SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime
agricultural land and operations, real estate and water rights in
California, announced today that it plans to build 71 agriculture
workforce housing units in Santa Paula, California, that will be
available for rent to local agriculture workers and Limoneira employees.
The Company estimates that the total cost of the development will be
approximately $8.5 million and will be completed and available for rent
over the next 18 months. When fully occupied, annual rental revenue from
the additional housing units is anticipated to be approximately $850,000
to $900,000. The Company currently rents 192 workforce housing units and
continues to lead the effort in Ventura County agriculture workforce
housing. The Company's rental operations include workforce housing,
commercial property, leased agriculture land and organic recycling
generating total rental revenue of $4.0 million in fiscal year 2012.
Harold Edwards, President and Chief Executive Officer, stated, "We are
excited to expand our rental business with the additional agriculture
workforce housing units. Our rental business is a steady and predictable
revenue stream that provides us with a dependable source of annual cash
flow. In addition, it provides Limoneira the unique ability to offer
housing to agriculture workers and our employees, which in turn helps
provide us with a consistent source of labor that is core to the success
of our agribusiness."
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 8,200
acres of rich agricultural lands, real estate properties and water
rights in California. 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 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.
Investor Contact:
ICR
John Mills, 310-954-1105
Senior
Managing Director
Source: Limoneira Company
News Provided by Acquire Media
