Business
Lifecore Biomedical Completes Restatements and Files Form 10-K for Fiscal Year 2023
Efforts now aligned toward the completion of its First Quarter Fiscal 2024 Report on Form 10-Q CHASKA, Minn., March 20, 2024 (GLOBE NEWSWIRE) -- Lifecore
About this update from Lifecore Biomedical, Inc.
[{"type":"text","content":"Efforts now aligned toward the completion of its First Quarter Fiscal 2024 Report on Form 10-Q\nCHASKA, Minn., March 20, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), announced today that it has filed its Annual Report on Form 10-K for the fiscal year ended May 28, 2023 (“FY23”) with the United States Securities and Exchange Commission (the “SEC”). Form 10-K Filing and Restatement Overview The FY23 Annual Report on Form 10-K filing contains the restatement of previously issued consolidated financial statements as of and for the fiscal years ended May 29, 2022 (“FY22”) and May 30, 2021 (“FY21”) included in the Company’s Annual Report on Form 10-K/A for the year ended May 29, 2022 filed with the SEC, the Company’s unaudited consolidated financial statements as of and for the periods ending August 30, 2020, November 29, 2020, February 28, 2021, August 29, 2021, November 28, 2021, February 27, 2022, August 28, 2022, November 27, 2022 and February 26, 2023 included in the Company’s Quarterly Reports on Form 10-Q filed with the SEC (collectively, the “Prior Financial Statements”). The restatements correct errors involving the calculation of capitalized interest, valuation of inventories, and certain other adjustments related to previously divested businesses reflected in the Prior Financial Statements. In addition, the Company has adjusted certain other items that were previously identified and concluded as immaterial, individually and in the aggregate, to the Prior Financial Statements. The more significant restatement adjustments to the Lifecore segment financial statements contained in the Prior Financial Statements, are described as follows: The Company restated inventories and cost of sales to write down inventories to their net realizable value as well as recording reserves for excess and obsolete inventories in FY22 and FY21 which reduced inventories and increased cost of sales during those periods.The Company restated property and equipment and interest expense to record capitalized interest on assets under construction in FY22 and FY21 which increased property and equipment and reduced interest expense during those periods.The Company restated the Lifecore segment revenues and cost of sales in FY...