- Company Raises Earnings Per Share Fiscal Year 2014 Guidance to a
Range of $0.57 to $0.62 -
- Third Quarter Revenue Increased 22% Versus Last Year -
- Third Quarter Lemon Sales Increased 40% Versus Last Year -
- Third Quarter Adjusted EBITDA Improved 40% to $14.9 Million Versus
Last Year -
- Earnings Per Diluted Share for the Third Quarter of Fiscal Year
2014 Increased to $0.61 -
- Company Decreased Long-Term Debt by $8.9 Million in the Third
Quarter -
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 and Arizona, today reported
financial results for the third quarter ended July 31, 2014.
Fiscal Year 2014 Third Quarter Results
For the third quarter of fiscal year 2014, revenue was $36.5 million,
compared to revenue of $29.9 million in the third quarter of the
previous fiscal year. Agribusiness revenue was $35.2 million, compared
to $28.6 million in the third quarter last year, primarily reflecting
higher lemon revenue. Rental operations revenue was $1.2 million in the
third quarter of fiscal year 2014, compared to $1.1 million in the third
quarter last year. Real estate development revenue was $121,000 compared
to $239,000 in the third quarter last year.
Agribusiness revenue for the third quarter of fiscal year 2014 includes
$26.8 million in lemon sales, compared to $19.1 million of lemon sales
during the same period of fiscal year 2013, primarily reflecting a
higher average price per carton due to more favorable market conditions,
as well as a small increase in cartons of lemons sold. The Company
generated avocado sales of $6.1 million in the third quarter of fiscal
year 2014, compared to $7.7 million in the same period of fiscal year
2013, reflecting lower pounds of avocados sold, partially offset by
higher prices. The Company recognized $1.7 million of orange revenue in
the third quarter of fiscal year 2014, compared to $1.5 million of
orange revenue in the same period of fiscal year 2013, reflecting an
increased number of field boxes sold at higher average prices per field
box. Specialty citrus and other crop revenues were $470,000 in the third
quarter of fiscal year 2014, compared to $296,000 in the third quarter
of fiscal year 2013, primarily reflecting higher pistachio revenue
compared to the third quarter of fiscal year 2013.
Costs and expenses for the third quarter of fiscal year 2014 were $23.1
million, compared to $20.0 million in the third quarter of last fiscal
year. The year-over-year increase in operating expenses primarily
reflects increased agribusiness costs mainly associated with higher cost
of fruit procured from third-party growers, and increases in certain
selling general and administrative expenses including employee incentive
compensation resulting from increased profitability of the Company.
Costs and expenses for the third quarter of fiscal year 2014 also
include an impairment charge on real estate development assets of
$435,000, which was recorded as a result of the Company entering into a
non-binding letter of intent to sell its Centennial property.
Operating income for the third quarter of fiscal year 2014 increased 34%
to $13.4 million, compared to $10.0 million in the third quarter of the
previous fiscal year.
Adjusted EBITDA increased 40% to $14.9 million in the third quarter of
fiscal year 2014, compared to $10.6 million in the same period of fiscal
year 2013. A reconciliation of Adjusted EBITDA to the GAAP measure net
income is provided at the end of this release.
In the third quarters of fiscal years 2014 and 2013 all interest
incurred was capitalized on non-bearing orchards, real estate
development projects and significant construction in progress. Non-cash
interest income as a result of fair value adjustments on the Company's
interest rate swap was zero in the third quarter of fiscal year 2014,
compared to $269,000 in the same period of the prior year. The interest
rate swap that generated income in prior periods expired in June 2013.
Net income applicable to common stock, after preferred dividends, for
the third quarter of fiscal year 2014 was $8.8 million, compared to $6.5
million in the third quarter of fiscal year 2013. Earnings per diluted
share for the third quarter of fiscal year 2014 was $0.61 on
approximately 14.5 million weighted average diluted common shares
outstanding, compared to earnings per diluted share of $0.49 on
approximately 13.3 million weighted average diluted common shares
outstanding in the same period of the prior year. The year-over-year
increase in shares outstanding is primarily due to shares issued in
connection with the acquisitions of Associated Citrus Packers, Inc.
("Associated") and a citrus packing operation in Yuma, Arizona.
