LIFECORE BIOMEDICAL, INC. (NASDAQ:LCBM) today reported net sales of
$17.3 million in the second quarter ended December 31, 2007, an
increase of 4% over net sales of $16.6 million in the second
quarter of fiscal year 2007. Net income of $1,243,000, or $0.09 per
diluted share, was posted for the second fiscal quarter ended
December 31, 2007 compared with net income of $1,366,000, or $0.10
per diluted share, in the quarter ended December 31, 2006. Sales
for the first six months of fiscal year 2008 were $33.0 million, an
increase of 4% over the $31.6 million reported for the first six
months of fiscal year 2007. Net income for the first six months of
fiscal 2008 was $2,506,000, or $0.18 per diluted share, compared
with net income of $2,505,000, or $0.18 per diluted share, for the
first six months of fiscal 2007. �We are very pleased with the
revenue and profitability of our hyaluronan business this quarter,�
said Dennis J. Allingham, President and CEO. �However, domestic
dental sales fell short of our growth expectations as we continue
to transition the market to the Prima� Implant System.� The Company
reported a cash and cash equivalents balance of $43.9 million at
December 31, 2007. Cash effects associated with the income tax
expenses reflected in the operating results were minimal due to the
utilization of the Company�s net operating loss carry forwards and
tax credit carry forwards. Substantially, all of the Company�s net
operating loss carry forwards have been utilized through the
quarter ended December 31, 2007. Hyaluronan Division Net sales from
the Hyaluronan Division for the second quarter were $4.9 million,
an increase of 13% from the $4.3 million reported in the same
quarter last year. Net sales for the first six months in fiscal
year 2008 were $9.7 million compared with $9.1 million in the same
period last year. The increase is attributed to growth across all
product segments and the strength of our market presence. The
Division reported operating income of $732,000 for the second
quarter compared with operating income of $463,000 in the second
quarter of fiscal year 2007. Operating income of $1,675,000 was
reported for the six month period compared with operating income of
$1,459,000 in the same period last year. �Strong hyaluronan sales
from existing products and revenue from new product development
contributed to the double-digit revenue growth,� said Allingham.
Dental Division Net sales from the Dental Division for the second
quarter were $12.4 million, up slightly from the $12.2 million
recorded in the second quarter last year. Net sales for the first
six months in fiscal year 2008 were $23.2 million compared with
$22.5 million in the comparable period last year, an increase of
3%. The Division reported operating income of $741,000 for the
second quarter compared with operating income of $1,456,000 in the
second quarter of fiscal year 2007. Operating income of $1,355,000
was reported for the six month period compared to operating income
of $1,966,000 in the same period last year. �Quarter over quarter
sales of the Prima Implant System were up 19%, driving the Prima
line to more than 40% of overall Dental Division sales, indicative
of the strong market acceptance of this implant line,� said
Allingham. �Our focus remains on increasing the recognition and
acceptance of this premium product offering to the specialist
segment.� Outlook Due to the Company�s agreement to be acquired by
affiliates of Warburg Pincus for $17 per share in cash, as
announced simultaneously with the financial results today, the
Company has determined it will suspend guidance, pending the
outcome of that acquisition. Conference Call The Company will host
a conference call today at 7:00 a.m. Central Time to discuss second
quarter results and other new developments. Investors interested in
participating in the live call can dial (800) 896-8445 from the
U.S. International callers can dial (785) 830-1916. A telephone
replay will be available approximately two hours after the call
concludes and will be available through Tuesday, January 22, 2008,
by dialing (888) 203-1112 from the U.S., or (719) 457-0820 for
international callers and entering confirmation code 2333334. There
also will be a simultaneous webcast available on the Investor
Relations section of the Company's web site at www.lifecore.com.
For those unable to participate during the live broadcast, the
webcast will be archived for 30 days. The webcast is also being
distributed over THOMSON/CCBN's Investor Distribution Network.
