Lifecore Biomedical, Inc. De 8-K/A, filed Mar 27, 2023

Lifecore Biomedical, Inc. De (LFCR)

8-K/A 2023-03-27 For: 2023-02-07

View Original

Added on April 12, 2026

About this 8-K/A

Lifecore Biomedical, Inc. De filed this 8-K/A on March 27, 2023, reporting on events of February 7, 2023.

Items reported

Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


3515 Lyman Boulevard
Chaska,	Minnesota	55318
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock	LFCR	The NASDAQ Global Select Market


Exhibit No.						Description
99.1						Unaudited Pro Forma Condensed Consolidated Balance Sheet as of November 27, 2022 and Consolidated Statements of Comprehensive Loss (Income) for the Fiscal Years Ended May 29, 2022, May 30, 2021 and May 31, 2020, and the Six Months ended November 27, 2022.
104						Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
* The schedules and other attachments to this exhibit have been omitted. The Company agrees to furnish a copy of any omitted schedules or attachments to the SEC upon request.


			LIFECORE BIOMEDICAL, INC.


			By:			/s/ John D. Morberg
						John D. Morberg
						Chief Financial Officer


	November 27, 2022		Pro Forma Adjustments		Notes	November 27, 2022
	As Reported					Pro Forma
ASSETS
Current Assets:
Cash and cash equivalents	$	6,830	$	(891)	2(b)	$	5,939
Accounts receivable, less allowance for credit losses	35,689		(6,516)		2(b)	29,173
Inventories	77,524		(30,505)		2(b)	47,019
Prepaid expenses and other current assets	7,049		(2,352)		2(b)	4,697
Total Current Assets	127,092		(40,264)			86,828


Property and equipment, net	118,852		(3,257)		2(b)	115,595
Operating lease right-of-use assets	7,951		(1,953)		2(b)	5,998
Goodwill	13,881		—			13,881
Trademarks/tradenames, net	7,400		(3,000)		2(b)	4,400
Customer relationships, net	1,292		(1,292)		2(b)	—
Other assets	2,605		(102)		2(b)	2,503
Total Assets	$	279,073	$	(49,868)		$	229,205

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	27,971	$	(14,619)	2(b)	$	13,352
Accrued compensation	4,602		(498)		2(b)	4,104
Other accrued liabilities	10,426		(759)		2(b)	9,667
Current portion of lease liabilities	5,013		(721)		2(b)	4,292
Deferred revenue	731		—			731
Line of credit	48,000		(13,000)		2(a)	35,000
Current portion of long-term debt, net	98,953		—			98,953
Total Current Liabilities	195,696		(29,597)			166,099

Long-term debt, net	—		—			—
Long-term lease liabilities	8,999		(1,523)		2(b)	7,476
Deferred taxes, net	10		—			10
Other non-current liabilities	201		—			201
Total Liabilities	204,906		(31,120)			173,786

Stockholders’ Equity:
Common stock, $0.001 par value; 50,000 shares authorized; 30,297 shares issued and outstanding at November 27, 2022	30		—			30
Additional paid-in capital	174,036		—			174,036
Retained earnings (accumulated deficit)	(99,899)		(18,748)		2(a)(b)(c)	(118,647)
Accumulated other comprehensive loss	—		—			—
Total Stockholders’ Equity	74,167		(18,748)			55,419
Total Liabilities and Stockholders’ Equity	$	279,073	$	(49,868)		$	229,205


☐			Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	Six Months Ended November 27, 2022
	As Reported		Pro Forma Adjustments		Notes	Pro Forma
Product sales	$	82,157	$	(32,009)	2(d)	$	50,148
Cost of product sales	68,797		(32,241)		2(d)	36,556
Gross profit	13,360		232			13,592

Operating costs and expenses:
Research and development	4,166		(43)		2(d)	4,123
Selling, general and administrative	21,435		(3,273)		2(d)	18,162
Impairment of indefinite-lived intangible assets	1,300		(1,000)		2(d)	300

