- Achieves Record Revenue in Fiscal Year 2017 of $121.3 Million, an
increase of 9% Compared to Prior Year -
- Generates Record Fiscal Year 2017 Operating Income of $11.9 Million
an increase of 29% Compared to Prior Year –
-New Lemon Packinghouse Packs 300,000 more Cartons at $400,000 Less
Cost Compared to Prior Year-
- Reiterates Fiscal Year 2018 EPS Guidance of $0.55-$0.65 -
SANTA PAULA, Calif.--(BUSINESS WIRE)--Jan. 8, 2018--
Limoneira Company (the “Company” or “Limoneira”) (NASDAQ: LMNR), a
leading global agribusiness with prime agricultural land and operations,
real estate and water rights in California, Arizona and Chile today
reported financial results for the fourth quarter ended October 31, 2017.
Fiscal Year 2017 Fourth Quarter Results
For the fourth quarter of fiscal year 2017, net revenue decreased to
$15.9 million compared to net revenue of $19.5 million in the fourth
quarter of the previous fiscal year. Agribusiness revenue was $14.6
million, compared to $18.2 million in the fourth quarter last year,
primarily due to the previously announced decrease in lemon revenues
stemming from the delayed lemon harvest at its Arizona ranches that were
impacted by excessive heat during the quarter and lower prices. Rental
operations revenue was $1.3 million in the fourth quarter of fiscal
years 2017 and 2016. There were no real estate development revenues in
the fourth quarter of fiscal year 2017.
Agribusiness revenue for the fourth quarter of fiscal year 2017 includes
$12.0 million in lemon sales, compared to $16.4 million of lemon sales
during the same period of fiscal year 2016, with the decrease primarily
the result of the aforementioned delay in the timing of the lemon
harvest as well as lower prices versus the prior year period.
Approximately 414,000 cartons of fresh lemons were sold during the
fourth quarter of fiscal year 2017 at a $21.01 average price per carton
compared to approximately 521,000 cartons sold at a $25.91 average price
per carton during the fourth quarter of fiscal year 2016. As
anticipated, the Company recognized minimal avocado revenue in the
fourth quarter of fiscal year 2017, similar to the same period last
year. The Company recognized a similar amount of orange revenue in the
fourth quarter of fiscal year 2017 at $0.6 million, as compared to the
fourth quarter of fiscal year 2016. Specialty citrus and other crop
revenues in the fourth quarter of fiscal year 2017 were $0.8 million
higher than the fourth quarter of fiscal year 2016 primarily due to
increased wine grape harvest volume.
Total costs and expenses for the fourth quarter of fiscal year 2017 were
$20.2 million, compared to $20.4 million in the fourth quarter of last
fiscal year. The fourth quarter of fiscal year 2017 decrease in
operating expenses was primarily attributable to decreases in the
Company’s agribusiness costs mainly due to decreased third-party grower
costs partially offset by increased packing, growing and depreciation
costs and expenses. In addition, lemon packing costs were $4.1 million
for the fourth quarter of fiscal year 2017 compared to $4.0 million for
the fourth quarter of fiscal year 2016. For the fiscal year ended
October 31, 2017, approximately 3.2 million cartons of fresh lemons were
packed at an average cost per carton of $6.75 compared to 2.9 million
cartons of fresh lemons packed at an average cost of $7.55.
Operating loss for the fourth quarter of fiscal year 2017 was $4.3
million, compared to a loss of $0.9 million in the fourth quarter of the
previous fiscal year, with lower lemon revenues being the primary factor
in the decrease. Net loss applicable to common stock, after preferred
dividends, for the fourth quarter of fiscal year 2017 was $2.8 million
and compares to a net loss of $0.1 million in the fourth quarter of
fiscal year 2016. Net loss per diluted share for the fourth quarter of
fiscal year 2017 was $0.19 compared to a net loss per diluted share of
$0.01 for the same period of fiscal year 2016.
