- Year-to-date 2018 Revenue Grew 9% to $115 Million -
- Year-to-date 2018 Operating Income Increased 18% to $19 Million -
- Completed Public Offering of Common Stock with Gross Proceeds of
$69 Million -
- Deployed $38 Million of Capital toward Strategic Acquisitions -
- Company Narrows Fiscal Year 2018 Adjusted Earnings Per Share
Guidance Ranges -
SANTA PAULA, Calif.--(BUSINESS WIRE)--Sep. 10, 2018--
Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a
diversified citrus packing, sales and marketing company with related
agribusiness activities and real estate development operations today
reported financial results for the third quarter ended July 31, 2018.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "Strong
lemon and orange results in fiscal third quarter were partially offset
by reduced avocado pricing due to a record heat that occurred late in
the third quarter. The positive pricing environment and increased volume
for lemons continues to improve since the end of the third quarter and
we are very confident we will achieve our full year guidance. Our
Chilean lemon volume and pricing in the fourth quarter is exceeding our
previous expectations and continues to reduce the seasonal nature of our
business.”
Mr. Edwards continued, "In addition to solid third quarter operating
results, we also successfully completed a $69 million capital raise
which was followed by two key strategic acquisitions, San Pablo in Chile
and Oxnard Lemon in California. The capital raise combined with expected
EBITDA growth in the coming years has us well positioned for additional
acquisitions. Lastly, our real estate venture, Harvest at Limoneira,
recently completed the lot bidding process for Phase 1 and we have begun
receiving deposits for lots from national homebuilders. We are on
schedule and believe this venture will be a significant contributor to
our cash flow in the coming years.”
Alex Teague, Senior Vice President, stated, "The two strategic
acquisitions in the third quarter expand our client reach and enable us
to reduce the seasonality in our business by being a year-round supplier
of citrus, complementing our One World Of Citrus™ platform.
In Chile, the purchase of the San Pablo ranch provides us with
significantly expanded production that we are able to leverage through
our investment in Rosales packing and allows further seasonal
diversification of our fruit. The Oxnard Lemon packinghouse acquisition
in California greatly enhances our ability to handle the expected future
growth of our packing operations.”
Fiscal Year 2018 Third Quarter Results
For the third quarter of fiscal year 2018, total net revenue was $40.0
million, compared to total net revenue of $40.4 million in the third
quarter of the previous fiscal year. Agribusiness revenue decreased
slightly to $38.7 million, compared to $39.1 million in the third
quarter last year, primarily due to a smaller than expected avocado crop
that was negatively impacted by an extended period of excessive heat
late in the quarter. Rental operations revenue was flat versus the prior
year period at $1.3 million in the third quarter of fiscal year 2018.
There were no real estate development revenues in the third quarter of
fiscal year 2018 or 2017.
Agribusiness revenue for the third quarter of fiscal year 2018 includes
$30.7 million in lemon sales, compared to $30.0 million of lemon sales
during the same period of fiscal year 2017, with the increase primarily
the result of higher volume offset by lower prices of fresh lemons
compared to the same period in fiscal year 2017. Approximately 992,000
cartons of fresh lemons were sold during the third quarter of fiscal
year 2018 at a $25.91 average price per carton compared to approximately
919,000 cartons sold at a $28.45 average price per carton during the
third quarter of fiscal year 2017. Avocado revenue for the third quarter
of fiscal year 2018 was $5.6 million, compared to $7.5 million in the
same period last year, primarily the result of lower prices partially
offset by higher volume compared to the same period in fiscal year 2017.
The Company recognized $2.0 million of orange revenue in the third
quarter of fiscal year 2018, compared to $1.1 million in the same period
of fiscal year 2017, primarily attributable to higher prices of oranges
sold, partially offset by lower volume compared to the same period in
fiscal year 2017. Specialty citrus and other crop revenues were $0.3
million in the third quarter of fiscal year 2018, compared to $0.4
million in the third quarter of fiscal year 2017.
Total costs and expenses for the third quarter of fiscal year 2018
increased to $28.5 million, compared to $27.2 million in the third
quarter of last fiscal year. The third quarter of fiscal year 2018
increase in operating expenses was primarily attributable to increases
in agribusiness costs and expenses due to increased volumes of lemons
and avocados versus the prior year. Costs associated with its
agribusiness include in packing costs, harvest costs, growing costs,
costs related to the fruit we procure and sell for third-party growers
and depreciation expense.
