- Fourth Quarter Agriculture Revenue Increased 18% Compared to Fourth
Quarter Last Year -
- Generates Net Income of $1.6 Million and Adjusted EBITDA of $6.4
Million in Fiscal 2011 -
- Fiscal Year 2011 Diluted Earnings Per Share was $0.12 vs. $.01 in
Fiscal Year 2010 -
- Cartons of Fresh Lemons Sold Increased 29% in Fiscal Year 2011 -
- Expects Continued Growth in Fiscal Year 2012 Agriculture Revenue
Resulting from Increase in Lemon Sales Volume and Avocado Production -
SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime
agricultural land and operations, real estate and water rights in
California, today reported financial results for the fourth quarter and
full year ended October 31, 2011.
Fiscal Year 2011 Fourth Quarter Results
For the fourth quarter of fiscal year 2011, revenue was $10.9 million,
compared to revenue of $12.5 million in the fourth quarter of the
previous fiscal year. Agribusiness revenue increased 18% to $9.8
million, compared to $8.3 million in the fourth quarter last year.
Rental revenue was $1.0 million in the fourth quarter of fiscal year
2011, compared to $1.1 million in the fourth quarter last year. Real
estate development revenue was $41,000, compared to $3.0 million in the
fourth quarter last year. Real estate development sales in the fourth
quarter of fiscal year 2010 were primarily attributable to the Company's
sale of its Cactus Wren property in Arizona.
Fourth quarter 2011 agribusiness revenue is primarily comprised of $7.8
million in lemon sales compared to $6.2 million of lemon sales during
the same period of fiscal year 2010, reflecting a higher number of
cartons of fresh lemons sold, partially offset by lower average price
per carton. The Company also experienced higher sales of lemon
by-products compared to the same period last year. Avocado revenue in
the fourth quarters of fiscal 2011 and fiscal 2010 was $0.9 million. The
Company generated $1.1 million of orange, specialty citrus and other
crop revenues in the fourth quarter of fiscal year 2011 compared to $1.2
million in the same period of fiscal year 2010.
Costs and expenses for the fourth quarter of fiscal year 2011 were $10.0
million compared to $14.6 million in the fourth quarter of last fiscal
year. The year-over-year decrease in operating expenses reflects lower
selling, general and administrative expenses primarily due to lower
management incentive compensation offset by higher agribusiness expenses
related to an increase in lemon sales volume. Additionally, operating
expenses in fiscal 2010 include $3.0 million associated with the sale of
the Company's Cactus Wren property and non-cash real estate development
impairment expense of $1.9 million.
Operating income for the fiscal year 2011 fourth quarter was $843,000,
compared to operating loss of $2.1 million in the fourth quarter of the
previous fiscal year.
Adjusted EBITDA (defined as net income excluding interest expense,
income taxes, depreciation and amortization, and non-cash impairment
charges on real estate development) in the fourth quarter of fiscal year
2011 was $1.5 million, compared to $654,000 in the fourth quarter of the
previous fiscal year. A reconciliation of Adjusted EBITDA to the GAAP
measure net income is provided at the end of this release.
As a result of a larger amount of capitalized interest and lower average
debt levels during the fourth quarter of fiscal year 2011, interest
expense was $298,000 compared to $376,000 in the same period of fiscal
year 2010. Additionally, non-cash fair value adjustments on the
Company's interest rate swap resulted in income of $109,000 in the
fourth quarter of fiscal year 2011 compared to an expense of $447,000 in
the same period of the prior year.
Net income applicable to common stock, after preferred dividends, for
the fourth quarter of fiscal year 2011 was $489,000, or $0.04 per share.
This compares to net loss applicable to common stock, after preferred
dividends, in the fourth quarter of fiscal year 2010 of $1.6 million, or
($0.14) per share.
Fiscal Year 2011 Results
For the fiscal year ended October 31, 2011, revenue was $52.5 million,
compared to $54.3 million last year. Operating income for fiscal year
2011 was $1.0 million, compared to an operating income of $3.1 million
last year. Operating expenses were $51.5 million for fiscal year 2011,
compared to $51.2 million for fiscal year 2010. This increase in
operating expenses primarily reflects increases in agriculture costs of
$4.0 million related to higher volume of lemon sales, offset by
decreases in real estate development expenses, including lower
impairment aggregating $2.1 million and selling, general, and
administrative expenses of $1.7 million.
As a result of a larger amount of capitalized interest and lower average
debt levels during fiscal year 2011, interest expense was $1.3 million
compared to $1.6 million in fiscal year 2010. Additionally, non-cash
fair value adjustments on the Company's interest rate swap resulted in
income of $537,000 for fiscal year 2011, compared to expense of $2.0
million last year.
Net income applicable to common stock, after preferred dividends for
fiscal year 2011 was $1.3 million, or $0.12 per share, compared to net
income of $61,000, or $0.01 per share, last year. Net income for fiscal
year 2011 includes a gain of $1.4 million associated with the Company's
sale of its Rancho Refugio/Caldwell Ranch property in February 2011.
Harold Edwards, President and Chief Executive Officer, stated, "We are
pleased with the progress of our business in fiscal year 2011, as we
generated strong earnings for the year and improved our balance sheet by
reducing our long-term debt. Our agribusiness was solid, driven by
increased lemon sales, highlighting a successful first year under our
new direct lemon sales and marketing strategy. This was offset by
expected lower sales of avocados compared to last fiscal year, as the
California avocado crop typically experiences alternating years of high
and low production due to plant physiology. We expect avocado production
will increase in fiscal 2012, and this, combined with the strength of
our lemon sales, should position our agribusiness for a strong fiscal
2012. In addition, in January 2012, we entered into a series of
operating leases with the Sheldon Ranches for 1,000 acres of citrus and
other crop orchards in Lindsay, California. This transaction represents
approximately a 20% increase in our productive agriculture acreage and
is consistent with our agribusiness growth strategy."
Mr. Edwards continued, "We also made progress with our real estate
development efforts in fiscal 2011. With the sale of our Donna Circle
property in May 2011, we completed our divestiture of Arizona
properties, and we used the $2.1 million that we generated in net cash
to reduce our long-term debt. In March 2011, we received conditional
approval from LAFCo that will allow for the annexation and incorporation
of East Area I into Santa Paula, and we are now working on the final
steps to fully entitle our East Area 1 development property. We
continually evaluate economic and real estate market conditions and are
excited about the potential for East Area 1."
Mr. Edwards concluded, "As we begin fiscal 2012, we are optimistic about
the outlook for our business. We recently amended our Rabobank credit
agreement, which gives us additional financial flexibility to make
strategic investments to grow our business and enhance our operations.
We are looking forward to continued progress in our operations and
strategy execution in fiscal 2012."
Balance Sheet and Liquidity
Cash provided by operating activities in fiscal year 2011 was $6.0
million, compared to $7.1 million in fiscal year 2010. In fiscal 2011,
the Company reduced its long-term debt by $3.1 million.
Real Estate Development
During the fiscal year ended October 31, 2011, the Company continued to
execute its real estate development strategy capitalizing development
costs of $5.2 million compared to $3.7 million in fiscal year 2010.
On May 18, 2011, the Company sold its Donna Circle property in Paradise
Valley, Arizona. The Company had been leasing the property until April
14, 2011. The property was sold for $2.3 million cash, and the Company
realized net cash of approximately $2.1 million, after selling and other
costs. The Company used the net proceeds from the transaction to pay
down its debt. With the sale of the Donna Circle property, the Company
has completed its divestiture of real estate assets in
Arizona.
Fiscal 2011 Business Highlights
Since November 1, 2010, the Company has been marketing and selling its
lemons directly to its foodservice, wholesale and retail customers
throughout United States, Canada, Asia and certain other international
markets. Previously, the Company marketed is lemons through Sunkist. In
fiscal year, 2011, total lemon sales of approximately $31.2 million were
comprised of approximately $27.0 million (86%) in domestic sales, $3.7
million (12%) in sales to domestic exporters and $0.5 million (2%) in
international sales.
Alex Teague, Senior Vice President, stated, "We are pleased with the
success of our direct lemon marketing and sales in its first year of
implementation. We ended the year with over 80 customers. In fiscal
2011, we sold approximately 400,000 more fresh lemon cartons than last
year, and we are confident that we will continue to see growth in fiscal
2012."
Recent Business Highlights
On November 14, 2011, the Company amended certain terms of its line of
credit with Rabobank, N.A. The maturity date was extended to June 30,
2018 from June 30, 2013, and the borrowing capacity was increased to
$100 million from $80 million, subject to underlying collateral value.
The interest rate for the amended line of credit will be LIBOR plus
1.80% beginning July 1, 2013 until the maturity date. Currently, the
interest rate on the line of credit is LIBOR plus 1.50% and the
principal balance is approximately $53.8 million at October 31, 2011.
Additionally, the Company entered into a forward interest rate swap to
manage the variable interest rate risk associated with the amended
Rabobank line of credit. The forward interest rate swap establishes a
fixed interest rate of 4.30% on $40 million of outstanding line of
credit borrowings beginning July 1, 2013 until June 30, 2018. Limoneira
currently has an interest rate swap which locks in the interest rate on
$42 million of outstanding line of credit borrowings at 5.13% until June
30, 2013. These amendments provide the Company with additional financial
flexibility to make strategic investments in its business and manage
borrowing costs.
In January 2012, the Company entered into a series of operating leases
for approximately 1,000 acres of lemon, orange, specialty citrus and
other crop orchards in Lindsay, California. Each of the leases is for a
ten-year term and provides for four five-year renewal options with an
aggregate base rent of approximately $500,000 per year. The leases also
contain a profit share arrangement with the landowners as additional
rent on each of the properties and a provision for the potential
purchase of the property by Limoneira in the future.
About Limoneira Company
Limoneira Company, a 119-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 6,850
acres of rich agricultural lands, real estate properties and water
rights in California. The Company is a leading producer of lemons,
avocados, oranges, and other specialty 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 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; increased costs from becoming a public company 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 expense,
income taxes, depreciation and amortization ("EBITDA") and Adjusted
EBITDA, which excludes impairments on real estate development assets, 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 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:
|
Fourth Quarter Fiscal Years 2011 and 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
Net income (loss)
|
|
$
|
554,000
|
|
|
$
|
(1,572,000
|
)
|
|
Total interest expense
|
|
|
189,000
|
|
|
|
823,000
|
|
|
Income taxes
|
|
|
260,000
|
|
|
|
(1,115,000
|
)
|
|
Depreciation and amortization
|
|
|
546,000
|
|
|
|
613,000
|
|
|
EBITDA
|
|
|
1,549,000
|
|
|
|
(1,251,000
|
)
|
|
Impairments of real estate development assets
|
|
|
-
|
|
|
|
1,905,000
|
|
|
Adjusted EBITDA
|
|
$
|
1,549,000
|
|
|
$
|
654,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended October 31, 2011 and 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
Net income (loss)
|
|
$
|
1,598,000
|
|
|
$
|
323,000
|
|
|
Total interest expense
|
|
|
723,000
|
|
|
|
3,619,000
|
|
|
Income taxes
|
|
|
707,000
|
|
|
|
(72,000
|
)
|
|
Depreciation and amortization
|
|
|
2,207,000
|
|
|
|
2,337,000
|
|
|
EBITDA
|
|
|
5,235,000
|
|
|
|
6,207,000
|
|
|
Impairments of real estate development assets
|
|
|
1,196,000
|
|
|
|
2,422,000
|
|
|
Adjusted EBITDA
|
|
$
|
6,431,000
|
|
|
$
|
8,629,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company and Subsidiaries
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
October 31,
|
|
|
|
|
2011
|
|
|
2010
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash
|
|
$
|
21,000
|
|
|
$
|
262,000
|
|
|
Accounts receivable, net
|
|
|
2,410,000
|
|
|
|
3,393,000
|
|
|
Notes receivable - related parties
|
|
|
36,000
|
|
|
|
33,000
|
|
|
Notes receivable
|
|
|
350,000
|
|
|
|
161,000
|
|
|
Cultural costs
|
|
|
926,000
|
|
|
|
1,059,000
|
|
|
Prepaid expenses and other current assets
|
|
|
1,385,000
|
|
|
|
1,244,000
|
|
|
Income taxes receivable
|
|
|
1,324,000
|
|
|
|
1,241,000
|
|
|
Total current assets
|
|
|
6,452,000
|
|
|
|
7,393,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
49,187,000
|
|
|
|
53,283,000
|
|
|
Real estate development
|
|
|
72,623,000
|
|
|
|
68,412,000
|
|
|
Equity in investments
|
|
|
8,896,000
|
|
|
|
9,057,000
|
|
|
Investment in Calavo Growers, Inc.
|
|
|
15,009,000
|
|
|
|
14,564,000
|
|
|
Notes receivable - related parties
|
|
|
56,000
|
|
|
|
60,000
|
|
|
Notes receivable
|
|
|
2,123,000
|
|
|
|
2,154,000
|
|
|
Other assets
|
|
|
4,682,000
|
|
|
|
4,515,000
|
|
|
Total Assets
|
|
$
|
159,028,000
|
|
|
$
|
159,438,000
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
2,650,000
|
|
|
$
|
2,031,000
|
|
|
Growers payable
|
|
|
1,004,000
|
|
|
|
871,000
|
|
|
Accrued liabilities
|
|
|
2,399,000
|
|
|
|
2,810,000
|
|
|
Current portion of long-term debt
|
|
|
736,000
|
|
|
|
626,000
|
|
|
Total current liabilities
|
|
|
6,789,000
|
|
|
|
6,338,000
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
82,135,000
|
|
|
|
85,312,000
|
|
|
Deferred income taxes
|
|
|
10,160,000
|
|
|
|
8,444,000
|
|
|
Other long-term liabilities
|
|
|
7,892,000
|
|
|
|
7,248,000
|
|
|
Total long-term liabilities
|
|
|
100,187,000
|
|
|
|
101,004,000
|
|
|
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, 2011 and 2010) (8.75% coupon rate)
|
|
|
3,000,000
|
|
|
|
3,000,000
|
|
|
Series A Junior Participating Preferred Stock — $.01 par value
(50,000 shares authorized: -0- issued or outstanding at October 31,
2011 and 2010)
|
|
|
-
|
|
|
|
-
|
|
|
Common Stock — $.01 par value (19,900,000 shares authorized:
11,205,241 and 11,194,460 shares issued and outstanding at October
31, 2011 and 2010, respectively)
|
|
|
112,000
|
|
|
|
112,000
|
|
|
Additional paid-in capital
|
|
|
34,863,000
|
|
|
|
34,735,000
|
|
|
Retained earnings
|
|
|
14,980,000
|
|
|
|
15,044,000
|
|
|
Accumulated other comprehensive loss
|
|
|
(903,000
|
)
|
|
|
(795,000
|
)
|
|
Total stockholders' equity
|
|
|
52,052,000
|
|
|
|
52,096,000
|
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
159,028,000
|
|
|
$
|
159,438,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company and Subsidiaries
|
|
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Years ended October 31,
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
2011
|
|
|
|
2010
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
9,837,000
|
|
|
$
|
8,345,000
|
|
|
$
|
46,085,000
|
|
|
$
|
47,034,000
|
|
|
Rental
|
|
|
1,004,000
|
|
|
|
1,095,000
|
|
|
|
3,948,000
|
|
|
|
3,976,000
|
|
|
Real estate development
|
|
|
41,000
|
|
|
|
3,043,000
|
|
|
|
2,462,000
|
|
|
|
3,274,000
|
|
|
Total revenues
|
|
|
10,882,000
|
|
|
|
12,483,000
|
|
|
|
52,495,000
|
|
|
|
54,284,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
7,284,000
|
|
|
|
6,071,000
|
|
|
|
35,180,000
|
|
|
|
31,136,000
|
|
|
Rental
|
|
|
542,000
|
|
|
|
548,000
|
|
|
|
2,230,000
|
|
|
|
2,173,000
|
|
|
Real estate development
|
|
|
281,000
|
|
|
|
3,299,000
|
|
|
|
3,551,000
|
|
|
|
4,416,000
|
|
|
Impairments of real estate development assets
|
|
|
-
|
|
|
|
1,905,000
|
|
|
|
1,196,000
|
|
|
|
2,422,000
|
|
|
Selling, general and administrative
|
|
|
1,932,000
|
|
|
|
2,775,000
|
|
|
|
9,328,000
|
|
|
|
11,014,000
|
|
|
Total costs and expenses
|
|
|
10,039,000
|
|
|
|
14,598,000
|
|
|
|
51,485,000
|
|
|
|
51,161,000
|
|
|
Operating income (loss)
|
|
|
843,000
|
|
|
|
(2,115,000
|
)
|
|
|
1,010,000
|
|
|
|
3,123,000
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(298,000
|
)
|
|
|
(376,000
|
)
|
|
|
(1,260,000
|
)
|
|
|
(1,632,000
|
)
|
|
Interest income (expense) from derivative instruments
|
|
|
109,000
|
|
|
|
(447,000
|
)
|
|
|
537,000
|
|
|
|
(1,987,000
|
)
|
|
Gain on sale of Rancho Refugio/Caldwell Ranch |
|
|
-
|
|
|
|
-
|
|
|
|
1,351,000
|
|
|
|
-
|
|
|
Interest income
|
|
|
20,000
|
|
|
|
28,000
|
|
|
|
104,000
|
|
|
|
113,000
|
|
|
Other income (expense), net
|
|
|
24,000
|
|
|
|
(47,000
|
)
|
|
|
482,000
|
|
|
|
289,000
|
|
|
Total other (expense) income
|
|
|
(145,000
|
)
|
|
|
(842,000
|
)
|
|
|
1,214,000
|
|
|
|
(3,217,000
|
)
|
|
Income before income tax provision and equity
earnings of investments
|
|
|
698,000
|
|
|
|
(2,957,000
|
)
|
|
|
2,224,000
|
|
|
|
(94,000)
|
|
|
Income tax (provision) benefit
|
|
|
(260,000
|
)
|
|
|
1,115,000
|
|
|
|
(707,000
|
)
|
|
|
72,000
|
|
|
Equity in earnings of investments
|
|
|
116,000
|
|
|
|
270,000
|
|
|
|
81,000
|
|
|
|
345,000
|
|
|
Net income (loss)
|
|
|
554,000
|
|
|
|
(1,572,000
|
)
|
|
|
1,598,000
|
|
|
|
323,000
|
|
|
Preferred dividends
|
|
|
(65,000
|
)
|
|
|
(65,000
|
)
|
|
|
(262,000
|
)
|
|
|
(262,000
|
)
|
|
Net income (loss) applicable to common stock
|
|
$
|
489,000
|
|
|
$
|
(1,637,000
|
)
|
|
$
|
1,336,000
|
|
|
$
|
61,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
|
$
|
0.04
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.12
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
$
|
0.04
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.12
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.13
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
11,205,000
|
|
|
|
11,194,000
|
|
|
|
11,205,000
|
|
|
|
11,210,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
11,205,000
|
|
|
|
11,194,000
|
|
|
|
11,208,000
|
|
|
|
11,213,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
ICR
John Mills
Senior Managing
Director
310-954-1105
Source: Limoneira Company
News Provided by Acquire Media
