.27, down $0.11 or 1.72%, on a volume of 58,236 shares on the Nasdaq.
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