- Third Quarter of Fiscal Year 2013 Revenue Increased 21% Versus
Third Quarter of Last Year -
- Third Quarter Fiscal Year 2013 Operating Income and EBITDA
Increased 29% -
- EPS for the Third Quarter of Fiscal Year 2013 were $0.49 Versus
$0.45 in the Third Quarter Last Year on 13.3 million and 11.2 million
shares of outstanding stock, respectively -
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 third quarter ended July 31, 2013.
Fiscal Year 2013 Third Quarter Results
For the third quarter of fiscal year 2013, revenue was $29.9 million,
compared to revenue of $24.7 million in the third quarter of the
previous fiscal year. Agribusiness revenue increased 21% to $28.6
million, compared to $23.7 million in the third quarter last year.
Rental operations revenue was $1.1 million in the third quarter of
fiscal year 2013, compared to $1.0 million in the third quarter last
year. Real estate development revenue was $239,000, compared to $74,000
in the third quarter last year.
Agribusiness revenue for the third quarter of fiscal year 2013 includes
$19.1 million in lemon sales, compared to $15.5 million of lemon sales
during the same period of fiscal year 2012, reflecting a larger number
of cartons of fresh lemons sold, as well as higher average price per
carton. Sales of lemon by-products were similar compared to the same
period last year. Avocado revenue increased to $7.7 million, compared to
$5.5 million during the same period of the previous fiscal year,
reflecting increased volume, partially offset by lower average price per
pound. The Company recognized $1.5 million of orange revenue in the
third quarter of fiscal year 2013 compared to $2.1 million of orange
revenue in the same period of fiscal year 2012. The decrease reflects
lower volume as well as lower prices as a result of smaller fruit sizes
due to lower annual rainfall in fiscal year 2013 compared to fiscal year
2012. Specialty citrus and other crop revenues were $296,000 in the
third quarter of fiscal year 2013, compared to $617,000 in the third
quarter of fiscal year 2012, reflecting lower prices and lower volumes
of fruit sold.
Costs and expenses for the third quarter of fiscal year 2013 were $20.0
million, compared to $17.0 million in the third 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 third quarter of fiscal year 2013 compared to the same
quarter of last year due to an increase in the cost of lemons procured
from third party growers.
Operating income for the third quarter of fiscal year 2013 was $10.0
million, compared to $7.7 million in the third quarter of the previous
fiscal year. The increase in operating income primarily 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 $10.6 million in the third quarter of fiscal year 2013,
compared to $8.2 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.
In the third 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 third quarter of fiscal year
2013 was capitalized on non-bearing orchards, real estate development
projects and significant construction in progress. In the third quarter
of fiscal year 2012, the Company's interest expense was $148,000.
Non-cash fair value adjustments on the Company's interest rate swap
resulted in income of $269,000 in the third quarter of fiscal year 2013,
compared to $172,000 in the same period of the prior year.
Net income applicable to common stock, after preferred dividends, for
the third quarter of fiscal year 2013 was $6.5 million, compared to net
income applicable to common stock, after preferred dividends, in the
third quarter of fiscal year 2012 of $5.0 million. Earnings per diluted
share for the third quarter of fiscal year 2013 were $0.49 on
approximately 13.3 million weighted average diluted common shares
outstanding, compared to $0.45 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.
Fiscal Year 2013 First Nine Months Results
For the nine months ended July 31, 2013, revenue was $70.6 million,
compared to $51.0 million in the same period last year. Operating income
for the first nine months of fiscal year 2013 was $7.0 million, compared
to an operating income of $4.1 million in the same period last year.
EBITDA for the first nine months of fiscal year 2013 was $10.5 million,
compared to $5.9 million in the same period last year. The first nine
months of fiscal year 2013 EBITDA includes 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. Net income applicable to
common stock, after preferred dividends, for the first nine months of
fiscal year 2013 was $5.8 million, compared to $2.8 million, in the same
period last year. Earnings per diluted share for the first nine months
of fiscal year 2013 was $0.46 on approximately 12.5 million weighted
average diluted common shares outstanding, compared to earnings per
diluted share of $0.25 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 to report strong third quarter results. We generated solid
revenue growth, EBITDA, and net income due to our expanding agribusiness
and higher year-over-year sales for lemons and avocados. Over the past
few months, we have made progress with our long-term goal of expanding
our agribusiness through strategic acquisitions and partnerships.
Earlier today we announced the acquisition of Associated Citrus Packers
in Yuma, Arizona, which adds approximately 950 acres of productive lemon
orchards and is anticipated to be accretive to our agribusiness's
operating profit in the fourth quarter of this fiscal year and first
quarter of fiscal year 2014. We continue to see a strong pipeline of
potential acquisition properties and look forward to strategically
increasing quality citrus acreage."
