10-Q Filing

LIFECORE BIOMEDICAL, INC. DE CIK: 1005286 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001437749-17-016468`
Period End Date	20170831
Filing Date	20170928
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	lndc-20170827.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 46 Cash Flow Statement 60 Stockholders Equity 12 Comprehensive Income 2

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.89M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.63M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	27.51M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	27.50M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$47.85M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$47.08M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.51M	shares	Point-in-time
Inventories	`InventoryNet`	$28.14M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.50M	shares	Point-in-time
Inventories	`InventoryNet`	$25.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.34M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.50M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$81.28M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$88.52M	USD	Point-in-time
Investment in non-public company, fair value	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue`	$63.60M	USD	Point-in-time
Investment in non-public company, fair value	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue`	$64.50M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$132.64M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$133.22M	USD	Point-in-time
Goodwill	`Goodwill`	$54.78M	USD	Point-in-time
Goodwill	`Goodwill`	$54.78M	USD	Point-in-time
Trademarks/tradenames, net	`IndefiniteLivedTrademarks`	$16.03M	USD	Point-in-time
Trademarks/tradenames, net	`IndefiniteLivedTrademarks`	$16.03M	USD	Point-in-time
Customer relationships, net	`FiniteLivedCustomerListsNet`	$6.78M	USD	Point-in-time
Customer relationships, net	`FiniteLivedCustomerListsNet`	$6.56M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.94M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.92M	USD	Point-in-time
Total Assets	`Assets`	$366.97M	USD	Point-in-time
Total Assets	`Assets`	$358.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$26.95M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.87M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$5.39M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$8.21M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$9.75M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$9.12M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$310.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$284.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$10.50M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.94M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.94M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$51.45M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$57.81M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$42.30M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$41.06M	USD	Point-in-time
Capital lease obligation, less current portion	`CapitalLeaseObligationsNoncurrent`	$3.73M	USD	Point-in-time
Capital lease obligation, less current portion	`CapitalLeaseObligationsNoncurrent`	$3.71M	USD	Point-in-time
Deferred taxes, net	`DeferredTaxLiabilitiesNoncurrent`	$25.67M	USD	Point-in-time
Deferred taxes, net	`DeferredTaxLiabilitiesNoncurrent`	$24.58M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesCurrent`	$7.54M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesCurrent`	$8.39M	USD	Point-in-time
Total Liabilities	`Liabilities`	$130.46M	USD	Point-in-time
Total Liabilities	`Liabilities`	$135.80M	USD	Point-in-time
Common stock, $0.001 par value; 50,000 shares authorized; 27,507 and 27,499 shares issued and outstanding at August 27, 2017 and May 28, 2017, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.001 par value; 50,000 shares authorized; 27,507 and 27,499 shares issued and outstanding at August 27, 2017 and May 28, 2017, respectively	`CommonStockValue`	$28.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$142.59M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$141.68M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$86.62M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$84.47M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$432.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$329.00K	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$229.56M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$226.61M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$1.61M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$1.54M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$228.15M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$231.17M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$358.61M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$366.97M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Product sales	`SalesRevenueGoodsNet`	$132.39M	USD	1 Quarter
Product sales	`SalesRevenueGoodsNet`	$123.36M	USD	1 Quarter
Cost of product sales	`CostOfGoodsSold`	$111.25M	USD	1 Quarter
Cost of product sales	`CostOfGoodsSold`	$104.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.14M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.29M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.72M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.94M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$13.74M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$14.04M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$15.67M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$16.76M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$5.47M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.52M	USD	1 Quarter
Dividend income	`InvestmentIncomeDividend`	$413.00K	USD	1 Quarter
Dividend income	`InvestmentIncomeDividend`	$413.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$31.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest expense	`InterestExpenseNet`	$653.00K	USD	1 Quarter
Interest expense	`InterestExpenseNet`	$404.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$900.00K	USD	1 Quarter
Net income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.46M	USD	1 Quarter
Net income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.23M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.25M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.89M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$2.21M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$3.35M	USD	1 Quarter
Non-controlling interest expense	`NetIncomeLossAttributableToNoncontrollingInterest`	$33.00K	USD	1 Quarter
Non-controlling interest expense	`NetIncomeLossAttributableToNoncontrollingInterest`	$66.00K	USD	1 Quarter
Net income applicable to common stockholders	`NetIncomeLoss`	$2.15M	USD	1 Quarter
Net income applicable to common stockholders	`NetIncomeLoss`	$3.31M	USD	1 Quarter
Basic net income per share (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic net income per share (in dollars per share)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Diluted net income per share (in dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Diluted net income per share (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.51M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.22M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.52M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.86M	shares	1 Quarter
Change in net unrealized gains on interest rate swap (net of tax benefit of $57)	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Change in net unrealized gains on interest rate swap (net of tax benefit of $57)	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-103.00K	USD	1 Quarter
Other comprehensive income, net	`OtherComprehensiveIncomeLossNetOfTax`	$-103.00K	USD	1 Quarter
Other comprehensive income, net	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$3.31M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$2.04M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Consolidated net income	`ProfitLoss`	$2.21M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$3.35M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.55M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.95M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$950.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$807.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$1.15M	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`	$900.00K	USD	1 Quarter
Net gain on disposal of property and equipment	`GainLossOnDispositionOfAssets`	$2.00K	USD	1 Quarter
Net gain on disposal of property and equipment	`GainLossOnDispositionOfAssets`	$4.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInReceivables`	$-2.26M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInReceivables`	$768.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.85M	USD	1 Quarter
Inventories	`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`	$841.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$709.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.08M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.83M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.42M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-269.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.61M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-126.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-26.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-131.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$6.47M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.13M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.15M	USD	1 Quarter
Issuance of note receivable	`PaymentsForIssuanceOfNotesReceivable`	-	USD	1 Quarter
Issuance of note receivable	`PaymentsForIssuanceOfNotesReceivable`	$1.19M	USD	1 Quarter
Proceeds from sales of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$9.00K	USD	1 Quarter
Proceeds from sales of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$43.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-2.12M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-3.29M	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.00K	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$98.00K	USD	1 Quarter
Taxes paid by Company for employee stock plans	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$43.00K	USD	1 Quarter
Taxes paid by Company for employee stock plans	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$272.00K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.27M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.91M	USD	1 Quarter
Proceeds from lines of credit	`ProceedsFromLinesOfCredit`	$10.50M	USD	1 Quarter
Proceeds from lines of credit	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Payments on lines of credit	`RepaymentsOfLinesOfCredit`	$3.00M	USD	1 Quarter
Payments on lines of credit	`RepaymentsOfLinesOfCredit`	$3.50M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$30.00K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$-14.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-5.61M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$6.20M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.27M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.78M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.41M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.19M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.89M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.41M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.19M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.63M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$229.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$226.61M	USD	Point-in-time
Issuance of common stock at $5.63 to $6.66 per share, net of taxes paid by Landec on behalf of employees	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Issuance of common stock for vested restricted stock units (RSUs)	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$1.00K	USD	1 Quarter
Taxes paid by Company for employee stcok plans	`AdjustmentsToAdditionalPaidInCapitalOther`	$-43.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$950.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.31M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-103.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$229.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$226.61M	USD	Point-in-time

Comprehensive Income 2 line items

Line Item	Tag	Value	Unit	Period
Change in net unrealized gain son interest rate swap, tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	-	USD	1 Quarter
Change in net unrealized gain son interest rate swap, tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$57.00K	USD	1 Quarter

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