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March 10, 2021 at 4:01 PM EST

Limoneira Company Announces First Quarter Fiscal Year 2021 Financial Results

 Record Fresh Lemon Volume in First Quarter Fiscal 2021 Compared to Last Year, with 1.3 Million Cartons Sold

Company Closed Sales of 44 Harvest at Limoneira Lots During First Quarter Fiscal 2021

Company Expects to Receive $80 Million from Harvest at Limoneira During Next Six Fiscal Years, Beginning 2022

SANTA PAULA, Calif.--(BUSINESS WIRE)--Mar. 10, 2021-- Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today reported financial results for the first quarter ended January 31, 2021.

Management Comments

Harold Edwards, President and Chief Executive Officer of the Company, stated, “We achieved record first quarter lemon volume, solid specialty citrus revenues and improved cost structure and cash flow compared to the same period last year despite the COVID-19 pandemic. We have dramatically expanded our focus on retail food and club grocery business, and we are very well positioned to achieve a meaningful increase in domestic foodservice and exports once dining-out improves from COVID-19 vaccine distribution. It is early in the season, but current fresh lemon pricing is performing well compared to last year and we expect strong results from our avocado and oranges in fiscal 2021.”

Mr. Edwards continued, “Our real estate development project, Harvest at Limoneira, continues to perform very well and has now closed 398 lots since inception, including 44 new lot closings in the first quarter of fiscal 2021. As each quarter closes, we gain confidence in the timing of the expected $80 million of cash distributions from Harvest at Limoneira over the next six years beginning in fiscal 2022. The expected cash distributions do not include the potential upside from increased density in housing at Harvest at Limoneira as well as the potential opportunity of a medical campus in our East Area 2 development. We expect to be in a position to provide greater transparency on these opportunities in the coming quarters.”

Fiscal Year 2021 First Quarter Results

For the first quarter of fiscal year 2021, total net revenue was $38.3 million, compared to total net revenue of $41.7 million in the first quarter of the previous fiscal year. Agribusiness revenue was $37.1 million, compared to $40.5 million in the first quarter of last fiscal year. Other operations revenue was similar to the prior fiscal year at $1.1 million.

Agribusiness revenue for the first quarter of fiscal year 2021 includes $25.0 million in fresh lemon sales, compared to $27.0 million of fresh lemon sales during the same period of fiscal year 2020. The decrease was primarily the result of COVID-19 related food service closures reducing the demand for lemons in the food service marketplace and creating an over-supply in the retail marketplace, which resulted in lower average per carton prices in the first quarter of fiscal year 2021. Approximately 1,320,000 cartons of fresh lemons were sold in aggregate during the first quarter of fiscal year 2021 at a $18.91 average price per carton ($20.05 U.S. and $10.53 Argentina) compared to approximately 1,280,000 cartons sold at a $21.12 average price per carton (all U.S.) during the first quarter of fiscal year 2020. The Company recognized no avocado revenue in the first quarter of fiscal year 2021, compared to $0.2 million in the same period last fiscal year. Approximately 125,000 pounds were sold at a $1.34 average price per pound during the first quarter of fiscal year 2020.

The Company recognized $1.1 million of orange revenue in the first quarter of fiscal year 2021, compared to $2.3 million in the same period of fiscal year 2020, attributable to higher prices of oranges partially offset by a decrease in volume primarily due to harvest timing. Approximately 119,000 cartons of oranges were sold during the first quarter of fiscal year 2021 at a $9.17 average price per carton, compared to approximately 196,000 cartons sold at a $6.71 average price per carton during the first quarter of fiscal year 2020. Specialty citrus and other crop revenue was similar to the prior fiscal year at $1.8 million.

Total costs and expenses for the first quarter of fiscal year 2021 decreased to $43.9 million, compared to $50.1 million in the first quarter of last fiscal year. The first quarter of fiscal year 2021 decrease in operating expenses was primarily attributable to decreases in harvest, growing and third-party grower costs partially offset by increased packing costs. Costs associated with agribusiness include packing costs, harvest costs, growing costs, costs related to the fruit procured and sold for third-party growers and depreciation and amortization expense.

Operating loss for the first quarter of fiscal year 2021 was $5.6 million, compared to operating loss of $8.5 million in the first quarter of the previous fiscal year.

Net loss attributable to common stock, after preferred dividends, for the first quarter of fiscal year 2021 was $4.3 million, compared to net loss of $6.6 million in the first quarter of fiscal year 2020. Net loss per diluted share for the first quarter of fiscal year 2021 was $0.25 compared to net loss per diluted share of $0.37 for the same period of fiscal year 2020.

