Lifecore Biomedical Reports Exit/Disposal Costs
Ticker: LFCR · Form: 8-K · Filed: Jul 12, 2024 · CIK: 1005286
| Field | Detail |
|---|---|
| Company | Lifecore Biomedical, Inc. \De\ (LFCR) |
| Form Type | 8-K |
| Filed Date | Jul 12, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.0 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: restructuring, disposal, 8-K
Related Tickers: LNDC
TL;DR
Lifecore Biomedical is booking costs for exiting/disposing of parts of its business.
AI Summary
On July 8, 2024, Lifecore Biomedical, Inc. filed an 8-K report detailing cost associated with exit or disposal activities. The company, incorporated in Delaware with its principal executive offices in Chaska, Minnesota, is reporting on activities related to its disposal or exit from certain business segments or operations.
Why It Matters
This filing indicates Lifecore Biomedical is undergoing restructuring or divesting certain operations, which could impact its future financial performance and strategic direction.
Risk Assessment
Risk Level: medium — Disposal activities can signal financial distress or strategic shifts that carry inherent business risks.
Key Players & Entities
- Lifecore Biomedical, Inc. (company) — Registrant
- Delaware (jurisdiction) — State of incorporation
- Chaska, Minnesota (location) — Principal executive offices
- July 8, 2024 (date) — Date of earliest event reported
FAQ
What specific activities are associated with the exit or disposal mentioned in the filing?
The filing indicates "Cost Associated with Exit or Disposal Activities" as the item information, but does not specify the exact nature of these activities within the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on July 8, 2024.
What is the principal business address of Lifecore Biomedical, Inc.?
The principal executive offices are located at 3515 Lyman Boulevard, Chaska, Minnesota 55318.
What is the Standard Industrial Classification (SIC) code for Lifecore Biomedical, Inc.?
The SIC code is 2834, which corresponds to Pharmaceutical Preparations.
Was Lifecore Biomedical, Inc. formerly known by another name?
Yes, the company was formerly known as Landec Corp \CA\, with a date of name change on December 22, 1995.
Filing Stats: 737 words · 3 min read · ~2 pages · Grade level 14.7 · Accepted 2024-07-12 08:03:05
Key Financial Figures
- $1.0 m — mination benefit costs of approximately $1.0 million, which primarily consist of one-t
Filing Documents
- lndc-20240708.htm (8-K) — 28KB
- 0001005286-24-000086.txt ( ) — 149KB
- lndc-20240708.xsd (EX-101.SCH) — 2KB
- lndc-20240708_lab.xml (EX-101.LAB) — 21KB
- lndc-20240708_pre.xml (EX-101.PRE) — 12KB
- lndc-20240708_htm.xml (XML) — 3KB
05 Costs Associated With Exit or Disposal Activities
Item 2.05 Costs Associated With Exit or Disposal Activities. On July 8, 2024, Lifecore Biomedical, Inc. (the "Company") determined to implement a strategic reduction of the Company's workforce (the "Workforce Reduction Plan") to terminate 46 full-time employees of the Company, representing approximately 9% of the Company's workforce, as part of an initiative to strategically optimize the Company's cost structure. In connection with the Workforce Reduction Plan, the Company estimates that it will incur termination benefit costs of approximately $1.0 million, which primarily consist of one-time severance benefits. These costs are expected to be incurred in the first quarter of fiscal 2025 and paid during both the first and second quarters of fiscal 2025. Cautionary Note Regarding Forward-Looking Statements This Current Report on Form 8-K includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "might", "will", "should", "can have", "likely" and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the Company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. These factors include, without limitation, the potential costs and charges of the Workforce Reduction Plan, including the potential that such costs or changes may exceed the amounts anticipated or that they are incurred in different periods than anti