Mr. Edwards continued, "We also are excited to expand our rental
business with the additional agricultural workforce housing units in
Ventura County that we anticipate completing and renting during fiscal
year 2014. Our rental business represents a steady and predictable
revenue stream for Limoneira and underscores our commitment to providing
agricultural workforce housing to our employees and other agricultural
workers in our community."
Mr. Edwards continued, "Following the annexations of East Areas 1 and 2
into the City of Santa Paula earlier this year, we remain focused on our
real estate development efforts. We have had various discussions with
developers and homebuilders and continue to evaluate our alternatives to
move the project forward. We believe we are on track to break ground
next year, which should position the project to begin home sales in
2015. We estimate the up to 1,500 units planned to be built on East Area
1 represent approximately 25% of all single family homes, townhomes and
condominiums that are currently in construction, planned or approved in
Ventura County. As the development progresses, we look forward to
additional cash flow generated by the project."
Balance Sheet and Liquidity
The Company continued to improve its balance sheet in the third quarter
of fiscal year 2013. Long-term debt decreased by $11.7 million to $47.4
million compared to the second quarter of fiscal year 2013, and by $41.5
million as compared to the end of fiscal year 2012. The Company used the
net proceeds from its February 2013 public offering to reduce its debt.
The previously announced sale of 165,000 shares of Calavo Growers stock
in April 2013 and the sale of the HM East Ridge, LLC property in June
2013 generated net cash of $4.8 million and $5.7 million, respectively,
which was used to further reduce long term debt.
Real Estate Development
During the third quarter of fiscal year 2013, the Company executed its
on-going real estate development strategy by capitalizing development
costs of $2.1 million. In the same period of the prior year, the Company
capitalized development costs of $1.4 million.
Recent Business Highlights
The Company continues to benefit from the success of its direct lemon
sales and marketing strategy. In the third quarter of fiscal year 2013,
lemon sales were comprised of approximately 74% to U.S. and Canada-based
customers, 25% to domestic exporters and 1% to international customers.
Alex Teague, Senior Vice President stated, "We continue to benefit from
our direct lemon marketing and sales strategy. We now have approximately
140 lemon customers, underscoring the success of our sales team. In the
third quarter of fiscal 2013, we sold approximately 140,000 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 addition, our lemon business will be strengthened
by our acquisition of Associated Citrus Packers in Yuma, Arizona, which
will enhance our ability to provide lemons to our customers on a year
round basis."
In June 2013, the Company announced that it plans to build 71
agriculture workforce housing units in Santa Paula, California, that
will be available for rent to local agriculture workers and Limoneira
employees. The Company estimates that the total cost of the development
will be approximately $8.5 million and will be completed and available
for rent during fiscal year 2014. When fully occupied, annual rental
revenue from the additional housing units is anticipated to be
approximately $850,000 to $900,000.
In July 2013, the Company announced that it entered into a long-term
lease agreement with Cadiz Inc. (NASDAQ: CDZI) to develop lemon orchards
on Cadiz's agricultural property in eastern San Bernardino County,
California (the "Cadiz Ranch"). Under the terms of the Agreement,
Limoneira has secured the right to plant up to 1,280 acres of lemons
over the next five years at the Cadiz Ranch operations in the Cadiz
Valley. The arrangement provides a new growing, packing, and marketing
opportunity that is complementary to Limoneira's existing production.
The Company recently completed the acquisition of Associated Citrus
Packers, Inc. ("ACP"), which consists of 1,300 acres of agricultural
property in Yuma, Arizona, comprised of approximately 950 acres of
productive lemon orchards, approximately 350 acres of other crops and
facilities and access to the Colorado River for crop irrigation. The
purchase price was $17.0 million in stock and cash plus the repayment of
approximately $1.6 million of ACP debt. ACP will be a wholly owned
subsidiary of Limoneira. During the 2012 / 2013 growing season,
Limoneira procured, packed and sold ACP's lemons and the lemons of
certain other Yuma area lemon growers. The acquisition of ACP is
expected to generate additional agribusiness operating profit for
Limoneira during the fourth quarter of fiscal year 2013 and first
quarter of fiscal year 2014 versus last year due to higher profit
margins on lemons grown on Limoneira orchards compared to lemons that
are procured from third party growers.
Fiscal 2013 Outlook
The Company is updating its previously announced outlook for fiscal year
2013. For the fiscal year ending October 31, 2013, the Company continues
to expect sales of between 3.0 million to 3.2 million cartons of lemons,
representing approximately 25% increase over fiscal year 2012. As the
peak of the avocado harvest was processed during the third quarter of
fiscal year 2013, the Company found that the fruit did not size as large
as was anticipated earlier in the year. Accordingly, the production and
sales forecast for avocados is being reduced to approximately 15 million
pounds from the 17 million to 19 million pounds previously estimated.
