Landec Corporation Reports Fourth Quarter and Fiscal 2017 Results

Landec consolidated net income in the fourth quarter of fiscal 2017 was $2.5 million or $0.09 per share compared to a net income of $4.7 million or $0.17 per share in the year-ago quarter. The decrease in net income was due to (1) a $4.3 million decrease in gross profit at Lifecore resulting from lower revenues and an unfavorable product mix change compared to the fourth quarter of last year, (2) a $1.7 million increase in R&D expenses for new product development, and (3) a $438,000 decrease in gross profit in Apio’s export business due to lower revenues. These decreases in net income were partially offset by (1) a $1.7 million increase in gross profit in Apio’s packaged fresh vegetables business and (2) a $2.1 million decrease in income taxes.

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