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10-Q Filing

LIFECORE BIOMEDICAL, INC. DE CIK: 1005286 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001005286-21-000058
Period End Date 20210831
Filing Date 20211005
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance lndc-20210829_htm.xml
Filing Contents
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 50.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 50.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $360.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $589.00K USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 29.46M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.29M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 29.33M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.45M USD Point-in-time
Accounts receivable, less allowance for credit losses AccountsReceivableNetCurrent $61.96M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 29.46M shares Point-in-time
Accounts receivable, less allowance for credit losses AccountsReceivableNetCurrent $70.01M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 29.33M shares Point-in-time
Inventories InventoryNet $69.42M USD Point-in-time
Inventories InventoryNet $69.66M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $9.59M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $7.35M USD Point-in-time
Total Current Assets AssetsCurrent $142.41M USD Point-in-time
Total Current Assets AssetsCurrent $148.32M USD Point-in-time
Investment in non-public company, fair value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue $45.10M USD Point-in-time
Investment in non-public company, fair value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue - USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $179.56M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $180.46M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $20.83M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $14.30M USD Point-in-time
Goodwill Goodwill $69.39M USD Point-in-time
Goodwill Goodwill $69.39M USD Point-in-time
Trademarks/tradenames, net IndefiniteLivedTrademarks $25.33M USD Point-in-time
Trademarks/tradenames, net IndefiniteLivedTrademarks $25.33M USD Point-in-time
Customer relationships, net FiniteLivedCustomerListsNet $10.79M USD Point-in-time
Customer relationships, net FiniteLivedCustomerListsNet $10.29M USD Point-in-time
Other assets OtherAssetsNoncurrent $3.44M USD Point-in-time
Other assets OtherAssetsNoncurrent $3.61M USD Point-in-time
Total Assets Assets $502.92M USD Point-in-time
Total Assets Assets $445.62M USD Point-in-time
Accounts payable AccountsPayableCurrent $46.35M USD Point-in-time
Accounts payable AccountsPayableCurrent $47.57M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $12.30M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $9.17M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrent $8.00M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrent $10.86M USD Point-in-time
Current portion of lease liabilities OperatingAndFinanceLeaseLiabilityCurrent $4.05M USD Point-in-time
Current portion of lease liabilities OperatingAndFinanceLeaseLiabilityCurrent $3.89M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $1.13M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $1.22M USD Point-in-time
Line of credit LinesOfCreditCurrent $29.00M USD Point-in-time
Line of credit LinesOfCreditCurrent $32.00M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $101.89M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $103.65M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $123.83M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $164.90M USD Point-in-time
Long-term lease liabilities OperatingAndFinanceLeaseLiabilityNoncurrent $17.07M USD Point-in-time
Long-term lease liabilities OperatingAndFinanceLeaseLiabilityNoncurrent $23.61M USD Point-in-time
Deferred taxes, net DeferredIncomeTaxLiabilitiesNet $4.09M USD Point-in-time
Deferred taxes, net DeferredIncomeTaxLiabilitiesNet $6.14M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $3.60M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $3.10M USD Point-in-time
Total Liabilities Liabilities $300.14M USD Point-in-time
Total Liabilities Liabilities $251.75M USD Point-in-time
Common stock, $0.001 par value; 50,000 shares authorized; 29,462 and 29,333 shares issued and outstanding at August 29, 2021 and May 30, 2021, respectively CommonStockValue $29.00K USD Point-in-time
Common stock, $0.001 par value; 50,000 shares authorized; 29,462 and 29,333 shares issued and outstanding at August 29, 2021 and May 30, 2021, respectively CommonStockValue $29.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $165.53M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $165.72M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $29.10M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $38.58M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.36M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-992.00K USD Point-in-time
Total Stockholders Equity StockholdersEquity $231.04M USD Point-in-time
Total Stockholders Equity StockholdersEquity $221.16M USD Point-in-time
