- Second Quarter of Fiscal Year 2013 Agribusiness Revenue Increased
47% Versus Second Quarter of Last Year -
- Second Quarter Fiscal Year 2013 EBITDA Increased 180% to $4.2
Million -
- EPS for the Second Quarter of Fiscal Year 2013 were $0.19 Versus
$0.06 in the Second Quarter Last Year -
- Company Reiterates Fiscal Year 2013 Lemon and Avocado Volume Growth
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, today reported financial results
for the second quarter ended April 30, 2013.
Fiscal Year 2013 Second Quarter Results
For the second quarter of fiscal year 2013, revenue was $23.3 million,
compared to revenue of $16.1 million in the second quarter of the
previous fiscal year. Agribusiness revenue increased 47% to $22.2
million, compared to $15.0 million in the second quarter last year.
Rental operations revenue was $1.1 million in the second quarter of
fiscal year 2013, compared to $1.0 million in the second quarter last
year. Real estate development revenue was $41,000, compared to $44,000
in the second quarter last year.
Agribusiness revenue for the second quarter of fiscal year 2013 includes
$15.5 million in lemon sales, compared to $12.4 million of lemon sales
during the same period of fiscal year 2012, reflecting a larger number
of cartons of fresh lemons sold, partially offset by lower average price
per carton. The Company also generated higher sales of lemon by-products
compared to the same period last year. Avocado revenue increased to $2.7
million, compared to $601,000 during the same period of the previous
fiscal year, reflecting increased volume, partially offset by lower
average price per pound. The Company recognized $2.3 million of orange
revenue in the second quarter of fiscal year 2013 compared to $788,000
of orange revenue in the same period of fiscal year 2012 primarily due
to production from Sheldon Ranch. Specialty citrus and other crop
revenues were $1.7 million in the second quarter of fiscal year 2013,
compared to $1.3 million in the second quarter of fiscal year 2012,
reflecting higher prices and volumes of fruit sold.
Costs and expenses for the second quarter of fiscal year 2013 were $20.9
million, compared to $15.0 million in the second quarter of last fiscal
year. The year-over-year increase in operating expenses primarily
reflects increased agribusiness costs associated with the higher fruit
production and sales for this segment. Packing costs increased, mainly
attributable to a higher volume of fresh lemons packed and sold compared
to the same period of fiscal year 2012. Third-party grower costs
increased in the second quarter of fiscal year 2013 compared to the same
quarter of last year due to an increase in lemons procured from third
party growers.
Operating income for the second quarter of fiscal year 2013 was $2.4
million, compared to $1.1 million in the second quarter of the previous
fiscal year. The increase in operating income reflects the Company's
higher agribusiness revenue as well as the Company's ability to leverage
its operating expenses across higher sales volume.
EBITDA was $4.2 million in the second quarter of fiscal year 2013,
compared to $1.5 million in the same period of fiscal year 2012. A
reconciliation of EBITDA to the GAAP measure net income is provided at
the end of this release. The increase in EBITDA reflects a $1.3 million
improvement in operating income, a $3.1 million gain associated with the
sale of Calavo Growers, Inc. ("Calavo Growers") (NASDAQ: CVGW) common
stock and a $1.8 million equity loss on the Company's investment in HM
East Ridge, LLC.
In the second 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 second quarter of fiscal year
2013 was capitalized on non-bearing orchards, real estate development
projects and significant construction in progress. In the second quarter
of fiscal year 2012, the Company's interest expense was $71,000.
Non-cash fair value adjustments on the Company's interest rate swap
resulted in income of $221,000 in the second quarter of fiscal year
2013, compared to $196,000 in the same period of the prior year.
Net income applicable to common stock, after preferred dividends, for
the second quarter of fiscal year 2013 was $2.4 million, compared to net
income applicable to common stock, after preferred dividends, in the
second quarter of fiscal year 2012 of $672,000. Earnings per diluted
share for the second quarter of fiscal year 2013 were $0.19 on
approximately 12.8 million weighted average diluted common shares
outstanding, compared to $0.06 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 due to
the Company's February 2013 public offering of common stock.