Adjusted EBITDA was a loss of $2.5 million in the fourth quarter of
fiscal year 2017 compared to earnings of $2.0 million in the same period
of fiscal year 2016. A reconciliation of EBITDA and adjusted EBITDA to
net income is provided at the end of this release.
Fiscal Year 2017 Results
For the fiscal year ended October 31, 2017, revenue was $121.3 million,
compared to $111.8 million in the same period last year. Operating
income for the fiscal year ended October 31, 2017 was $11.9 million,
compared to $9.2 million in the same period last year. Net income
applicable to common stock, after preferred dividends, was $6.0 million
for the fiscal year ended October 31, 2017, compared to net income
applicable to common stock of $7.4 million in the same period last year.
Net income per diluted share for the fiscal year ended October 31, 2017
was $0.42, compared to net income per diluted share of $0.52 in the same
period of fiscal 2016. Net income per diluted share for the fiscal year
ended October 31 2017 and 2016 is based on weighted average diluted
common shares outstanding of approximately 14.3 million and 14.2
million, respectively.
Adjusted EBITDA for the fiscal year ended October 31, 2017 was $19.0
million, compared to adjusted EBITDA of $20.1 million in the same period
last year. A reconciliation of EBITDA and adjusted EBITDA to net income
is provided at the end of this release.
The results of operations for the prior year fiscal year ended October
31, 2016 include a $3.4 million gain on sale of Calavo Growers, Inc.
stock, a $1.0 million gain on sale of conservation easement, and $1.2
million of transaction costs associated with entering into the real
estate development joint venture with The Lewis Group of Companies.
Balance Sheet and Liquidity
During fiscal year ended October 31, 2017, net cash provided by
operating activities was $18.5 million, compared to $14.3 million in the
prior year. Net cash used in investing activities was $26.4 million,
compared to $11.5 million in the prior year. The Company purchased Pan
de Azucar for $5.7 million and contributed $7.5 million to the East Area
1 real estate development joint venture in the fiscal year ended October
31, 2017, which compares to $2.3 million contributed to the joint
venture in the same period of fiscal year 2016. Net cash provided by
financing activities was $8.4 million in the fiscal year ended October
31, 2017, compared to $2.8 million used in the same period last year.
Long-term debt as of October 31, 2017 was $102.1 million, compared to
$88.2 million at the end of fiscal 2016.
Real Estate Development
On November 10, 2015, the Company entered into a joint venture with The
Lewis Group of Companies (“Lewis”) for the residential development of
its East Area I real estate development project. The first phase of the
project broke ground to commence mass grading on November 8, 2017.
Project plans include approximately 632 residential units in Phase 1.
The Company anticipates Phase 1 site improvements will begin during the
winter of this year. The lot sale process with home builders is expected
to begin in the spring of 2018 and initial closings of lots sales are
anticipated to begin in the first quarter of fiscal year 2019.
Limoneira Lewis Community Builders, LLC, is a 50%/50% real estate
development joint venture between Limoneira Company and Lewis that will
engage in the residential development of Harvest at Limoneira. Limoneira
expects to receive 25% to 65% of the net cash flows from the project,
based on projected cash flow milestones, which are estimated to
aggregate approximately 70% of total net cash flows to Limoneira,
including Lewis’ $20.0 million investment in the joint venture, and the
balance of net cash flows to Lewis 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 $7.5 million to the joint venture in
fiscal year 2017, $2.3 million in fiscal year 2016 and an additional
$3.5 million in the first quarter of fiscal year 2018, matching Lewis'
contributions to fund on-going development activities.
The Company closed on the sale of the commercial portion of its Sevilla
property and its Centennial property in November and December 2017,
respectively. These property sales had an immaterial impact on results
of operations, but are expected to generate approximately $4.5 million
in cash after transaction costs. Additionally, in December 2017, the
Company entered an agreement to sell its Terraces at Pacific Crest
property for $3.5 million, expecting to recognize a gain of
approximately $40,000.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "In
fiscal 2017 we achieved operational accomplishments that resulted in
record revenue and operating income despite encountering weather-related
delays of our desert lemon harvest. We are in a great position to
continue leveraging our efficient operations through additional third
party growers’ fruit and the Suntreat relationship that advances our
competitiveness in the orange and specialty citrus category.”