Total Stockholders Equity StockholdersEquity $193.87M USD Point-in-time
Total Stockholders Equity StockholdersEquity $202.78M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $502.92M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $445.62M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Product sales RevenueFromContractWithCustomerIncludingAssessedTax $135.64M USD 1 Quarter
Product sales RevenueFromContractWithCustomerIncludingAssessedTax $128.79M USD 1 Quarter
Cost of product sales CostOfGoodsAndServicesSold $111.27M USD 1 Quarter
Cost of product sales CostOfGoodsAndServicesSold $119.30M USD 1 Quarter
Gross profit GrossProfit $16.35M USD 1 Quarter
Change in net unrealized gains (losses) on interest rate swap, tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax $-121.00K USD 1 Quarter
Gross profit GrossProfit $17.52M USD 1 Quarter
Change in net unrealized gains (losses) on interest rate swap, tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax $-90.00K USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $2.51M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $2.83M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $15.94M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $17.90M USD 1 Quarter
Restructuring costs RestructuringCharges $8.40M USD 1 Quarter
Restructuring costs RestructuringCharges $2.56M USD 1 Quarter
Total operating costs and expenses OperatingExpenses $28.82M USD 1 Quarter
Total operating costs and expenses OperatingExpenses $21.33M USD 1 Quarter
Operating loss OperatingIncomeLoss $-3.81M USD 1 Quarter
Operating loss OperatingIncomeLoss $-12.47M USD 1 Quarter
Dividend income InvestmentIncomeDividend - USD 1 Quarter
Dividend income InvestmentIncomeDividend $281.00K USD 1 Quarter
Interest income InvestmentIncomeInterest $27.00K USD 1 Quarter
Interest income InvestmentIncomeInterest $8.00K USD 1 Quarter
Interest expense InterestExpense $3.11M USD 1 Quarter
Interest expense InterestExpense $7.92M USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $-21.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $109.00K USD 1 Quarter
Net loss before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-15.31M USD 1 Quarter
Net loss before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-11.59M USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $-2.11M USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $-4.31M USD 1 Quarter
Net loss NetIncomeLoss $-11.00M USD 1 Quarter
Net loss NetIncomeLoss $-9.48M USD 1 Quarter
Net loss per common share - basic (in dollars per share) EarningsPerShareBasic $-0.32 USD 1 Quarter
Net loss per common share - basic (in dollars per share) EarningsPerShareBasic $-0.38 USD 1 Quarter
Net loss per common share - diluted (in dollars per share) EarningsPerShareDiluted $-0.32 USD 1 Quarter
Net loss per common share - diluted (in dollars per share) EarningsPerShareDiluted $-0.38 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 29.42M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 29.24M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.42M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.24M shares 1 Quarter
Net unrealized gain (losses) on interest rate swaps (net of tax effect of $(90) and $(121)) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $366.00K USD 1 Quarter
Net unrealized gain (losses) on interest rate swaps (net of tax effect of $(90) and $(121)) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $304.00K USD 1 Quarter
Other comprehensive income, net OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $366.00K USD 1 Quarter
Other comprehensive income, net OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $304.00K USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-9.11M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-10.70M USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-11.00M USD 1 Quarter
Net loss NetIncomeLoss $-9.48M USD 1 Quarter
Depreciation, amortization of intangibles, debt costs and right-of-use assets DepreciationDepletionAndAmortization $5.05M USD 1 Quarter
Depreciation, amortization of intangibles, debt costs and right-of-use assets DepreciationDepletionAndAmortization $5.10M USD 1 Quarter
Deferred taxes DeferredIncomeTaxesAndTaxCredits $-4.35M USD 1 Quarter
Deferred taxes DeferredIncomeTaxesAndTaxCredits $-2.14M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $620.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $892.00K USD 1 Quarter
Provision for expected credit losses ProvisionForDoubtfulAccounts $35.00K USD 1 Quarter
Provision for expected credit losses ProvisionForDoubtfulAccounts $60.00K USD 1 Quarter
Net loss (gain) on disposal of property and equipment held and used GainLossOnSaleOfPropertyPlantEquipment $11.00K USD 1 Quarter
Net loss (gain) on disposal of property and equipment held and used GainLossOnSaleOfPropertyPlantEquipment $-16.00K USD 1 Quarter
(Gain) loss on disposal of property and equipment related to restructuring, net RestructuringCostsAndAssetImpairmentCharges $-92.00K USD 1 Quarter
