- Generates Positive Adjusted EBITDA of $1.5 Million -
- Continues to Execute on Real Estate Strategy and Completed Sale of
Two Real Estate Properties -
- Received LAFCo Approval for Annexation and Incorporation of East
Area 1 Into City of Santa Paula -
SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime
agricultural land and operations, real estate and water rights
throughout California, today reported financial results for the second
quarter and six months ended April 30, 2011.
Fiscal Year 2011 Second Quarter Results
For the second quarter of fiscal year 2011, revenue was $12.5 million,
compared to revenue of $13.2 million in the second quarter of the
previous fiscal year. Agriculture revenue was $11.5 million, compared to
$12.2 million in the second quarter last year. Rental revenue was $1.0
million in the second quarter, essentially flat compared to the second
quarter last year. Real estate development revenue was $51,000, compared
to $45,000 in the second quarter last year.
Historically, the Company's agricultural operations have been seasonal
in nature with the least amount of revenue being generated in the first
quarter, increasing in the second quarter, peaking in the third quarter
and declining in the fourth quarter. Second quarter 2011 agriculture
revenue is comprised of $8.8 million in lemon sales compared to $7.9
million during the same period of fiscal year 2010, reflecting higher
sales of fresh lemons due to an increase in the number of cartons sold,
partially offset by lower average price per carton. Avocado revenue in
the second quarter was $0.4 million, compared to $2.7 million during the
same period of fiscal year 2010. The decrease is due to expected lower
harvest volume in fiscal year 2011 as compared to fiscal year 2010, as
the California avocado crop typically experiences alternating years of
high and low production due to plant physiology. Additionally, fruit
development on the tree was slower in the second quarter of fiscal year
2011 compared to the second quarter of fiscal year 2010. The Company
generated $2.3 million of specialty citrus, orange and other crop
revenues in the second quarter of fiscal year 2011 compared to $1.6
million in the same period of fiscal year 2010.
Costs and expenses for the second quarter of fiscal year 2011 were $14.1
million compared to $12.2 million in the second quarter of last fiscal
year. The year-over-year increase in operating expenses reflects higher
agricultural costs primarily due to higher lemon sales volume, partially
offset by an absence of Sunkist fees as a result of the Company
implementing its direct selling and marketing program in November 2010.
Higher agriculture expenses were also partially offset by lower selling,
general and administrative expenses in the second quarter of fiscal year
2011, which decreased 12% to $2.2 million compared to $2.5 million in
the same period last year. In addition, the Company incurred a non-cash
charge of $1.2 million attributable to impairments of real estate
development assets in the second quarter of fiscal year 2011.
Operating loss for the fiscal year 2011 second quarter was $1.5 million,
compared to operating income of $1.0 million in the second 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 second quarter of fiscal year
2011 was $1.5 million, compared to $1.7 million in the second 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.
Net loss applicable to common stock, after preferred dividends, for the
second quarter of fiscal year 2011 was $329,000, or ($0.03) per share.
The net loss includes a gain of $1.4 million associated with the
Company's sale of its Rancho Refugio/Caldwell Ranch property in February
2011. This compares to net income applicable to common stock, after
preferred dividends, for the second quarter of fiscal year 2010 of
$47,000, or $0.00 per share. Second quarter of fiscal year 2010 net
income includes a $564,000 non-cash charge for fair value adjustments on
the Company's interest rate swap.
Fiscal Year 2011 First Six Months Results
For the six months ended April 30, 2011, revenue was $18.4 million,
compared to $19.6 million in the same period last year. Operating loss
for the first six months of fiscal year 2011 was $7.1 million, compared
to an operating loss of $3.8 million in the same period last year. Net
loss applicable to common stock, after preferred dividends for the first
six months of fiscal year 2011 was $3.7 million, or ($0.33) per share,
compared to a loss of $3.2 million, or ($0.28) per share, in the same
period last year.
Harold Edwards, President and Chief Executive Officer, stated, "We are
pleased with our progress in the first half of fiscal year 2011, as we
are making improvements across the board in our business. Our
agribusiness performance was solid, as we benefited from increased lemon
revenue due to higher volume, and we continue to be encouraged by the
success of our direct lemon sales and marketing strategy. As
anticipated, our avocado revenue decreased on a year-over-year basis due
to lower fruit production, partially offset by higher prices for the
crop."
Mr. Edwards continued, "We are executing our long-term strategy in our
real estate segment. We completed the sale of our Caldwell Ranch
property at the beginning of the second quarter, and subsequent to the
end of the second quarter, we sold our Donna Circle property in Arizona.
