), a materials sciences company, has announced the appointment of
Molly A. Hemmeter as its Chief Operating Officer (COO). Hemmeter
joined Landec in 2009 and her contributions in the company have
Hemmeter joined Landec as the VP of Business Development and
gradually became Landec's Chief Commercial Officer. She worked as
an operational lead for the acquisitions of Lifecore and
Greenline and for Landec's investment in Windset Farms. Hemmeter
has also been instrumental in expanding the marketing and new
product innovation capabilities at the company's Apio food
Landec is launching a new category of fresh-cut specialty
packaged vegetable salads and other value added, specialty
packaged products under the leadership of Hemmeter. The company
remains impressed with Hemmeter's achievements and expects her
new role to enable it to achieve growth and profitability.
Prior to Landec, Hemmeter has worked at
) Performance Material Division, where she created processes for
identifying global new business development opportunities.
Previously, she also held a variety of managerial positions at
Bausch & Lomb and
Eli Lilly and Company
) in areas of P&L.
Landec has also released its results for second-quarter fiscal
2014 (ended Nov 24, 2013). The company posted earnings of 13
cents per share, down roughly 62% from 34 cents in the
corresponding year-ago period. The results were however in line
with the Zacks Consensus Estimate.
Revenues increased 5% year over year to $120 million due to a
12% rise in the company's Apio's value-added businesses' revenues
and a 13% increase in revenues at Lifecore. Sales, however,
missed the Zacks Consensus Estimate of $124 million.
Cash and marketable securities was $5.8 million as of Nov 24,
2013, compared with $6.8 million as of Nov 25, 2012. The
company had $27.7 million available under its lines of credit as
of Nov 24, 2013.
Landec expects revenues for fiscal 2014 to meet or exceed its
original guidance of 6% growth and forecasts net income to be
flat to up 5% compared to fiscal 2013, after excluding the $3.9
million earn out adjustment in fiscal 2013.
Landec currently retains a Zacks Rank #4 (Sell).
A better-ranked stock in the chemical-plastics industry is
Westlake Chemical Corporation
), carrying a Zacks Rank #2 (Buy).
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