10-Q Filing

LIFECORE BIOMEDICAL, INC. DE CIK: 1005286 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001437749-14-018154`
Period End Date	20140831
Filing Date	20141008
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	lndc-20140831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 40 Cash Flow Statement 65

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$516.00K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$491.00K	USD	Point-in-time
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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.24M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.53M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.72M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.85M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $491 and $516 at August 31, 2014 and May 25, 2014, respectively	`AccountsReceivableNetCurrent`	$43.46M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $491 and $516 at August 31, 2014 and May 25, 2014, respectively	`AccountsReceivableNetCurrent`	$44.42M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.82M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.82M	shares	Point-in-time
Accounts receivable, related party	`AccountsReceivableRelatedPartiesCurrent`	$304.00K	USD	Point-in-time
Accounts receivable, related party	`AccountsReceivableRelatedPartiesCurrent`	$338.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.85M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.02M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$2.00M	USD	Point-in-time
Inventories, net	`InventoryNet`	$27.83M	USD	Point-in-time
Inventories, net	`InventoryNet`	$24.73M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsNetCurrent`	$2.08M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsNetCurrent`	$2.06M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.17M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.99M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$90.93M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$89.25M	USD	Point-in-time
Investment in non-public company, non-fair value	`CostMethodInvestments`	$793.00K	USD	Point-in-time
Investment in non-public company, non-fair value	`CostMethodInvestments`	$793.00K	USD	Point-in-time
Investment in non-public company, fair value	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue`	$50.80M	USD	Point-in-time
Investment in non-public company, fair value	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue`	$39.60M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$74.14M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$76.95M	USD	Point-in-time
Goodwill, net	`Goodwill`	$49.62M	USD	Point-in-time
Goodwill, net	`Goodwill`	$49.62M	USD	Point-in-time
Trademarks/tradenames, net	`IndefiniteLivedTrademarks`	$48.43M	USD	Point-in-time
Trademarks/tradenames, net	`IndefiniteLivedTrademarks`	$48.43M	USD	Point-in-time
Customer relationships, net	`FiniteLivedCustomerListsNet`	$8.72M	USD	Point-in-time
Customer relationships, net	`FiniteLivedCustomerListsNet`	$8.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.39M	USD	Point-in-time
Total Assets	`Assets`	$325.94M	USD	Point-in-time
Total Assets	`Assets`	$313.62M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$37.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.98M	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$167.00K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$134.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$3.55M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$4.10M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$4.87M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$4.41M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.06M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.25M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.05M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.98M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$48.39M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$53.37M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$33.05M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$28.32M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$30.58M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$30.13M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.02M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.40M	USD	Point-in-time
Total Liabilities	`Liabilities`	$108.86M	USD	Point-in-time
Total Liabilities	`Liabilities`	$118.41M	USD	Point-in-time
Common stock, $0.001 par value; 50,000,000 shares authorized; 26,845,218 and 26,815,253 shares issued and outstanding at August 31, 2014 and May 25, 2014, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.001 par value; 50,000,000 shares authorized; 26,845,218 and 26,815,253 shares issued and outstanding at August 31, 2014 and May 25, 2014, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$131.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$131.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$71.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$73.91M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$205.77M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$203.07M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$1.76M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$1.69M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$204.76M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$207.53M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$325.94M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$313.62M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Product sales	`SalesRevenueGoodsNet`	$109.48M	USD	1 Quarter
Product sales	`SalesRevenueGoodsNet`	$133.61M	USD	1 Quarter
Cost of product sales	`CostOfGoodsSold`	$119.43M	USD	1 Quarter
Cost of product sales	`CostOfGoodsSold`	$96.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$14.19M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.79M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.93M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.63M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.86M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$10.65M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$10.56M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.53M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.98M	USD	1 Quarter
Dividend income	`InvestmentIncomeDividend`	$281.00K	USD	1 Quarter
Dividend income	`InvestmentIncomeDividend`	$281.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$93.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$60.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$431.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$383.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$200.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$5.40M	USD	1 Quarter
Net income before taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.73M	USD	1 Quarter
Net income before taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$7.29M	USD	1 Quarter
Income tax expense	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	$2.48M	USD	1 Quarter
Income tax expense	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	$1.30M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$2.42M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$4.81M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$71.00K	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$59.00K	USD	1 Quarter
Net income and comprehensive income applicable to common stockholders	`ComprehensiveIncomeNetOfTax`	$2.35M	USD	1 Quarter
Net income and comprehensive income applicable to common stockholders	`ComprehensiveIncomeNetOfTax`	$4.75M	USD	1 Quarter
Basic net income per share (in Dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic net income per share (in Dollars per share)	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Diluted net income per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Diluted net income per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.45M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.84M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.27M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.08M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Consolidated net income	`ProfitLoss`	$2.42M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$4.81M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.84M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.51M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$398.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$278.00K	USD	1 Quarter
Net loss on disposal of property and equipment	`GainLossOnDispositionOfAssets`	$-46.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$2.30M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$429.00K	USD	1 Quarter
Change in investment in non-public company, fair value	`FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	$200.00K	USD	1 Quarter
Change in investment in non-public company, fair value	`FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	$5.40M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInReceivables`	$-3.10M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInReceivables`	$-963.00K	USD	1 Quarter
Accounts receivable, related party	`IncreaseDecreaseInDueFromRelatedParties`	$34.00K	USD	1 Quarter
Accounts receivable, related party	`IncreaseDecreaseInDueFromRelatedParties`	$-466.00K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-161.00K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-936.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$476.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$3.10M	USD	1 Quarter
Issuance of notes and advances receivable	`IncreaseDecreaseInNotesReceivables`	$1.66M	USD	1 Quarter
Collection of notes and advances receivable	`ProceedsFromCollectionOfNotesReceivable`	$255.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-40.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.42M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.39M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.23M	USD	1 Quarter
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-489.00K	USD	1 Quarter
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$33.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-549.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-129.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.08M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$993.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-195.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-620.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$4.54M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.94M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.10M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.34M	USD	1 Quarter
Investment in non-public company, fair value	`PaymentsToAcquireInvestments`	$11.00M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$1.42M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.10M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-15.10M	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$250.00K	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.00K	USD	1 Quarter
Taxes paid by Company for stock swaps and RSUs	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$12.00K	USD	1 Quarter
Taxes paid by Company for stock swaps and RSUs	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.21M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$7.07M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.41M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.38M	USD	1 Quarter
Proceeds from lines of credit	`ProceedsFromLinesOfCredit`	$11.12M	USD	1 Quarter
Payments on lines of credit	`RepaymentsOfLinesOfCredit`	$11.12M	USD	1 Quarter
Payments on lines of credit	`RepaymentsOfLinesOfCredit`	$2.95M	USD	1 Quarter
Change in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$209.00K	USD	1 Quarter
Change in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-31.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-5.26M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$5.44M	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-4.82M	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-5.71M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.24M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.90M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.53M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.72M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.24M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.90M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.53M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.72M	USD	Point-in-time

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