Restructuring costs	1,870		(45)		2(d)	1,825
Total operating costs and expenses	28,771		(4,361)			24,410
Operating loss	(15,411)		4,593			(10,818)


Interest income	31		—			31
Interest expense	(7,897)		—			(7,897)

Other income (expense), net	(515)		—			(515)
Net loss before tax	(23,792)		4,593			(19,199)
Income tax benefit (expense)	(8)		(785)		2(d)	(793)
Net loss	$	(23,800)	$	3,808		$	(19,992)







Net loss per common share:


Basic	$	(0.80)	$	0.13		$	(0.68)




Diluted	$	(0.80)	$	0.13		$	(0.68)

Shares used in per share computation:
Basic	29,605		—			29,605
Diluted	29,605		—			29,605

Other comprehensive income , net of tax:
Net unrealized gain on interest rate swaps (net of tax effect of $(16))	$	586	$	—		$	586
Other comprehensive income, net of tax	586		—			586
Total comprehensive loss	$	(23,214)	$	3,808		$	(19,406)


	Twelve Months Ended May 29, 2022
		As Reported		Pro Forma Adjustments		Notes	Pro Forma
Product sales		$	185,786	$	(65,268)	2(d)	$	120,518
Cost of product sales		135,416		(59,527)		2(d)	75,889
Gross profit		50,370		(5,741)			44,629

Operating costs and expenses:
Research and development		7,841		(94)		2(d)	7,747
Selling, general and administrative		46,127		(8,261)		2(d)	37,866
Impairment of goodwill, long-lived and intangible assets		46,089		(46,089)		2(d)	—

Restructuring costs		8,961		(484)		2(d)	8,477
Total operating costs and expenses		109,018		(54,928)			54,090
Operating loss		(58,648)		49,187			(9,461)


Interest income		81		—			81
Interest expense, net		(17,357)		—			(17,357)
Transition Services Income		5,814					5,814
Other (expense) income, net		641		—			641
Net loss from continuing operations before tax		(69,469)		49,187			(20,282)
Income tax benefit		5,945		486		2(d)	6,431
Net loss from continuing operations		$	(63,524)	$	49,673		$	(13,851)

Discontinued operations:
Loss from discontinued operations		(51,276)		—			(51,276)
Income tax benefit		121		—			121
Loss from discontinued operations, net of tax		(51,155)		—			(51,155)
Net loss		$	(114,679)	$	49,673		$	(65,006)

Net loss per common share:
Loss from continuing operations		$	(2.16)	$	1.69		$	(0.47)
Loss from discontinued operations		(1.74)		—			(1.74)
Total basic net loss per share		$	(3.90)	$	1.69		$	(2.21)

Diluted net loss per share:
Loss from continuing operations		$	(2.16)	$	1.69		$	(0.47)
Loss from discontinued operations		(1.74)		—			(1.74)
Total diluted net loss per share		$	(3.90)	$	1.69		$	(2.21)

Shares used in per share computation:
Basic		29,446		—			29,446
Diluted		29,446		—			29,446

Other comprehensive (loss) income, net of tax:
Net unrealized gain (loss) on interest rate swaps (net of tax effect of $(430))		$	772	$	—		$	772
Other comprehensive (loss) income, net of tax		772		—			772
Total comprehensive loss		$	(113,907)	$	49,673		$	(64,234)


	Twelve Months Ended May 30, 2021
	As Reported		Pro Forma Adjustments		Notes	Pro Forma
Product sales	$	171,546	$	(63,575)	2(d)	$	107,971
Cost of product sales	121,075		(54,101)		2(d)	66,974
Gross profit	50,471		(9,474)			40,997

Operating costs and expenses:
Research and development	7,423		(1,030)		2(d)	6,393
Selling, general and administrative	37,660		(8,432)		2(d)	29,228

Legal settlement charge	1,763		—			1,763
Restructuring costs	3,759		(32)		2(d)	3,727
Total operating costs and expenses	50,605		(9,494)			41,111
Operating loss	(134)		20			(114)


