- Fiscal Year 2013 Revenue Increased 29% Versus Last Year -
- Fiscal Year 2013 EBITDA Increased 43% Versus Last Year -
- Reduced Long-Term Debt by 31% or $27 Million in Fiscal Year 2013 -
- Acquired Agribusiness Acreage Increasing Total Acreage by
Approximately 30% -
- Company Issues Fiscal Year 2014 Outlook -
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, today reported financial results
for the fourth quarter and full fiscal year ended October 31, 2013.
Fiscal Year 2013 Fourth Quarter Results
For the fourth quarter of fiscal year 2013, revenue was $14.3 million,
compared to revenue of $14.8 million in the fourth quarter of the
previous fiscal year. Agribusiness revenue was $12.9 million, compared
to $13.6 million in the fourth quarter last year, primarily reflecting
lower avocado volume and revenue. Rental operations revenue was $1.1
million in the fourth quarter of fiscal year 2013 and the fourth quarter
last year. Real estate development revenue was $316,000, compared to
$90,000 in the fourth quarter last year.
Agribusiness revenue for the fourth quarter of fiscal year 2013 includes
$9.5 million in lemon sales, compared to $8.5 million of lemon sales
during the same period of fiscal year 2012, reflecting a higher average
price per carton due to more favorable market conditions, partially
offset by a lower number of cartons of fresh lemons sold. Avocado
revenue was $1.2 million in the fourth quarter of fiscal year 2013,
compared to $3.3 million during the same period of the previous fiscal
year, reflecting an earlier completion of the avocado harvest in fiscal
year 2013 compared to fiscal year 2012. The decrease in volume was
partially offset by higher average price per pound. The Company
recognized $0.4 million of orange revenue in the fourth quarter of
fiscal year 2013 compared to $0.7 million of orange revenue in the same
period of fiscal year 2012, reflecting a smaller crop compared to fiscal
year 2012. Specialty citrus and other crop revenues were $1.7 million in
the fourth quarter of fiscal year 2013, compared to $1.1 million in the
fourth quarter of fiscal year 2012.
Costs and expenses for the fourth quarter of fiscal year 2013 were $15.9
million, compared to $14.3 million in the fourth quarter of last fiscal
year. The year-over-year increase in operating expenses primarily
reflects increased agribusiness costs associated with the Company's
expanded agribusiness, including the acquisition of Associated Citrus
Packers, Inc. ("Associated"), compared to the same period last year.
Operating loss for the fourth quarter of fiscal year 2013 was $1.6
million, compared to operating income of $0.5 million in the fourth
quarter of the previous fiscal year. Operating loss for the quarter was
primarily the result of a $2.1 million decrease in avocado revenue due
to lower production. Associated earned approximately $0.5 million of
operating income in the fourth quarter of fiscal year 2013 from its
September 6, 2013 acquisition date.
EBITDA was ($0.6) million in the fourth quarter of fiscal year 2013,
compared to $1.1 million in the same period of fiscal year 2012. A
reconciliation of EBITDA and Adjusted EBITDA to the GAAP measure net
income is provided at the end of this release.
In the fourth quarter of fiscal year 2013, the Company did not incur any
interest expense due to repayments of long-term debt made with the
proceeds from the Company's February 2013 public offering of common
stock. All interest incurred during the fourth quarter of fiscal year
2013 was capitalized on non-bearing orchards, real estate development
projects and significant construction in progress. In the fourth quarter
of fiscal year 2012, the Company's interest expense was $0.1 million.
Non-cash interest income as a result of fair value adjustments on the
Company's interest rate swap was zero in the fourth quarter of fiscal
year 2013, compared to $0.2 million in the same period of the prior
year. The interest rate swap that generated income in prior periods
expired in the third quarter of fiscal year 2013.
Net loss applicable to common stock, after preferred dividends, for the
fourth quarter of fiscal year 2013 was $1.1 million, compared to net
income applicable to common stock, after preferred dividends, in the
fourth quarter of fiscal year 2012 of $0.1 million. Loss per diluted
share for the fourth quarter of fiscal year 2013 was $0.08 on
approximately 13.6 million weighted average diluted common shares
outstanding, compared to earnings per diluted share of $0.01 on
approximately 11.2 million weighted average diluted common shares
outstanding in the same period of the prior year. The year-over-year
increase in shares outstanding is primarily due to the Company's
February 2013 public offering of common stock and shares issued in
connection with the acquisition of Associated.
