Lifecore first-quarter sales, net income in line with guidance

By Lisa Kerner

Charlotte, N.C., Oct. 17 - Lifecore Biomedical Inc. ended the quarter with cash and cash equivalents totaling $28.1 million and said its first-quarter sales and net income were in line with guidance for the period ended Sept. 30.

Net sales were up 12% at $15.0 million from $13.4 million in the first quarter of fiscal-year 2006.

Lifecore reported net income for the first quarter of $1.14 million, or $0.08 per diluted share, compared with $1.05 million, or $0.08 per diluted share, in the prior-year period.

The Chaska, Minn., medical device company maintained its fiscal-year guidance, expecting sales of $70 million to $72 million, or an increase of 11% to 14% over fiscal 2006. Net income is expected to increase 19% to 27%, with earnings per share of $0.61 to $0.65 per diluted share.

Second-quarter sales are expected in the range of $16.6 million to $17.0 million and earnings per diluted share of $0.10 to $0.12.

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