Fiscal Year 2014 First Nine Months Results
For the nine months ended July 31, 2014, revenue was $87.2 million,
compared to $70.6 million in the same period last year. Operating income
for the first nine months of fiscal year 2014 was $14.4 million,
compared to $7.0 million in the same period last year. Adjusted EBITDA
for the first nine months of fiscal year 2014 was $17.8 million,
compared to $10.5 million in the same period last year. Net income
applicable to common stock, after preferred dividends, for the first
nine months of fiscal year 2014 was $9.5 million, compared to $5.8
million in the same period last year. Net income for the first nine
months of fiscal year 2013 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 related to the sale of the
Company's investment in HM East Ridge, LLC. These two transactions
generated approximately $900,000 of net income and $0.07 earnings per
diluted share for the nine months ended July 31, 2013. Earnings per
diluted share for the first nine months of fiscal year 2014 was $0.68 on
approximately 14.2 million weighted average diluted common shares
outstanding, compared to $0.46 on approximately 12.5 million weighted
average diluted common shares outstanding for the same period of fiscal
year 2013. The year-over-year increase in shares outstanding is
primarily due to shares issued in connection with the acquisition of
Associated and a citrus packing operation in Yuma, Arizona.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "We are
pleased to report strong results for the third quarter, which is our
seasonally strongest quarter of the year. Total revenue grew by 22%,
highlighting our expanding agribusiness, particularly our lemon sales,
which increased 40% on a year over year basis on higher than historical
average lemon prices. Our solid operating results have generated almost
a 70% increase in Adjusted EBITDA and a 100% increase in operating
income for the nine months ended July 31, 2014. Our year to date
operating cash flow of $17.8 million has enabled us to make significant
investments into growing our business and pay down long term debt by $10
million, which strengthens our balance sheet for additional strategic
investments. Based on our strong performance in quarter and outlook for
the final quarter of the year, we are raising our full year guidance.
"We have recently made a number of important investments, including the
acquisition of a citrus packing operation in Yuma, Arizona and our
investment in Rosales S.A., a citrus packing operation in La Serena,
Chile. These acquisitions strengthen the foundation of our core
agribusiness and are consistent with our year-round global supplier of
lemons strategy. With our increased packing capacity, we are well
positioned to further improve our agribusiness sales and operating
income going forward, and we remain focused on capitalizing on
opportunities to expand our agribusiness acreage with selective and
strategic acquisitions of orchards, both in the United States and
internationally."
Mr. Edwards continued, "Regarding our real estate development business,
we continue to move forward on the East Area 1/Santa Paula Gateway
project. We expect the Master Tentative Tract Map to be approved by the
City of Santa Paula by the end of this calendar year. We also continue
to engage in discussions with leading homebuilders and remain focused on
our goal to break ground on the project during 2015."
Balance Sheet and Liquidity
During the nine months ended July 31, 2014, net cash from operating
activities increased $12.7 million to $17.8 million, compared to $5.1
million for the same period of fiscal year 2013. Net cash used in
investing activities increased to $15.0 million in the nine months ended
July 31, 2014, compared to net cash provided by investing activities of
$2.5 million in the same period of fiscal year 2013, primarily related
to the Company's investments in the expansion of the Company's lemon
packing facilities and additional farm worker housing units. During the
nine months ended July 31, 2014, the Company reduced its long-term debt
by $10.1 million with the increase in operating cash flow and the
proceeds from the issuance of series B-2 convertible preferred stock.
Long-term debt as of July 31, 2014 was $51.5 million, compared to $61.6
million at October 31, 2013.
Real Estate Development
During the third quarter of fiscal year 2014, the Company executed its
on-going real estate development strategy by capitalizing development
costs of $1.1 million. In the third quarter of fiscal year 2013, the
Company capitalized real estate development costs of $1.7 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 2014,
lemon sales were comprised of approximately 78% to U.S. and Canada-based
customers and 22% to domestic exporters.
Alex Teague, Senior Vice President, stated, "We currently have over 150
direct lemon customers, underscoring the success of our sales team. Our
business is also benefitting from strategic acquisitions that we made
last year, including the acquisitions of Associated in Yuma, Arizona,
and Lemons 400 in Porterville, California. In this fiscal year, we have
invested in expanding our lemon packing capacity in both the United
States with the purchase of packing assets in Arizona and with our
investment in a Chilean packing house, along with the ongoing expansion
of our main packing house in Santa Paula. These investments will enable
us to expand our participation in the growing global lemon business,
provide lemons to our customers on a year round basis, and position
Limoneira for ongoing agribusiness growth."
