XML 57 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Note 14 - Business Segment Reporting | 9 Months Ended
--- | ---
Feb. 23, 2014
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | 14. Business Segment Reporting The Company manages its business operations through three 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 and the Hyaluronan-based Biomaterials segment. The Food Products Technology segment markets and packs specialty packaged whole and fresh-cut fruit and vegetables, the majority of which 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. Corporate 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. The Corporate segment also includes general and administrative expenses, non-Food Products Technology and non HA-based Biomaterials interest income and income tax expenses. Beginning in fiscal year 2013, the Food Products Technology, the Food Export and the Hyaluronan-based Biomaterials segments include charges for corporate services and tax sharing allocated from the Corporate segment. All of the assets of the Company are located within the United States of America. The Company’s international sales by geography are based on the billing address of the customer and were as follows (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | February 23, 2014 |  |  | February 24, 2013 |  |  | February 23, 2014 |  |  | February 24, 2013 |
Taiwan |  | $ | 2.6 |  |  | $ | 2.9 |  |  | $ | 27.2 |  |  | $ | 28.7 |
Canada |  | $ | 12.1 |  |  | $ | 7.4 |  |  | $ | 31.8 |  |  | $ | 19.7 |
China |  | $ | 1.3 |  |  | $ | 0.9 |  |  | $ | 6.6 |  |  | $ | 4.5 |
Indonesia |  | $ | 2.2 |  |  | $ | 4.1 |  |  | $ | 7.1 |  |  | $ | 17.6 |
Japan |  | $ | 1.8 |  |  | $ | 1.5 |  |  | $ | 7.1 |  |  | $ | 7.4 |
Belgium |  | $ | 11.1 |  |  | $ | 10.6 |  |  | $ | 13.1 |  |  | $ | 15.2 |
All Other Countries |  | $ | 2.2 |  |  | $ | 6.9 |  |  | $ | 12.3 |  |  | $ | 15.7 |
Operations by segment consisted of the following (in thousands):
Three Months Ended Febr. 23, 2014 |  | Food Products Technology |  |  | Food Export |  |  | HA-based Biomaterials |  |  | Corporate |  |  | TOTAL |
Net sales |  | $ | 95,431 |  |  | $ | 10,676 |  |  | $ | 20,176 |  |  | $ | 96 |  |  | $ | 126,379 |
International sales |  | $ | 12,013 |  |  | $ | 10,676 |  |  | $ | 10,613 |  |  | $ | — |  |  | $ | 33,302 |
Gross profit |  | $ | 7,282 |  |  | $ | 990 |  |  | $ | 11,787 |  |  | $ | 96 |  |  | $ | 20,155 |
Net income (loss) |  | $ | 131 |  |  | $ | 206 |  |  | $ | 7,192 |  |  | $ | (1,129 | ) |  | $ | 6,400 |
Depreciation and amortization |  | $ | 1,040 |  |  | $ | 1 |  |  | $ | 504 |  |  | $ | 32 |  |  | $ | 1,577 |
Dividend income |  | $ | 281 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 281 |
Interest income |  | $ | 3 |  |  | $ | — |  |  | $ | 74 |  |  | $ | 1 |  |  | $ | 78 |
Interest expense |  | $ | 332 |  |  | $ | — |  |  | $ | 58 |  |  | $ | — |  |  | $ | 390 |
Income tax expense |  | $ | 468 |  |  | $ | 58 |  |  | $ | 2,028 |  |  | $ | 1,125 |  |  | $ | 3,679 |
Three Months Ended Febr. 24, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 86,707 |  |  | $ | 13,381 |  |  | $ | 17,331 |  |  | $ | 448 |  |  | $ | 117,867 |
International sales |  | $ | 7,293 |  |  | $ | 13,381 |  |  | $ | 13,579 |  |  | $ | — |  |  | $ | 34,253 |
