-Third Quarter Revenue Increased 34% Versus Last Year-
-Third Quarter Operating Income Increased 81% Versus Last Year-
-Company Updates Fiscal Year 2016 Guidance Ranges-
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, 2016 and updated
its fiscal year 2016 guidance ranges.
Fiscal Year 2016 Third Quarter Results
For the third quarter of fiscal year 2016, revenue was $39.9 million,
compared to revenue of $29.8 million in the third quarter of the
previous fiscal year. Agribusiness revenue was $38.4 million compared to
$28.5 million in the third quarter last fiscal year, reflecting higher
sales of lemons, avocados, oranges and specialty citrus and other crops.
Rental operations revenue was $1.5 million in the third quarter of
fiscal year 2016, compared to $1.3 million in the third quarter of last
fiscal year. Real estate development revenue was $19,000, compared to
$34,000 in the third quarter last fiscal year.
Agribusiness revenue for the third quarter of fiscal year 2016 includes
$26.2 million in lemon sales, compared to $23.9 million of lemon sales
during the same period of fiscal year 2015, reflecting higher volume of
fresh lemons sold partially offset by lower prices compared to the same
period in fiscal year 2015. Approximately 846,000 cartons of fresh
lemons were sold during the third quarter of fiscal year 2016 at a
$27.19 average price per carton, compared to approximately 759,000
cartons sold at a $28.06 average price per carton during the third
quarter of fiscal year 2015. Avocado revenue for the third quarter of
fiscal year 2016 was $9.6 million, compared to $3.0 million in the same
period last year, due to increased prices and volume of avocados sold
compared to the same period in fiscal year 2015. The avocado harvest for
fiscal year 2016 is substantially complete with typical volatility in
avocado production resulting in strong volume this year. The Company
recognized $1.9 million of orange revenue in the third quarter of fiscal
year 2016, compared to $1.0 million in the same period of fiscal year
2015. Specialty citrus and other crop revenues were $759,000 in the
third quarter of fiscal year 2016, compared to $560,000 in the same
period of fiscal year 2015. Third quarter of fiscal year 2016 results
for oranges and specialty citrus reflect higher volume partially offset
by lower prices compared to the same period in fiscal year 2015.
Costs and expenses for the third quarter of fiscal year 2016 were $25.7
million, compared to $22.0 million in the third quarter of last fiscal
year. The third quarter of fiscal year 2016 increase in operating
expenses was primarily attributable to increases in agribusiness costs
due to higher volume of fruit harvested and packed compared to the third
quarter of fiscal year 2015.
Operating income for the third quarter of fiscal year 2016 was $14.2
million, compared to $7.8 million in the third quarter of the previous
fiscal year. Net income applicable to common stock, after preferred
dividends, for the third quarter of fiscal year 2016 was $10.6 million,
compared to net income applicable to common stock of $5.2 million in the
third quarter of fiscal year 2015. Net income per diluted share for the
third quarter of fiscal year 2016 was $0.71 compared to a net income per
diluted share of $0.36 for the same period of fiscal year 2015, based on
approximately 15.1 million and 15.0 million weighted average diluted
common shares outstanding, respectively.
EBITDA was $19.3 million in the third quarter of fiscal year 2016,
compared to $9.1 million in the same period of fiscal year 2015. A
reconciliation of EBITDA to net income is provided at the end of this
release. EBITDA in the third quarter of fiscal year 2016 includes a $3.4
million gain on the sale of stock in Calavo Growers, Inc.
Fiscal Year 2016 First Nine Months Results
For the nine months ended July 31, 2016, revenue was $92.3 million,
compared to $86.1 million in the same period last year. Operating income
for the nine months ended July 31, 2016 was $10.1 million, compared to
$9.5 million in the same period last year. Net income applicable to
common stock, after preferred dividends, was $7.6 million for the nine
months ended July 31, 2016, compared to net income of $6.0 million in
the same period last year. Net income per diluted share for the nine
months ended July 31, 2016 was $0.53 on approximately 15.1 million
weighted average diluted common shares outstanding, compared to net
income per diluted share of $0.42 on approximately 14.1 million weighted
average diluted common shares outstanding in the same period of fiscal
year 2015.