Fiscal Year 2013 Results
For the fiscal year ended October 31, 2013, revenue increased 29% to
$84.9 million, compared to $65.8 million last year. Operating income for
fiscal year 2013 was $5.4 million, compared to an operating income of
$4.6 million last year. Adjusted EBITDA for fiscal year 2013 was $10.0
million, compared to $6.9 million last year. Net income applicable to
common stock, after preferred dividends, for fiscal year 2013 was $4.6
million, compared to $2.9 million last year. Earnings per diluted share
for fiscal year 2013 was $0.36 on approximately 12.8 million weighted
average diluted common shares outstanding, compared to earnings per
diluted share of $0.26 on approximately 11.2 million weighted average
diluted common shares outstanding last year. The year-over-year increase
in shares outstanding is primarily due to the Company's February 2013
public offering of common stock and shares issued in connection with the
acquisition of Associated. Fiscal year 2013 operating results include a
$3.1 million gain associated with sale of Calavo Growers, Inc.
("Calavo") (NASDAQ: CVGW) common stock and a $1.8 million equity loss on
the disposition of property by the Company's equity investee, HM East
Ridge, LLC.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "Fiscal
year 2013 was another strong year for Limoneira. We generated solid
revenue, EBITDA, and net income growth, reflecting the strength of our
expanding agribusiness, including several accretive acquisitions that we
have made over the past two years. We also made significant improvements
to our balance sheet and improved our overall financial position
throughout the year. We used the proceeds from our successful public
offering in February 2013 as well as cash generated from strategic asset
sales and operating activities to reduce our long-term debt by $27
million and we completed two accretive acquisitions."
Mr. Edwards continued, "As we begin the new fiscal year, we are well
positioned to benefit from the expanding foundation of our business. We
now have over 10,000 acres of owned, leased and managed agricultural
property, which is almost a 30% increase in agricultural land compared
to the beginning of fiscal year 2013 and we expect this to significantly
contribute to our fiscal year 2014 operating results. We continue
to see a healthy pipeline of potential agribusiness acquisition
opportunities that would enable us to further leverage our operating
expertise. Most recently, we announced the acquisition of 760 acres of
agricultural property in Porterville, California. This land includes 400
acres of lemon orchards that are typically harvested and sold from
November through March, from which we expect to generate additional
agribusiness operating profit during the first and second quarters of
fiscal year 2014."
Mr. Edwards continued, "In fiscal 2013, we cleared all regulatory
hurdles and are now in a position to begin development on East Areas 1
and 2 and we are very pleased with the strong interest this project is
generating from some of the largest homebuilders in the United States.
We are committed to entering into a deal that will optimize the success,
cash flow and profitability of the project for the Company and our
shareholders. We are and have been engaged in discussions with reputable
builders and our goal is to break ground on the project and begin
selling homes in the next 12 to 18 months, subject to general business,
market and economic conditions. This month, we began working with a rock
remediation company to begin land preparations for the project."
Balance Sheet and Liquidity
The Company made considerable improvements to its balance sheet in
fiscal year 2013. Long-term debt decreased by 31% or $27.3 million from
$88.9 million to $61.6 million compared to fiscal year end 2012. The
Company used the net proceeds from its February 2013 public offering to
reduce its debt and acquire accretive citrus orchards.
The previously announced sale of 165,000 shares of Calavo Growers stock
in April 2013 and the sale of the HM East Ridge, LLC property in June
2013 generated net cash of $4.8 million and $5.7 million, respectively,
which was used to further reduce long term debt.
Real Estate Development
During fiscal year 2013, the Company executed its on-going real estate
development strategy by capitalizing development costs of $5.6 million.
In fiscal year 2012, the Company capitalized real estate development
costs of $5.1 million.
Recent Business Highlights
The Company continues to benefit from the success of its direct lemon
sales and marketing strategy. In fiscal year 2013, lemon sales were
comprised of approximately 72% to U.S. and Canada-based customers, 27%
to domestic exporters and 1% to international customers.
Alex Teague, Senior Vice President, stated, "We continue to benefit from
our direct lemon marketing and sales strategy. We now have approximately
140 lemon customers, underscoring the success of our sales team. In
fiscal year 2013, we sold approximately 700,000 more fresh lemon cartons
than in last fiscal year, and we are well positioned for continued
growth throughout fiscal year 2014 as we benefit from the additional
agricultural acreage we acquired and leased over the past years. In
addition, our lemon business will be strengthened by our acquisition of
Associated Citrus Packers in Yuma, Arizona, and our recent acquisition
of lemon orchards in Porterville, California, both of which will enhance
our ability to provide lemons to our customers on a year round basis."
In June 2013, the Company announced 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 during fiscal year 2014. When fully occupied, annual rental
revenue from the additional housing units is anticipated to be
approximately $850,000 to $900,000.
In July 2013, the Company announced that it entered into a long-term
lease agreement with Cadiz Inc. (NASDAQ: CDZI) to develop lemon orchards
on Cadiz's agricultural property in eastern San Bernardino County,
California (the "Cadiz Ranch"). Under the terms of the Agreement,
Limoneira has secured the right to lease and plant up to 1,280 acres of
lemons over the next five years at the Cadiz Ranch operations in the
Cadiz Valley. The arrangement provides a new growing, packing, and
marketing opportunity that is complementary to Limoneira's existing
production.
In September 2013, the Company completed the acquisition of Associated,
which owned approximately 1,300 acres of agricultural property in Yuma,
Arizona, comprised of approximately 950 acres of productive lemon
orchards, approximately 350 acres of other crops and facilities and
access to the Colorado River for crop irrigation. The purchase price was
$17.0 million in stock and cash plus the repayment of approximately $1.6
million of Associated's debt. During the 2012 / 2013 growing season,
Limoneira procured, packed and sold Associated's lemons and the lemons
of certain other Yuma area lemon growers.
In October 2013, the Company acquired approximately 760 acres of
agricultural property ("Lemons 400") in the town of Porterville in
Tulare County, California, for $8.75 million cash. This property
consists of approximately 400 acres of productive lemon orchards and 360
acres primarily leased for cattle grazing. The acquisition includes
water assets and agricultural equipment and supplies. The acquisition is
expected to generate additional agribusiness operating profit for
Limoneira during the first and second quarters of fiscal year 2014.
Subsequent to the end of fiscal year 2013, the Company announced the
sale of its Sevilla and Pacific Crest properties located in Santa Maria,
California. Both properties are being sold to the same buyer and the
combined purchase price of the two properties is $8.3 million. During
fiscal year 2014, the Company expects to receive $8.1 million net cash
in addition to interest earned on notes receivable issued for the
purchase price.
Fiscal Year 2014 Outlook
For the first and second quarters of fiscal year 2014, the Company
expects to realize incremental revenue and earnings resulting from the
acquisitions of Associated and Lemons 400.
For the fiscal year ending October 31, 2014, the Company expects to sell
between 3.0 million to 3.3 million cartons of fresh lemons, and expects
to sell approximately 6.0 million pounds of avocados. The California
avocado crop typically experiences alternating years of high and low
production due to plant physiology. Fiscal 2013 was a high avocado
production year and fiscal 2014 is expected to be a lower avocado
production year. Lemon and avocado prices are expected to be higher in
fiscal year 2014 than 2013 due to lower industry production.
The Company expects to earn approximately $7.0 million in operating
income in fiscal year 2014, representing approximately a 30% increase
over fiscal year 2013 operating income of $5.3 million. The expected
increase in operating income is primarily due to the additional lemon
revenues to be generated by the acquisitions of Associated and Lemons
400, partially offset by lower expected avocado revenues. Fiscal year
2014 pre-tax earnings are anticipated to be similar to fiscal year 2013
as $1.3 million of earnings from asset sales and $0.7 million in
interest rate swap income realized in fiscal 2013 are not expected to
recur in fiscal year 2014.
The Company began fiscal year 2014 with approximately 2,300 additional
agricultural acres, representing a 30% increase compared to the
beginning of fiscal year 2013.
Conference Call Information
The Company will host a conference call and audio webcast on January 13,
2014, at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) to discuss its
financial results. To access the conference call, participants in the
U.S. should dial 888-802-2279, and international participants should
dial 913-312-1522. 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 January 27, 2014, by calling 877-870-5176 from the U.S. or
858-384-5517 from international locations to access the playback;
passcode is 8172019.
