10-Q Filing

LIFECORE BIOMEDICAL, INC. DE CIK: 1005286 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001437749-16-039283`
Period End Date	20160831
Filing Date	20160929
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	lndc-20160828.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 40 Cash Flow Statement 56 Stockholders Equity 4

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$497.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$335.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.10M	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`	$9.89M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $497 and $335 at August 28, 2016 and May 29, 2016, respectively	`AccountsReceivableNetCurrent`	$44.15M	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
Accounts receivable, less allowance for doubtful accounts of $497 and $335 at August 28, 2016 and May 29, 2016, respectively	`AccountsReceivableNetCurrent`	$46.41M	USD	Point-in-time
Inventories	`InventoryNet`	$25.54M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	27.24M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	27.15M	shares	Point-in-time
Inventories	`InventoryNet`	$30.18M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.82M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.47M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.15M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.24M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$86.30M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$87.77M	USD	Point-in-time
Investment in non-public company, fair value	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue`	$62.70M	USD	Point-in-time
Investment in non-public company, fair value	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue`	$62.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$120.72M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$120.88M	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`	$14.43M	USD	Point-in-time
Trademarks/tradenames, net	`IndefiniteLivedTrademarks`	$14.43M	USD	Point-in-time
Customer relationships, net	`FiniteLivedCustomerListsNet`	$6.97M	USD	Point-in-time
Customer relationships, net	`FiniteLivedCustomerListsNet`	$6.75M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.75M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.78M	USD	Point-in-time
Total Assets	`Assets`	$342.65M	USD	Point-in-time
Total Assets	`Assets`	$343.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$30.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.61M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$4.04M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$5.46M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$7.77M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$9.14M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$706.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$832.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.50M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtCurrent`	$7.87M	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtCurrent`	$7.93M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$53.43M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$56.34M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$44.07M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$45.97M	USD	Point-in-time
Capital lease obligation, less current portion	`CapitalLeaseObligationsNoncurrent`	$3.80M	USD	Point-in-time
Capital lease obligation, less current portion	`CapitalLeaseObligationsNoncurrent`	$3.79M	USD	Point-in-time
Deferred taxes, net	`DeferredTaxLiabilitiesNoncurrent`	$23.55M	USD	Point-in-time
Deferred taxes, net	`DeferredTaxLiabilitiesNoncurrent`	$22.44M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesCurrent`	$1.99M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesCurrent`	$1.74M	USD	Point-in-time
Total Liabilities	`Liabilities`	$126.82M	USD	Point-in-time
Total Liabilities	`Liabilities`	$130.30M	USD	Point-in-time
Common stock, $0.001 par value; 50,000,000 shares authorized; 27,241,273 and 27,148,096 shares issued and outstanding at August 28, 2016 and May 29, 2016, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.001 par value; 50,000,000 shares authorized; 27,241,273 and 27,148,096 shares issued and outstanding at August 28, 2016 and May 29, 2016, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$137.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$138.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$73.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$77.19M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$215.30M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$210.73M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$1.66M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$1.62M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$212.35M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$216.95M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$343.77M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$342.65M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Product sales	`SalesRevenueGoodsNet`	$135.35M	USD	1 Quarter
Product sales	`SalesRevenueGoodsNet`	$132.39M	USD	1 Quarter
Cost of product sales	`CostOfGoodsSold`	$111.25M	USD	1 Quarter
Cost of product sales	`CostOfGoodsSold`	$117.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.14M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.94M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.88M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.16M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$13.74M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$14.04M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$15.67M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.94M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$5.47M	USD	1 Quarter
Dividend income	`InvestmentIncomeDividend`	$413.00K	USD	1 Quarter
Dividend income	`InvestmentIncomeDividend`	$413.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$31.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$653.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$502.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$800.00K	USD	1 Quarter
Net income before taxes	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$4.68M	USD	1 Quarter
Net income before taxes	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$5.23M	USD	1 Quarter
Income tax expense	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$1.89M	USD	1 Quarter
Income tax expense	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$1.69M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$3.35M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$2.99M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$33.00K	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$36.00K	USD	1 Quarter
Net income and comprehensive income applicable to common stockholders	`ComprehensiveIncomeNetOfTax`	$2.95M	USD	1 Quarter
Net income and comprehensive income applicable to common stockholders	`ComprehensiveIncomeNetOfTax`	$3.31M	USD	1 Quarter
Basic net income per share (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Basic net income per share (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Diluted net income per share (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted net income per share (in dollars per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.00M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.22M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.41M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.52M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Consolidated net income	`ProfitLoss`	$3.35M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$2.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.55M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.21M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$807.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$797.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$509.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$1.73M	USD	1 Quarter
Change in investment in non-public company, fair value	`FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	-	USD	1 Quarter
Change in investment in non-public company, fair value	`FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	$800.00K	USD	1 Quarter
Net gain on disposal of property and equipment	`GainLossOnDispositionOfAssets`	$4.00K	USD	1 Quarter
Net gain on disposal of property and equipment	`GainLossOnDispositionOfAssets`	$3.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInReceivables`	$-1.96M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInReceivables`	$-2.26M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$3.40M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$4.65M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$347.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-270.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.06M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$709.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.42M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.83M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-419.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.61M	USD	1 Quarter
Deferred revenue, net	`IncreaseDecreaseInDeferredRevenue`	$-126.00K	USD	1 Quarter
Deferred revenue, net	`IncreaseDecreaseInDeferredRevenue`	$11.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$6.47M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.76M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.13M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.49M	USD	1 Quarter
Proceeds from sales of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$9.00K	USD	1 Quarter
Proceeds from sales of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$91.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-2.12M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-3.40M	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$98.00K	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$41.00K	USD	1 Quarter
Taxes paid by Company for stock swaps and RSUs	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$272.00K	USD	1 Quarter
Taxes paid by Company for stock swaps and RSUs	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.92M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.91M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$3.50M	USD	1 Quarter
Change in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-12.00K	USD	1 Quarter
Change in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$30.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.86M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-5.61M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.02M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.27M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.13M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.63M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.13M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.89M	USD	Point-in-time

Stockholders Equity 4 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$212.35M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$216.95M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$212.35M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$216.95M	USD	Point-in-time

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