EBITDA for the nine months ended July 31, 2016 was $18.0 million,
compared to EBITDA of $13.0 million in the same period last year. A
reconciliation of EBITDA to net income is provided at the end of this
release. EBITDA in the nine months ended July 31, 2016 includes $1.2
million of transaction costs incurred in connection with the
Limoneira/Lewis joint venture and a $3.4 million gain on the sale of
stock in Calavo Growers, Inc.
Real Estate Development
On November 10, 2015, Limoneira Lewis Community Builders, LLC, a real
estate development joint venture between Limoneira Company and The Lewis
Group of Companies ("The Lewis Group"), was formed. Limoneira Lewis
Community Builders is a 50%/50% joint venture between Limoneira and The
Lewis Group that will engage in the residential development of Harvest
at Limoneira (formerly Santa Paula Gateway Project and East Area 1). The
formation of the joint venture culminated with Limoneira's contribution
of its East Area 1 property to the joint venture and The Lewis Group's
payment to Limoneira of $20.0 million for its 50% interest in the joint
venture. Limoneira expects to receive 25% to 80% of the net cash flow of
the project, based on projected cash flow milestones provided in the
operating agreement, which is estimated to aggregate approximately 70%
of total net cash flows to Limoneira, including the initial $20 million
payment, and the balance of net cash flows to The Lewis Group over the
estimated seven- to ten-year life of the project. Development grading on
the project is expected to begin in early calendar year 2017 and lot
sales are estimated to begin at the end of calendar year 2017. The joint
venture's results of operations are expected to be recognized by the
Company under the equity method of accounting. The Company contributed
$0.8 million to the joint venture in the third quarter of fiscal year
2016 matching Lewis' contributions to fund on-going development
activities.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "We are
pleased to report strong top and bottom line growth in the third
quarter. Our revenue growth of 34% compared to the prior year period
reflects solid increases for both our lemon business and avocado
business. In particular, the typical volatility in avocado production
resulted in strong volume this year and based on these results as well
as a gain on the sale of Calavo stock, we are updating our outlook for
fiscal year 2016.
Mr. Edwards continued, "We continue to work closely with the Lewis
organization on developing the Harvest at Limoneira. The project remains
on track to begin selling lots at the end of 2017."
Balance Sheet and Liquidity
During the first nine months of fiscal year 2016, net cash provided by
operating activities was $10.9 million, compared to $10.2 million in the
prior year period. Net cash used in investing activities was $7.9
million in the first nine months of fiscal year 2016, compared to $24.0
million in the prior year period. Net cash used in financing activities
was $2.9 million in the first nine months of fiscal year 2016, compared
to net cash provided by financing activities of $13.8 million in the
same period last year. Long-term debt as of July 31, 2016 was $87.1
million, compared to $89.1 million at the end of fiscal year 2015.
Recent Business Highlights
A project to double the capacity and increase the efficiency of the
Company's lemon packing facilities became operational in March 2016. The
project is estimated to cost approximately $28.4 million in the
aggregate.
Alex Teague, Senior Vice President, stated, "Our expanded and modernized
packing house is fully operational, and we are pleased that we have
already begun to see increased packing volume capacity from the new
facility. As we continue to implement new operating processes and
procedures for the packing house and as lemon sales volume continue to
increase, we are confident that we will continue to improve the
profitability of our lemon business."
Mr. Teague continued, "As part of our commitment to sustainability, we
recently announced that Limoneira will begin using solar energy at our
Porterville Ranch operations. This is in addition to solar facilities
that we use in Santa Paula and in Ducor Ranch. We will continue to
capitalize on opportunities to generate more clean energy while
capturing costs savings by reducing our electrical costs."