Gross profit |  | $ | 5,846 |  |  | $ | 1,031 |  |  | $ | 10,243 |  |  | $ | 388 |  |  | $ | 17,508 |
Net income (loss) |  | $ | 338 |  |  | $ | 228 |  |  | $ | 5,687 |  |  | $ | (1,464 | ) |  | $ | 4,789 |
Depreciation and amortization |  | $ | 1,224 |  |  | $ | 1 |  |  | $ | 602 |  |  | $ | 39 |  |  | $ | 1,866 |
Dividend income |  | $ | 281 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  | $ | 281 |
Interest income |  | $ | 4 |  |  | $ | — |  |  | $ | 42 |  |  | $ | — |  |  | $ | 46 |
Interest expense |  | $ | 421 |  |  | $ | — |  |  | $ | 66 |  |  | $ | — |  |  | $ | 487 |
Income tax expense |  | $ | 113 |  |  | $ | 76 |  |  | $ | 1,895 |  |  | $ | 670 |  |  | $ | 2,754 |
Nine Months Ended Febr. 23, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 262,957 |  |  | $ | 55,106 |  |  | $ | 37,539 |  |  | $ | 282 |  |  | $ | 355,884 |
International sales |  | $ | 31,836 |  |  | $ | 55,005 |  |  | $ | 18,356 |  |  | $ | — |  |  | $ | 105,197 |
Gross profit |  | $ | 24,383 |  |  | $ | 4,015 |  |  | $ | 17,800 |  |  | $ | 223 |  |  | $ | 46,421 |
Net income (loss) |  | $ | 9,402 |  |  | $ | 1,209 |  |  | $ | 7,427 |  |  | $ | (3,435 | ) |  | $ | 14,603 |
Depreciation and amortization |  | $ | 3,566 |  |  | $ | 3 |  |  | $ | 1,692 |  |  | $ | 103 |  |  | $ | 5,364 |
Dividend income |  | $ | 844 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 844 |
Interest income |  | $ | 8 |  |  | $ | — |  |  | $ | 174 |  |  | $ | 1 |  |  | $ | 183 |
Interest expense |  | $ | 1,064 |  |  | $ | — |  |  | $ | 193 |  |  | $ | — |  |  | $ | 1,257 |
Income tax expense |  | $ | 2,434 |  |  | $ | 341 |  |  | $ | 2,094 |  |  | $ | 3,159 |  |  | $ | 8,028 |
Nine Months Ended Febr. 24, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 233,931 |  |  | $ | 66,854 |  |  | $ | 33,043 |  |  | $ | 767 |  |  | $ | 334,595 |
International sales |  | $ | 19,475 |  |  | $ | 66,747 |  |  | $ | 22,603 |  |  | $ | — |  |  | $ | 108,825 |
Gross profit |  | $ | 28,891 |  |  | $ | 4,407 |  |  | $ | 15,725 |  |  | $ | 707 |  |  | $ | 49,730 |
Net income (loss) |  | $ | 15,466 |  |  | $ | 1,403 |  |  | $ | 5,713 |  |  | $ | (4,514 | ) |  | $ | 18,068 |
Depreciation and amortization |  | $ | 3,634 |  |  | $ | 3 |  |  | $ | 1,777 |  |  | $ | 113 |  |  | $ | 5,527 |
Dividend income |  | $ | 844 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 844 |
Interest income |  | $ | 12 |  |  | $ | — |  |  | $ | 92 |  |  | $ | — |  |  | $ | 104 |
Interest expense |  | $ | 1,303 |  |  | $ | — |  |  | $ | 223 |  |  | $ | — |  |  | $ | 1,526 |
Income tax expense |  | $ | 3,846 |  |  | $ | 467 |  |  | $ | 1,904 |  |  | $ | 2,021 |  |  | $ | 8,238 |
During the nine months ended February 23, 2014 and February 24, 2013, sales to the Company’s top five customers accounted for 43% and 39%, respectively, of revenues. The Company’s top two customers, Costco Wholesale Corporation and Wal-Mart Stores, Inc., from the Food Products Technology segment accounted for 20% and 12%, respectively, for nine months ended February 23, 2014 and 14% and 12%, respectively, for the nine months ended February 24, 2013. 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.

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration