- Fiscal Year 2016 Revenue of $111.8 Million Increased 11% Compared
to Prior Year -
- Fiscal Year 2016 Operating Income of $9.2 Million Increased 100%
Compared to Prior Year -
- Fiscal Year 2016 EBITDA of $20.1 Million Increased 30% Compared to
Prior Year -
- Fiscal Year 2016 Earnings per Share Exceeded the Company's Guidance
-
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 fourth quarter and full year ended October 31,
2016.
Fiscal Year 2016 Fourth Quarter Results
For the fourth quarter of fiscal year 2016, revenue increased 37% to
$19.5 million, compared to revenue of $14.2 million in the fourth
quarter of the previous fiscal year. Agribusiness revenue was $18.2
million, compared to $12.9 million in the fourth quarter last year,
primarily due to stronger lemon sales. Rental operations revenue was
$1.3 million in the fourth quarter of fiscal year 2016, which is similar
to the same period last year. Real estate development revenue was not
significant in the fourth quarter of fiscal year 2016 or 2015.
Agribusiness revenue for the fourth quarter of fiscal year 2016 includes
$16.4 million in lemon sales, compared to $11.6 million of lemon sales
during the same period of fiscal year 2015, primarily reflecting
increased fresh lemon prices and volume. Approximately 521,000 cartons
of fresh lemons were sold during the fourth quarter of fiscal year 2016
at a $25.91 average price per carton compared to approximately 388,000
cartons sold at a $25.00 average price per carton during the fourth
quarter of fiscal year 2015. As anticipated, the Company recognized
minimal avocado revenue in the fourth quarter of fiscal year 2016,
similar to the same period last year. The Company recognized $0.6
million of orange revenue in the fourth quarter of fiscal year 2016,
which was similar to the same period of fiscal year 2015. Specialty
citrus and other crop revenues were $1.2 million in the fourth quarter
of fiscal year 2016, compared to $0.7 million in the fourth quarter of
fiscal year 2015. Fiscal year 2016 specialty citrus and other crop
revenues includes the Company's first wine grape harvest from its
Windfall Farms ranch of approximately 200 tons for $0.3 million.
Costs and expenses for the fourth quarter of fiscal year 2016 were $20.4
million compared to $19.1 million in the fourth quarter of last fiscal
year. The fourth quarter of fiscal year 2016 increase in operating
expenses primarily reflects higher agribusiness costs mainly related to
higher lemon sales volume.
Operating loss for the fourth quarter of fiscal year 2016 was $0.9
million, compared to a $4.9 million loss in the fourth quarter of the
previous fiscal year. Net loss applicable to common stock, after
preferred dividends, for the fourth quarter of fiscal year 2016 was $0.1
million, which includes a $1.0 million gain associated with the sale of
a conservation easement to The Nature Conservancy. The Company retains
title to the property and the easement allows it to continue agriculture
and related activities on the property. These results compare to net
income applicable to common stock of $0.5 million in the fourth quarter
of fiscal year 2015. Fourth quarter fiscal year 2015 net income includes
a $5.0 million gain associated with the sale of 140,000 shares of Calavo
Growers, Inc. (NASDAQ: CVGW) ("Calavo") common stock and a $0.9 million
gain on the sale of the Company's Wilson Ranch. Net loss per diluted
share for the fourth quarter of fiscal year 2016 was $0.01 compared to
net income per diluted share of $0.04 for the same period of fiscal year
2015, with both periods based on approximately 14.1 million weighted
average diluted common shares outstanding.
EBITDA was $2.0 million in the fourth quarter of fiscal year 2016
compared to $2.4 million in the same period of fiscal year 2015. A
reconciliation of EBITDA to net income is provided at the end of this
release.
Fiscal Year 2016 Results
For the fiscal year ended October 31, 2016, revenue increased 11% to
$111.8 million compared to $100.3 million for fiscal year 2015.
Operating income for fiscal year 2016 was $9.2 million compared to $4.6
million last year. Higher fiscal year 2016 operating income reflects
increased revenue for all agriculture crops, particularly lemons and
avocados, offset primarily by higher third-party grower expense due to
greater lemon procurement costs and higher packing costs, related to
increased lemon sales volume. In addition, selling, general and
administrative expenses for fiscal year 2016 were less than fiscal year
2015 by approximately $0.5 million, primarily due to a decrease in legal
and consulting costs associated with the Limoneira / Lewis joint venture.
Net income applicable to common stock, after preferred dividends, was
$7.4 million for fiscal year 2016 compared to $6.4 million for fiscal
year 2015. Fiscal year 2016 results include a $3.4 million gain
associated with the sale of 60,000 shares of Calavo Growers common stock
and the aforementioned $1.0 million easement sale as well as $1.2
million of transaction costs incurred in the first quarter in connection
with the Limoneira / Lewis joint venture. Fiscal year 2015 results
include the aforementioned $5.0 million gain associated with the sale of
Calavo Growers common stock and a $0.9 million gain associated with the
sale of the Wilson Ranch. Earnings per diluted share for fiscal year
2016 and 2015 was $0.52 and $0.46, respectively, with both years based
on approximately 14.1 million weighted average diluted common shares
outstanding.
EBITDA for fiscal year 2016 increased 30% to $20.1 million compared to
EBITDA of $15.4 million in fiscal year 2015.
Balance Sheet and Liquidity
During fiscal year 2016, net cash provided by operating activities was
$14.3 million, compared to $7.7 million in the prior year. Net cash used
in investing activities was $11.5 million in fiscal year 2016, compared
to $25.8 million in the prior year, with both years including the
Company's investments in orchards, construction and equipment for the
Company's new lemon packing facilities and real estate development
projects. Net cash used in financing activities was $2.8 million in
fiscal year 2016. For the year ended October 31, 2015 net cash provided
by financial activities was $18.1 million.
Long-term debt as of October 31, 2016 was $88.2 million, compared to
$89.1 million at the end of fiscal year 2015.
During fiscal year 2016, the Company executed its on-going real estate
development strategy by capitalizing real estate development costs of
$6.9 million. In fiscal year 2015, the Company capitalized real estate
development costs of $8.0 million.
Real Estate Development
Limoneira Lewis Community Builders, LLC, a real estate development joint
venture between Limoneira Company and The Lewis Group of Companies is a
50%/50% joint venture between Limoneira and The Lewis Group that will
engage in the residential development of Harvest at Limoneira. Limoneira
expects to receive 25% to 80% of the net cash flow of the project, based
on projected cash flow milestones, which is estimated to aggregate
approximately 70% of total net cash flows to Limoneira, and the balance
of net cash flows to The Lewis Group over the estimated seven to
ten-year life of the project. The joint venture's results of operations
are expected to be recognized by the Company under the equity method of
accounting. The Company contributed $2.3 million to the joint venture in
fiscal 2016 matching Lewis' contributions to fund on-going development
activities. The Company currently estimates approximately 632 units will
be included in Phase 1 of the project. Tree removal and other site
preparation activities are in progress. Current project plans indicate
that grading should begin during the spring of 2017, Phase 1 site
improvements to begin during the summer of 2017 and initial lots sales
are anticipated to begin near the end of 2017.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "Fiscal
2016 was a record year in terms of operating results for our company as
we continued to execute on our long-term growth strategy. In fiscal
2016, we sold lemons to approximately 170 U.S. and international
customers and we expect this to grow in fiscal 2017 as we continue to
service new markets and new customers in our existing markets. As an
example, earlier this year, we announced the formation of Limoneira
South Africa, which underscores our goal to become a leading global,
year round citrus agribusiness. We are working with business partners in
South Africa, Chile, Argentina and Mexico and Limoneira plans to manage
the marketing and sales function from locally sourced lemons."