Operating income for the third quarter of fiscal year 2018 decreased to
$11.4 million, compared to income of $13.2 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 2018 was
$8.1 million and compares to $7.7 million in the third quarter of fiscal
year 2017. Net income per diluted share for the third quarter of fiscal
year 2018 was $0.50 compared to $0.52 in the same period of fiscal year
2017, based on approximately 16.6 million and 15.0 million, respectively
weighted average diluted common shares outstanding versus the prior year.
EBITDA was $13.4 million in the third quarter of fiscal year 2018
compared to $14.9 million in the same period of fiscal year 2017. A
reconciliation of EBITDA to net income is provided at the end of this
release.
Fiscal Year 2018 First Nine Months Results
For the nine months ended July 31, 2018, revenue increased to $114.7
million, compared to $105.4 million in the same period last year.
Operating income for the first nine months of fiscal year 2018 grew to
$19.1 million, compared to an operating income of $16.1 million in the
same period last year. Net income applicable to common stock, after
preferred dividends, was $23.0 million for the first nine months of
fiscal year 2018, compared to net income of $8.8 million in the same
period last year. Net income per diluted share for the first nine months
of fiscal year 2018 was $1.50, compared to a net income per diluted
share of $0.62 in the same period of fiscal 2017. Due to the Tax Cuts
and Jobs Act of 2017, the Company recognized a non-cash $10.0 million,
or $0.64 per diluted share, one-time tax benefit associated with the
decrease in its deferred tax liability balance during the first quarter
of fiscal year 2018. Excluding this non-cash tax benefit, diluted net
income per share for the first nine months of fiscal year 2018 was $0.86.
EBITDA for the first nine months of fiscal year 2018 was $24.6 million,
compared to EBITDA of $21.5 million in the same period last year. A
reconciliation of EBITDA to net income is provided at the end of this
release.
Balance Sheet and Liquidity
In June 2018, the Company completed a public offering of 3,136,000
shares of its common stock at a public offering price of $22.00 per
share, for total gross proceeds of approximately $69.0 million. In June
and July 2018, the Company used the offering proceeds to pay down debt,
purchase San Pablo ranch and purchase Oxnard Lemon’s packinghouse,
related land and certain other assets.
During the first nine months of fiscal year 2018, net cash provided by
operating activities increased to $23.2 million, compared to $20.1
million in the prior year. Net cash used in investing activities was
$50.9 million, compared to a $23.1 million use in the prior year. The
increase was primarily due to the San Pablo and Oxnard Lemon
acquisitions. The Company contributed $3.5 million to the East Area 1
real estate development joint venture in the first nine months of fiscal
year 2018, which compares to a $7.5 million contribution made to the
joint venture in the first nine months of fiscal year 2017. Net cash
provided by financing activities was $27.6 million in the first nine
months of fiscal year 2018, compared to $4.8 million in the same period
last year.
Long-term debt as of July 31, 2018 decreased to $70.6 million, compared
to $102.1 million at the end of fiscal 2017.
Recent Strategic Acquisitions
In July 2018, the Company completed the acquisition of San Pablo ranch
and related assets in La Serena, Chile, for $13.1 million. The San Pablo
ranch consists of 3,317 total acres on two parcels, including 247 acres
producing lemons, 61 acres producing oranges, the opportunity to
immediately plant 120 acres for lemon production, as well as the
potential for approximately 500 acres of avocado production.
Also in July 2018, the Company entered into an agreement to purchase a
packinghouse, related land and certain other assets of Oxnard Lemon for
$25.0 million. This acquisition expands Limoneira’s packing capabilities
and ensures Limoneira will now be a leading provider of organic lemons
for the first time. Pursuant to the agreement, we acquired certain hard
assets of Oxnard Lemon, including a packinghouse and related land for a
purchase price of $24.7 million on July 27, 2018. The closing on the
purchase and sale of the soft assets of Oxnard Lemon, including
tradenames and copyrights, shall take place on or prior to October 31,
2018, at which point an additional $0.3 million in purchase price shall
be paid. Additionally, the agreement provides that the sellers shall
lease back the hard assets until October 31, 2018, pursuant to a lease
agreement executed July 27, 2018.
Real Estate Development
On November 10, 2015, the Company entered into a joint venture with The
Lewis Group of Companies (“Lewis”) for the residential development of
its East Area I real estate development project. The first phase of the
project broke ground to commence mass grading on November 8, 2017.
Project plans include approximately 632 residential units in Phase 1.
