- Third Quarter Operating Income of $7.8 Million and EBITDA of $9.1
Million -
- Began Renting New Farm Worker Housing Units In Third Quarter -
- Enters Into Agreement with Leading Land Developer, The Lewis Group
of Companies, to Develop Santa Paula Gateway -
- Company to Acquire Over 900 Acres of Agribusiness Property in
California that is Currently Leased -
SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (the "Company" or "Limoneira") (NASDAQ: LMNR), a
leading agribusiness with prime agricultural land and operations, real
estate and water rights in California and Arizona, today reported
financial results for the third quarter and nine months ended July 31,
2015.
Fiscal Year 2015 Third Quarter Results
For the third quarter of fiscal year 2015, revenue was $29.8 million,
compared to revenue of $36.5 million in the third quarter of the
previous fiscal year. Agribusiness revenue was $28.5 million, compared
to $35.2 million in the third quarter last year, primarily due to lower
lemon and avocado sales. Rental operations revenue was $1.3 million in
the third quarter of fiscal year 2015, compared to $1.2 million in the
third quarter of last year. Real estate development revenue was $34,000
compared to $121,000 in the third quarter last year.
Agribusiness revenue for the third quarter of fiscal year 2015 includes
$23.9 million in lemon sales, compared to $26.8 million of lemon sales
during the same period of fiscal year 2014, primarily reflecting lower
volume of fresh lemons sold partially offset by higher prices. The
Company completed its fiscal year 2015 avocado harvest in July with
total fiscal year 2015 revenue of $7.1 million on 7.0 million pounds
compared to revenue of $7.3 million on 6.7 million pounds for fiscal
year 2014. Avocado revenue for the third quarter of fiscal year 2015 was
$3.0 million, compared to $6.1 million in the same period last year,
primarily reflecting decreased volume and lower prices. In addition,
third quarter of fiscal year 2015 avocado sales were impacted by a shift
in production and harvest timing due to the Company's decision to
accelerate its harvest plan due to early maturing of the California crop
and the expected arrival of Peruvian avocados in the US market in June
2015. This decision resulted in additional revenue in the second quarter
of fiscal year 2015 that typically is recognized in the third quarter.
The Company recognized $1.0 million of orange revenue in the third
quarter of fiscal year 2015 due to lower volume that was partially
offset by higher sales prices, compared to $1.7 million of orange
revenue in the same period of fiscal year 2014. Specialty citrus and
other crop revenues were $0.6 million in the third quarter of fiscal
year 2015, due to increased prices which were partially offset by lower
sales volume, compared to $0.5 million in the third quarter of fiscal
year 2014.
Costs and expenses for the third quarter of fiscal year 2015 were $22.0
million compared to $23.1 million in the third quarter of last fiscal
year. The year-over-year decrease in operating expenses reflects lower
agribusiness costs, real estate development expenses and selling,
general and administrative expenses. In addition, third quarter of
fiscal year 2014 costs and expenses include an impairment charge on real
estate development assets of $435,000 on the Company's Centennial
property.
Operating income for the third quarter of fiscal year 2015 was $7.8
million, compared to $13.4 million in the third quarter of the previous
fiscal year. Net income applicable to common stock, after preferred
dividends, for the third quarter of fiscal year 2015 was $5.2 million,
compared to $8.8 million in the third quarter of fiscal year 2014.
Earnings per diluted share for the third quarter of fiscal year 2015
were $0.36 on approximately 14.9 million weighted average diluted common
shares outstanding, compared to earnings per diluted share of $0.61 on
approximately 14.5 million weighted average diluted common shares
outstanding in the same period of the prior year. On August 21, 2015,
the Company completed the sale of its Wilson Ranch for approximately
$2.8 million and the gain on the sale was approximately $0.9 million.
The Company previously expected the Wilson Ranch sale to be completed in
the third quarter of 2015.
Adjusted EBITDA was $9.1 million in the third quarter of fiscal year
2015 compared to $14.9 million in the same period of fiscal year 2014. A
reconciliation of EBITDA to the GAAP measure net income is provided at
the end of this release.