On June 23, 2016, the Company declared a quarterly cash dividend of
$0.05 per common share, which was paid on July 15, 2016 in the aggregate
amount of approximately $0.7 million to stockholders of record on July
5, 2016.
Updating Fiscal Year 2016 Outlook
For the fiscal year ending October 31, 2016, the Company continues to
expect to sell between 2.7 million and 3.0 million cartons of fresh
lemons at an average price of approximately $24.00 per carton. The
Company's avocado harvest concluded in the third quarter of fiscal year
2016, with the Company selling 11.4 million pounds at $0.95 per pound in
fiscal year 2016.
The Company is reiterating its guidance range for operating income, and
updating its guidance range for EBITDA and earnings per diluted share
for fiscal year 2016. The Company expects operating income for fiscal
year 2016 to be approximately $8.6 million to $9.1 million. The Company
now expects fiscal year 2016 EBITDA, which includes approximately $3.4
million gain on the sale of stock in Calavo Growers, Inc., in the range
of $18.9 million to $19.4 million and fiscal year 2016 earnings per
diluted share in the range of $0.45 to $0.50. Excluding $1.2 million of
transaction costs incurred in connection with the Limoneira/Lewis joint
venture and excluding approximately $3.4 million gain on sale of stock
in Calavo Growers, Inc., fiscal year 2016 EBITDA and earnings per
diluted share are expected to be in the range of $16.7 million to $17.2
million and $0.33 to $0.38, respectively. As more fully described at the
end of this release under "Non-GAAP Financial Measures," the Company is
unable to reconcile without unreasonable effort the above
forward-looking non-GAAP measures related to EBITDA, and the variability
of the changes excluded from these non-GAAP measures may have a
significant and potentially unpredictable impact on its future GAAP
financial results.
Fiscal year 2016 estimated operating results reflect an anticipated
increase in operating income primarily related to strong avocado sales,
potential cost savings from the Company's new lemon packing facilities,
increased revenues from additional farm worker housing units, the
elimination of lease expense resulting from the acquisition of the
previously leased Sheldon Ranches and the $3.4 million gain on sale of
Calavo Growers, Inc. stock. These operating improvements are offset by
transaction costs of $1.2 million incurred on the close of the
Limoneira/Lewis joint venture and an expected increase in depreciation
expense that results from the new packing facilities, the acquired
Sheldon Ranch property and the additional farm working housing units. In
addition, interest expense is expected to increase in fiscal year 2016
related to the new packing house and the additional farm worker housing
units being placed into service because related interest costs were
capitalized during the construction period.
Conference Call Information
The Company will host a conference call and audio webcast on September
8, 2016, 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 (888) 686-9704, and international participants should
dial (913) 312-0863. 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 22, 2016, by calling (877) 870-5176 from the U.S. or
(858) 384-5517 from international locations to access the playback;
passcode is 9572829.