On July 1, 2014, the Company announced that it completed the purchase of
the packing house property and equipment of Marlin Ranching Company in
Yuma, Arizona. The purchase price was $1.4 million in cash and stock
plus potential earn-out consideration of up to $400,000 in cash.
Limoneira will use the packing facilities to wash and pack lemons from
the Company's orchards in Arizona as well as citrus from other growers
in the region. The Company estimates that it will process approximately
500,000 to 600,000 cartons of fresh lemons annually from this facility,
generating approximately $400,000 to $500,000 per year in operating
income resulting from a combination of cost savings from not shipping
fruit to the Company's Santa Paula packing facilities and incremental
fruit packing operations.
Subsequent to the end of the third quarter, Limoneira announced an
investment in Rosales S.A., a citrus packing, marketing and sales
operation in La Serena, Chile ("Rosales"). La Serena is a major citrus
and avocado growing area in Chile. Rosales, which primarily packs and
sells lemons, currently sells its produce into Asian, European, and
Chilean markets. Going forward, Limoneira will handle Rosales' lemon
sales to Asian markets. Through its wholly owned Chilean subsidiary,
Limoneira Chile SpA, Limoneira invested $1.75 million for a 35% interest
in the business. Limoneira will earn equity income from its investment
as well as $0.50 per carton on lemon sales to Asian markets, which
combined is estimated at $200,000 to $300,000 per year.
In August 2014, Limoneira entered into a non-binding letter of intent to
sell its Centennial property for $3.1 million cash, which terms include
a 45-day buyer due diligence period, payment by the buyer of $250,000 in
deposits, which become non-refundable at the end of the due diligence
period and a transaction close date of approximately seven months
following the execution of a purchase and sale agreement. As a result of
entering into the letter of intent, the Company recognized an impairment
charge of $435,000 on the property as of July 31, 2014, for the
difference between the selling price net of estimated selling and other
transaction costs and the net book value of the property as July 31,
2014.
Fiscal Year 2014 Outlook
The Company is raising its previously issued guidance.
For the fiscal year ending October 31, 2014, the Company expects to sell
approximately 3.0 million cartons of fresh lemons, and expects to sell
approximately 6.7 million pounds of avocados. The avocado harvest was
substantially concluded in the third quarter. The California avocado
crop typically experiences alternating years of high and low production
due to plant physiology. Fiscal year 2013 was a high avocado production
year and fiscal year 2014 is expected to be a lower avocado production
year. Lemon and avocado prices are expected to be higher in fiscal year
2014 than fiscal year 2013 due to lower industry production.
Due to a continuation of higher lemon prices than previously expected,
the Company is increasing its fiscal year 2014 operating income guidance
range to approximately $12.6 million to $13.7 million, compared to
previous guidance of approximately $10.6 million to $11.8 million. The
expected increased operating income in fiscal year 2014 represents a
more than 100% increase over fiscal year 2013 operating income of $5.4
million. The expected increase in operating income is primarily due to
the additional lemon revenue generated by the acquisitions of Associated
and Lemons 400 and higher than historical average lemon prices,
partially offset by lower avocado revenue. Fiscal year 2014 pre-tax
earnings are anticipated to be in the range of $13.2 million to $14.2
million compared to previous guidance of $11.3 million to $12.4 million.
The Company expects fiscal year 2014 earnings per diluted share to be in
the range of $0.57 to $0.62, compared to previous guidance of $0.45 to
$0.50, based on estimated weighted average diluted common shares
outstanding of approximately 14.3 million. Consistent with the typical
seasonality of the Company's agriculture operations, Limoneira expects
to report a net loss in the fourth quarter.
The Company began fiscal year 2014 with approximately 2,300 additional
agricultural acres, representing a 30% increase compared to the
beginning of fiscal year 2013.
Conference Call Information
The Company will host a conference call and audio webcast on September
9, 2014, at 1:30 pm Pacific Time (4:30 pm Eastern Time) to discuss its
financial results. To access the conference call, participants in the
U.S. should dial (800) 475-6881, and international participants should
dial (913) 312-0660. 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, 2014, by calling (877) 870-5176 from the U.S. or
(858) 384-5517 from international locations to access the playback;
passcode is 9952999.