The joint venture began Phase 1 site improvements and is currently
receiving lot deposits from national homebuilders. This project is on
track to close initial lot sales in the first quarter of fiscal year
2019.
In February 2013, the Company entered into an option agreement for the
purchase of a 7-acre parcel adjacent to its East Area II commercial real
estate development project. In February 2018, the Company exercised its
option and purchased the property for $3.1 million. This property is
located along the south side of California Highway 126, directly across
from Harvest at Limoneira, and is suited for commercial and/or
industrial development. This property provides essential freeway access
to the project and the Company expects that development of East Area II
will closely follow the build-out of Harvest at Limoneira.
Reiterating and Narrowing Fiscal Year 2018 Outlook
The Company is reiterating and narrowing its fiscal year 2018 guidance.
-
The Company now expects to sell between 3.2 and 3.4 million cartons of
fresh lemons at an average price of approximately $25.50 per carton,
compared to the previous range of 3.1 and 3.3 million cartons of fresh
lemons at an average price of approximately $24.50 per carton,
-
The Company expects to sell approximately 6.3 pounds of avocados at
approximately $1.04 per pound compared to the previous range of 6.0 to
6.5 million pounds of avocados at approximately $1.30 per pound. The
reduced price per pound is due to the reduced quality of fruit from
the excessive heat experienced towards the end of the third fiscal
quarter.
-
The Company now expects operating income for fiscal year 2018 to be
approximately $15.0 million to $16.1 million compared to the previous
range of $15.7 million to $17.8 million. Fiscal year 2018 EBITDA is
now expected to be in the range of $22.5 million to $23.5 million
compared to the previous range of $23.0 million to $25.0 million.
-
The Company is narrowing its fiscal year 2018 adjusted earnings per
share guidance to a range of $0.65 to $0.70 compared to previous range
of $0.65 to $0.75. This fiscal year 2018 adjusted earnings per share
guidance is using a weighted average shares outstanding of 16.3
million which accounts for the additional shares that were sold during
its June 2018 secondary offering compared to the previous weighted
average shares outstanding of 15.0 million. The increase in shares
equates to fiscal year 2018 adjusted earnings per share dilution of
approximately $0.06.
-
Guidance also includes approximately $0.02 to $0.03 per share
accretion from its San Pablo acquisition; there is no material
accretion of Oxnard Lemon expected in fiscal 2018.
-
This fiscal year 2018 guidance continues to exclude the one-time
deferred tax benefit of $0.61 per diluted share that the Company
recognized in the first fiscal quarter of 2018. Inclusion of the
Company’s deferred tax benefit results in an updated fiscal year GAAP
earnings per share range of $1.26 to $1.31 per share.
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.
Longer-Term Growth Pipeline
These fiscal year 2018 outlook estimates do not include potential equity
income from the Harvest at Limoneira project. Phase 1 site improvements
are underway and the joint venture has received lot deposits from
national homebuilders. This has the joint venture on track to close on
lot sales during the first quarter of fiscal year 2019.
In addition, the Company anticipates approximately $0.14 to $0.18 per
share fiscal year 2019 accretion from the recent acquisitions. Not
included in the acquisition expectations or earnings for fiscal 2018 are
the 1,200 acres that are currently non-bearing lemons and are estimated
to become full-bearing over the next four years. Beyond these 1,200
acres, Limoneira currently intends to plant an additional 500 acres of
lemons in the next two years that will further build its long-term
pipeline of productive acreage. The Company anticipates this additional
acreage will increase annual lemon supply from its current level by
approximately 30%, or about 900 thousand to 1.3 million additional fresh
cartons, as the non-bearing and planned acreage becomes productive. The
Company also expects to have a steady increase in third party grower
fruit. This is all organic growth and doesn’t include potential
acquisition opportunities in its highly fragmented industry.
Conference Call Information
The Company will host a conference call to discuss its financial results
today at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors
interested in participating in the live call can dial (800) 239-9838
from the U.S. International callers can dial (323) 794-2551. A telephone
replay will be available approximately two hours after the call
concludes and will be available through Monday, September 24, 2018, by
dialing (844) 512-2921 from the U.S., or (412) 317-6671 from
international locations; passcode is 7831110.