Excluding the loss on stock in Calavo, adjusted net loss was $4.4 million or $0.25 per diluted share, compared to first quarter of fiscal year 2020 adjusted net loss of $5.2 million or $0.30 per diluted share. A reconciliation of adjusted net loss to net loss attributable to Limoneira Company is provided at the end of this release.

Adjusted EBITDA was a loss of $3.1 million in the first quarter of fiscal year 2021, compared to a loss of $5.0 million in the same period of fiscal year 2020. A reconciliation of adjusted EBITDA to net loss attributable to Limoneira Company is provided at the end of this release.

Balance Sheet and Liquidity

During the first quarter of fiscal year 2021, net cash used in operating activities was $1.8 million, compared to $12.2 million in the prior fiscal year. For the first quarter of fiscal year 2021, net cash used in investing activities was $3.6 million, compared to $6.5 million in the prior fiscal year. Net cash provided by financing activities was $6.7 million for the first quarter of fiscal year 2021, compared to $19.1 million in the same period last fiscal year.

On March 12, 2020, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $10.0 million of its outstanding shares of common stock through March 2021. During fiscal year 2020 the Company repurchased 250,977 shares for approximately $3.5 million. As of January 31, 2021, the remaining authorization under this program is approximately $6.5 million.

Long-term debt as of January 31, 2021 was $131.5 million, compared to $122.6 million at the end of fiscal year 2020.

In December 2020, the Company received $5.0 million of federal income tax refunds related to the Coronavirus Aid, Relief, and Economic Security Act and expects an additional $0.9 million of California state refunds in fiscal year 2021.

Real Estate Development and Property Sales

The Company’s joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project, named Harvest at Limoneira, broke ground to commence mass grading in November 2017. Project plans include approximately 632 residential units in Phase 1. In fiscal year 2020, the joint venture closed the sales of residential lots representing 144 residential units and announced that one of the primary builders will be offering a new concept of Harvest at Limoneira single-story residences. Through January 31, 2021, the joint venture has closed the sales of residential lots representing 398 residential units. Over the life of this project, the joint venture will have approximately 1,500 total residential units built and sold.

In the first quarter of fiscal year 2020, the Company entered into an agreement to sell its Sevilla property for $2.7 million, which is expected to close in fiscal year 2021. After transaction and other costs, the Company expects to receive proceeds of approximately $2.6 million and recognize an immaterial gain upon closing. At January 31, 2021, the $2.5 million carrying value of the property was classified as held for sale and included in prepaid expenses and other current assets.

COVID-19

The global spread of the novel coronavirus (COVID-19) has continued to negatively impact the global economy, disrupted global supply chains and created significant volatility and disruption of financial markets. The impact of this pandemic has created significant uncertainty in the global economy and has affected Limoneira’s business, employees, suppliers, and customers. The COVID-19 pandemic has had an adverse impact on the industries and markets in which the Company conducts business. In particular, the United States lemon market has seen a significant decline in volume, with lemon demand falling since widespread shelter in place orders were issued in mid-March 2020, resulting in a significant market oversupply. The export market for fresh product has also significantly declined due to COVID-19 impacts.

The decline in demand for Limoneira’s products beginning the second quarter of fiscal year 2020, which the Company believes was a result of the COVID-19 pandemic, negatively impacted sales and profitability for the second, third and fourth quarters of fiscal year 2020 and in the first quarter of fiscal year 2021. Limoneira’s retail food and club grocery business has performed significantly better than expectations during this period and fared better than its foodservice business, which has suffered from closures of full-service restaurants, quick service restaurants and bar business due to the COVID-19 pandemic. In an effort to offset the declines from foodservice, the Company has pivoted heavily toward retail food and club grocery and picked up additional accounts during the full year ended October 31, 2020. While the duration of these trends and the magnitude of such impacts cannot be estimated at this time, as they are affected by a number of factors outside management’s control, the Company is strengthening its position as its foodservice business begins to come back and currently expects improvement in the second half of fiscal year 2021.

Limoneira is continuing to closely monitor the impact of the COVID-19 pandemic and is taking actions to ensure its ability to safeguard the health of its employees, maintain the ability to serve customers and manage its financial performance and liquidity.

Guidance

The COVID-19 pandemic continues to affect the Company’s food service business on a global basis. The Company believes it is prudent to not provide lemon guidance at this time until the COVID-19 vaccine is widely distributed. Management continues to believe orange and avocado revenue in fiscal 2021 will be strong due to market factors and positive initial crop indicators. The Company also believes it will experience improving results compared to last year during the second, third and fourth quarters of fiscal 2021 due to its stronger position in grocery compared to last year and as food service and export markets recover and cost control measures continue to show improvement.