Mr. Edwards concluded, "In addition to very strong agribusiness
performance in fiscal 2016, this year also highlighted our ability to
strategically monetize investments and non-core assets, including the
sale of Calavo stock and the sale of a conservation easement on a
portion of one our Ventura County ranches, which combined generated
approximately $4.4 million of gain in the year. We continue to make
progress expanding our agribusiness. As we begin fiscal year 2017, we
expect to benefit from the investments we made in fiscal 2016 including
our more efficient packing house. We are very well positioned to
capitalize on opportunities to expand our acreage of productive land, as
well as driving organic growth."
Recent Business Highlights
The Company completed its project to double the capacity and increase
the efficiency of its lemon packing facilities which became operational
in fiscal 2016. Investment in the project was approximately $28.8
million and the Company expects to benefit from the efficiencies in
fiscal 2017.
Alex Teague, Senior Vice President, stated, "Our newly constructed
packing house became operational in 2016, and we expect to utilize its
increased packing capacity in fiscal 2017. As we continue to implement
new operating processes and procedures for the packing house and as
projected lemon sales volume increases in fiscal 2017, we expect the new
facility will contribute to the profitability of our lemon business."
Mr. Teague continued, "In June, we announced that we are adding oranges
and specialty citrus varieties to our 'One World of Citrus' model. We
began our direct selling program for lemons six years ago and have been
very pleased with its success. We are excited to have our oranges and
other citrus varieties marketed in Limoneira cartons. As our lemon
business grows, our customers recognize the quality and consistency they
receive with Limoneira lemons, and we are seeing increased demand from
our customers for other citrus varieties."
On December 15, 2016, the Company declared a quarterly cash dividend of
$0.055 per common share payable on January 17, 2017, to stockholders of
record on December 27, 2016. The dividend represents an annualized
amount of $0.22, which is 10% greater than the fiscal year 2016 dividend
of $0.20.
Fiscal Year 2017 Outlook
For the fiscal year ending October 31, 2017, the Company expects to sell
between 3.1 million and 3.5 million cartons of fresh lemons at an
average price of approximately $23.00 per carton, and expects to sell
approximately 8.5 to 9.0 million pounds of avocados at approximately
$0.80 per pound.
The Company expects operating income for fiscal year 2017 to be
approximately $11.4 million to $11.9 million compared to operating
income of $9.2 million for fiscal year 2016. Fiscal year 2017 EBITDA is
expected to be in the range of $18.3 million to $18.8 million. The
Company expects fiscal year 2017 earnings per diluted share to be in the
range of $0.38 to $0.42. Excluding the combined gain of approximately
$4.4 million associated with the sale of Calavo stock and the
conservation easement, and $1.2 million of transaction costs incurred in
the first quarter of 2016 in connection with the Limoneira / Lewis joint
venture fiscal year, fiscal year 2016 EBITDA and diluted earnings per
share were $16.9 million and $0.39, respectively. As more fully
described at the end of this release under "Non-GAAP Financial
Measures," the Company is unable to reconcile without unreasonable
effort the above forward-looking non-GAAP measures related to EBITDA,
and the variability of the changes excluded from these non-GAAP measures
may have a significant and potentially unpredictable impact on its
future GAAP financial results.
Conference Call Information
The Company will host a conference call and audio webcast on January 10,
2017, 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) 224-1065, and international participants should
dial (913) 312-1489. 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 24, 2017, by calling (877) 870-5176 from the U.S. or
(858) 384-5517 from international locations to access the playback;
passcode is 3516971.