However, avocado pricing through the nine months ended July 31, 2013 was
$.75 per pound, which is higher than what was expected earlier in the
year, therefore the avocado operating income forecast for the year is
not reduced. Lemon and avocado prices are expected to be lower in fiscal
year 2013 than 2012 due to higher industry production.
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. The acquisition of ACP
increases the Company's total acreage of owned and leased land to
approximately 9,500 acres including almost 7,000 acres of productive
agriculture.
Conference Call Information
The Company will host a conference call and audio webcast on September
9, 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) 681-3377, and international participants
should dial (719) 325-4772. 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 September 23, 2013, by calling (877) 870-5176 from the U.S. or
(858) 384-5517 from international locations to access the playback;
passcode is 9518267.
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 9,500
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 July 31,
|
|
Nine Months Ended July 31,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
6,607,000
|
|
|
$
|
5,081,000
|
|
|
$
|
5,990,000
|
|
|
$
|
3,009,000
|
|
|
Total interest income, net
|
|
|
(288,000
|
)
|
|
|
(50,000
|
)
|
|
|
(652,000
|
)
|
|
|
(211,000
|
)
|
|
Income taxes
|
|
|
3,772,000
|
|
|
|
2,696,000
|
|
|
|
3,544,000
|
|
|
|
1,501,000
|
|
|
Depreciation and amortization
|
|
|
551,000
|
|
|
|
505,000
|
|
|
|
1,638,000
|
|
|
|
1,571,000
|
|
|
EBITDA
|
|
$
|
10,642,000
|
|
|
$
|
8,232,000
|
|
|
$
|
10,520,000
|
|
|
$
|
5,870,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
July 31,
2013
|
|
|
October 31,
2012
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash
|
|
$
|
157,000
|
|
|
$
|
11,000
|
|
|
Accounts receivable, net
|
|
|
9,962,000
|
|
|
|
4,252,000
|
|
|
Notes receivable — related parties
|
|
|
6,000
|
|
|
|
42,000
|
|
|
Cultural costs
|
|
|
1,485,000
|
|
|
|
2,254,000
|
|
|
Prepaid expenses and other current assets
|
|
|
1,905,000
|
|
|
|
2,116,000
|
|
|
Income taxes receivable
|
|
|
-
|
|
|
|
712,000
|
|
|
Total current assets
|
|
|
13,515,000
|
|
|
|
9,387,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
55,813,000
|
|
|
|
53,380,000
|
|
|
Real estate development
|
|
|
82,571,000
|
|
|
|
77,772,000
|
|
|
Equity in investments
|
|
|
1,593,000
|
|
|
|
8,947,000
|
|
|
Investment in Calavo Growers, Inc.
|
|
|
13,580,000
|
|
|
|
15,701,000
|
|
|
Notes receivable — related parties
|
|
|
16,000
|
|
|
|
16,000
|
|
|
Notes receivable
|
|
|
2,004,000
|
|
|
|
2,296,000
|
|
|
Other assets
|
|
|
5,673,000
|
|
|
|
5,123,000
|
|
|
Total assets
|
|
$
|
174,765,000
|
|
|
$
|
172,622,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
4,811,000
|
|
|
$
|
3,670,000
|
|
|
Growers payable
|
|
|
2,695,000
|
|
|
|
2,085,000
|
|
|
Accrued liabilities
|
|
|
6,463,000
|
|
|
|
4,017,000
|
|
|
Fair value of derivative instrument
|
|
|
-
|
|
|
|
1,072,000
|
|
|
Current portion of long-term debt
|
|
|
558,000
|
|
|
|
760,000
|
|
|
Total current liabilities
|
|
|
14,527,000
|
|
|
|
11,604,000
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
47,404,000
|
|
|
|
88,875,000
|
|
|
Deferred income taxes
|
|
|
11,452,000
|
|
|
|
10,488,000
|
|
|
Other long-term liabilities
|
|
|
7,014,000
|
|
|
|
8,953,000
|
|
|
Total long-term liabilities
|
|
|
65,870,000
|
|
|
|
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 July
31, 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 July 31,
2013 and October 31, 2012)
|
|
|
-
|
|
|
|
-
|
|
|