About Limoneira Company
Limoneira Company, a 124-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 10,700
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, including
earnings guidance for fiscal year 2016, 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 measures are
widely used by analysts, investors and lenders as well as by management
in assessing our Company's financial performance and business trends
relating to our results of operations and financial condition. These
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. With respect to
our expectations under "Updating Fiscal Year 2016 Outlook" above, the
Company has not provided a reconciliation of forward-looking non-GAAP
measures, primarily due to variability and difficulty in making accurate
forecasts and projections, as not all of the information necessary for a
quantitative reconciliation is available to the Company without
unreasonable efforts. EBITDA and adjusted EBITDA is summarized and
reconciled to net income (loss), 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,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
10,729,000
|
|
$
|
5,313,000
|
|
$
|
8,039,000
|
|
$
|
6,428,000
|
|
Interest expense, net
|
|
|
473,000
|
|
|
45,000
|
|
|
1,036,000
|
|
|
102,000
|
|
Income taxes
|
|
|
6,693,000
|
|
|
2,776,000
|
|
|
5,088,000
|
|
|
3,477,000
|
|
Depreciation and amortization
|
|
|
1,451,000
|
|
|
1,010,000
|
|
|
3,863,000
|
|
|
2,979,000
|
|
EBITDA
|
|
$
|
19,346,000
|
|
$
|
9,144,000
|
|
$
|
18,026,000
|
|
$
|
12,986,000
|
|
|
|
Limoneira Company
|
|
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
July 31,
|
|
October 31,
|
|
|
|
2016
|
|
2015
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash
|
|
$
|
96,000
|
|
$
|
39,000
|
|
Accounts receivable, net
|
|
|
12,563,000
|
|
|
7,420,000
|
|
Cultural costs
|
|
|
2,769,000
|
|
|
3,916,000
|
|
Prepaid expenses and other current assets
|
|
|
2,657,000
|
|
|
2,387,000
|
|
Total current assets
|
|
|
18,085,000
|
|
|
13,762,000
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
149,220,000
|
|
|
128,951,000
|
|
Real estate development
|
|
|
102,338,000
|
|
|
96,067,000
|
|
Equity in investments
|
|
|
4,253,000
|
|
|
3,047,000
|
|
Investment in Calavo Growers, Inc.
|
|
|
19,734,000
|
|
|
18,508,000
|
|
Other assets
|
|
|
8,735,000
|
|
|
9,035,000
|
|
Total Assets
|
|
$
|
302,365,000
|
|
$
|
269,370,000
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
4,561,000
|
|
$
|
6,611,000
|
|
Growers payable
|
|
|
8,673,000
|
|
|
5,841,000
|
|
Accrued liabilities
|
|
|
9,622,000
|
|
|
5,864,000
|
|
Fair value of derivative instrument
|
|
|
723,000
|
|
|
767,000
|
|
Current portion of long-term debt
|
|
|
2,486,000
|
|
|
589,000
|
|
Total current liabilities
|
|
|
26,065,000
|
|
|
19,672,000
|
|
Long-term liabilities:
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
87,100,000
|
|
|
89,079,000
|
|
Deferred income taxes
|
|
|
20,457,000
|
|
|
19,425,000
|
|
Other long-term liabilities
|
|
|
4,979,000
|
|
|
7,641,000
|
|
Sale-leaseback deferral
|
|
|
22,349,000
|
|
|
-
|
|
Total liabilities
|
|
|
160,950,000
|
|
|
135,817,000
|
|
Commitments and contingencies
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
Series B Convertible Preferred Stock - $100.00 par value (30,000
shares authorized: 29,000 and 29,500 shares issued and outstanding
at July 31, 2016 and October 31, 2015) (8.75% coupon rate)
|
|
|
2,900,000
|
|
|
2,950,000
|
|
|
|
|
|
|
|
Series B-2 Convertible Preferred Stock - $100.00 par value (10,000
shares authorized: 9,300 shares issued and outstanding at July 31,
2016 and October 31, 2015) (4% dividend rate on liquidation value
of $1,000 per share)
|
|
|