Fiscal Year 2015 First Nine Months Results
For the nine months ended July 31, 2015, revenue was $86.1 million
compared to $87.2 million in the same period last year. Operating income
for the first nine months of fiscal year 2015 was $9.5 million compared
to $14.4 million in the same period last year. Net income applicable to
common stock, after preferred dividends, was $6.0 million for the first
nine months of fiscal year 2015 compared to $9.5 million in the same
period last year. Earnings per diluted share for the first nine months
of fiscal year 2015 was $0.42 on approximately 14.1 million weighted
average diluted common shares outstanding compared to earnings per
diluted share of $0.68 on approximately 14.2 million weighted average
diluted common shares outstanding.
Adjusted EBITDA for the first nine months of fiscal year 2015 was $13.0
million compared to Adjusted EBITDA of $17.8 million in the same period
last year.
Real Estate Development
On September 9, 2015, Limoneira announced that it entered into a
Contribution Agreement as the first step that will facilitate a joint
venture with The Lewis Group of Companies (the "Lewis Group"), a leading
residential real estate investment company, for the planned development
of Santa Paula Gateway. Limoneira received a deposit of $2.0 million
from the Lewis Group upon entering into the Contribution Agreement. Upon
the completion of certain conditions to close the transaction, which is
anticipated in November 2015 and includes the contribution of the
property to the joint venture, the Company expects to receive an
additional $18 million from the Lewis Group for a 50% interest in the
joint venture. The Company expects to receive approximately $100 million
of net cash flow over the seven to ten year life of project. The joint
venture partners will share equally in capital contributions to fund
project costs until loan proceeds and/or revenues are sufficient to fund
the project. The project is expected to begin selling developed lots to
home builders during the fourth quarter of 2017.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "We are
excited about the recent progress that we have made with our key
business initiatives. We recently announced that we entered into a
Contribution Agreement that is expected to facilitate a joint venture
with The Lewis Group of Companies, for the development of the Santa
Paula Gateway Project. The Lewis Group is a leading real estate
investment company with a proven track record of developing highly
successful and sought after residential projects throughout Southern
California and we are looking forward to working with them on this
project. After working towards this project for many years, we are very
pleased with the planned partnership and the terms of the deal for
Limoneira. Over the anticipated seven to ten year course of the
development, we expect the project will generate approximately $100
million of net cash flow for Limoneira."
Mr. Edwards continued, "In addition, we recently entered escrow to
acquire approximately 900 acres of lemon, orange, and specialty citrus
orchards in the San Joaquin Valley. We currently lease this property
from the Sheldon family and expect incremental operating results and
cash flows resulting from the elimination of profit sharing lease
expense beginning in fiscal year 2016. This acquisition underscores our
successful execution on our long-term growth strategy to expand our
agribusiness orchards with productive acreage. As we benefit from cash
flow related to our real estate development activities, we plan to make
additional investments into our agribusiness growth."
Mr. Edwards concluded, "Our financial results for the third quarter were
impacted by the previously discussed shift in the timing of the avocado
harvest. Based on our year-to-date results and outlook for the fourth
quarter, we are updating our annual guidance."
Balance Sheet and Liquidity
During the first nine months of fiscal year 2015, net cash provided by
operating activities was $10.2 million compared to $17.8 million in the
same period of the prior year. Net cash used in investing activities was
$24.0 million in the first nine months of fiscal year 2015 compared to
$15.2 million in the same period of the prior year, primarily related to
the Company's investments in the expansion of its lemon packing
facilities and additional farm worker housing units, as well as
investments in real estate development projects. Net cash provided by
financing activities was approximately $13.8 million for the first nine
months of fiscal year 2015 compared to net cash used in financing
activities of $3.0 million in the same period of the prior year.
Long-term debt as of July 31, 2015 was $84.2 million, compared to $67.8
million at the end of fiscal year 2014.
During the nine months ended July 31, 2015, the Company executed its
on-going real estate development strategy by capitalizing real estate
development costs of $6.8 million. In the nine months ended July 31,
2014, the Company capitalized real estate development costs of $3.4
million.
Recent Business Highlights
The Company continues to benefit from the success of its direct lemon
sales and marketing strategy. In the third quarter of fiscal year 2015,
lemon sales were comprised of approximately 82% to U.S. and Canada-based
customers, 15% to domestic exporters, and 3% to international customers.
Alex Teague, Senior Vice President, stated, "Limoneira is well
positioned to deliver long-term agribusiness growth. We are excited
about the pending completion of our new lemon packing house expected in
October 2015. We continue to look for opportunities to capitalize on
strategic acquisitions and remain focused on innovation to help drive
organic growth."
On February 3, 2015, Limoneira and Cadiz Inc. (NASDAQ: CDZI) ("Cadiz")
announced that they expanded their existing agricultural lease agreement
to include an additional 200 acres. Limoneira acquired a total of 200
acres of lemon trees and associated irrigation lines from Cadiz and one
of its leasing tenants for approximately $1.2 million. Under the amended
lease agreement with Cadiz, Limoneira now has the right to plant up to
1,480 acres of lemons over the next three years at the Cadiz Ranch
operations in the Cadiz Valley. Including the 200 acres of lemons
purchased in February, the Company currently has 360 acres of lemon
trees growing on the property leased from Cadiz.
In July 2015, the Company entered into a purchase agreement to acquire
157 acres of lemon, orange and specialty citrus orchards in California's
San Joaquin Valley, for approximately $3.3 million. The orchards are
being acquired pursuant to purchase options contained in certain
operating leases the Company has had since 2012 for approximately 1,000
acres of lemon, orange and specialty citrus and other crops, which the
Company refers to as the Sheldon Ranch leases. The Company paid a
deposit of $50,000 and escrow is expected to close in September 2015.
In September 2015, the Company entered into a purchase agreement to
acquire 757 acres of lemon, orange and specialty citrus orchards in
California's San Joaquin Valley, for approximately $15.1 million. The
orchards are being acquired pursuant to purchase options contained in
the Sheldon Ranches operating leases which the Company has had since
2012. The Company paid a deposit of $50,000 and escrow is expected to
close in November 2015.
On August 21, 2015, the Company completed the sale of its Wilson Ranch,
which is comprised of 52 acres of land with 33 acres of avocado orchards
located near the City of Fillmore, in Ventura County, California. The
sales price was approximately $2.8 million and the gain on the sale was
approximately $0.9 million. The sales price represents approximately
$53,000 and $83,000 per acre for total acres and productive avocado
acres, respectively. The Company had previously expected the sale to
close in the third quarter of fiscal year 2015, and as a result of the
delay, the Company now expects to realize approximately $0.04 per
diluted share in the fourth quarter of fiscal year 2015 associated with
the sale.
The Company has substantially completed its farm worker housing project
and began renting units in May 2015, which is expected to add
approximately $0.9 million of rental revenue on an annual basis. The
Company anticipates the additional farm worker housing will help
maintain a consistent supply of labor for its agribusiness operations.
Fiscal Year 2015 Outlook
The Company continues to expect to sell approximately 2.8 million
cartons of fresh lemons in fiscal year 2015. However, approximately
30,000 fewer cartons are estimated to be sold for the remainder of the
year at a lower average price per carton than was previously
anticipated. The average price per carton of fresh lemons sold is
expected to be $24.00 to $25.00 for fiscal year 2015, compared to $25.00
previously anticipated and the average per carton price for the
remainder of the year is estimated to be approximately $25.50 compared
to $29.00 previously anticipated for the fourth quarter of 2015. Lower
expected production volume is due to continued dry weather, which has
hindered fruit sizing and lower prices are expected due to an increased
supply of imported lemons in the market. Additionally, in the fourth
quarter of 2015, the Company estimates that a larger percentage of fresh
cartons sold will be procured from third party growers than was
previously anticipated. Lemons procured from third party growers have a
lower profit margin than lemons grown on the Company's orchards.
The Company expects to earn approximately $5.8 million to $6.3 million
in operating income for fiscal year 2015 compared to previous guidance
of $7.6 million to $8.1 million. Fiscal year 2015 income before tax is
expected to be approximately $7.3 million to $7.8 million compared to
previous guidance of $8.8 million to $9.3 million. The Company expects
fiscal year 2015 earnings per diluted share to be in the range of $0.28
to $0.32 compared to previous guidance of $0.36 to $0.40. Fiscal year
2015 income before tax and earnings per share guidance includes a gain
of approximately $0.9 million on the fourth quarter sale of the Wilson
Ranch.
Conference Call Information
The Company will host a conference call and audio webcast on September
9, 2015, at 1:30 pm Pacific Time (4:30 pm Eastern Time) to discuss its
financial results. To access the conference call, participants in the
U.S. should dial (888) 596-2569, and international participants should
dial (913) 981-4901. Participants are encouraged to dial in to the
conference call ten minutes prior to the scheduled start time. The call
will also be broadcast live over the Internet and accessible through the
Investor Relations section of the Company's website at www.limoneira.com. Visitors
to the website should select the "Investor" link to access the
webcast. The webcast will be archived and accessible on the same website
for 30 days following the call. A telephone replay will be available
through September 23, 2015, by calling (877) 870-5176 from the U.S. or
(858) 384-5517 from international locations to access the playback;
passcode is 3513380.
About Limoneira Company
Limoneira Company, a 120-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lē
mon΄âra) is a dedicated sustainability company with approximately 10,700
acres of rich agricultural lands, real estate properties and water
rights in California and Arizona. The Company is a leading producer of
lemons, avocados, oranges, specialty citrus and other crops that are
enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.
Forward-Looking Statements
This press release contains forward-looking statements, including
earnings guidance for fiscal year 2015, 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. These
forward-looking statements are based on Limoneira's current expectations
about future events and can be identified by terms such as "expect,"
"may," "anticipate," "intend," "should be," "will be," "is likely to,"
"strive to," and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking
statements are reasonable but cannot guarantee future results, level of
activity, performance or achievements. Actual results may differ
materially from those expressed or implied in the forward-looking
statements. Therefore, Limoneira cautions you against relying on
any of these forward-looking statements. Factors which may cause future
outcomes to differ materially from those foreseen in forward-looking
statements include, but are not limited to: changes in laws,
regulations, rules, quotas, tariffs and import laws; weather conditions
that affect production, transportation, storage, import and export of
fresh product; increased pressure from crop disease, insects and other
pests; disruption of water supplies or changes in water allocations;
pricing and supply of raw materials and products; market responses to
industry volume pressures; pricing and supply of energy; changes in
interest and currency exchange rates; availability of financing for land
development activities; political changes and economic crises;
international conflict; acts of terrorism; labor disruptions, strikes or
work stoppages; loss of important intellectual property rights;
inability to pay debt obligations; inability to engage in certain
transactions due to restrictive covenants in debt instruments;
government restrictions on land use; and market and pricing risks due to
concentrated ownership of stock. Other risks and uncertainties
include those that are described in Limoneira's SEC filings which are
available on the SEC's website at http://www.sec.gov.
Limoneira undertakes no obligation to subsequently update or revise
the forward-looking statements made in this press release, except as
required by law.
Non-GAAP Financial Measures
Due to significant depreciable assets associated with the nature of the
Company's operations and interest costs associated with its capital
structure, management believes that earnings before interest, income
taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA,
which excludes impairments on real estate development assets when
applicable, is an important measure to evaluate the Company's results of
operations between periods on a more comparable basis. Such measurements
are not prepared in accordance with U.S. generally accepted accounting
principles ("GAAP"), and should not be construed as an alternative to
reported results determined in accordance with GAAP. The non-GAAP
information provided is unique to the Company and may not be consistent
with methodologies used by other companies. Unaudited EBITDA is
summarized and reconciled to net income, which management considers to
be the most directly comparable financial measure calculated and
presented in accordance with GAAP as follows:
|
|
|
|
Quarter ended July 31,
|
|
|
Nine Months Ended July 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
5,313,000
|
|
|
|
$
|
8,932,000
|
|
|
|
$
|
6,428,000
|
|
|
$
|
9,826,000
|
|
|
Total interest (income) expense, net
|
|
|
|
45,000
|
|
|
|
|
(20,000
|
)
|
|
|
|
102,000
|
|
|
|
(59,000
|
)
|
|
Income taxes
|
|
|
|
2,776,000
|
|
|
|
|
4,608,000
|
|
|
|
|
3,477,000
|
|
|
|
5,036,000
|
|
|
Depreciation and amortization
|
|
|
|
1,010,000
|
|
|
|
|
902,000
|
|
|
|
|
2,979,000
|
|
|
|
2,564,000
|
|
|
EBITDA
|
|
|
|
9,144,000
|
|
|
|
|
14,422,000
|
|
|
|
|
12,986,000
|
|
|
|
17,367,000
|
|
|
Impairment of real estate development assets
|
|
|
|
-
|
|
|
|
|
435,000
|
|
|
|
|
-
|
|
|
|
435,000
|
|
|
Adjusted EBITDA
|
|
|
$
|
9,144,000
|
|
|
|
$
|
14,857,000
|
|
|
|
$
|
12,986,000
|
|
|
$
|
17,802,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
|
July 31,
|
|
|
October 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
32,000
|
|
|
$
|
92,000
|
|
Accounts receivable, net
|
|
|
|
7,626,000
|
|
|
|
7,236,000
|
|
Cultural costs
|
|
|
|
2,859,000
|
|
|
|
3,691,000
|
|
Prepaid expenses and other current assets
|
|
|
|
3,986,000
|
|
|
|
3,849,000
|
|
Income taxes receivable
|
|
|
|
-
|
|
|
|
1,143,000
|
|
Total current assets
|
|
|
|
14,503,000
|
|
|
|
16,011,000
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
122,007,000
|
|
|
|
105,433,000
|
|
Real estate development
|
|
|
|
94,923,000
|
|
|
|
88,088,000
|
|
Equity in investments
|
|
|
|
3,344,000
|
|
|
|
3,638,000
|
|
Investment in Calavo Growers, Inc.
|
|
|
|
27,255,000
|
|
|
|
24,270,000
|
|
Note receivable
|
|
|
|
819,000
|
|
|
|
2,084,000
|
|
Other assets
|
|
|
|
8,125,000
|
|
|
|
8,114,000
|
|
Total assets
|
|
|
$
|
270,976,000
|
|
|
$
|
247,638,000
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
5,457,000
|
|
|
$
|
6,363,000
|
|
Growers payable
|
|
|
|
6,066,000
|
|
|
|
5,839,000
|
|
Accrued liabilities
|
|
|
|
7,219,000
|
|
|
|
7,539,000
|
|
Fair value of derivative instrument
|
|
|
|
764,000
|
|
|
|
809,000
|
|
Current portion of long-term debt
|
|
|
|
585,000
|
|
|
|
583,000
|
|
Total current liabilities
|
|
|
|
20,091,000
|
|
|
|
21,133,000
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
84,215,000
|
|
|
|
67,771,000
|
|
Deferred income taxes
|
|
|
|
23,294,000
|
|
|
|
21,792,000
|
|
Other long-term liabilities
|
|
|
|
5,708,000
|
|
|
|
6,282,000
|
|
Total liabilities
|
|
|
|
133,308,000
|
|
|
|
116,978,000
|
|
Commitments and contingencies
|
|
|
|
-
|
|
|
|
-
|
|
Series B Convertible Preferred Stock - $100 par value (50,000
shares authorized: 30,000 shares issued and outstanding at July
31, 2015 and October 31, 2014) (8.75% coupon rate)
|
|
|
|
3,000,000
|
|
|
|
3,000,000
|
|
Series B-2 Convertible Preferred Stock - $100 par value (10,000
shares authorized: 9,300 shares issued and outstanding at July 31,
2015 and October 31, 2014) (4% dividend rate on liquidation value
of $1,000 per share)
|
|
|
|
9,331,000
|
|
|
|
9,331,000
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
Series A Junior Participating Preferred Stock
|
|
|
|
-
|
|
|
|
-
|
|
Common stock - $.01 par value (19,900,000 shares authorized:
14,128,830 and 14,078,077 shares issued and outstanding at July
31, 2015 and October 31, 2014, respectively)
|
|
|
|
141,000
|
|
|
|
140,000
|
|
Additional paid-in capital
|
|
|
|
90,394,000
|
|
|
|
89,770,000
|
|
Retained earnings
|
|
|
|
27,356,000
|
|
|
|
23,308,000
|
|
Accumulated other comprehensive income
|
|
|
|
7,446,000
|
|
|
|
5,111,000
|
|
Total stockholders' equity
|
|
|
|
125,337,000
|
|
|
|
118,329,000
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
270,976,000
|
|
|
$
|
247,638,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
|
|
Three months ended
|
|
|
Nine months ended
|
|
|
|
|
July 31,
|
|
|
July 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
$
|
28,466,000
|
|
|
|
$
|
35,173,000
|
|
|
|
$
|
82,268,000
|
|
|
|
$
|
83,481,000
|
|
|
Rental operations
|
|
|
|
1,311,000
|
|
|
|
|
1,182,000
|
|
|
|
|
3,769,000
|
|
|
|
|
3,483,000
|
|
|
Real estate development
|
|
|
|
34,000
|
|
|
|
|
121,000
|
|
|
|
|
62,000
|
|
|
|
|
196,000
|
|
|
Total revenues
|
|
|
|
29,811,000
|
|
|
|
|
36,476,000
|
|
|
|
|
86,099,000
|
|
|
|
|
87,160,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
|
17,471,000
|
|
|
|
|
17,805,000
|
|
|
|
|
63,308,000
|
|
|
|
|
58,730,000
|
|
|
Rental operations
|
|
|
|
907,000
|
|
|
|
|
796,000
|
|
|
|
|
2,471,000
|
|
|
|
|
2,231,000
|
|
|
Real estate development
|
|
|
|
325,000
|
|
|
|
|
420,000
|
|
|
|
|
806,000
|
|
|
|
|
1,021,000
|
|
|
Impairment of real estate development assets
|
|
|
|
-
|
|
|
|
|
435,000
|
|
|
|
|
-
|
|
|
|
|
435,000
|
|
|
Selling, general and administrative
|
|
|
|
3,270,000
|
|
|
|
|
3,640,000
|
|
|
|
|
10,053,000
|
|
|
|
|
10,326,000
|
|
|
Total costs and expenses
|
|
|
|
21,973,000
|
|
|
|
|
23,096,000
|
|
|
|
|
76,638,000
|
|
|
|
|
72,743,000
|
|
|
Operating income
|
|
|
|
7,838,000
|
|
|
|
|
13,380,000
|
|
|
|
|
9,461,000
|
|
|
|
|
14,417,000
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income, net
|
|
|
|
(45,000
|
)
|
|
|
|
20,000
|
|
|
|
|
(102,000
|
)
|
|
|
|
59,000
|
|
|
Equity in earnings of investments
|
|
|
|
205,000
|
|
|
|
|
101,000
|
|
|
|
|
193,000
|
|
|
|
|
132,000
|
|
|
Other income, net
|
|
|
|
91,000
|
|
|
|
|
39,000
|
|
|
|
|
353,000
|
|
|
|
|
254,000
|
|
|
Total other income
|
|
|
|
251,000
|
|
|
|
|
160,000
|
|
|
|
|
444,000
|
|
|
|
|
445,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax provision
|
|
|
|
8,089,000
|
|
|
|
|
13,540,000
|
|
|
|
|
9,905,000
|
|
|
|
|
14,862,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
|
(2,776,000
|
)
|
|
|
|
(4,608,000
|
)
|
|
|
|
(3,477,000
|
)
|
|
|
|
(5,036,000
|
)
|
|
Net income
|
|
|
|
5,313,000
|
|
|
|
|
8,932,000
|
|
|
|
|
6,428,000
|
|
|
|
|
9,826,000
|
|
|
Preferred dividends
|
|
|
|
(159,000
|
)
|
|
|
|
(171,000
|
)
|
|
|
|
(477,000
|
)
|
|
|
|
(302,000
|
)
|
|
Net income applicable to common stock
|
|
|
$
|
5,154,000
|
|
|
|
$
|
8,761,000
|
|
|
|
$
|
5,951,000
|
|
|
|
$
|
9,524,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
|
$
|
0.36
|
|
|
|
$
|
0.62
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share
|
|
|
$
|
0.36
|
|
|
|
$
|
0.61
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
|
$
|
0.05
|
|
|
|
$
|
0.05
|
|
|
|
$
|
0.14
|
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
|
14,127,000
|
|
|
|
|
14,064,000
|
|
|
|
|
14,115,000
|
|
|
|
|
14,048,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
|
14,953,000
|
|
|
|
|
14,486,000
|
|
|
|
|
14,115,000
|
|
|
|
|
14,227,000
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150909005682/en/
ICR
John Mills
Partner
646-277-1254
Source: Limoneira Company
News Provided by Acquire Media
