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Note 14 - Business Segment Reporting
 9 Months Ended
Feb. 26, 2012
Notes To Financial Statements  
Segment Reporting Disclosure [Text Block]
  14.         Business Segment Reporting

The Company manages its business operations through four strategic business units. Based upon the information reported to the chief operating decision maker, who is the Chief Executive Officer, the Company has the following reportable segments : the Food Products Technology segment, the Food Export segment, the Hyaluronan-based Biomaterials segment and the Technology Licensing segment.

The Food Products Technology segment markets and packs specialty packaged whole and fresh-cut vegetables that incorporate the BreatheWay specialty packaging for the retail grocery, club store and food services industry.  In addition, the Food Products Technology segment sells BreatheWay packaging to partners for non-vegetable products.  The Food Export segment consists of revenues generated from the purchase and sale of primarily whole commodity fruit and vegetable products to Asia and domestically.  The HA-based Biomaterials segment sells products utilizing hyaluronan, a naturally occurring polysaccharide that is widely distributed in the extracellular matrix of connective tissues in both animals and humans for medical use primarily in the Ophthalmic, Orthopedic and Veterinary markets.  The Technology Licensing segment licenses Landec’s patented Intellicoat seed coatings to the farming industry and licenses the Company’s Intelimer polymers for personal care products and other industrial products.  Corporate includes corporate general and administrative expenses, non Food Products Technology and non HA-based Biomaterials interest income and Company-wide income tax expenses.  All of the assets of the Company are located within the United States of America.  The Company’s international sales were as follows (in millions):

   
Three Months Ended
   
Nine Months Ended
 
   
February 26,
   
February 27,
   
February 26,
   
February 27,
 
   
2012
   
2011
   
2012
   
2011
 
Taiwan
   $ 2.0     $ 1.9     $ 20.9     $ 18.7  
Indonesia
  $ 5.4     $ 6.0     $ 19.3     $ 14.8  
Canada
  $ 5.3     $ 4.9     $ 15.2     $ 14.0  
Belgium
  $ 6.0     $ 8.1     $ 14.1     $ 15.8  
Japan
  $ 1.6     $ 1.2     $ 7.8     $ 6.2  
ll Other Countries
  $ 4.6     $ 5.0     $ 14.5     $ 13.1  


Operations by segment consisted of the following (in thousands):
 
 
Three Months Ended February 26, 2012
 
Food Products Technology
    Food Export    
HA-based
 Biomaterials
   
Technology
Licensing
   
Corporate
   
TOTAL
 
                                     
Net sales
  $ 56,456     $ 12,388     $ 11,066     $ 154     $ —     $ 80,064  
International sales
  $ 5,179     $ 12,159     $ 7,600     $ —     $ —     $ 24,938  
Gross profit
  $ 5,478     $ 917     $ 6,623     $ 154     $ —     $ 13,172  
Net income (loss)
  $ 5,851     $ 339     $ 3,970     $ (902 )   $ (4,493 )   $ 4,765  
Depreciation and amortization
  $ 762     $ 2     $ 572     $ 46     $ —     $ 1,382  
Dividend income
  $ 281     $ —     $ —     $ —     $ —     $ 281  
Interest income
  $ 12     $ —     $ 43     $ —     $ 8     $ 63  
Interest expense
  $ —     $ —     $ 153     $ —     $ —     $ 153  
Income tax expense
  $ —     $ —     $ —     $ —     $ 2,920     $ 2,920  
                                                 
Three Months Ended February 27, 2011
                                               
Net sales
  $ 47,704     $ 12,178     $ 12,157     $ 1,470     $ —     $ 73,509  
International sales
  $ 4,755     $ 11,958     $ 10,363     $ —     $ —     $ 27,076  
Gross profit
  $ 3,274     $ 936     $ 6,798     $ 1,470     $ —     $ 12,478  
Net income (loss)
  $ 421     $ 382     $ 4,198     $ 525     $ (3,228 )   $ 2,298  
Depreciation and amortization
  $ 776     $ 2     $ 489     $ 41     $ —     $ 1,308  
Dividend income
  $ 47     $ —     $ —     $ —     $ —     $ 47  
Interest income
  $ 53     $ —     $ 42     $ —     $ 25     $ 120  
Interest expense
  $ —     $ —     $ 196     $ —     $ —     $ 196  
Income tax expense
  $ —     $ —     $ —     $ —     $ 1,350     $ 1,350  
Nine Months Ended February 26, 2012
                                   
Net sales
  $ 146,512     $ 57,972     $ 27,422     $ 3,029     $ —     $ 234,935  
International sales
  $ 14,890     $ 57,619     $ 19,250     $ —     $ —     $ 91,759  
Gross profit
  $ 16,068     $ 3,733     $ 14,602     $ 3,029     $ —     $ 37,432  
Net income (loss)
  $ 11,846     $ 1,729     $ 7,270     $ (164 )   $ (10,764 )   $ 9,917  
Depreciation and amortization
  $ 2,313     $ 6     $ 1,655     $ 137     $ —     $ 4,111  
Dividend income
  $ 844     $ —     $ —     $ —     $ —     $ 844  
Interest income
  $ 42     $ —     $ 148     $ —     $ 29     $ 219  
Interest expense
  $ —     $ —     $ 492     $ —     $ —     $ 492  
Income tax expense
  $ —     $ —     $ —     $ —     $ 6,079     $ 6,079  

Nine Months Ended February 27, 2011
 
Food Products Technology
   
Food Export
   
HA-based
 Biomaterials
   
Technology
Licensing
   
Corporate
   
TOTAL
 
Net sales
  $ 128,911     $ 48,296     $ 26,964     $ 4,459     $ —     $ 208,630  
International sales
  $ 13,526     $ 47,975     $ 21,121     $ —     $ —     $ 82,622  
Gross profit
  $ 13,389     $ 3,098     $ 15,204     $ 4,459     $ —     $ 36,150  
Net income (loss)
  $ 4,877     $ 1,366     $ 7,733     $ 1,641     $ (8,960 )   $ 6,657  
Depreciation and amortization
  $ 2,337     $ 6     $ 1,451     $ 116     $ —     $ 3,910  
Dividend income
  $ 47     $ —     $ —     $ —     $ —     $ 47  
Interest income
  $ 127     $ —     $  104     $ —     $ 113     $ 344  
Interest expense
  $ 2     $ —     $ 629     $ —     $ —     $ 631  
Income tax expense
  $ —     $ —     $ —     $ —     $ 3,911     $ 3,911  


 
During the nine months ended February 26, 2012 and February 27, 2011, sales to the Company’s top five customers accounted for 44% and 45%, respectively, of revenues.  The Company’s top customer from the Food Products Technology segment accounted for 17% and 16% for the nine months ended February 26, 2012 and February 27, 2011, respectively.  The Company expects that, for the foreseeable future, a limited number of customers may continue to account for a significant portion of its net revenues.