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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 1997
Lifecore Biomedical, Inc.
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(Exact name of Registrant as specified in its charter)
Minnesota 41-0948334
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
0-4136
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(Commission File Number)
3515 Lyman Boulevard
Chaska, Minnesota 55318
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(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: 612-368-4300
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ITEM 5. OTHER EVENTS
The press release included as Exhibit 21.1 is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS PAGE NO.
(c) Exhibits
21.1 Press Release dated February 5, 1997 4
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LIFECORE BIOMEDICAL, INC.
Dated: February 17, 1997 /s/ Dennis J. Allingham
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Dennis J. Allingham
Vice President & Chief
Financial Officer
(Principal Financial Officer)
3
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Exhibit 21.1
LIFECORE BIOMEDICAL, INC.
LIFECORE ACCELERATES JOHNSON & JOHNSON LEASE BUYOUT
CHASKA, MN. FEBRUARY 5, 1997 -- LIFECORE BIOMEDICAL, INC. (NASDAQ:LCBM)
announced today that it has completed an accelerated early buyout of its lease
with Johnson & Johnson Finance Corporation.
Under the terms of the original $7,900,000 equipment lease, initiated in
May of 1991, the first eligible buyout period was to occur in November of 1997.
The buyout consisted of a payment of approximately $5.4 million. The Companies
agreed to an accelerated buyout schedule to facilitate Lifecore's expansion of
its current manufacturing operations. The lease termination is expected to
favorably impact ongoing financial operating costs.
The debt reduction accomplished by the lease termination was part of
planned uses of proceeds discussed in Lifecore's 1995 and 1996 equity
financings.
Lifecore Biomedical, Inc., produces medical and surgical devices for use in
dentistry, ophthalmology, veterinary, and wound care applications.
Lifecore Biomedical news releases are available through Company News On-
Call by fax, 800-758-5804, extension 509266, or at HTTP://WWW.PRNEWSWIRE.COM.
CONTACT: 612 - 368 - 4300 James W. Bracke, President & CEO
Dennis J. Allingham, V.P. and CFO
Colleen M. Olson, V.P. Corp. Admin.
Operations
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