About Limoneira Company
Limoneira Company, a 124-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 11,000
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, 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. With respect to our
expectations under "Fiscal Year 2017 Outlook" above, 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 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,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
19,000
|
|
$
|
654,000
|
|
$
|
8,058,000
|
|
$
|
7,082,000
|
|
Interest expense, net
|
|
|
373,000
|
|
|
46,000
|
|
|
1,409,000
|
|
|
148,000
|
|
Income taxes
|
|
|
179,000
|
|
|
497,000
|
|
|
5,267,000
|
|
|
3,974,000
|
|
Depreciation and amortization
|
|
|
1,476,000
|
|
|
1,205,000
|
|
|
5,339,000
|
|
|
4,184,000
|
|
EBITDA
|
|
$
|
2,047,000
|
|
$
|
2,402,000
|
|
$
|
20,073,000
|
|
$
|
15,388,000
|
|
|
|
Limoneira Company
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
October 31,
|
|
|
|
2016
|
|
2015
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash
|
|
$
|
38,000
|
|
$
|
39,000
|
|
Accounts receivable, net
|
|
|
9,298,000
|
|
|
7,420,000
|
|
Cultural costs
|
|
|
3,844,000
|
|
|
3,916,000
|
|
Prepaid expenses and other current assets
|
|
|
2,509,000
|
|
|
2,387,000
|
|
Income taxes receivable
|
|
|
2,810,000
|
|
|
-
|
|
Total current assets
|
|
|
18,499,000
|
|
|
13,762,000
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
177,096,000
|
|
|
128,951,000
|
|
Real estate development
|
|
|
77,136,000
|
|
|
96,067,000
|
|
Equity in investments
|
|
|
6,254,000
|
|
|
3,047,000
|
|
Investment in Calavo Growers, Inc.
|
|
|
17,745,000
|
|
|
18,508,000
|
|
Other assets
|
|
|
8,718,000
|
|
|
9,035,000
|
|
Total Assets
|
|
$
|
305,448,000
|
|
$
|
269,370,000
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
5,555,000
|
|
$
|
6,611,000
|
|
Growers payable
|
|
|
8,577,000
|
|
|
5,841,000
|
|
Accrued liabilities
|
|
|
6,421,000
|
|
|
5,864,000
|
|
Fair value of derivative instrument
|
|
|
690,000
|
|
|
767,000
|
|
Current portion of long-term debt
|
|
|
2,508,000
|
|
|
589,000
|
|
Total current liabilities
|
|
|
23,751,000
|
|
|
19,672,000
|
|
Long-term liabilities:
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
88,164,000
|
|
|
89,079,000
|
|
Deferred income taxes
|
|
|
25,328,000
|
|
|
19,425,000
|
|
Other long-term liabilities
|
|
|
6,127,000
|
|
|
7,641,000
|
|
Sale-leaseback deferral
|
|
|
23,349,000
|
|
|
-
|
|
Total liabilities
|
|
|
166,719,000
|
|
|
135,817,000
|
|
Commitments and contingencies
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
Series B Convertible Preferred Stock - $100.00 par value (50,000
shares authorized: 29,000 and 29,500 shares issued and outstanding
at October 31, 2016 and 2015) (8.75% coupon rate)
|
|
|
2,900,000
|
|
|
2,950,000
|
|
|
|
|
|
|
|
Series B-2 Convertible Preferred Stock - $100.00 par value (10,000
shares authorized: 9,300 shares issued and outstanding at October
31, 2016 and 2015) (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 - $.01 par value
(20,000 shares authorized: zero issued or outstanding at October 31,
2016 and 2015)
|
|
|
-
|
|
|
-
|
|
Common Stock - $.01 par value (19,900,000 shares authorized:
14,178,226 and 14,135,080 shares issued and outstanding at October
31, 2016 and 2015, respectively)
|
|
|
142,000
|
|
|
141,000
|
|
Additional paid-in capital
|
|
|
91,841,000
|
|
|
90,759,000
|
|
Retained earnings
|
|
|
31,812,000
|
|
|
27,216,000
|
|
Accumulated other comprehensive income
|
|
|
2,703,000
|
|
|
3,156,000
|
|
Total stockholders' equity
|
|
|
126,498,000
|
|
|
121,272,000
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
305,448,000
|
|
$
|
269,370,000
|
|
|
|
Limoneira Company
|
|
|
|
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
October 31,
|
|
October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
18,187,000
|
|
|
$
|
12,856,000
|
|
|
$
|
106,130,000
|
|
|
$
|
95,124,000
|
|
|
Rental operations
|
|
|
1,330,000
|
|
|
|
1,335,000
|
|
|
|
5,603,000
|
|
|
|
5,104,000
|
|
|
Real estate development
|
|
|
17,000
|
|
|
|
21,000
|
|
|
|
56,000
|
|
|
|
83,000
|
|
|
Total net revenues
|
|
|
19,534,000
|
|
|
|
14,212,000
|
|
|
|
111,789,000
|
|
|
|
100,311,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
15,743,000
|
|
|
|
13,878,000
|
|
|
|
83,604,000
|
|
|
|
77,186,000
|
|
|
Rental operations
|
|
|
906,000
|
|
|
|
969,000
|
|
|
|
3,617,000
|
|
|
|
3,440,000
|
|
|
Real estate development
|
|
|
181,000
|
|
|
|
523,000
|
|
|
|
2,061,000
|
|
|
|
1,330,000
|
|
|
Selling, general and administrative
|
|
|
3,591,000
|
|
|
|
3,720,000
|
|
|
|
13,319,000
|
|
|
|
13,772,000
|
|
|
Total costs and expenses
|
|
|
20,421,000
|
|
|
|
19,090,000
|
|
|
|
102,601,000
|
|
|
|
95,728,000
|
|
|
Operating income (loss)
|
|
|
(887,000
|
)
|
|
|
(4,878,000
|
)
|
|
|
9,188,000
|
|
|
|
4,583,000
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(373,000
|
)
|
|
|
(46,000
|
)
|
|
|
(1,409,000
|
)
|
|
|
(148,000
|
)
|
|
Equity in earnings of investments
|
|
|
428,000
|
|
|
|
50,000
|
|
|
|
634,000
|
|
|
|
243,000
|
|
|
Gain on sale of stock in Calavo Growers, Inc.
|
|
|
-
|
|
|
|
5,033,000
|
|
|
|
3,419,000
|
|
|
|
5,033,000
|
|
|
Gain on sale of conservation easement
|
|
|
995,000
|
|
|
|
-
|
|
|
|
995,000
|
|
|
|
-
|
|
|
Gain on sale of Wilson Ranch
|
|
|
-
|
|
|
|
935,000
|
|
|
|
-
|
|
|
|
935,000
|
|
|
Other income, net
|
|
|
35,000
|
|
|
|
57,000
|
|
|
|
498,000
|
|
|
|
410,000
|
|
|
Total other income
|
|
|
1,085,000
|
|
|
|
6,029,000
|
|
|
|
4,137,000
|
|
|
|
6,473,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
198,000
|
|
|
|
1,151,000
|
|
|
|
13,325,000
|
|
|
|
11,056,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
(179,000
|
)
|
|
|
(497,000
|
)
|
|
|
(5,267,000
|
)
|
|
|
(3,974,000
|
)
|
|
Net income (loss)
|
|
|
19,000
|
|
|
|
654,000
|
|
|
|
8,058,000
|
|
|
|
7,082,000
|
|
|
Preferred dividends
|
|
|
(157,000
|
)
|
|
|
(158,000
|
)
|
|
|
(628,000
|
)
|
|
|
(635,000
|
)
|
|
Net income (loss) applicable to common stock
|
|
$
|
(138,000
|
)
|
|
$
|
496,000
|
|
|
$
|
7,430,000
|
|
|
$
|
6,447,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
|
$
|
(0.01
|
)
|
|
$
|
0.04
|
|
|
$
|
0.52
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
$
|
(0.01
|
)
|
|
$
|
0.04
|
|
|
$
|
0.52
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
14,178,000
|
|
|
|
14,132,000
|
|
|
|
14,168,000
|
|
|
|
14,119,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
14,178,000
|
|
|
|
14,132,000
|
|
|
|
14,168,000
|
|
|
|
14,119,000
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170110006086/en/
Investor Contact:
ICR
John Mills
Partner
646-277-1254
Source: Limoneira Company
News Provided by Acquire Media