These sales generated combined net cash of approximately $4.9 million,
which we utilized to pay down our debt. With the sale of Donna Circle,
we have now divested our properties in Arizona, which enables us to
focus on our core real estate operations in California. Importantly, in
March the Local Agency Formation Commission ("LAFCo") approved
conditions that will allow the annexation of East Area 1 into the City
of Santa Paula, which allows us to move forward with the development of
the project. We are extremely excited about the opportunity this
presents for our business, and we will move forward on the project
prudently and as strategic opportunities arise."
Mr. Edwards concluded, "Fiscal Year 2011 is on track to be a solid year
for Limoneira. We look forward to growing our business through both our
agribusiness and real estate operations and will continue to focus on
operational efficiencies in order to position ourselves for long-term
success and to maximize shareholder value."
Balance Sheet and Liquidity
The Company had working capital of $2.1 million as of April 30, 2011,
compared to $1.1 million as of October 31, 2010. Cash used from
operating activities during the first six months of fiscal year 2011 was
$4.8 million, compared to $4.1 million in the same period of last fiscal
year. Seasonality in agriculture operations results in corresponding
fluctuations in operating cash flows. As operating cash flows typically
improve during the year, the Company plans to apply such cash flows
towards debt reduction and investments in strategic objectives.
Real Estate Development
During the second quarter of fiscal year 2011, the Company continued to
execute its real estate development strategy capitalizing development
costs of $1.6 million compared to $1.1 million in the second quarter of
fiscal year 2010.
On February 3, 2011, the Company exercised its purchase option on its
Caldwell Ranch property and concurrently sold the property for $10.0
million. The Company realized a net gain of approximately $1.4 million
and net cash of $2.8 million after the acquisition price of
approximately $6.5 million and selling and other transaction costs.
Proceeds from the sale were used to reduce debt and are available to
expand the Company's agribusiness in coming quarters. The Company has
entered into a lemon packing, marketing, and sales agreement with the
purchaser, for which the Company will earn certain fees. In addition,
the Company will provide these services for a contiguous ranch also
owned by the buyer. These agreements will partially offset the reduction
in operating income which was previously generated from the lemon and
avocado revenue associated with the Caldwell Ranch property.
Subsequent to the end of the second fiscal quarter, on May 18, 2011, the
Company completed the sale of 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 its real estate
assets in Arizona.
Recent Business Highlights
On March 17, 2011, the LAFCo approved conditions that will allow for the
annexation and incorporation of 541 acres, known as East Area 1, into
the City of Santa Paula. On June 3, 2008, Santa Paula voters had
approved the annexation and development of the land that will include
residential, commercial, recreational and community amenities. This was
the final entitlement necessary to allow Limoneira to begin the
development process on the land. The Company has a long term development
agreement for East Area 1 and is committed to developing the land at an
appropriate speed for the current economic conditions.
The Company continues to execute on its direct sales and marketing
strategy for its lemon business. Since November 1, 2010, the Company has
been marketing and selling its lemons directly to its foodservice,
wholesale and retail customers throughout North America, Asia and
certain other international markets (previously, the Company marketed is
lemons through Sunkist). During the three months ended April 30, 2011,
total lemon sales of approximately $8.8 million were comprised of
approximately $6.8 million (78%) in domestic sales, $1.8 million (20%)
in sales to domestic exporters and 0.2 million (2%) in international
sales.
Alex Teague, Senior Vice President stated, "We continue to be very
pleased with the execution of our direct lemon marketing and sales. We
are capitalizing on opportunities to expand our business with our
existing customers and continuing to enter into new relationships. We
ended the second quarter of fiscal year 2011 with over 70 customers. We
are excited about the growth opportunities for our lemon business as our
new strategy will enable us to realize improved operational efficiencies
in coming quarters."