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 10,600
acres of rich agricultural lands, real estate properties and water
rights in California and Arizona. 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,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
8,932,000
|
|
|
$
|
6,607,000
|
|
|
$
|
9,826,000
|
|
|
$
|
5,990,000
|
|
|
Total interest income, net
|
|
|
(20,000
|
)
|
|
|
(288,000
|
)
|
|
|
(59,000
|
)
|
|
|
(652,000
|
)
|
|
Income taxes
|
|
|
4,608,000
|
|
|
|
3,772,000
|
|
|
|
5,036,000
|
|
|
|
3,544,000
|
|
|
Depreciation and amortization
|
|
|
902,000
|
|
|
|
551,000
|
|
|
|
2,564,000
|
|
|
|
1,638,000
|
|
|
EBITDA
|
|
|
14,422,000
|
|
|
|
10,642,000
|
|
|
|
17,367,000
|
|
|
|
10,520,000
|
|
|
Impairments of real estate development assets
|
|
|
435,000
|
|
|
|
-
|
|
|
|
435,000
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
14,857,000
|
|
|
$
|
10,642,000
|
|
|
$
|
17,802,000
|
|
|
$
|
10,520,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
|
|
|
|
|
July 31,
2014
|
|
|
October 31,
2013
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash
|
|
$
|
53,000
|
|
|
$
|
82,000
|
|
Accounts receivable, net
|
|
|
10,805,000
|
|
|
|
6,419,000
|
|
Cultural costs
|
|
|
2,690,000
|
|
|
|
4,124,000
|
|
Prepaid expenses and other current assets
|
|
|
3,039,000
|
|
|
|
2,972,000
|
|
Total current assets
|
|
|
16,587,000
|
|
|
|
13,597,000
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
96,842,000
|
|
|
|
86,210,000
|
|
Real estate development
|
|
|
86,837,000
|
|
|
|
83,419,000
|
|
Equity in investments
|
|
|
1,756,000
|
|
|
|
1,800,000
|
|
Investment in Calavo Growers, Inc.
|
|
|
17,245,000
|
|
|
|
14,845,000
|
|
Note receivable - related party
|
|
|
-
|
|
|
|
17,000
|
|
Note receivable
|
|
|
2,082,000
|
|
|
|
2,024,000
|
|
Other assets
|
|
|
8,249,000
|
|
|
|
8,002,000
|
|
Total assets
|
|
$
|
229,598,000
|
|
|
$
|
209,914,000
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
5,436,000
|
|
|
$
|
4,784,000
|
|
Growers payable
|
|
|
6,233,000
|
|
|
|
2,325,000
|
|
Accrued liabilities
|
|
|
10,108,000
|
|
|
|
6,280,000
|
|
Fair value of derivative instrument
|
|
|
795,000
|
|
|
|
717,000
|
|
Current portion of long-term debt
|
|
|
594,000
|
|
|
|
569,000
|
|
Total current liabilities
|
|
|
23,166,000
|
|
|
|
14,675,000
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
51,509,000
|
|
|
|
61,563,000
|
|
Deferred income taxes
|
|
|
19,972,000
|
|
|
|
18,540,000
|
|
Other long-term liabilities
|
|
|
3,628,000
|
|
|
|
4,483,000
|
|
Total liabilities
|
|
|
98,275,000
|
|
|
|
99,261,000
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
Series B-2 Convertible Preferred Stock - $100 par value (10,000
shares
authorized: 9,300 shares issued and outstanding at July 31, 2014)
(4% dividend rate on liquidation value of $1,000 per share)
|
|
|
9,331,000
|
|
|
|
-
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Series B Convertible Preferred Stock - $100 par value (50,000 shares
authorized: 30,000 shares issued and outstanding at July 31, 2014
and October 31, 2013) (8.75% coupon rate)
|
|
|
3,000,000
|
|
|
|
3,000,000
|
|
Series A Junior Participating Preferred Stock
|
|
|
-
|
|
|
|
-
|
|
Common Stock - $.01 par value (19,900,000 shares authorized:
|
|
|
|
|
|
|
|
|
14,078,077 and 14,016,011 shares issued and outstanding at
July 31, 2014 and October 31, 2013, respectively)
|
|
|
141,000
|
|
|
|
140,000
|
|
Additional paid-in capital
|
|
|
89,494,000
|
|
|
|
88,160,000
|