About Limoneira Company
Limoneira Company, a 125-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 14,500 acres of rich
agricultural lands, real estate properties, and water rights
in California, Arizona and Chile. 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 2018, 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'sSEC 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 our
operations and interest costs associated with our 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 our 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 our Company and may not be
consistent with methodologies used by other companies. With respect to
our expectations under "Updating Fiscal Year 2018 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 is summarized and reconciled to net income attributable to
Limoneira Company which management considers to be the most directly
comparable financial measure calculated and presented in accordance with
GAAP as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
|
Nine Months Ended
July 31,
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net income attributable to Limoneira Company
|
|
|
$
|
8,201
|
|
|
|
$
|
7,777
|
|
|
|
$
|
23,425
|
|
|
|
$
|
9,245
|
|
Interest expense, net
|
|
|
260
|
|
|
|
521
|
|
|
|
1,054
|
|
|
|
1,372
|
|
Income tax provision (benefit)
|
|
|
3,114
|
|
|
|
5,017
|
|
|
|
(5,093
|
)
|
|
|
5,935
|
|
Depreciation and amortization
|
|
|
1,776
|
|
|
|
1,633
|
|
|
|
5,210
|
|
|
|
4,824
|
|
EBITDA
|
|
|
$
|
13,351
|
|
|
|
$
|
14,948
|
|
|
|
$
|
24,596
|
|
|
|
$
|
21,376
|
|
Impairments of real estate development assets
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
120
|
|
Adjusted EBITDA
|
|
|
$
|
13,351
|
|
|
|
$
|
14,948
|
|
|
|
$
|
24,596
|
|
|
|
$
|
21,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
($ in thousands, except share amounts)
|
|
|
|
|
|
July 31,
2018 |
|
|
October 31,
2017 |
| Assets |
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
505
|
|
|
|
$
|
492
|
|
Accounts receivable, net
|
|
|
14,987
|
|
|
|
10,953
|
|
Cultural costs
|
|
|
4,957
|
|
|
|
4,124
|
|
Prepaid expenses and other current assets
|
|
|
6,493
|
|
|
|
6,981
|
|
Income taxes receivable
|
|
|
319
|
|
|
|
570
|
|
Total current assets
|
|
|
27,261
|
|
|
|
23,120
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
224,818
|
|
|
|
188,225
|
|
Real estate development
|
|
|
98,949
|
|
|
|
81,082
|
|
Equity in investments
|
|
|
18,511
|
|
|
|
14,061
|
|
Investment in Calavo Growers, Inc.
|
|
|
27,750
|
|
|
|
22,110
|
|
Other assets
|
|
|
14,604
|
|
|
|
10,433
|
|
Total Assets
|
|
|
$
|
411,893
|
|
|
|
$
|
339,031
|
|
|
|
|
|
|
|
| Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
6,799
|
|
|
|
$
|
6,311
|
|
Growers payable
|
|
|
12,597
|
|
|
|
8,828
|
|
Accrued liabilities
|
|
|
4,902
|
|
|
|
5,177
|
|
Fair value of derivative instrument
|
|
|
—
|
|
|
|
268
|
|
Current portion of long-term debt
|
|
|
3,177
|
|
|
|
3,030
|
|
Total current liabilities
|
|
|
27,475
|
|
|
|
23,614
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
70,645
|
|
|
|
102,083
|
|
Deferred income taxes
|
|
|
27,742
|
|
|
|
31,415
|
|
Other long-term liabilities
|
|
|
4,510
|
|
|
|
3,920
|
|
Sale-leaseback deferral
|
|
|
44,127
|
|
|
|
30,396
|
|
Total liabilities
|
|
|
174,499
|
|
|
|
191,428
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
—
|
|
|
|
—
|
|
Series B Convertible Preferred Stock – $100 par value (50,000 shares
authorized: 14,790 shares issued and outstanding at July 31, 2018
and October 31, 2017, respectively) (8.75% coupon rate)
|
|
|
1,479
|
|
|
|
1,479
|
Series B-2 Convertible Preferred Stock – $100 par value (10,000
shares authorized: 9,300 shares
issued and outstanding at July
31, 2018 and October 31, 2017, respectively) (4% dividend rate on
liquidation value of $1,000 per share)