Individual investors can listen to the call through THOMSON/CCBN's
individual investor center at www.earnings.com Institutional
investors can access the call via StreetEvents
www.streetevents.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, 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, 2007, and
other more recent filings. Actual results may differ materially
from anticipated results. About Lifecore Biomedical Lifecore
Biomedical 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 or by telephone at 952-368-4300. Lifecore
Biomedical, Inc. Condensed Consolidated Balance Sheets (Unaudited)
� � December 31, June 30, � 2007 � 2007 ASSETS CURRENT ASSETS Cash
and cash equivalents $ 43,921,000 $ 39,105,000 Accounts receivable
14,337,000 15,555,000 Inventories 13,054,000 12,145,000 Deferred
income taxes, net 2,505,000 3,684,000 Prepaid expense � 1,376,000 �
1,448,000 Total current assets 75,193,000 71,937,000 � PROPERTY,
PLANT AND EQUIPMENT, NET 22,647,000 23,105,000 � LONG-TERM
INVENTORY 1,330,000 1,491,000 OTHER ASSETS � 5,621,000 � 5,738,000
$ 104,791,000 $ 102,271,000 � LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 6,346,000 $ 7,323,000 Long-term obligations
4,351,000 4,496,000 Long-term tax reserve 634,000 - Long-term
deferred income taxes, net 982,000 982,000 Shareholders' equity �
92,478,000 � 89,470,000 $ 104,791,000 $ 102,271,000 Lifecore
Biomedical, Inc. Consolidated Statements of Operations (Unaudited)
� � � � Three Months Ended Six Months Ended December 31, December
31, � 2007 � � 2006 � � 2007 � � 2006 � � Net sales $ 17,294,000 $
16,552,000 $ 32,977,000 $ 31,562,000 Cost of goods sold � 6,429,000
� � 6,498,000 � � 12,411,000 � � 12,070,000 � Gross profit
10,865,000 10,054,000 20,566,000 19,492,000 � Operating expenses
Research and development 1,471,000 1,017,000 2,711,000 2,113,000
Marketing and sales 5,629,000 5,241,000 10,457,000 10,153,000
General and administrative � 2,292,000 � � 1,877,000 � � 4,368,000
� � 3,801,000 � � 9,392,000 � � 8,135,000 � � 17,536,000 � �
16,067,000 � � Operating income 1,473,000 1,919,000 3,030,000
3,425,000 � Other income (expense) Interest income 486,000 353,000
982,000 684,000 Interest expense (58,000 ) (71,000 ) (126,000 )
(135,000 ) Currency transaction gains 140,000 11,000 194,000 84,000
Other � (4,000 ) � 10,000 � � 27,000 � � 16,000 � � 564,000 � �
303,000 � � 1,077,000 � � 649,000 � � Income before income taxes
2,037,000 2,222,000 4,107,000 4,074,000 � Income tax expense �
794,000 � � 856,000 � � 1,601,000 � � 1,569,000 � � Net Income $
1,243,000 � $ 1,366,000 � $ 2,506,000 � $ 2,505,000 � � Net income
per share Basic $ 0.09 � $ 0.10 � $ 0.19 � $ 0.19 � Diluted $ 0.09
� $ 0.10 � $ 0.18 � $ 0.18 � � Weighted average shares outstanding
Basic � 13,517,423 � � 13,262,975 � � 13,494,720 � � 13,243,211 �
Diluted � 13,820,001 � � 13,734,547 � � 13,808,820 � � 13,724,866 �
Lifecore Biomedical, Inc. Divisional Statements of Operations Three
Months Ended December 31, (Unaudited) � � � � � � Hyaluronan
Division Dental Division Consolidated � 2007 � 2006 � 2007 � 2006 �
2007 � 2006 � Net sales $ 4,881,000 $ 4,319,000 $ 12,413,000 $
12,233,000 $ 17,294,000 $ 16,552,000 Cost of goods sold � 1,987,000
� 2,262,000 � 4,442,000 � 4,236,000 � 6,429,000 � 6,498,000 Gross
profit 2,894,000 2,057,000 7,971,000 7,997,000 10,865,000
10,054,000 � Operating expenses Research and development 1,049,000
688,000 422,000 329,000 1,471,000 1,017,000 Marketing and sales
222,000 201,000 5,407,000 5,040,000 5,629,000 5,241,000 General and
administrative � 891,000 � 705,000 � 1,401,000 � 1,172,000 �
2,292,000 � 1,877,000 � 2,162,000 � 1,594,000 � 7,230,000 �
6,541,000 � 9,392,000 � 8,135,000 � Operating income $ 732,000 $
463,000 $ 741,000 $ 1,456,000 $ 1,473,000 $ 1,919,000 � Lifecore
Biomedical, Inc. Divisional Statements of Operations Six Months
Ended December 31, (Unaudited) � Hyaluronan Division Dental
Division Consolidated � 2007 � 2006 � 2007 � 2006 � 2007 � 2006 �
Net sales $ 9,730,000 $ 9,098,000 $ 23,247,000 $ 22,464,000 $
32,977,000 $ 31,562,000 Cost of goods sold � 4,071,000 � 4,384,000
� 8,340,000 � 7,686,000 � 12,411,000 � 12,070,000 Gross profit
5,659,000 4,714,000 14,907,000 14,778,000 20,566,000 19,492,000 �
Operating expenses Research and development 1,937,000 1,404,000
774,000 709,000 2,711,000 2,113,000 Marketing and sales 340,000
397,000 10,117,000 9,756,000 10,457,000 10,153,000 General and
administrative � 1,707,000 � 1,454,000 � 2,661,000 � 2,347,000 �
4,368,000 � 3,801,000 � 3,984,000 � 3,255,000 � 13,552,000 �
12,812,000 � 17,536,000 � 16,067,000 � Operating income $ 1,675,000
$ 1,459,000 $ 1,355,000 $ 1,966,000 $ 3,030,000 $ 3,425,000
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