LIFECORE BIOMEDICAL, INC. (NASDAQ:LCBM) today reported record net
sales of $19.2 million in the fourth quarter ended June 30, 2007,
an increase of 9% over net sales of $17.7 million in the fourth
quarter of fiscal year 2006. Foreign currency translation
comparisons increased current quarter sales by $203,000 compared to
the fourth quarter of last fiscal year. Net income of $2,881,000,
or $.21 per diluted share, was posted for the quarter compared to
net income of $2,411,000, or $.18 per diluted share, in the quarter
ended June 30, 2006. Income tax expense was recorded for the fourth
quarter at an annual effective rate of 38.5% compared to an annual
effective rate of 39.7% in the quarter a year ago. For its fiscal
year ended June 30, 2007, Lifecore had record net sales of $69.6
million, an increase of 10% over the $63.1 million reported in
fiscal year 2006. Foreign currency translation comparisons
increased fiscal 2007 sales by $790,000 compared to fiscal 2006.
Fiscal 2007 net income was $7,719,000, or $.56 per diluted share,
compared to fiscal 2006 net income of $7,040,000, or $.52 per
diluted share. Fiscal year results include expenses for stock
options in the amount of $1,191,000 and $844,000 for 2007 and 2006,
respectively. Income tax expense was recorded for fiscal 2007 at an
annual effective rate of 38.6% compared to an effective rate of
38.4% for fiscal 2006. �Record sales and earnings were recorded for
the third year in a row,� said Dennis J. Allingham, President and
CEO. �The Hyaluronan Division posted another strong quarterly
performance and sales of the Prima� Implant System increased 107%
in the fourth quarter compared to the same quarter a year ago. The
Company�s cash and cash equivalents position is $39.1 million at
June 30, 2007, an increase of $12.5 million from last fiscal year.
Cash effects associated with the income tax expenses reflected in
the operating results were minimal due to the utilization of net
operating loss carry forwards. Hyaluronan Division Net sales from
the Hyaluronan Division for the fourth quarter were a record $6.3
million, an increase of 14% from the $5.5 million reported in the
same quarter last year. Net sales for fiscal year 2007 were also a
record at $21.6 million compared to $20.2 million a year ago, an
increase of $1.4 million or 7%. Growth in the quarter and the
fiscal year resulted from higher sales to ophthalmic customers and
increased revenue from customers conducting product development.
Fiscal year growth also was attributed to increased revenue from
orthopedic customers. The Division reported operating income of
$2,170,000 for the fourth quarter compared to operating income of
$1,737,000 in the fourth quarter of fiscal year 2006. Operating
income of $5,237,000 was reported for fiscal year 2007, which was
comparable to operating income of $5,284,000 last fiscal year.
�Despite increased investment in product development, the leverage
from record sales and a favorable product mix drove operating
income to a record level of 34% of net sales in the fourth quarter
and to 24% of net sales for the fiscal year,� said Dennis J.
