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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE QUARTERLY PERIOD ENDED JULY 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM              TO             
 Commission File Number: 001-34755
LIMONEIRA COMPANY
(Exact name of Registrant as Specified in its Charter)
Delaware77-0260692
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
1141 Cummings Road, Santa Paula, CA
93060
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (805525-5541
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol (s)Name of Each Exchange of Which Registered
Common Stock, $0.01 par valueLMNR
The NASDAQ Stock Market LLC (NASDAQ Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:  
Large accelerated filer
Accelerated filer
Emerging growth company
Non-accelerated filer
Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No

As of August 31, 2020, there were 17,815,607 shares outstanding of the registrant’s common stock.



LIMONEIRA COMPANY
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
  
Item 1.Financial Statements
   
Consolidated Balance Sheets – July 31, 2020 and October 31, 2019
  
Consolidated Statements of Operations – three and nine months ended July 31, 2020 and 2019
  
Consolidated Statements of Comprehensive Income (Loss) – three and nine months ended July 31, 2020 and 2019
  
Consolidated Statements of Stockholders' Equity and Temporary Equity – three and nine months ended July 31, 2020 and 2019
Consolidated Statements of Cash Flows – nine months ended July 31, 2020 and 2019
  
Notes to Consolidated Financial Statements
  
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
   
Item 3.Quantitative and Qualitative Disclosures about Market Risk
   
Item 4.Controls and Procedures
   
PART II. OTHER INFORMATION
  
Item 1.Legal Proceedings
   
Item 1A.Risk Factors
   
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
   
Item 3.Defaults Upon Senior Securities
   
Item 4.Mine Safety Disclosures
   
Item 5.Other Information
   
Item 6.Exhibits
   
SIGNATURES

2


Cautionary Note on Forward-Looking Statements.
 
This Quarterly Report on Form 10-Q contains both historical and forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q are subject to a number of risks and uncertainties, some of which are beyond the Company’s control. The potential risks and uncertainties that could cause our actual financial condition, results of operations and future performance to differ materially from those expressed or implied include:

changes in laws, regulations, rules, quotas, tariffs, and import laws;
adverse weather conditions, natural disasters and other adverse natural conditions, including freezes, rains, fires and droughts that affect the production, transportation, storage, import and export of fresh produce;
market responses to industry volume pressures;
increased pressure from disease, insects and other pests;
disruption of water supplies or changes in water allocations;
product and raw materials supplies and pricing;
energy supply and pricing;
changes in interest rates;
availability of financing for development activities;
general economic conditions for residential and commercial real estate development;
political changes and economic crises;
international conflict;
acts of terrorism;
labor disruptions, strikes, shortages or work stoppages;
the impact of foreign exchange rate movements;
negative impacts related to the COVID-19 pandemic and the effectiveness of the Company's responses to the pandemic;
ability to maintain compliance with covenants under our loan agreements;
loss of important intellectual property rights; and
other factors disclosed in our public filings with the Securities and Exchange Commission (the "SEC").
These forward-looking statements involve risks and uncertainties that we have identified as having the potential to cause actual results to differ materially from those contemplated herein. We have described in Part II, Item 1A-“Risk Factors” additional factors that could cause our actual results to differ from our projections or estimates, especially relating to the COVID-19 pandemic.

Many of these risks and uncertainties are currently amplified by, and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks.

The Company’s actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which the Company is not currently aware or which the Company currently deems immaterial could also cause the Company’s actual results to differ, including those discussed in the section entitled “Risk Factors” included elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended October 31, 2019. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Except as required by law, we undertake no obligation to update these forward-looking statements, even if our situation changes in the future.
 
The terms the “Company,” “Limoneira," “we,” “our” and “us” as used throughout this Quarterly Report on Form 10-Q refer to Limoneira Company and its consolidated subsidiaries, unless otherwise indicated.

3


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($ in thousands, except share amounts) 
 July 31, 2020October 31, 2019
Assets  
Current assets:  
Cash$878 $616 
Accounts receivable, net21,478 15,114 
Cultural costs6,090 7,223 
Prepaid expenses and other current assets18,309 8,153 
Receivables/other from related parties3,444 2,985 
Income taxes receivable5,827 979 
Total current assets56,026 35,070 
Property, plant and equipment, net242,501 248,114 
Real estate development20,142 17,602 
Equity in investments61,245 58,223 
Investment in Calavo Growers, Inc. 17,346 
Goodwill1,538 1,839 
Intangible assets, net11,609 12,407 
Other assets8,837 9,266 
Total assets$401,898 $399,867 
Liabilities and stockholders’ equity  
Current liabilities:  
Accounts payable$10,350 $4,974 
Growers payable6,366 14,500 
Accrued liabilities6,171 8,261 
Payables to related parties5,235 906 
Current portion of long-term debt3,426 3,023 
Total current liabilities31,548 31,664 
Long-term liabilities:  
Long-term debt, less current portion122,159 105,892 
Deferred income taxes23,765 24,346 
Other long-term liabilities6,064 5,467 
Total liabilities183,536 167,369 
Commitments and contingencies (See Note 18)  
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at July 31, 2020 and October 31, 2019) (8.75% coupon rate)
1,479 1,479 
Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at July 31, 2020 and October 31, 2019) (4% dividend rate on liquidation value of $1,000 per share)
9,331 9,331 
Stockholders’ equity:  
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at July 31, 2020 and October 31, 2019)
  
