Landec Corporation Reports Third Quarter and Nine Months Fiscal 2016 Results

Revenues in the third quarter of fiscal 2016 decreased 6% to $130.0 million from $138.5 million in the year-ago quarter. The decrease was primarily due to a 7% decrease in revenues in Apio’s packaged fresh vegetable business due to a 12% reduction in sales volume and a 22% decrease in revenues in Apio’s export business due to a 21% reduction in sales volume. The decrease in revenues in both of Apio’s businesses were due to severe produce shortages which resulted in Apio being unable to fulfill all the demand from its customers for its core vegetable line of packaged products, although Apio was able to meet all of the demand for its salad kit products. The decrease in Apio revenues was partially offset by a 6% increase in revenues at Lifecore.

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