Common Stock — $.01 par value (19,900,000 shares authorized:
13,310,790 and 11,203,180 shares issued and outstanding at July
31, 2013 and October 31, 2012, respectively
|
|
|
133,000
|
|
|
|
112,000
|
|
|
Additional paid-in capital
|
|
|
72,130,000
|
|
|
|
35,714,000
|
|
|
Retained earnings
|
|
|
20,773,000
|
|
|
|
16,398,000
|
|
|
Accumulated other comprehensive loss
|
|
|
(1,668,000
|
)
|
|
|
(2,522,000
|
)
|
|
Total stockholders' equity
|
|
|
94,368,000
|
|
|
|
52,702,000
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
174,765,000
|
|
|
$
|
172,622,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
July 31,
|
|
Nine months ended
July 31,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
28,626,000
|
|
|
$
|
23,664,000
|
|
|
$
|
67,114,000
|
|
|
$
|
47,912,000
|
|
|
Rental operations
|
|
|
1,064,000
|
|
|
|
962,000
|
|
|
|
3,155,000
|
|
|
|
2,959,000
|
|
|
Real estate development
|
|
|
239,000
|
|
|
|
74,000
|
|
|
|
328,000
|
|
|
|
162,000
|
|
|
Total revenues
|
|
|
29,929,000
|
|
|
|
24,700,000
|
|
|
|
70,597,000
|
|
|
|
51,033,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
15,932,000
|
|
|
|
13,554,000
|
|
|
|
51,781,000
|
|
|
|
36,624,000
|
|
|
Rental operations
|
|
|
638,000
|
|
|
|
649,000
|
|
|
|
1,895,000
|
|
|
|
1,747,000
|
|
|
Real estate development
|
|
|
444,000
|
|
|
|
266,000
|
|
|
|
913,000
|
|
|
|
755,000
|
|
|
Selling, general and administrative
|
|
|
2,958,000
|
|
|
|
2,525,000
|
|
|
|
8,997,000
|
|
|
|
7,809,000
|
|
|
Total costs and expenses
|
|
|
19,972,000
|
|
|
|
16,994,000
|
|
|
|
63,586,000
|
|
|
|
46,935,000
|
|
|
Operating income
|
|
|
9,957,000
|
|
|
|
7,706,000
|
|
|
|
7,011,000
|
|
|
|
4,098,000
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
-
|
|
|
|
(148,000
|
)
|
|
|
(124,000
|
)
|
|
|
(394,000
|
)
|
|
Interest income from derivative instrument
|
|
|
269,000
|
|
|
|
172,000
|
|
|
|
711,000
|
|
|
|
527,000
|
|
|
Gain on sale of stock in Calavo Growers, Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
3,138,000
|
|
|
|
-
|
|
|
Interest income
|
|
|
19,000
|
|
|
|
26,000
|
|
|
|
65,000
|
|
|
|
78,000
|
|
|
Other income, net
|
|
|
1,000
|
|
|
|
6,000
|
|
|
|
389,000
|
|
|
|
214,000
|
|
|
Total other income
|
|
|
289,000
|
|
|
|
56,000
|
|
|
|
4,179,000
|
|
|
|
425,000
|
|
|
Income before income tax provision and equity
in earnings (losses) of investments
|
|
|
10,246,000
|
|
|
|
7,762,000
|
|
|
|
11,190,000
|
|
|
|
4,523,000
|
|
|
Income tax provision
|
|
|
(3,772,000
|
)
|
|
|
(2,696,000
|
)
|
|
|
(3,544,000
|
)
|
|
|
(1,501,000
|
)
|
|
Equity in earnings (losses) of investments
|
|
|
133,000
|
|
|
|
15,000
|
|
|
|
(1,656,000
|
)
|
|
|
(13,000
|
)
|
|
Net income
|
|
|
6,607,000
|
|
|
|
5,081,000
|
|
|
|
5,990,000
|
|
|
|
3,009,000
|
|
|
Preferred dividends
|
|
|
(66,000
|
)
|
|
|
(66,000
|
)
|
|
|
(197,000
|
)
|
|
|
(197,000
|
)
|
|
Net income applicable to common stock
|
|
$
|
6,541,000
|
|
|
$
|
5,015,000
|
|
|
$
|
5,793,000
|
|
|
$
|
2,812,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
$
|
0.49
|
|
|
$
|
0.45
|
|
|
$
|
0.46
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share
|
|
$
|
0.49
|
|
|
$
|
0.45
|
|
|
$
|
0.46
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
$
|
0.12
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
13,308,000
|
|
|
|
11,198,000
|
|
|
|
12,473,000
|
|
|
|
11,201,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
13,308,000
|
|
|
|
11,198,000
|
|
|
|
12,473,000
|
|
|
|
11,201,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
ICR
John Mills
Senior Managing
Director
310-954-1105
Source: Limoneira Company
News Provided by Acquire Media