About Limoneira Company
Limoneira Company, a 118-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 throughout 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 (loss) 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,
|
|
|
|
|
2011
|
|
|
2010
|
|
|
|
2011
|
|
|
2010
|
|
Net (loss) income
|
|
|
$
|
(264,000
|
)
|
|
|
$
|
112,000
|
|
|
|
|
$
|
(3,591,000
|
)
|
|
|
$
|
(3,020,000
|
)
|
|
Total interest expense, net
|
|
|
|
230,000
|
|
|
|
|
955,000
|
|
|
|
|
|
107,000
|
|
|
|
|
1,383,000
|
|
|
Income taxes
|
|
|
|
(197,000
|
)
|
|
|
|
48,000
|
|
|
|
|
|
(1,909,000
|
)
|
|
|
|
(1,661,000
|
)
|
|
Depreciation and amortization
|
|
|
|
532,000
|
|
|
|
|
571,000
|
|
|
|
|
|
1,100,000
|
|
|
|
|
1,158,000
|
|
|
EBITDA
|
|
|
|
301,000
|
|
|
|
|
1,686,000
|
|
|
|
|
|
(4,293,000
|
)
|
|
|
|
(2,140,000
|
)
|
|
Impairments of real estate development assets
|
|
|
|
1,196,000
|
|
|
|
|
-
|
|
|
|
|
|
1,196,000
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
|
$
|
1,497,000
|
|
|
|
$
|
1,686,000
|
|
|
|
|
$
|
(3,097,000
|
)
|
|
|
$
|
(2,140,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company and Subsidiaries
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
2011
|
|
|
October 31,
2010
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
11,000
|
|
|
|
$
|
262,000
|
|
|
Accounts receivable, net
|
|
|
|
5,021,000
|
|
|
|
|
3,393,000
|
|
|
Notes receivable — related parties
|
|
|
|
-
|
|
|
|
|
33,000
|
|
|
Notes receivable
|
|
|
|
-
|
|
|
|
|
161,000
|
|
|
Cultural costs
|
|
|
|
550,000
|
|
|
|
|
1,059,000
|
|
|
Prepaid expenses and other current assets
|
|
|
|
2,078,000
|
|
|
|
|
1,244,000
|
|
|
Income taxes receivable
|
|
|
|
2,400,000
|
|
|
|
|
1,241,000
|
|
|
Total current assets
|
|
|
|
10,060,000
|
|
|
|
|
7,393,000
|
|
|
Property, plant, and equipment, net
|
|
|
|
51,445,000
|
|
|
|
|
53,283,000
|
|
|
Real estate development
|
|
|
|
69,947,000
|
|
|
|
|
68,412,000
|
|
|
Equity in investments
|
|
|
|
8,867,000
|
|
|
|
|
9,057,000
|
|
|
Investment in Calavo Growers, Inc.
|
|
|
|
13,965,000
|
|
|
|
|
14,564,000
|
|
|
Notes receivable — related parties
|
|
|
|
91,000
|
|
|
|
|
60,000
|
|
|
Notes receivable
|
|
|
|
2,335,000
|
|
|
|
|
2,154,000
|
|
|
Other assets
|
|
|
|
4,640,000
|
|
|
|
|
4,515,000
|
|
|
Total assets
|
|
|
$
|
161,350,000
|
|
|
|
$
|
159,438,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
2,469,000
|
|
|
|
$
|
2,031,000
|
|
|
Growers payable
|
|
|
|
2,486,000
|
|
|
|
|
871,000
|
|
|
Accrued liabilities
|
|
|
|
2,417,000
|
|
|
|
|
2,810,000
|
|
|
Current portion of long-term debt
|
|
|
|
638,000
|
|
|
|
|
626,000
|
|
|
Total current liabilities
|
|
|
|
8,010,000
|
|
|
|
|
6,338,000
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
91,075,000
|
|
|
|
|
85,312,000
|
|
|
Deferred income taxes
|
|
|
|
8,501,000
|
|
|
|
|
8,444,000
|
|
|
Other long-term liabilities
|
|
|
|
6,279,000
|
|
|
|
|
7,248,000
|
|
|
Total long-term liabilities
|
|
|
|
105,855,000
|
|
|
|
|
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 April 30, 2011
and October 31, 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 April 30, 2011 and October
31, 2010)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
Common Stock — $.01 par value (19,900,000 shares authorized:
|
|
|
|
|
|
|
|
|
|
|
|
11,200,814 and 11,194,460 shares issued and outstanding at April 30,
2011 and October 31, 2010, respectively)
|
|
|
|
112,000
|
|
|
|
|
112,000
|
|
|
Additional paid-in capital
|
|
|
|
34,464,000
|
|
|
|
|
34,735,000
|
|
|
Retained earnings
|
|
|
|
10,622,000
|
|
|
|
|
15,044,000
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(713,000
|
)
