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Note 10 - Business Segment Reporting | 3 Months Ended
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Aug. 28, 2016
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
10. | 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 Packaged Fresh Vegetables segment, the Food Export segment, and the Biomaterials segment. The Packaged Fresh Vegetables segment markets and packs specialty packaged whole and fresh-cut vegetables, the majority of which incorporate the BreatheWay specialty packaging for the retail grocery, club store, and food services industries. In addition, the Packaged Fresh Vegetables segment sells BreatheWay packaging to partners for fruit and vegetable products. The Food Export segment consists of revenues generated from the purchase and sale of primarily whole commodity fruit and vegetable products primarily to Asia. The 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, and non-HA products for medical use primarily in the Ophthalmic, Orthopedic, and other markets. Corporate licenses Landec’s Intelimer polymers for agricultural products, personal care products, and other industrial products. The Corporate segment also includes general and administrative expenses, non-Packaged Fresh Vegetables, and non-Biomaterials interest income and 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 |
|  | August 28, 2016 |  |  | August 30, 2015 |
Canada |  | $ | 17.8 |  |  | $ | 20.7 |
Taiwan |  | $ | 13.7 |  |  | $ | 13.0 |
Belgium |  | $ | 5.3 |  |  | $ | 0.8 |
China |  | $ | 5.2 |  |  | $ | 4.0 |
Japan |  | $ | 2.0 |  |  | $ | 2.0 |
Indonesia |  | $ | 1.5 |  |  | $ | 1.5 |
All Other Countries |  | $ | 2.7 |  |  | $ | 4.3 |
Operations and identifiable assets by business segment consisted of the following (in thousands):
Three Months Ended August 28, 2016 |  | Packaged Fresh Vegetables |  |  | Food Export |  |  | Biomaterials |  |  | Corporate |  |  | Total |
Net sales |  | $ | 95,945 |  |  | $ | 23,339 |  |  | $ | 12,332 |  |  | $ | 778 |  |  | $ | 132,394 |
International sales |  | $ | 17,844 |  |  | $ | 23,339 |  |  | $ | 7,042 |  |  | $ | — |  |  | $ | 48,225 |
Gross profit |  | $ | 14,406 |  |  | $ | 1,028 |  |  | $ | 5,122 |  |  | $ | 588 |  |  | $ | 21,144 |
Net income (loss) |  | $ | 2,323 |  |  | $ | 194 |  |  | $ | 1,243 |  |  | $ | (448 | ) |  | $ | 3,312 |
Depreciation and amortization |  | $ | 1,820 |  |  | $ | 1 |  |  | $ | 712 |  |  | $ | 17 |  |  | $ | 2,550 |
Dividend Income |  | $ | 413 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 413 |
Interest income |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Interest expense |  | $ | 550 |  |  | $ | — |  |  | $ | 103 |  |  | $ | — |  |  | $ | 653 |
Income tax expense |  | $ | 655 |  |  | $ | 55 |  |  | $ | 350 |  |  | $ | 829 |  |  | $ | 1,889 |
Three Months Ended August 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 103,706 |  |  | $ | 22,344 |  |  | $ | 8,798 |  |  | $ | 507 |  |  | $ | 135,355 |
International sales |  | $ | 20,805 |  |  | $ | 22,344 |  |  | $ | 3,127 |  |  | $ | — |  |  | $ | 46,276 |
Gross profit |  | $ | 13,252 |  |  | $ | 1,003 |  |  | $ | 3,215 |  |  | $ | 507 |  |  | $ | 17,977 |
Net income (loss) |  | $ | 3,260 |  |  | $ | 101 |  |  | $ | 67 |  |  | $ | (476 | ) |  | $ | 2,952 |
Depreciation and amortization |  | $ | 1,567 |  |  | $ | 1 |  |  | $ | 605 |  |  | $ | 38 |  |  | $ | 2,211 |
Dividend Income |  | $ | 413 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 413 |
Interest income |  | $ | 6 |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | 31 |
Interest expense |  | $ | 467 |  |  | $ | — |  |  | $ | 35 |  |  | $ | — |  |  | $ | 502 |
Income tax expense |  | $ | 921 |  |  | $ | 28 |  |  | $ | 19 |  |  | $ | 723 |  |  | $ | 1,691 |
During the three months ended August 28, 2016 and August 30, 2015, sales to the Company’s top five customers accounted for 47% and 47%, respectively, of revenues. The Company’s top two customers, Costco Wholesale Corporation and Wal-Mart Stores, Inc., from the Packaged Fresh Vegetables segment accounted for 17% and 13% of revenues, respectively, for the three months ended August 28, 2016, and 20% and 11% respectively, for the three months ended August 30, 2015. 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.

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- 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 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: 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=68060357&loc=d3e9038-108599 Reference 3: 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=68060357&loc=d3e8971-108599 Reference 4: 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=68060357&loc=d3e8595-108599 Reference 5: 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=68060357&loc=d3e8380-108599 Reference 6: 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=68060357&loc=d3e8933-108599 Reference 7: 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=68060357&loc=d3e8844-108599 Reference 8: 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=68060357&loc=d3e8984-108599 Reference 9: 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=68060357&loc=d3e9031-108599 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=68060357&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 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: 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=68060357&loc=d3e8864-108599 Reference 13: 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=68060357&loc=d3e8924-108599 Reference 14: 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=68060357&loc=d3e8906-108599 + Details
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