9,331,000
|
|
|
9,331,000
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Series A Junior Participating Preferred Stock - $.01 par value
(20,000 shares authorized: zero issued or outstanding at July 31,
2016 and October 31, 2015)
|
|
|
-
|
|
|
-
|
|
Common Stock - $.01 par value (19,900,000 shares authorized:
14,178,226 and 14,135,080 shares issued and outstanding at July
31, 2016 and October 31, 2015, respectively)
|
|
|
142,000
|
|
|
141,000
|
|
Additional paid-in capital
|
|
|
91,631,000
|
|
|
90,759,000
|
|
Retained earnings
|
|
|
32,659,000
|
|
|
27,216,000
|
|
Accumulated other comprehensive income
|
|
|
4,752,000
|
|
|
3,156,000
|
|
Total stockholders' equity
|
|
|
129,184,000
|
|
|
121,272,000
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
302,365,000
|
|
$
|
269,370,000
|
|
|
|
Limoneira Company
|
|
|
|
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
July 31,
|
|
July 31,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
38,430,000
|
|
|
$
|
28,466,000
|
|
|
$
|
87,943,000
|
|
|
$
|
82,268,000
|
|
|
Rental operations
|
|
|
1,454,000
|
|
|
|
1,311,000
|
|
|
|
4,273,000
|
|
|
|
3,769,000
|
|
|
Real estate development
|
|
|
19,000
|
|
|
|
34,000
|
|
|
|
39,000
|
|
|
|
62,000
|
|
|
Total net revenues
|
|
|
39,903,000
|
|
|
|
29,811,000
|
|
|
|
92,255,000
|
|
|
|
86,099,000
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
21,151,000
|
|
|
|
17,471,000
|
|
|
|
67,861,000
|
|
|
|
63,308,000
|
|
|
Rental operations
|
|
|
889,000
|
|
|
|
907,000
|
|
|
|
2,711,000
|
|
|
|
2,471,000
|
|
|
Real estate development
|
|
|
249,000
|
|
|
|
325,000
|
|
|
|
1,880,000
|
|
|
|
806,000
|
|
|
Selling, general and administrative
|
|
|
3,420,000
|
|
|
|
3,270,000
|
|
|
|
9,728,000
|
|
|
|
10,053,000
|
|
|
Total costs and expenses
|
|
|
25,709,000
|
|
|
|
21,973,000
|
|
|
|
82,180,000
|
|
|
|
76,638,000
|
|
|
Operating income
|
|
|
14,194,000
|
|
|
|
7,838,000
|
|
|
|
10,075,000
|
|
|
|
9,461,000
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(473,000
|
)
|
|
|
(45,000
|
)
|
|
|
(1,036,000
|
)
|
|
|
(102,000
|
)
|
|
Gain on sale of stock in Calavo Growers, Inc.
|
|
|
3,419,000
|
|
|
|
-
|
|
|
|
3,419,000
|
|
|
|
-
|
|
|
Equity in earnings of investments
|
|
|
235,000
|
|
|
|
205,000
|
|
|
|
206,000
|
|
|
|
193,000
|
|
|
Other income, net
|
|
|
47,000
|
|
|
|
91,000
|
|
|
|
463,000
|
|
|
|
353,000
|
|
|
Total other income
|
|
|
3,228,000
|
|
|
|
251,000
|
|
|
|
3,052,000
|
|
|
|
444,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax provision
|
|
|
17,422,000
|
|
|
|
8,089,000
|
|
|
|
13,127,000
|
|
|
|
9,905,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
(6,693,000
|
)
|
|
|
(2,776,000
|
)
|
|
|
(5,088,000
|
)
|
|
|
(3,477,000
|
)
|
|
Net income
|
|
|
10,729,000
|
|
|
|
5,313,000
|
|
|
|
8,039,000
|
|
|
|
6,428,000
|
|
|
Preferred dividends
|
|
|
(156,000
|
)
|
|
|
(159,000
|
)
|
|
|
(471,000
|
)
|
|
|
(477,000
|
)
|
|
Net income applicable to common stock
|
|
$
|
10,573,000
|
|
|
$
|
5,154,000
|
|
|
$
|
7,568,000
|
|
|
$
|
5,951,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
$
|
0.75
|
|
|
$
|
0.36
|
|
|
$
|
0.53
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share
|
|
$
|
0.71
|
|
|
$
|
0.36
|
|
|
$
|
0.53
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.15
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
14,178,000
|
|
|
|
14,127,000
|
|
|
|
14,165,000
|
|
|
|
14,115,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
15,066,000
|
|
|
|
14,953,000
|
|
|
|
15,053,000
|
|
|
|
14,115,000
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160908006158/en/
Investor Contact:
ICR
John Mills
Partner
646-277-1254
Source: Limoneira Company
News Provided by Acquire Media