Allingham, President & CEO. �We are pleased with our ability to
improve operating profitability despite making the product
development investment that is critical to our future growth.�
Dental Division Net sales from the Dental Division for the quarter
were a record $12.9 million, an increase of 6% from the $12.2
million recorded in the fourth quarter last year. Net sales for
fiscal year 2007 were a record $48.1 million compared to $42.9
million in fiscal year 2006, an increase of 12%. Foreign currency
translation comparisons increased fourth quarter and fiscal 2007
sales by $203,000 and $790,000, respectively. Domestic sales were
up slightly in the fourth quarter and increased 11% for the fiscal
year. International sales increased 13% in both the fourth quarter
and the fiscal year. The Division reported operating income of
$2,127,000 for the fourth quarter compared to operating income of
$1,943,000 in the fourth quarter of fiscal year 2006. Operating
income of $5,914,000 was reported for the fiscal year compared to
operating income of $5,592,000 in fiscal year 2006. �Sales of the
Prima� Implant System now represent over 28% of dental sales,� said
Dennis J. Allingham, President & CEO. �Our Prima� product
portfolio continues to gain momentum as we expand our product
offering and implement practice building strategies; both of which
are designed to address the immediate and future needs of our
target audience.� Outlook The Company expects fiscal year 2008
sales of $76.5 to $78.5 million, which represents an increase of 10
to 13 percent over fiscal year 2007. Fiscal year 2008 growth is
expected to be driven primarily by the Dental Division with
increases in both domestic and international markets. Growth for
the Hyaluronan Division is expected to be modest as we continue
product development for future sales. The Company is investing for
the future growth of both Divisions. Included in FY 2008 guidance
is more than a $2 million increase in development expenses
associated with the technology licensed from Cleveland Clinic and
for enhancements to dental product offerings. Fiscal 2008 earnings
per share are expected to be $.56 to $.60 per diluted share, using
a tax rate of 38.5%. The Company also noted that fiscal year 2008
guidance reflects stock option expenses of $1.1 million. The
Company expects sales of $15.8 to $16.2 million in the first
quarter of fiscal year 2008 with earnings per diluted share of $.07
to $.09, using a tax rate of 38.5%. This guidance reflects stock
option expense of $275,000. Conference Call As previously
announced, the Company will host a conference call today at 3:45
p.m. Central Time to discuss fourth quarter and year-end results. A
live web cast of the call is available through the Company�s
website at www.lifecore.com. After selecting the INVESTOR INFO tab,
select CALENDAR OF EVENTS from the INVESTOR INFO & RESEARCH
menu at the right side of the page and follow the instructions for
participation. A replay of the web cast will be available shortly
after completion of the call. To select the archived replay, select
AUDIO ARCHIVES from the INVESTOR INFO & RESEARCH tools menu at
the right side of the screen. The conference call will also be
available at www.earnings.com. The conference call may include
forward-looking statements. See the cautionary information about
such statements in the �Safe-Harbor Statement� section below.
Safe-Harbor Statement Certain statements in this release regarding
Lifecore�s anticipated future sales and financial results are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Numerous risks and uncertainties may
affect whether such results are actually achieved. These include
the timing of orders from customers, continued market acceptance of
the Company�s products, effectiveness of the dental sales force
expansion, timing of regulatory approvals, success of new product
development efforts, the likelihood and timing of the return of the
Company�s adhesion prevention product to the market, and other
factors. These risks and uncertainties are more fully described in
the Company�s Annual Report on Form 10-K for the fiscal year ending
June 30, 2006, and other more recent filings. Actual results may
differ materially from anticipated results. About Lifecore
Biomedical Lifecore Biomedical, in business over 40 years,