Mr. Edwards continued, "We are reiterating our previously issued EPS
guidance that we provided during the recent business update. Our
leadership team is excited about our growing agribusiness prospects and
equally excited to see our real estate venture, Harvest at Limoneira,
come to fruition after more than a decade of patient development
efforts.”
Fiscal Year 2018 Outlook
For the fiscal year ending October 31, 2018, the Company expects to sell
between 3.1 million and 3.3 million cartons of fresh lemons at an
average price of approximately $24.50 per carton, and expects to sell
approximately 6.0 to 6.5 million pounds of avocados at approximately
$1.30 per pound.
The Company expects operating income for fiscal year 2018 to be
approximately $15.7 million to $17.8 million compared to operating
income of $11.9 million for fiscal year 2017. Fiscal year 2018 EBITDA is
expected to be in the range of $23.0 million to $25.0 million. The
Company expects fiscal year 2018 earnings per diluted share to be in the
range of $0.55 to $0.65. Fiscal year 2017 adjusted EBITDA and diluted
earnings per share were $19.0 million and $0.42, 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.
On December 22, 2017, the Tax Cut and Jobs Act was signed into law,
which enacts significant changes to U.S. tax and related laws. Some of
the provisions of the new tax law affecting corporations include, but
are not limited to a reduction of the federal corporate income tax rate
from 35% to 21%, limiting the interest expense deduction, expensing of
cost of acquired qualified property and elimination of the domestic
production activities deduction. The Company is currently evaluating the
impact the new tax law will have on its financial condition and results
of operations. Preliminarily, the Company anticipates a significant
reduction in its effective income tax rate and its net deferred federal
income tax liabilities as a result of the income tax rate reduction,
with such changes being included in the Company’s financial statements
beginning in the three months ending January 31, 2018. The above
guidance does not reflect these changes in tax law.
Conference Call Information
The Company will host a conference call and audio webcast on January 8,
2018, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors
interested in participating in the live call can dial (800) 239-9838
from the U.S. International callers can dial (323) 794-2551.
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
approximately two hours after the call concludes and will be available
through Monday, January 22, 2018, by dialing (844) 512-2921 from the
U.S., or (412) 317-6671 from international locations; passcode is
9977569.
About Limoneira Company
Limoneira Company, a 125-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 11,200 acres of rich
agricultural lands, real estate properties, and water rights
in California, Arizona and Chile. 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 2018, 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'sSEC 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 our
operations and interest costs associated with our 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 our Company’s results of operations
between periods on a more comparable basis. Such measures are widely
used by analysts, investors and lenders as well as by management in
assessing our Company’s financial performance and business trends
relating to our results of operations and financial condition. These
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 our Company and may not be
consistent with methodologies used by other companies. With respect to
our expectations under "Fiscal Year 2018 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 are 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 (in thousands):
|
|
Three months ended October 31, |
|
Twelve months Ended October 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Limoneira Company
|
|
$
|
(2,650
|
)
|
|
$
|
19
|
|
|
$
|
6,595
|
|
|
$
|
8,058
|
|
Interest expense, net
|
|
|
406
|
|
|
|
373
|
|
|
|
1,778
|
|
|
|
1,409
|
|
Income taxes
|
|
|
(1,858
|
)
|
|
|
179
|
|
|
|
4,077
|
|
|
|
5,267
|
|
Depreciation and amortization
|
|
|
1,643
|
|
|
|
1,476
|
|
|
|
6,467
|
|
|
|
5,339
|
|
EBITDA
|
|
|
(2,459
|
)
|
|
|
2,047
|
|
|
|
18,917
|
|
|
|
20,073
|
|
Impairment of real estate development assets
|
|
|
-
|
|
|
|
-
|
|
|
|
120
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
$
|
(2,459
|
)
|
|
$
|
2,047
|
|
|
$
|
19,037
|
|
|
$
|
20,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Limoneira Company |
| Consolidated Balance Sheets (unaudited) |
|
($ in thousands, except share amounts)
|
|
|
|
|
|
|
|
October 31, |
|
|
|
2017 |
|
|
2016 |
| Assets |
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
492
|
|
|
$
|
38
|
|
Accounts receivable, net
|
|
|
|
10,953
|
|
|
|
9,298
|
|
Cultural costs
|
|
|
|
4,124
|
|
|
|
3,844
|
|
Prepaid expenses and other current assets
|
|
|
|
6,981
|
|
|
|
2,509
|
|
Income taxes receivable
|
|
|
|
570
|
|
|
|
2,810
|
|
Total current assets
|
|
|
|
23,120
|
|
|
|
18,499
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
188,225
|
|
|
|
177,096
|
|
Real estate development
|
|
|
|
81,082
|
|
|
|
77,136
|
|
Equity in investments
|
|
|
|
14,061
|
|
|
|
6,254
|
|
Investment in Calavo Growers, Inc.
|
|
|
|
22,110
|
|
|
|
17,745
|
|
Other assets
|
|
|
|
10,433
|
|
|
|
8,718
|
|
Total Assets
|
|
|
$
|
339,031
|
|
|
$
|
305,448
|
| Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
6,311
|
|
|
$
|
5,555
|
|
Growers payable
|
|
|
|
8,828
|
|
|
|
8,877
|
|
Accrued liabilities
|
|
|
|
5,177
|
|
|
|
6,421
|
|
Fair value of derivative instrument
|
|
|
|
268
|
|
|
|
690
|
|
Current portion of long-term debt
|
|
|
|
3,030
|
|
|
|
2,508
|
|
Total current liabilities
|
|
|
|
23,614
|
|
|
|
23,751
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
102,083
|
|
|
|
88,164
|
|
Deferred income taxes
|
|
|
|
31,415
|
|
|
|
25,328
|
|
Other long-term liabilities
|
|
|
|
3,920
|
|
|
|
6,127
|
|
Sale-leaseback deferral
|
|
|
|
30,396
|
|
|
|
23,349
|
|
Total liabilities
|
|
|
|
191,428
|
|
|
|
166,719
|
|
Commitments and contingencies
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Series B Convertible Preferred Stock – $100.00 par value (50,000
shares authorized: 14,790 and 29,000 shares issued and outstanding
at October 31, 2017 and 2016) (8.75% coupon rate)
|
|
|
|
1,479
|
|
|
|
2,900
|
|
|
|
|
|
|
|
|
|
|
Series B-2 Convertible Preferred Stock – $100.00 par value (10,000
shares authorized: 9,300 shares issued and outstanding at October
31, 2017 and 2016) (4% dividend rate on
liquidation value of $1,000 per share)
|
|
|
|
9,331
|
|
|
|
9,331
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
Series A Junior Participating Preferred Stock – $.01 par value
(20,000 shares authorized: zero issued or outstanding at October 31,
2017 and 2016)
|
|
|
|
-
|
|
|
|
-
|
|
Common Stock – $.01 par value (39,000,000 shares authorized:
14,405,031 and 14,178,226 shares issued and outstanding at October
31, 2017 and 2016, respectively)
|
|
|
|
144
|
|
|
|
142
|
|
Additional paid-in capital
|
|
|
|
94,294
|
|
|
|
91,841
|
|
Retained earnings
|
|
|
|
34,692
|
|
|
|
31,812
|
|
Accumulated other comprehensive income
|
|
|
|
7,076
|
|
|
|
2,703
|
|
Noncontrolling interest
|
|
|
|
587
|
|
|
|
-
|
|
Total stockholders' equity
|
|
|
|
136,793
|
|
|
|
126,498
|
|
Total Liabilities and Stockholders' Equity
|
|
|
$
|
339,031
|
|
|
$
|
305,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Limoneira Company |
| Consolidated Statements of Operations (unaudited) |
|
($ in thousands, except share amounts)
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
14,633
|
|
|
$
|
18,187
|
|
|
$
|
115,869
|
|
|
$
|
106,130
|
|
|
Rental operations
|
|
|
1,296
|
|
|
|
1,330
|
|
|
|
5,440
|
|
|
|
5,603
|
|
|
Real estate development
|
|
|
-
|
|
|
|
17
|
|
|
|
-
|
|
|
|
56
|
|
|
Total net revenues
|
|
|
15,929
|
|
|
|
19,534
|
|
|
|
121,309
|
|
|
|
111,789
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
15,341
|
|
|
|
15,743
|
|
|
|
91,162
|
|
|
|
83,604
|
|
|
Rental operations
|
|
|
998
|
|
|
|
906
|
|
|
|
3,932
|
|
|
|
3,617
|
|
|
Real estate development
|
|
|
113
|
|
|
|
181
|
|
|
|
285
|
|
|
|
2,061
|
|
|
Impairments of real estate development assets
|
|
|
-
|
|
|
|
-
|
|
|
|
120
|
|
|
|
-
|
|
|
Selling, general and administrative
|
|
|
3,755
|
|
|
|
3,591
|
|
|
|
13,947
|
|
|
|
13,319
|
|
|
Total costs and expenses
|
|
|
20,207
|
|
|
|
20,421
|
|
|
|
109,446
|
|
|
|
102,601
|
|
|
Operating (loss) income
|
|
|
(4,278
|
)
|
|
|
(887
|
)
|
|
|
11,863
|
|
|
|
9,188
|
|
|
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(406
|
)
|
|
|
(373
|
)
|
|
|
(1,778
|
)
|
|
|
(1,409
|
)
|
|
Equity in earnings of investments
|
|
|
40
|
|
|
|
428
|
|
|
|
49
|
|
|
|
634
|
|
|
Gain on sale of stock in Calavo Growers, Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,419
|
|
|
Gain on sale of conservation easement
|
|
|
-
|
|
|
|
995
|
|
|
|
-
|
|
|
|
995
|
|
|
Other income, net
|
|
|
128
|
|
|
|
35
|
|
|
|
492
|
|
|
|
498
|
|
|
Total other (expense) income
|
|
|
(238
|
)
|
|
|
1,085
|
|
|
|
(1,237
|
)
|
|
|
4,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income tax benefit (provision)
|
|
|
(4,516
|
)
|
|
|
198
|
|
|
|
10,626
|
|
|
|
13,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (provision)
|
|
|
1,858
|
|
|
|
(179
|
)
|
|
|
(4,077
|
)
|
|
|
(5,267
|
)
|
|
Net (loss) income
|
|
|
(2,658
|
)
|
|
|
19
|
|
|
|
6,549
|
|
|
|
8,058
|
|
|
Loss attributable to noncontrolling interest
|
|
|
8
|
|
|
|
-
|
|
|
|
46
|
|
|
|
-
|
|
|
Net (loss) income attributable to Limoneira Company
|
|
|
(2,650
|
)
|
|
|
19
|
|
|
|
6,595
|
|
|
|
8,058
|
|
|
Preferred dividends
|
|
|
(125
|
)
|
|
|
(157
|
)
|
|
|
(560
|
)
|
|
|
(628
|
)
|
|
Net (loss) income applicable to common stock
|
|
$
|
(2,775
|
)
|
|
$
|
(138
|
)
|
|
$
|
6,035
|
|
|
$
|
7,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per common share
|
|
$
|
(0.19
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.42
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per common share
|
|
$
|
(0.19
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.42
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
$
|
0.22
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
14,405,000
|
|
|
|
14,178,000
|
|
|
|
14,315,000
|
|
|
|
14,168,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
14,405,000
|
|
|
|
14,178,000
|
|
|
|
14,315,000
|
|
|
|
14,168,000
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180108006433/en/
Source: Limoneira Company
ICR
John Mills
Managing Partner
646-277-1254