Sale of Calavo Growers Shares and East Ridge Property
On April 11, 2013, the Company completed the sale of 165,000 shares of
Calavo Growers common stock to Calavo Growers, who had a right of first
refusal to purchase the shares, at a price of $29.02 per share, for net
proceeds of $4.8 million. A $3.1 million gain was recognized on the
sale. The Company continues to own 500,000 shares of Calavo Growers
common stock, which were acquired pursuant to a stock purchase agreement
in 2005 for $10.00 per share.
On April 8, 2013, the Company and HM East Ridge, LLC entered into an
agreement to sell the LLC's East Ridge property located in Santa Maria,
California, for $6.0 million. The transaction is estimated to generate
net proceeds of approximately $5.7 million after transaction costs. The
Company wrote down its investment in HM East Ridge, LLC and recognized a
loss of $1.8 million, which is included in equity in losses of
investments.
Fiscal Year 2013 First Six Months Results
For the six months ended April 30, 2013, revenue was $40.7 million,
compared to $26.3 million in the same period last year. Operating loss
for the first six months of fiscal year 2013 was $2.9 million, compared
to an operating loss of $3.6 million in the same period last year. Net
loss applicable to common stock, after preferred dividends, for the
first six months of fiscal year 2013 was $748,000, compared to a loss of
$2.2 million, in the same period last year. Loss per diluted share for
the first six months of fiscal year 2013 was $0.06 on approximately 12.1
million weighted average diluted common shares outstanding, compared to
loss per diluted share of $0.20 on approximately 11.2 million weighted
average diluted common shares outstanding in the same period last year.
The year-over-year increase in shares outstanding is due to the
Company's February 2013 public offering of common stock.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "We are
pleased with the progress we made with our business in the second
quarter. We generated strong sales, EBITDA, and net income growth,
reflecting our expanding agribusiness operations. Based on our
year-to-date results and outlook for a solid second half of the year, we
continue to expect to achieve our previously stated guidance of 25%
year-over-year increase in cartons of lemons sold and a 50%
year-over-year increase in pounds of avocados sold for the full year
fiscal 2013.
"In the second quarter, we completed a public offering of common stock,
in which we raised net proceeds of $36 million. In addition, we also
completed the sale of Calavo Growers common stock, which resulted in net
cash of nearly $5 million. These transactions enabled us to meaningfully
strengthen our financial position in the second quarter. We reduced our
long-term debt by $37 million and ended the quarter with improved
working capital. We have additional financial flexibility to make
strategic investments and acquisitions in our agribusiness and real
estate development projects."
Mr. Edwards continued, "We are very excited to begin a new phase for our
real estate development business. As we previously announced, East Area
1 was annexed into the City of Santa Paula and LAFCo unanimously
approved the annexation of Santa Paula East Gateway Project/East Area 2
into the City of Santa Paula. We now have the necessary approvals to
begin development of the project, which our team has been working on for
ten years. We remain on-track to break ground in 2014. As the
development progresses, we are looking forward to the additional cash
flow that is expected to be generated by the project."
Balance Sheet and Liquidity
The Company made significant improvements in its balance sheet in the
second quarter of fiscal year 2013. Long-term debt was reduced by $37.1
million with the net proceeds from its February 2013 public offering. As
of April 30, 2013, the Company had working capital of $2.4 million.
In February 2013, the Company completed a public offering of 2,070,000
shares of its common stock at a public offering price of $18.50 per
share, generating net proceeds of approximately $35.9 million. The
Company intends to use the net proceeds from this offering for general
corporate purposes, which included the aforementioned repayment of long
term debt, investments in real estate development and acquisitions of
agriculture property.
The sale of the East Ridge Property is expected to close in June 2013
and together with the sale of Calavo Growers shares, the two
transactions are anticipated to generate net cash of approximately $10.5
million.
Real Estate Development
During the second quarter of fiscal year 2013, the Company executed its
on-going real estate development strategy by capitalizing development
costs of $1.4 million. In the same period of the prior year, the Company
capitalized development costs of $655,000.
Recent Business Highlights
The Company continues to benefit from the success of its direct lemon
sales and marketing strategy. In the second quarter of fiscal year 2013,
lemon sales were comprised of approximately 76% to U.S.- and
Canada-based customers, 22% to domestic exporters and 2% to
international customers.
Alex Teague, Senior Vice President, stated, "We continue to benefit from
our direct lemon marketing and sales strategy. We now have over 100
different lemon customers, underscoring the success of our sales team.
In the second quarter of fiscal 2013, we sold approximately 224,000 more
fresh lemon cartons than in the same period last fiscal year, and we are
looking forward to continued growth throughout the year as we benefit
from the additional agricultural acreage we acquired and leased in
fiscal year 2012."
In February 2013, East Area 1 was annexed into Santa Paula. In May 2013,
the Ventura Local Area Formation Commission ("LAFCo") unanimously
approved the annexation of Santa Paula East Gateway Project/East Area 2
into the City of Santa Paula. The annexation is expected to be completed
and recorded during June 2013. These annexations were the final required
steps to enable the Company to proceed with its Company's master planned
community project. In total, these plans consist of 550 acres for a
master planned community of residential units, commercial and light
industrial properties, comprising 1,500 residential units, 560,000
square feet of commercial space, and 150,000 square feet of light
industrial space.
Fiscal 2013 Outlook
The Company is reiterating its previously announced outlook for fiscal
year 2013. For the fiscal year ending October 31, 2013, the Company
expects to sell between 3.0 million to 3.2 million cartons of lemons,
representing approximately 25% increase over fiscal year 2012 and
expects to sell between 17 million to 19 million pounds of avocados,
representing approximately 50% increase compared to fiscal year 2012.
Lemon and avocado prices are expected to be lower in fiscal year 2013
than 2012 due to higher industry production.
In addition, the Company expects the Sheldon Ranch leases to be
profitable in fiscal year 2013 compared to a loss of $735,000 in fiscal
year 2012.
The Company began fiscal year 2013 with approximately 800 additional
revenue generating agricultural acres, representing a 12% increase
compared to the beginning of fiscal year 2012.
Conference Call Information
The Company will host a conference call and audio webcast on June 10,
2013, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its
financial results. To access the conference call, participants in the
U.S. should dial (877) 440-5804, and international participants should
dial (719) 325-4821. 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 June 24, 2013, by calling (877) 870-5176 from the U.S. or (858)
384-5517 from international locations to access the playback; passcode
is 3010721.
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 8,200
acres of rich agricultural lands, real estate properties and water
rights in California. 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:
|
|
|
Quarter ended April 30,
|
|
Six Months Ended April 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
2,505,000
|
|
|
$
|
737,000
|
|
|
$
|
(617,000
|
)
|
|
$
|
(2,072,000
|
)
|
|
Total interest income, net
|
|
|
(243,000
|
)
|
|
|
(152,000
|
)
|
|
|
(364,000
|
)
|
|
|
(161,000
|
)
|
|
Income taxes
|
|
|
1,427,000
|
|
|
|
385,000
|
|
|
|
(228,000
|
)
|
|
|
(1,195,000
|
)
|
|
Depreciation and amortization
|
|
|
545,000
|
|
|
|
546,000
|
|
|
|
1,087,000
|
|
|
|
1,066,000
|
|
|
EBITDA
|
|
$
|
4,234,000
|
|
|
$
|
1,516,000
|
|
|
$
|
(122,000
|
)
|
|
$
|
(2,362,000
|
)
|
|
|
|
Limoneira Company
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
April 30,
|
|
October 31,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash
|
|
$
|
34,000
|
|
|
$
|
11,000
|
|
|
Accounts receivable, net
|
|
|
10,246,000
|
|
|
|
4,252,000
|
|
|
Notes receivable — related parties
|
|
|
11,000
|
|
|
|
42,000
|
|
|
Cultural costs
|
|
|
1,302,000
|
|
|
|
2,254,000
|
|
|
Prepaid expenses and other current assets
|
|
|
2,770,000
|
|
|
|
2,116,000
|
|
|
Income taxes receivable
|
|
|
641,000
|
|
|
|
712,000
|
|
|
Total current assets
|
|
|
15,004,000
|
|
|
|
9,387,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
54,701,000
|
|
|
|
53,380,000
|
|
|
Real estate development
|
|
|
80,503,000
|
|
|
|
77,772,000
|
|
|
Equity in investments
|
|
|
7,283,000
|
|
|
|
8,947,000
|
|
|
Investment in Calavo Growers, Inc.
|
|
|
14,180,000
|
|
|
|
15,701,000
|
|
|
Notes receivable — related parties
|
|
|
16,000
|
|
|
|
16,000
|
|
|
Notes receivable
|
|
|
1,985,000
|
|
|
|
2,296,000
|
|
|
Other assets
|
|
|
5,455,000
|
|
|
|
5,123,000
|
|
|
Total assets
|
|
$
|
179,127,000
|
|
|
$
|
172,622,000
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
5,861,000
|
|
|
$
|
3,670,000
|
|
|
Growers payable
|
|
|
2,740,000
|
|
|
|
2,085,000
|
|
|
Accrued liabilities
|
|
|
2,867,000
|
|
|
|
4,017,000
|
|
|
Fair value of derivative instrument
|
|
|
359,000
|
|
|
|
1,072,000
|
|
|
Current portion of long-term debt
|
|
|
741,000
|
|
|
|
760,000
|
|
|
Total current liabilities
|
|
|
12,568,000
|
|
|
|
11,604,000
|
|
|
Long-term liabilities:
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
59,118,000
|
|
|
|
88,875,000
|
|
|
Deferred income taxes
|
|
|
10,727,000
|
|
|
|
10,488,000
|
|
|
Other long-term liabilities
|
|
|
9,082,000
|
|
|
|
8,953,000
|
|
|
Total long-term liabilities
|
|
|
78,927,000
|
|
|
|
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 April
30, 2013 and October 31, 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 April 30,
2013 and October 31, 2012)
|
|
|
-
|
|
|
|
-
|
|
|
Common Stock — $.01 par value (19,900,000 shares authorized:
13,305,931 and 11,203,180 shares issued and outstanding at April
30, 2013 and October 31, 2012, respectively)
|
|
|
133,000
|
|
|
|
112,000
|
|
|
Additional paid-in capital
|
|
|
71,931,000
|
|
|
|
35,714,000
|
|
|
Retained earnings
|
|
|
14,731,000
|
|
|
|
16,398,000
|
|
|
Accumulated other comprehensive loss
|
|
|
(2,163,000
|
)
|
|
|
(2,522,000
|
)
|
|
Total stockholders' equity
|
|
|
87,632,000
|
|
|
|
52,702,000
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
179,127,000
|
|
|
$
|
172,622,000
|
|
|
|
|
Limoneira Company
|
|
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
April 30,
|
|
April 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
22,190,000
|
|
|
$
|
15,046,000
|
|
|
$
|
38,488,000
|
|
|
$
|
24,248,000
|
|
|
Rental operations
|
|
|
1,055,000
|
|
|
|
1,006,000
|
|
|
|
2,091,000
|
|
|
|
1,997,000
|
|
|
Real estate development
|
|
|
41,000
|
|
|
|
44,000
|
|
|
|
89,000
|
|
|
|
88,000
|
|
|
Total revenues
|
|
|
23,286,000
|
|
|
|
16,096,000
|
|
|
|
40,668,000
|
|
|
|
26,333,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
17,262,000
|
|
|
|
11,680,000
|
|
|
|
35,849,000
|
|
|
|
23,070,000
|
|
|
Rental operations
|
|
|
638,000
|
|
|
|
530,000
|
|
|
|
1,257,000
|
|
|
|
1,098,000
|
|
|
Real estate development
|
|
|
226,000
|
|
|
|
241,000
|
|
|
|
469,000
|
|
|
|
489,000
|
|
|
Selling, general and administrative
|
|
|
2,774,000
|
|
|
|
2,513,000
|
|
|
|
6,039,000
|
|
|
|
5,284,000
|
|
|
Total costs and expenses
|
|
|
20,900,000
|
|
|
|
14,964,000
|
|
|
|
43,614,000
|
|
|
|
29,941,000
|
|
|
Operating income (loss)
|
|
|
2,386,000
|
|
|
|
1,132,000
|
|
|
|
(2,946,000
|
)
|
|
|
(3,608,000
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
-
|
|
|
|
(71,000
|
)
|
|
|
(124,000
|
)
|
|
|
(246,000
|
)
|
|
Interest income from derivative instrument
|
|
|
221,000
|
|
|
|
196,000
|
|
|
|
442,000
|
|
|
|
355,000
|
|
|
Gain on sale of stock in Calavo Growers, Inc.
|
|
|
3,138,000
|
|
|
|
-
|
|
|
|
3,138,000
|
|
|
|
-
|
|
|
Interest income
|
|
|
22,000
|
|
|
|
27,000
|
|
|
|
46,000
|
|
|
|
52,000
|
|
|
Other (expense) income, net
|
|
|
(29,000
|
)
|
|
|
(137,000
|
)
|
|
|
388,000
|
|
|
|
208,000
|
|
|
Total other income
|
|
|
3,352,000
|
|
|
|
15,000
|
|
|
|
3,890,000
|
|
|
|
369,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax (provision) benefit and equity in losses
of investments
|
|
|
5,738,000
|
|
|
|
1,147,000
|
|
|
|
944,000
|
|
|
|
(3,239,000
|
)
|
|
Income tax (provision) benefit
|
|
|
(1,427,000
|
)
|
|
|
(385,000
|
)
|
|
|
228,000
|
|
|
|
1,195,000
|
|
|
Equity in losses of investments
|
|
|
(1,806,000
|
)
|
|
|
(25,000
|
)
|
|
|
(1,789,000
|
)
|
|
|
(28,000
|
)
|
|
Net income (loss)
|
|
|
2,505,000
|
|
|
|
737,000
|
|
|
|
(617,000
|
)
|
|
|
(2,072,000
|
)
|
|
Preferred dividends
|
|
|
(65,000
|
)
|
|
|
(65,000
|
)
|
|
|
(131,000
|
)
|
|
|
(131,000
|
)
|
|
Net income (loss) applicable to common stock
|
|
$
|
2,440,000
|
|
|
$
|
672,000
|
|
|
$
|
(748,000
|
)
|
|
$
|
(2,203,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
|
$
|
0.19
|
|
|
$
|
0.06
|
|
|
$
|
(0.06
|
)
|
|
$
|
(0.20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
$
|
0.19
|
|
|
$
|
0.06
|
|
|
$
|
(0.06
|
)
|
|
$
|
(0.20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
$
|
0.08
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
12,789,000
|
|
|
|
11,201,000
|
|
|
|
12,114,000
|
|
|
|
11,203,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
12,789,000
|
|
|
|
11,201,000
|
|
|
|
12,114,000
|
|
|
|
11,203,000
|
|
Investor Contact:
ICR
John Mills
Senior Managing
Director
310-954-1105
Source: Limoneira Company
News Provided by Acquire Media