develops, manufactures, and markets biomaterials and medical
devices for use in various surgical markets. News and general
information are available through the Company�s website at
www.lifecore.com. Lifecore Biomedical, Inc. Condensed Consolidated
Balance Sheets (Unaudited) June 30, June 30, 2007 2006 ASSETS
CURRENT ASSETS Cash and cash equivalents $ 39,105,000 $ 26,638,000
Accounts receivable 15,555,000 12,564,000 Inventories 12,145,000
12,217,000 Deferred income taxes, net 3,684,000 4,865,000 Prepaid
expense � 1,448,000 � 1,084,000 Total current assets 71,937,000
57,368,000 � PROPERTY, PLANT AND EQUIPMENT, NET 23,105,000
23,250,000 � LONG-TERM INVENTORY 1,491,000 1,406,000 DEFERRED
INCOME TAXES, NET -- 1,694,000 OTHER ASSETS � 5,738,000 � 5,520,000
$ 102,271,000 $ 89,238,000 � LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 7,323,000 $ 6,898,000 Long-term obligations
4,496,000 4,804,000 Long-term deferred income taxes, net 982,000 --
Shareholders' equity � 89,470,000 � 77,536,000 $ 102,271,000 $
89,238,000 Lifecore Biomedical, Inc. Consolidated Statements of
Operations (Unaudited) � Three Months Ended Twelve Months Ended
June 30, June 30, 2007 2006 2007 2006 � Net sales $ 19,202,000 $
17,688,000 $ 69,629,000 $ 63,097,000 Cost of goods sold � 6,749,000
� � 6,493,000 � � 26,008,000 � � 23,892,000 � Gross profit
12,453,000 11,195,000 43,621,000 39,205,000 � Operating expenses
Research and development 1,248,000 936,000 4,630,000 3,814,000
Marketing and sales 4,972,000 4,793,000 20,251,000 17,454,000
General and administrative � 1,936,000 � � 1,786,000 � � 7,589,000
� � 7,061,000 � � 8,156,000 � � 7,515,000 � � 32,470,000 � �
28,329,000 � � Operating income 4,297,000 3,680,000 11,151,000
10,876,000 � Other income (expense) Interest income 437,000 258,000
1,515,000 753,000 Interest expense (68,000 ) (70,000 ) (269,000 )
(251,000 ) Currency transaction gains (losses) 2,000 98,000 158,000
25,000 Other � 13,000 � � 31,000 � � 24,000 � � 17,000 � � 384,000
� � 317,000 � � 1,428,000 � � 544,000 � � Income before income tax
expense 4,681,000 3,997,000 12,579,000 11,420,000 � Income tax
expense � 1,800,000 � � 1,586,000 � � 4,860,000 � � 4,380,000 � �
Net Income $ 2,881,000 � $ 2,411,000 � $ 7,719,000 � $ 7,040,000 �
� Net income per share Basic $ 0.21 � $ 0.18 � $ 0.58 � $ 0.54 �
Diluted $ 0.21 � $ 0.18 � $ 0.56 � $ 0.52 � � Weighted average
shares outstanding Basic � 13,421,200 � � 13,195,771 � � 13,322,077
� � 13,149,611 � Diluted � 13,886,966 � � 13,652,548 � � 13,783,743
� � 13,561,852 � Lifecore Biomedical, Inc. Divisional Statements of
Operations Three Months Ended June 30, (Unaudited) � Hyaluronan
Division Dental Division Consolidated 2007 2006 2007 2006 2007 2006
� Net sales $ 6,309,000 $ 5,513,000 $ 12,893,000 $ 12,176,000 $
19,202,000 $ 17,688,000 Cost of goods sold � 2,424,000 � 2,346,000
� 4,325,000 � 4,147,000 � 6,749,000 � 6,493,000 Gross profit
3,885,000 3,166,000 8,568,000 8,029,000 12,453,000 11,195,000 �
Operating expenses Research and development 936,000 573,000 312,000
363,000 1,248,000 936,000 Marketing and sales 89,000 237,000
4,883,000 4,556,000 4,972,000 4,793,000 General and administrative
� 690,000 � 619,000 � 1,246,000 � 1,167,000 � 1,936,000 � 1,786,000
� 1,715,000 � 1,429,000 � 6,441,000 � 6,086,000 � 8,156,000 �
7,515,000 � Operating income $ 2,170,000 $ 1,737,000 $ 2,127,000 $
1,943,000 $ 4,297,000 $ 3,680,000 Lifecore Biomedical, Inc.
Divisional Statements of Operations Twelve Months Ended June 30,
(Unaudited) � Hyaluronan Division Dental Division Consolidated 2007
2006 2007 2006 2007 2006 � Net sales $ 21,552,000 $ 20,151,000 $
48,077,000 $ 42,946,000 $ 69,629,000 $ 63,097,000 Cost of goods
sold � 9,568,000 � 9,204,000 � 16,440,000 � 14,688,000 � 26,008,000
� 23,892,000 Gross profit 11,984,000 10,947,000 31,637,000
28,258,000 43,621,000 39,205,000 � Operating expenses Research and
development 3,220,000 2,301,000 1,410,000 1,513,000 4,630,000
3,814,000 Marketing and sales 680,000 670,000 19,571,000 16,784,000
20,251,000 17,454,000 General and administrative � 2,847,000 �
2,692,000 � 4,742,000 � 4,369,000 � 7,589,000 � 7,061,000 �
6,747,000 � 5,663,000 � 25,723,000 � 22,666,000 � 32,470,000 �
28,329,000 � Operating income $ 5,237,000 $ 5,284,000 $ 5,914,000 $
5,592,000 $ 11,151,000 $ 10,876,000
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