|
|
|
9,331
|
|
|
|
9,331
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
Series A Junior Participating Preferred Stock – $.01 par value
(20,000 shares authorized: zero shares issued or outstanding at July
31, 2018 and October 31, 2017, respectively)
|
|
|
—
|
|
|
|
—
|
|
Common Stock – $.01 par value (39,000,000 shares authorized:
17,669,314 and 14,405,031 shares issued and outstanding at July 31,
2018 and October 31, 2017, respectively)
|
|
|
177
|
|
|
|
144
|
|
Additional paid-in capital
|
|
|
159,173
|
|
|
|
94,294
|
|
Retained earnings
|
|
|
54,824
|
|
|
|
34,692
|
|
Accumulated other comprehensive income
|
|
|
11,817
|
|
|
|
7,076
|
|
Noncontrolling interest
|
|
|
593
|
|
|
|
587
|
|
Total stockholders’ equity
|
|
|
226,584
|
|
|
|
136,793
|
|
Total Liabilities and Stockholders’ Equity
|
|
|
$
|
411,893
|
|
|
|
$
|
339,031
|
|
|
|
|
|
|
|
|
|
|
LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
($ in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31, |
|
|
Nine Months Ended
July 31, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
$
|
38,677
|
|
|
|
$
|
39,050
|
|
|
|
$
|
110,875
|
|
|
|
$
|
101,236
|
|
|
Rental operations
|
|
|
1,273
|
|
|
|
1,345
|
|
|
|
3,803
|
|
|
|
4,144
|
|
|
Real estate development
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Total net revenues
|
|
|
39,950
|
|
|
|
40,395
|
|
|
|
114,678
|
|
|
|
105,380
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
23,983
|
|
|
|
23,022
|
|
|
|
80,943
|
|
|
|
75,821
|
|
|
Rental operations
|
|
|
1,004
|
|
|
|
929
|
|
|
|
3,045
|
|
|
|
2,934
|
|
|
Real estate development
|
|
|
25
|
|
|
|
47
|
|
|
|
94
|
|
|
|
172
|
|
|
Impairments of real estate development assets
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
120
|
|
|
Selling, general and administrative
|
|
|
3,513
|
|
|
|
3,229
|
|
|
|
11,529
|
|
|
|
10,192
|
|
|
Total costs and expenses
|
|
|
28,525
|
|
|
|
27,227
|
|
|
|
95,611
|
|
|
|
89,239
|
|
|
Operating income
|
|
|
11,425
|
|
|
|
13,168
|
|
|
|
19,067
|
|
|
|
16,141
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(260
|
)
|
|
|
(521
|
)
|
|
|
(1,054
|
)
|
|
|
(1,372
|
)
|
|
Equity in earnings of investments
|
|
|
123
|
|
|
|
76
|
|
|
|
40
|
|
|
|
9
|
|
|
Other income, net
|
|
|
26
|
|
|
|
37
|
|
|
|
283
|
|
|
|
364
|
|
|
Total other expense
|
|
|
(111
|
)
|
|
|
(408
|
)
|
|
|
(731
|
)
|
|
|
(999
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax (provision) benefit
|
|
|
11,314
|
|
|
|
12,760
|
|
|
|
18,336
|
|
|
|
15,142
|
|
|
Income tax (provision) benefit
|
|
|
(3,114
|
)
|
|
|
(5,017
|
)
|
|
|
5,093
|
|
|
|
(5,935
|
)
|
|
Net income
|
|
|
8,200
|
|
|
|
7,743
|
|
|
|
23,429
|
|
|
|
9,207
|
|
|
Net loss (income) attributable to noncontrolling interest
|
|
|
1
|
|
|
|
34
|
|
|
|
(4
|
)
|
|
|
38
|
|
|
Net income attributable to Limoneira Company
|
|
|
8,201
|
|
|
|
7,777
|
|
|
|
23,425
|
|
|
|
9,245
|
|
|
Preferred dividends
|
|
|
(125
|
)
|
|
|
(125
|
)
|
|
|
(376
|
)
|
|
|
(435
|
)
|
|
Net income attributable to common stock
|
|
|
$
|
8,076
|
|
|
|
$
|
7,652
|
|
|
|
$
|
23,049
|
|
|
|
$
|
8,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
|
$
|
0.51
|
|
|
|
$
|
0.53
|
|
|
|
$
|
1.54
|
|
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share
|
|
|
$
|
0.50
|
|
|
|
$
|
0.52
|
|
|
|
$
|
1.50
|
|
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
|
$
|
0.06
|
|
|
|
$
|
0.06
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
15,947,000
|
|
|
|
14,396,000
|
|
|
|
14,979,000
|
|
|
|
14,287,000
|
|
|
Weighted-average common shares outstanding-diluted
|
|
|
16,551,000
|
|
|
|
14,989,000
|
|
|
|
15,578,000
|
|
|
|
14,570,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180910005742/en/
Source: Limoneira Company
Investor Contact:
ICR
John Mills, 646-277-1254
Managing
Partner