|
Retained earnings
|
|
|
26,935,000
|
|
|
|
19,098,000
|
|
Accumulated other comprehensive income
|
|
|
2,422,000
|
|
|
|
255,000
|
|
Total stockholders' equity
|
|
|
121,992,000
|
|
|
|
110,653,000
|
|
Total liabilities and stockholders' equity
|
|
$
|
229,598,000
|
|
|
$
|
209,914,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Statements of Operations
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
July 31,
|
|
Nine months ended
July 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
35,173,000
|
|
|
$
|
28,626,000
|
|
|
$
|
83,481,000
|
|
|
$
|
67,114,000
|
|
|
Rental operations
|
|
|
1,182,000
|
|
|
|
1,064,000
|
|
|
|
3,483,000
|
|
|
|
3,155,000
|
|
|
Real estate development
|
|
|
121,000
|
|
|
|
239,000
|
|
|
|
196,000
|
|
|
|
328,000
|
|
|
Total revenues
|
|
|
36,476,000
|
|
|
|
29,929,000
|
|
|
|
87,160,000
|
|
|
|
70,597,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
17,805,000
|
|
|
|
15,932,000
|
|
|
|
58,730,000
|
|
|
|
51,781,000
|
|
|
Rental operations
|
|
|
796,000
|
|
|
|
638,000
|
|
|
|
2,231,000
|
|
|
|
1,895,000
|
|
|
Real estate development
|
|
|
420,000
|
|
|
|
444,000
|
|
|
|
1,021,000
|
|
|
|
913,000
|
|
|
Impairments of real estate development assets
|
|
|
435,000
|
|
|
|
-
|
|
|
|
435,000
|
|
|
|
-
|
|
|
Selling, general and administrative
|
|
|
3,640,000
|
|
|
|
2,958,000
|
|
|
|
10,326,000
|
|
|
|
8,997,000
|
|
|
Total costs and expenses
|
|
|
23,096,000
|
|
|
|
19,972,000
|
|
|
|
72,743,000
|
|
|
|
63,586,000
|
|
|
Operating income
|
|
|
13,380,000
|
|
|
|
9,957,000
|
|
|
|
14,417,000
|
|
|
|
7,011,000
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(124,000
|
)
|
|
Interest income from derivative instrument
|
|
|
-
|
|
|
|
269,000
|
|
|
|
-
|
|
|
|
711,000
|
|
|
Gain on sale of stock in Calavo Growers, Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,138,000
|
|
|
Interest income
|
|
|
20,000
|
|
|
|
19,000
|
|
|
|
59,000
|
|
|
|
65,000
|
|
|
Other income, net
|
|
|
39,000
|
|
|
|
1,000
|
|
|
|
254,000
|
|
|
|
389,000
|
|
|
Total other income
|
|
|
59,000
|
|
|
|
289,000
|
|
|
|
313,000
|
|
|
|
4,179,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax provision
and equity in earnings (losses) of investments
|
|
|
13,439,000
|
|
|
|
10,246,000
|
|
|
|
14,730,000
|
|
|
|
11,190,000
|
|
|
Income tax provision
|
|
|
(4,608,000
|
)
|
|
|
(3,772,000
|
)
|
|
|
(5,036,000
|
)
|
|
|
(3,544,000
|
)
|
|
Equity in earnings (losses) of investments
|
|
|
101,000
|
|
|
|
133,000
|
|
|
|
132,000
|
|
|
|
(1,656,000
|
)
|
|
Net income
|
|
|
8,932,000
|
|
|
|
6,607,000
|
|
|
|
9,826,000
|
|
|
|
5,990,000
|
|
|
Preferred dividends
|
|
|
(171,000
|
)
|
|
|
(66,000
|
)
|
|
|
(302,000)
|
|
|
|
(197,000
|
)
|
|
Net income applicable to common stock
|
|
$
|
8,761,000
|
|
|
$
|
6,541,000
|
|
|
$
|
9,524,000
|
|
|
$
|
5,793,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
$
|
0.62
|
|
|
$
|
0.49
|
|
|
$
|
0.68
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share
|
|
$
|
0.61
|
|
|
$
|
0.49
|
|
|
$
|
0.68
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.05
|
|
|
$
|
0.04
|
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
14,064,000
|
|
|
|
13,308,000
|
|
|
|
14,048,000
|
|
|
|
12,473,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
14,486,000
|
|
|
|
13,308,000
|
|
|
|
14,227,000
|
|
|
|
12,473,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
ICR
John Mills
Partner
310.954.1105
Source: Limoneira Company
News Provided by Acquire Media