|
|
|
|
(795,000
|
)
|
|
Total stockholders' equity
|
|
|
|
47,485,000
|
|
|
|
|
52,096,000
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
161,350,000
|
|
|
|
$
|
159,438,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company and Subsidiaries
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
April 30,
|
|
|
Six months ended
April 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
$
|
11,463,000
|
|
|
$
|
12,202,000
|
|
|
|
$
|
16,338,000
|
|
|
$
|
17,474,000
|
|
|
Rental
|
|
|
|
996,000
|
|
|
|
962,000
|
|
|
|
|
1,966,000
|
|
|
|
1,917,000
|
|
|
Real estate development
|
|
|
|
51,000
|
|
|
|
45,000
|
|
|
|
|
107,000
|
|
|
|
180,000
|
|
|
Total revenues
|
|
|
|
12,510,000
|
|
|
|
13,209,000
|
|
|
|
|
18,411,000
|
|
|
|
19,571,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
|
9,740,000
|
|
|
|
8,737,000
|
|
|
|
|
17,378,000
|
|
|
|
15,562,000
|
|
|
Rental
|
|
|
|
532,000
|
|
|
|
584,000
|
|
|
|
|
1,092,000
|
|
|
|
1,091,000
|
|
|
Real estate development
|
|
|
|
367,000
|
|
|
|
396,000
|
|
|
|
|
657,000
|
|
|
|
723,000
|
|
|
Impairments of real estate development assets
|
|
|
|
1,196,000
|
|
|
|
-
|
|
|
|
|
1,196,000
|
|
|
|
-
|
|
|
Selling, general and administrative
|
|
|
|
2,220,000
|
|
|
|
2,467,000
|
|
|
|
|
5,170,000
|
|
|
|
5,951,000
|
|
|
Total costs and expenses
|
|
|
|
14,055,000
|
|
|
|
12,184,000
|
|
|
|
|
25,493,000
|
|
|
|
23,327,000
|
|
|
Operating (loss) income
|
|
|
|
(1,545,000
|
)
|
|
|
1,025,000
|
|
|
|
|
(7,082,000
|
)
|
|
|
(3,756,000
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(268,000
|
)
|
|
|
(391,000
|
)
|
|
|
|
(622,000
|
)
|
|
|
(819,000
|
)
|
|
Interest income (expense) from derivative instruments
|
|
|
|
38,000
|
|
|
|
(564,000
|
)
|
|
|
|
515,000
|
|
|
|
(564,000
|
)
|
|
Gain on sale of Rancho Refugio/Caldwell Ranch
|
|
|
|
1,351,000
|
|
|
|
-
|
|
|
|
|
1,351,000
|
|
|
|
-
|
|
|
Interest income
|
|
|
|
27,000
|
|
|
|
29,000
|
|
|
|
|
56,000
|
|
|
|
58,000
|
|
|
Other (expense) income, net
|
|
|
|
(34,000
|
)
|
|
|
(3,000
|
)
|
|
|
|
303,000
|
|
|
|
352,000
|
|
|
Total other income (expense)
|
|
|
|
1,114,000
|
|
|
|
(929,000
|
)
|
|
|
|
1,603,000
|
|
|
|
(973,000
|
)
|
|
(Loss) income before income tax benefit
(provision) and equity in (losses)
earnings of investments
|
|
|
|
(431,000
|
)
|
|
|
96,000
|
|
|
|
|
(5,479,000
|
)
|
|
|
(4,729,000
|
)
|
|
Income tax benefit (provision)
|
|
|
|
197,000
|
|
|
|
(48,000
|
)
|
|
|
|
1,909,000
|
|
|
|
1,661,000
|
|
|
Equity in (losses) earnings of investments
|
|
|
|
(30,000
|
)
|
|
|
64,000
|
|
|
|
|
(21,000
|
)
|
|
|
48,000
|
|
|
Net (loss) income
|
|
|
|
(264,000
|
)
|
|
|
112,000
|
|
|
|
|
(3,591,000
|
)
|
|
|
(3,020,000
|
)
|
|
Preferred dividends
|
|
|
|
(65,000
|
)
|
|
|
(65,000
|
)
|
|
|
|
(131,000
|
)
|
|
|
(131,000
|
)
|
|
Net (loss) income applicable to common stock
|
|
|
$
|
(329,000
|
)
|
|
$
|
47,000
|
|
|
|
$
|
(3,722,000
|
)
|
|
$
|
(3,151,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per common share
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.00
|
|
|
|
$
|
(0.33
|
)
|
|
$
|
(0.28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per common share
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.00
|
|
|
|
$
|
(0.33
|
)
|
|
$
|
(0.28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
|
11,217,000
|
|
|
|
11,194,000
|
|
|
|
|
11,205,000
|
|
|
|
11,194,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
|
11,217,000
|
|
|
|
11,194,000
|
|
|
|
|
11,205,000
|
|
|
|
11,194,000
|
|
Investor Contact:
ICR
John Mills
Senior Managing
Director
310-954-1105
Source: Limoneira Company
News Provided by Acquire Media