The Company expects to receive $80 million from Harvest at Limoneira during the next six fiscal years, beginning in fiscal 2022.

Current Harvest at Limoneira Cash Flow Projections

Fiscal Year

2021

 

2022

 

2023

 

2024

 

2025

 

2026

Projected Distributions

Neutral

 

$3 Million

 

$15 Million

 

$27 Million

 

$25 Million

 

$10 Million

Looking beyond fiscal year 2021, the Company has an additional 1,200 acres of non-bearing lemons estimated to become full bearing over the next four years, which will enable the Company to achieve strong organic growth for many years to come. The Company expects 200 of the 1,200 acres to become full bearing in fiscal year 2021. Beyond these 1,200 acres, Limoneira intends to plant an additional 250 acres of lemons in the next two years that it believes will further build its long-term pipeline of productive acreage. The Company anticipates this additional acreage will increase its domestic supply of Limoneira-owned lemons from its 2020 level by approximately 50%, or about 900 thousand to 1.3 million additional fresh cartons, as the non-bearing and planned acreage becomes productive. The Company also expects to have a steady increase in third-party grower fruit. The foregoing describes organic growth and does not include potential acquisition opportunities for the Company in its highly fragmented industry.

Conference Call Information

The Company will host a conference call to discuss its financial results today at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 705-6003 from the U.S. and international callers can dial (201) 493-6725. A telephone replay will be available approximately two hours after the call concludes and will be available through March 24, 2021, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; the passcode is 13716958.

About Limoneira Company

Limoneira Company, a 127-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lç moñ âra) is a dedicated sustainability company with 15,400 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. 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 guidance for fiscal years 2021 and beyond, 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 that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: additional impacts from the current COVID-19 pandemic, 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 that 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.

LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($ in thousands, except share amounts)

 

January 31, 2021

 

October 31, 2020

Assets

 

 

 

Current assets:

 

 

 

Cash

$

1,841

 

 

$

501

 

Accounts receivable, net

20,703

 

 

16,261

 

Cultural costs

3,948

 

 

6,865

 

Prepaid expenses and other current assets

11,312

 

 

10,688

 

Receivables/other from related parties

4,007

 

 

2,294

 

Income taxes receivable

948

 

 

5,911

 

Total current assets

42,759

 

 

42,520

 

 

 

 

 

Property, plant and equipment, net

244,215

 

 

242,649

 

Real estate development

21,510

 

 

21,636

 

Equity in investments

61,580

 

 

61,214

 

Goodwill

1,544

 

 

1,535

 

Intangible assets, net

11,340

 

 

11,309

 

Other assets

8,864

 

 

8,737

 

Total assets

$

391,812

 

 

$

389,600

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

7,062

 

 

$

5,838

 

Growers payable

6,436

 

 

8,126

 

Accrued liabilities

6,893

 

 

7,947

 

Payables to related parties

6,228

 

 

6,273

 

Current portion of long-term debt

3,304

 

 

3,277

 

Total current liabilities

29,923

 

 

31,461

 

Long-term liabilities:

 

 

 

Long-term debt, less current portion

131,477

 

 

122,571

 

Deferred income taxes

21,219

 

 

22,430

 

Other long-term liabilities

6,654

 

 

6,568

 

Total liabilities

189,273

 

 

183,030

 

Commitments and contingencies

 

 

 

 

 

 

 

Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at January 31, 2021 and October 31, 2020) (8.75% coupon rate)

1,479

 

 

1,479

 

Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at January 31, 2021 and October 31, 2020) (4% dividend rate on liquidation value of $1,000 per share)

9,331

 

 

9,331

 

 

 

 

 

Stockholders' Equity:

 

 

 

Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at January 31, 2021 and October 31, 2020)

 

 

 

Common Stock – 0.01 par value (39,000,000 shares authorized: 17,935,904 and 17,857,707 shares issued and 17,684,927 and 17,606,730 shares outstanding at January 31, 2021 and October 31, 2020, respectively)

179

 

 

179

 

Additional paid-in capital

162,450

 

 

162,084

 

Retained earnings

25,140

 

 

30,797

 

Accumulated other comprehensive loss

(6,619)

 

 

(7,548)

 

Treasury stock, at cost, 250,977 shares at January 31, 2021 and October 31, 2020, respectively

(3,493)

 

 

(3,493)

 

Noncontrolling interest

14,072

 

 

13,741

 

Total equity

191,729

 

 

195,760

 

Total liabilities and stockholders' equity

$

391,812

 

 

$

389,600

 

LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
($ in thousands, except share amounts)

 

 

Three Months Ended
January 31,

 

2021

 

2020

Net revenues:

 

 

 

Agribusiness

$

37,137

 

 

$

40,483

 

Other operations

1,138

 

 

1,173

 

Total net revenues

38,275

 

 

41,656

 

Costs and expenses:

 

 

 

Agribusiness

36,938

 

 

42,543

 

Other operations

1,082

 

 

1,269

 

Selling, general and administrative

5,895

 

 

6,310

 

Total costs and expenses

43,915

 

 

50,122

 

Operating loss

(5,640)

 

 

(8,466)

 

Other income (expense):

 

 

 

Interest income

43

 

 

225

 

Interest expense, net of dividends

134

 

 

(170)

 

Equity in earnings (losses) of investments, net

366

 

 

(120)

 

Loss on stock in Calavo Growers, Inc.

 

 

(2,024)

 

Other (expense) income, net

(6)

 

 

515

 

Total other income (expense)

537

 

 

(1,574)

 

 

 

 

 

Loss before income tax benefit

(5,103)

 

 

(10,040)

 

Income tax benefit

1,187

 

 

3,136

 

Net loss

(3,916)

 

 

(6,904)

 

Net (income) loss attributable to noncontrolling interest

(292)

 

 

477

 

Net loss attributable to Limoneira Company

(4,208)

 

 

(6,427)

 

Preferred dividends

(125)

 

 

(125)

 

Net loss attributable to common stock

$

(4,333)

 

 

$

(6,552)

 

 

 

 

 

Basic net loss per common share

$

(0.25)

 

 

$

(0.37)

 

 

 

 

 

Diluted net loss per common share

$

(0.25)

 

 

$

(0.37)

 

 

 

 

 

Weighted-average common shares outstanding-basic

17,405,000

 

 

17,579,000

 

Weighted-average common shares outstanding-diluted

17,405,000

 

 

17,579,000

 

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 gain or loss on stock in Calavo and sale and disposal of property assets when applicable, is an important measure to evaluate the Company’s results of operations between periods on a more comparable basis. In addition, we have presented adjusted net loss attributable to Limoneira Company and adjusted net loss per common share attributable to Limoneira Company to reflect the exclusion of gain or loss on stock in Calavo and sale and disposal of property assets when applicable. Adjusted EBITDA, adjusted net loss attributable to Limoneira Company and adjusted net loss per common share attributable to Limoneira Company in previous periods also excluded LLCB earnings in equity investment which is no longer excluded due to management’s anticipation of future cash distributions related to the investment in LLCB. Adjusted EBITDA, adjusted net loss attributable to Limoneira Company and adjusted net loss per common share attributable to Limoneira Company for prior periods have been restated to conform to the current presentation. 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. The Company has not provided a reconciliation of forward-looking non-GAAP measures, primarily due to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to the Company without unreasonable efforts.

EBITDA and adjusted EBITDA are summarized and reconciled to net loss attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP as follows (in thousands):

 

Three Months Ended January 31,

 

2021

 

2020

Net loss attributable to Limoneira Company

$

(4,208)

 

 

$

(6,427)

 

Interest income

(43)

 

 

(225)

 

Interest expense, net of dividends

(134)

 

 

170

 

Income tax benefit

(1,187)

 

 

(3,136)

 

Depreciation and amortization

2,501

 

 

2,565

 

EBITDA

(3,071)

 

 

(7,053)

 

Loss on stock in Calavo Growers, Inc.

 

 

2,024

 

Adjusted EBITDA

$

(3,071)

 

 

$

(5,029)

 

The following is a reconciliation of net loss attributable to Limoneira Company to adjusted net loss attributable to Limoneira Company (in thousands, except share amounts):

 

Three Months Ended January 31,

 

2021

 

2020

Net loss attributable to Limoneira Company

$

(4,208)

 

 

$

(6,427)

 

Preferred dividends and effect of unvested, restricted stock

(143)

 

 

(142)

 

Net loss for basic EPS

(4,351)

 

 

(6,569)

 

Loss on stock in Calavo

 

 

2,024

 

Tax effect of adjustments at federal and state rates

 

 

(652)

 

Adjusted net loss for basic EPS

$

(4,351)

 

 

$

(5,197)

 

 

 

 

 

Adjusted net loss for diluted EPS

$

(4,351)

 

 

$

(5,197)

 

 

 

 

 

Actual:

 

 

 

Basic net loss per common share

$

(0.25)

 

 

$

(0.37)

 

Diluted net loss per common share

$

(0.25)

 

 

$

(0.37)