Interest income	48		—			48
Interest expense, net	(10,387)		—			(10,387)
Loss on debt refinancing	(1,110)		—			(1,110)
Other (expense) income, net	111		—			111
Net loss from continuing operations before tax	(11,472)		20			(11,452)
Income tax benefit	1,903		1,031		2(d)	2,934
Net loss from continuing operations	$	(9,569)	$	1,051		$	(8,518)

Discontinued operations:
Loss from discontinued operations	(28,994)		—			(28,994)
Income tax benefit	5,898		—			5,898
Loss from discontinued operations, net of tax	(23,096)		—			(23,096)
Net loss	$	(32,665)	$	1,051		$	(31,614)

Basic net loss per share:
Loss from continuing operations	$	(0.33)	$	0.04		$	(0.29)
Loss from discontinued operations	(0.79)		—			(0.79)
Total basic net loss per share	$	(1.12)	$	0.04		$	(1.08)

Diluted net loss per share:
Loss from continuing operations	$	(0.33)	$	0.04		$	(0.29)
Loss from discontinued operations	(0.79)		—			(0.79)
Total diluted net loss per share	$	(1.12)	$	0.04		$	(1.08)

Shares used in per share computation:
Basic	29,294		—			29,294
Diluted	29,294		—			29,294

Other comprehensive (loss) income, net of tax:
Net unrealized gain (loss) on interest rate swaps (net of tax effect of ($445))	$	1,450	$	—		$	1,450
Other comprehensive (loss) income, net of tax	1,450		—			1,450
Total comprehensive loss	$	(31,215)	$	1,051		$	(30,164)


	Twelve Months Ended May 31, 2020
		As Reported		Pro Forma Adjustments		Notes	Pro Forma
Product sales		$	160,066	$	(62,194)	2(d)	$	97,872
Cost of product sales		120,679		(57,619)		2(d)	63,060
Gross profit		39,387		(4,575)			34,812

Operating costs and expenses:
Research and development		7,582		(995)		2(d)	6,587
Selling, general and administrative		40,674		(8,251)		2(d)	32,423
Impairment of indefinite-lived intangible assets		12,953		(6,200)		2(d)	6,753

Restructuring costs		4,054		—			4,054
Total operating costs and expenses		65,263		(15,446)			49,817
Operating loss		(25,876)		10,871			(15,005)


Interest income		72		(6)		2(d)	66
Interest expense, net		(4,646)		—			(4,646)

Other (expense) income, net		(195)		—			(195)
Net loss from continuing operations before tax		(30,645)		10,865			(19,780)
Income tax benefit		8,774		(2,377)		2(d)	6,397
Net loss from continuing operations		(21,871)		8,488			(13,383)

Discontinued operations:
Loss from discontinued operations		(20,662)		—			(20,662)
Income tax benefit		4,342		—			4,342
Loss from discontinued operations, net of tax		(16,320)		—			(16,320)
Net loss		$	(38,191)	$	8,488		$	(29,703)

Basic net loss per share:
Loss from continuing operations		$	(0.75)	$	0.29		$	(0.46)
Loss from discontinued operations		(0.56)		—			(0.56)
Total basic net loss per share		$	(1.31)	$	0.29		$	(1.02)

Diluted net loss per share:
Loss from continuing operations		$	(0.75)	$	0.29		$	(0.46)
Loss from discontinued operations		(0.56)		—			(0.56)
Total diluted net loss per share		$	(1.31)	$	0.29		$	(1.02)

Shares used in per share computation:
Basic		29,162		—			29,162
Diluted		29,162		—			29,162

Other comprehensive (loss) income, net of tax:
Net unrealized gain (loss) on interest rate swaps (net of tax effect of $878)		$	(2,872)	$	—		$	(2,872)
Other comprehensive (loss) income, net of tax		(2,872)		—			(2,872)
Total comprehensive loss		$	(41,063)	$	8,488		$	(32,575)