(Gain) loss on disposal of property and equipment related to restructuring, net RestructuringCostsAndAssetImpairmentCharges $6.00M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-21.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $70.00K USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInReceivables $-8.00M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInReceivables $-11.14M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-6.31M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-248.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-1.35M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.70M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $917.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.52M USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-3.13M USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-139.00K USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInOtherAccruedLiabilities $2.84M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInOtherAccruedLiabilities $613.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $86.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $125.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $831.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $17.02M USD 1 Quarter
Sale of Investment in non-public company ProceedsFromSaleOfEquityMethodInvestments - USD 1 Quarter
Sale of Investment in non-public company ProceedsFromSaleOfEquityMethodInvestments $45.10M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.91M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $4.62M USD 1 Quarter
Proceeds from sales of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $4.86M USD 1 Quarter
Proceeds from sales of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $1.08M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $232.00K USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $38.27M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $8.03M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $41.39M USD 1 Quarter
Proceeds from lines of credit ProceedsFromLinesOfCredit $8.00M USD 1 Quarter
Proceeds from lines of credit ProceedsFromLinesOfCredit $11.00M USD 1 Quarter
Payments on lines of credit RepaymentsOfLinesOfCredit $19.40M USD 1 Quarter
Payments on lines of credit RepaymentsOfLinesOfCredit $5.00M USD 1 Quarter
Payments for debt issuance costs PaymentsOfDebtIssuanceCosts $132.00K USD 1 Quarter
Payments for debt issuance costs PaymentsOfDebtIssuanceCosts $512.00K USD 1 Quarter
Taxes paid by Company for employee stock plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $428.00K USD 1 Quarter
Taxes paid by Company for employee stock plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $82.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-38.95M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-17.02M USD 1 Quarter
Net decrease in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $229.00K USD 1 Quarter
Net decrease in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $152.00K USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $782.00K USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.45M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.29M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $553.00K USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $782.00K USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.45M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.29M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $553.00K USD Point-in-time
Purchases of property and equipment on trade vendor credit CapitalExpendituresIncurredButNotYetPaid $1.99M USD 1 Quarter
Purchases of property and equipment on trade vendor credit CapitalExpendituresIncurredButNotYetPaid $978.00K USD 1 Quarter
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $231.04M USD Point-in-time
Beginning balance StockholdersEquity $221.16M USD Point-in-time
Beginning balance StockholdersEquity $193.87M USD Point-in-time
Beginning balance StockholdersEquity $202.78M USD Point-in-time
Issuance of stock under stock plans, net of shares withheld StockIssuedDuringPeriodValueNewIssues - USD 1 Quarter
Issuance of stock under stock plans, net of shares withheld StockIssuedDuringPeriodValueNewIssues - USD 1 Quarter
Taxes paid by Company for employee stock plans AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $82.00K USD 1 Quarter
Taxes paid by Company for employee stock plans AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $428.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $620.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $892.00K USD 1 Quarter
Net loss NetIncomeLoss $-11.00M USD 1 Quarter
Net loss NetIncomeLoss $-9.48M USD 1 Quarter
Other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $366.00K USD 1 Quarter
Other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $304.00K USD 1 Quarter
Ending balance StockholdersEquity $231.04M USD Point-in-time
Ending balance StockholdersEquity $221.16M USD Point-in-time
Ending balance StockholdersEquity $193.87M USD Point-in-time
Ending balance StockholdersEquity $202.78M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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