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 10,000
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 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:
|
|
|
|
|
|
Three months ended October 31,
|
|
|
Years Ended October 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
(1,084,000
|
)
|
|
|
$
|
141,000
|
|
|
|
$
|
4,906,000
|
|
|
|
$
|
3,150,000
|
|
|
Total interest income, net
|
|
|
|
(20,000
|
)
|
|
|
|
(124,000
|
)
|
|
|
|
(672,000
|
)
|
|
|
|
(335,000
|
)
|
|
Income taxes
|
|
|
|
(309,000
|
)
|
|
|
|
477,000
|
|
|
|
|
3,235,000
|
|
|
|
|
1,978,000
|
|
|
Depreciation and amortization
|
|
|
|
765,000
|
|
|
|
|
560,000
|
|
|
|
|
2,403,000
|
|
|
|
|
2,131,000
|
|
|
EBITDA
|
|
|
|
(648,000
|
)
|
|
|
|
1,054,000
|
|
|
|
|
9,872,000
|
|
|
|
|
6,924,000
|
|
|
Impairments of real estate development assets
|
|
|
|
95,000
|
|
|
|
|
-
|
|
|
|
|
95,000
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
|
$
|
(553,000
|
)
|
|
|
$
|
1,054,000
|
|
|
|
$
|
9,967,000
|
|
|
|
$
|
6,924,000
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
|
October 31,
|
|
|
|
|
2013
|
|
2012
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
82,000
|
|
|
$
|
11,000
|
|
|
Accounts receivable, net
|
|
|
|
6,419,000
|
|
|
|
4,252,000
|
|
|
Notes receivable - related parties
|
|
|
|
-
|
|
|
|
42,000
|
|
|
Cultural costs
|
|
|
|
4,124,000
|
|
|
|
2,254,000
|
|
|
Prepaid expenses and other current assets
|
|
|
|
2,972,000
|
|
|
|
2,116,000
|
|
|
Income taxes receivable
|
|
|
|
-
|
|
|
|
712,000
|
|
|
Total current assets
|
|
|
|
13,597,000
|
|
|
|
9,387,000
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
86,210,000
|
|
|
|
53,380,000
|
|
|
Real estate development
|
|
|
|
83,419,000
|
|
|
|
77,772,000
|
|
|
Equity in investments
|
|
|
|
1,800,000
|
|
|
|
8,947,000
|
|
|
Investment in Calavo Growers, Inc.
|
|
|
|
14,845,000
|
|
|
|
15,701,000
|
|
|
Notes receivable - related parties
|
|
|
|
17,000
|
|
|
|
16,000
|
|
|
Notes receivable
|
|
|
|
2,024,000
|
|
|
|
2,296,000
|
|
|
Other assets
|
|
|
|
8,002,000
|
|
|
|
5,123,000
|
|
|
Total Assets
|
|
|
$
|
209,914,000
|
|
|
$
|
172,622,000
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
4,784,000
|
|
|
$
|
3,670,000
|
|
|
Growers payable
|
|
|
|
2,325,000
|
|
|
|
2,085,000
|
|
|
Accrued liabilities
|
|
|
|
5,477,000
|
|
|
|
4,017,000
|
|
|
Fair value of derivative instruments
|
|
|
|
717,000
|
|
|
|
1,072,000
|
|
|
Current portion of long-term debt
|
|
|
|
569,000
|
|
|
|
760,000
|
|
|
Total current liabilities
|
|
|
|
13,872,000
|
|
|
|
11,604,000
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
61,563,000
|
|
|
|
88,875,000
|
|
|
Deferred income taxes
|
|
|
|
19,343,000
|
|
|
|
10,488,000
|
|
|
Other long-term liabilities
|
|
|
|
4,483,000
|
|
|
|
8,953,000
|
|
|
Total long-term liabilities
|
|
|
|
85,389,000
|
|
|
|
108,316,000
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Series B Convertible Preferred Stock - $100.00 par value (50,000
shares authorized: 30,000 shares issued and outstanding at October
31, 2013 and 2012) (8.75% coupon rate)
|
|
|
|
3,000,000
|
|
|
|
3,000,000
|
|
|
Series A Junior Participating Preferred Stock - $.01 par value
(20,000 shares authorized: -0- issued or outstanding at October 31,
2013 and 2012)
|
|
|
|
-
|
|
|
|
-
|
|
|
Common Stock - $.01 par value (19,900,000 shares authorized:
14,016,011 and 11,203,180 shares issued and outstanding at October
31, 2013 and 2012, respectively)
|
|
|
|
140,000
|
|
|
|
112,000
|
|
|
Additional paid-in capital
|
|
|
|
88,160,000
|
|
|
|
35,714,000
|
|
|
Retained earnings