 

 

 

 

 

Weighted-average common shares outstanding-basic

17,405,000

 

 

17,579,000

 

Weighted-average common shares outstanding-diluted

17,405,000

 

 

17,579,000

 

Adjusted:

 

 

 

Basic net loss per common share

$

(0.25)

 

 

$

(0.30)

 

Diluted net loss per common share

$

(0.25)

 

 

$

(0.30)

 

 

 

 

 

Weighted-average common shares outstanding-basic

17,405,000

 

 

17,579,000

 

Weighted-average common shares outstanding-diluted

17,405,000

 

 

17,579,000

 

Supplemental Information

(in thousands, except acres and average price amounts):

 

Agribusiness Segment Information for the Three Months Ended January 31, 2021

 

Fresh
Lemons

Lemon
Packing

Eliminations


Avocados

Other
Agribusiness

Total
Agribusiness

Revenues from external customers

$

29,300

 

$

4,897

 

$

 

$

 

$

2,940

 

$

37,137

 

Intersegment revenue

 

6,685

 

(6,685)

 

 

 

 

Total net revenues

29,300

 

11,582

 

(6,685)

 

 

2,940

 

37,137

 

Costs and expenses

29,507

 

9,531

 

(6,685)

 

 

2,373

 

34,726

 

Depreciation and amortization

 

 

 

 

 

2,212

 

Operating (loss) income

$

(207)

 

$

2,051

 

$

 

$

 

$

567

 

$

199

 

 

Agribusiness Segment Information for the Three Months Ended January 31, 2020

 

Fresh
Lemons

Lemon
Packing

Eliminations


Avocados

Other
Agribusiness

Total
Agribusiness

Revenues from external customers

$

32,057

 

$

4,094

 

$

 

$

168

 

$

4,164

 

$

40,483

 

Intersegment revenue

 

7,105

 

(7,105)

 

 

 

 

Total net revenues

32,057

 

11,199

 

(7,105)

 

168

 

4,164

 

40,483

 

Costs and expenses

34,351

 

8,609

 

(7,105)

 

473

 

3,931

 

40,259

 

Depreciation and amortization

 

 

 

 

 

2,284

 

Operating (loss) income

$

(2,294)

 

$

2,590

 

$

 

$

(305)

 

$

233

 

$

(2,060)

 

Fresh Lemons

Q1 2021

Q1 2020

 

Lemon Packing

Q1 2021

Q1 2020

United States:

 

 

 

Cartons sold

1,320

 

1,280

 

 

 

 

 

 

 

 

Acres harvested

3,600

 

4,100

 

 

Revenue

$

11,582

 

$

11,199

 

Limoneira cartons sold

638

 

574

 

 

Direct Costs

9,531

 

8,609

 

Third-party grower cartons sold

523

 

706

 

 

Operating income

$

2,051

 

$

2,590

 

Average price per carton

$

20.05

 

$

21.12

 

 

 

 

 

Argentina:

 

 

 

Avocados

Q1 2021

Q1 2020

 

 

 

 

 

 

 

Acres harvested

1,200

 

1,200

 

 

Pounds sold

 

125

 

Cartons sold

159

 

 

 

Average price per pound

$

 

$

1.34

 

Average price per carton

$

10.53

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Total cartons sold

1,320

 

1,280

 

 

Other Agribusiness

Q1 2021

Q1 2020

Total average price per carton

$

18.91

 

$

21.12

 

 

Orange cartons sold

119

 

196

 

 

 

 

 

Average price per carton

$

9.17

 

$

6.71

 

Lemon shipping and handling

$

4,900

 

$

4,100

 

 

Specialty citrus cartons sold

115

 

139

 

Lemon by-product sales

$

800

 

$

1,000

 

 

Average price per carton

$

15.46

 

$

13.61

 

Other lemon sales

$

2,500

 

$

3,400

 

 

 

 

 

Chilean lemon sales

$

1,000

 

$

600

 

 

 

 

 

 

 

 

 

 

 

 

Agribusiness costs and expenses

Q1 2021

Q1 2020

 

 

 

 

Packing costs

$

10,377

 

$

9,156

 

 

 

 

 

Harvest costs

4,923

 

6,248

 

 

 

 

 

Growing costs

8,112

 

9,779

 

 

 

 

 

Third-party grower costs

11,314

 

15,076

 

 

 

 

 

Depreciation and amortization

2,212

 

2,284

 

 

 

 

 

Agribusiness costs and expenses

$

36,938

 

$

42,543

 

 

 

 

 

Investors
John Mills
Managing Partner
ICR 646-277-1254

Source: Limoneira Company