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Note 11 - Business Segment Reporting | 12 Months Ended
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May. 31, 2015
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 11. 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):
|  | May 31, 2015 |  |  | May 25, 2014 |  |  | May 26, 2013 |
Canada |  | $ | 79.7 |  |  | $ | 46.6 |  |  | $ | 27.8 |
Taiwan |  | $ | 32.1 |  |  | $ | 30.7 |  |  | $ | 31.0 |
Indonesia |  | $ | 9.0 |  |  | $ | 9.6 |  |  | $ | 21.0 |
China |  | $ | 9.0 |  |  | $ | 8.2 |  |  | $ | 5.0 |
Japan |  | $ | 8.5 |  |  | $ | 9.9 |  |  | $ | 10.6 |
Belgium |  | $ | 6.8 |  |  | $ | 13.1 |  |  | $ | 16.6 |
All Other Countries |  | $ | 18.4 |  |  | $ | 19.1 |  |  | $ | 20.8 |
Operations by segment consisted of the following (in thousands):
|  | Food Products |  |  |  |  |  | Hyaluronan-based |  |  |  |  |  |  |
Fiscal Year Ended May 31, 2015 |  | Technology |  |  | Food Export |  |  | Biomaterials |  |  | Corporate |  |  | TOTAL |
Net sales |  | $ | 430,415 |  |  | $ | 67,837 |  |  | $ | 40,432 |  |  | $ | 573 |  |  | $ | 539,257 |
International sales |  | $ | 80,500 |  |  | $ | 67,714 |  |  | $ | 15,246 |  |  | $ | — |  |  | $ | 163,460 |
Gross profit |  | $ | 45,993 |  |  | $ | 4,252 |  |  | $ | 14,609 |  |  | $ | 553 |  |  | $ | 65,407 |
Net income (loss) |  | $ | 17,145 |  |  | $ | 1,041 |  |  | $ | 3,838 |  |  | $ | (8,480 | ) |  | $ | 13,544 |
Identifiable assets |  | $ | 228,672 |  |  | $ | 27,746 |  |  | $ | 85,779 |  |  | $ | 4,268 |  |  | $ | 346,465 |
Depreciation and amortization |  | $ | 4,766 |  |  | $ | 6 |  |  | $ | 2,184 |  |  | $ | 134 |  |  | $ | 7,090 |
Capital expenditures |  | $ | 12,895 |  |  | $ | — |  |  | $ | 4,499 |  |  | $ | 117 |  |  | $ | 17,511 |
Dividend income |  | $ | 1,417 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,417 |
Interest income |  | $ | 32 |  |  | $ | — |  |  | $ | 254 |  |  | $ | 29 |  |  | $ | 315 |
Interest expense |  | $ | 1,655 |  |  | $ | — |  |  | $ | 174 |  |  | $ | — |  |  | $ | 1,829 |
Income tax expense |  | $ | 792 |  |  | $ | 48 |  |  | $ | 177 |  |  | $ | 6,729 |  |  | $ | 7,746 |
Fiscal Year Ended May 25, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 360,728 |  |  | $ | 69,827 |  |  | $ | 45,704 |  |  | $ | 554 |  |  | $ | 476,813 |
International sales |  | $ | 47,224 |  |  | $ | 69,710 |  |  | $ | 20,312 |  |  | $ | — |  |  | $ | 137,246 |
Gross profit |  | $ | 36,318 |  |  | $ | 5,340 |  |  | $ | 20,456 |  |  | $ | 450 |  |  | $ | 62,564 |
Net income (loss) |  | $ | 19,041 |  |  | $ | 1,973 |  |  | $ | 9,695 |  |  | $ | (11,564 | ) |  | $ | 19,145 |
Identifiable assets |  | $ | 196,257 |  |  | $ | 25,391 |  |  | $ | 85,858 |  |  | $ | 6,117 |  |  | $ | 313,623 |
Depreciation and amortization |  | $ | 4,751 |  |  | $ | 6 |  |  | $ | 2,221 |  |  | $ | 136 |  |  | $ | 7,114 |
Capital expenditures |  | $ | 10,950 |  |  | $ | — |  |  | $ | 3,877 |  |  | $ | 59 |  |  | $ | 14,886 |
Dividend income |  | $ | 1,125 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,125 |
Interest income |  | $ | 12 |  |  | $ | — |  |  | $ | 242 |  |  | $ | 6 |  |  | $ | 260 |
Interest expense |  | $ | 1,402 |  |  | $ | — |  |  | $ | 248 |  |  | $ | — |  |  | $ | 1,650 |
Income tax expense |  | $ | 33 |  |  | $ | 3 |  |  | $ | 17 |  |  | $ | 10,530 |  |  | $ | 10,583 |
Fiscal Year Ended May 26, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 320,447 |  |  | $ | 78,568 |  |  | $ | 41,281 |  |  | $ | 1,412 |  |  | $ | 441,708 |
International sales |  | $ | 27,532 |  |  | $ | 78,442 |  |  | $ | 26,792 |  |  | $ | — |  |  | $ | 132,766 |
Gross profit |  | $ | 37,077 |  |  | $ | 5,274 |  |  | $ | 19,102 |  |  | $ | 1,307 |  |  | $ | 62,760 |
Net income (loss) |  | $ | 20,526 |  |  | $ | 1,660 |  |  | $ | 6,835 |  |  | $ | (6,434 | ) |  | $ | 22,587 |
Identifiable assets |  | $ | 180,104 |  |  | $ | 21,737 |  |  | $ | 80,940 |  |  | $ | 8,161 |  |  | $ | 290,942 |
Depreciation and amortization |  | $ | 4,761 |  |  | $ | 4 |  |  | $ | 2,379 |  |  | $ | 151 |  |  | $ | 7,295 |
Capital expenditures |  | $ | 5,598 |  |  | $ | — |  |  | $ | 3,190 |  |  | $ | 89 |  |  | $ | 8,877 |
Dividend income |  | $ | 1,125 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,125 |
Interest income |  | $ | 42 |  |  | $ | — |  |  | $ | 137 |  |  | $ | — |  |  | $ | 179 |
Interest expense |  | $ | 1,707 |  |  | $ | — |  |  | $ | 301 |  |  | $ | — |  |  | $ | 2,008 |
Income tax expense |  | $ | 3,399 |  |  | $ | 339 |  |  | $ | 1,400 |  |  | $ | 4,314 |  |  | $ | 9,452 |

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