|
|
|
|
19,098,000
|
|
|
|
16,398,000
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
255,000
|
|
|
|
(2,522,000
|
)
|
|
Total stockholders' equity
|
|
|
|
110,653,000
|
|
|
|
52,702,000
|
|
|
Total Liabilities and Stockholders' Equity
|
|
|
$
|
209,914,000
|
|
|
$
|
172,622,000
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Income Statements (unaudited)
|
|
|
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
October 31,
|
|
October 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
12,876,000
|
|
|
$
|
13,641,000
|
|
|
$
|
79,990,000
|
|
|
$
|
61,553,000
|
|
|
Rental operations
|
|
|
1,095,000
|
|
|
|
1,064,000
|
|
|
|
4,250,000
|
|
|
|
4,023,000
|
|
|
Real estate development
|
|
|
316,000
|
|
|
|
90,000
|
|
|
|
644,000
|
|
|
|
252,000
|
|
|
Total revenues
|
|
|
14,287,000
|
|
|
|
14,795,000
|
|
|
|
84,884,000
|
|
|
|
65,828,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
11,826,000
|
|
|
|
10,676,000
|
|
|
|
63,607,000
|
|
|
|
47,300,000
|
|
|
Rental operations
|
|
|
706,000
|
|
|
|
671,000
|
|
|
|
2,601,000
|
|
|
|
2,418,000
|
|
|
Real estate development
|
|
|
420,000
|
|
|
|
282,000
|
|
|
|
1,333,000
|
|
|
|
1,037,000
|
|
|
Impairments of real estate development assets
|
|
|
95,000
|
|
|
|
-
|
|
|
|
95,000
|
|
|
|
-
|
|
|
Selling, general and administrative
|
|
|
2,853,000
|
|
|
|
2,708,000
|
|
|
|
11,850,000
|
|
|
|
10,517,000
|
|
|
Total costs and expenses
|
|
|
15,900,000
|
|
|
|
14,337,000
|
|
|
|
79,486,000
|
|
|
|
61,272,000
|
|
|
Operating income (loss)
|
|
|
(1,613,000
|
)
|
|
|
458,000
|
|
|
|
5,398,000
|
|
|
|
4,556,000
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
-
|
|
|
|
(114,000
|
)
|
|
|
(124,000
|
)
|
|
|
(508,000
|
)
|
|
Interest income from derivative instruments
|
|
|
-
|
|
|
|
212,000
|
|
|
|
711,000
|
|
|
|
739,000
|
|
|
Gain on sale of stock in Calavo Growers, Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
3,138,000
|
|
|
|
-
|
|
|
Interest income
|
|
|
20,000
|
|
|
|
26,000
|
|
|
|
85,000
|
|
|
|
104,000
|
|
|
Other income (loss), net
|
|
|
(7,000
|
)
|
|
|
(150,000
|
)
|
|
|
382,000
|
|
|
|
64,000
|
|
|
Total other income (loss)
|
|
|
13,000
|
|
|
|
(26,000
|
)
|
|
|
4,192,000
|
|
|
|
399,000
|
|
|
Income (loss) before income tax (provision) benefit and equity in
earnings (losses) of investments
|
|
|
(1,600,000
|
)
|
|
|
432,000
|
|
|
|
9,590,000
|
|
|
|
4,955,000
|
|
|
Income tax (provision) benefit
|
|
|
309,000
|
|
|
|
(477,000
|
)
|
|
|
(3,235,000
|
)
|
|
|
(1,978,000
|
)
|
|
Equity in earnings (losses) of investments
|
|
|
207,000
|
|
|
|
186,000
|
|
|
|
(1,449,000
|
)
|
|
|
173,000
|
|
|
Net income (loss)
|
|
|
(1,084,000
|
)
|
|
|
141,000
|
|
|
|
4,906,000
|
|
|
|
3,150,000
|
|
|
Preferred dividends
|
|
|
(65,000
|
)
|
|
|
(65,000
|
)
|
|
|
(262,000
|
)
|
|
|
(262,000
|
)
|
|
Net income (loss) applicable to common stock
|
|
$
|
(1,149,000
|
)
|
|
$
|
76,000
|
|
|
$
|
4,644,000
|
|
|
$
|
2,888,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
|
$
|
(0.08
|
)
|
|
$
|
0.01
|
|
|
$
|
0.36
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
$
|
(0.08
|
)
|
|
$
|
0.01
|
|
|
$
|
0.36
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.15
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
13,663,000
|
|
|
|
11,203,000
|
|
|
|
12,775,000
|
|
|
|
11,202,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
13,663,000
|
|
|
|
11,203,000
|
|
|
|
12,775,000
|
|
|
|
11,202,000
|
|
|
|
Investor Contact:
ICR
John Mills, 310-954-1105
Senior
Managing Director
Source: Limoneira Company
News Provided by Acquire Media
