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Landec profit misses consensus by 32.7% in fiscal Q3

Landec Corp. said its normalized net income for the fiscal third quarter ended March 1 came to 11 cents per share, compared with the S&P Capital IQ consensus estimate of 16 cents per share.

EPS declined 51.1% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.0 million, a decrease of 50.6% from $6.0 million in the third quarter ended Feb. 23, 2014.

The normalized profit margin dropped to 2.2% from 4.8% in the year-earlier period.

Total revenue climbed 9.6% year over year to $138.5 million from $126.4 million, and total operating expenses increased 14.6% year over year to $133.7 million from $116.6 million.

Reported net income fell 41.2% from the prior-year period to $3.8 million, or 14 cents per share, from $6.5 million, or 24 cents per share.