Common Stock – $0.01 par value (39,000,000 shares authorized: 17,857,707 and 17,756,180 shares issued and 17,815,607 and 17,756,180 shares outstanding at July 31, 2020 and October 31, 2019, respectively)
179 178 
Additional paid-in capital161,655 160,254 
Retained earnings39,695 53,089 
Accumulated other comprehensive loss(7,261)(7,255)
Treasury stock, at cost, 42,100 shares at July 31, 2020
(562) 
Noncontrolling interest13,846 15,422 
Total stockholders’ equity207,552 221,688 
Total liabilities and stockholders’ equity$401,898 $399,867 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
($ in thousands, except share amounts)
 Three Months Ended
July 31,
Nine Months Ended
July 31,
 2020201920202019
Net revenues:  
Agribusiness$52,387 $49,631 $131,309 $131,254 
Other operations1,172 1,238 3,477 3,668 
Total net revenues53,559 50,869 134,786 134,922 
Costs and expenses:  
Agribusiness46,826 42,747 125,318 118,741 
Other operations1,010 1,043 3,396 3,269 
Selling, general and administrative3,909 4,961 15,557 14,819 
Total costs and expenses51,745 48,751 144,271 136,829 
Operating income (loss)1,814 2,118 (9,485)(1,907)
Other income (expense):  
Interest expense, net(92)(774)(1,089)(1,313)
Equity in earnings of investments, net832 480 341 2,449 
Loss on stock in Calavo Growers, Inc. (1,775)(6,299)(2,073)
Other income, net11 15 246 375 
Total other income (expense)751 (2,054)(6,801)(562)
Income (loss) before income tax (provision) benefit2,565 64 (16,286)(2,469)
Income tax (provision) benefit(765)(461)5,876 216 
Net income (loss)1,800 (397)(10,410)(2,253)
Net loss (income) attributable to noncontrolling interest509 (593)1,409 (615)
Net income (loss) attributable to Limoneira Company2,309 (990)(9,001)(2,868)
Preferred dividends(125)(125)(376)(376)
Net income (loss) attributable to common stock$2,184 $(1,115)$(9,377)$(3,244)
Basic net income (loss) per common share$0.12 $(0.06)$(0.54)$(0.19)
Diluted net income (loss) per common share$0.12 $(0.06)$(0.54)$(0.19)
Weighted-average common shares outstanding-basic17,623,000 17,554,000 17,607,000 17,527,000 
Weighted-average common shares outstanding-diluted18,497,000 17,554,000 17,607,000 17,527,000 
  
The accompanying notes are an integral part of these unaudited consolidated financial statements.
 


5


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In thousands)
 Three Months Ended July 31,Nine Months Ended July 31,
 2020201920202019
Net income (loss)$1,800 $(397)$(10,410)$(2,253)
Other comprehensive income (loss), net of tax:  
Foreign currency translation adjustments1,410 (559)(476)(116)
Minimum pension liability adjustment, net of tax of $50, $28, $150 and $83 for the three and nine months ended July 31, 2020 and 2019, respectively.
135 72 330 218 
Residual state tax effects on sale of equity securities  140  
Total other comprehensive income (loss), net of tax1,545 (487)(6)102 
Comprehensive income (loss)3,345 (884)(10,416)(2,151)
Comprehensive loss attributable to noncontrolling interest544 575 1,431 576 
Comprehensive income (loss) attributable to Limoneira Company$3,889 $(309)$(8,985)$(1,575)
 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
 

6


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY
($ in thousands)
 Stockholders’ Equity Temporary Equity
 Common StockAdditional
Paid-In
RetainedAccumulated
Other
Comprehensive
TreasuryNon- controlling Series B
Preferred
Series B-2
Preferred
 SharesAmountCapitalEarningsIncome (Loss)StockInterestTotalStockStock
Balance at October 31, 201917,756,180 $178 $160,254 $53,089 $(7,255)$ $15,422 $221,688 $1,479 $9,331 
Dividends Common ($0.075 per share)
   (1,338)   (1,338)  
Dividends Series B ($2.19 per share)
   (32)   (32)  
Dividends Series B-2 ($10 per share)
   (93)   (93)  
Stock compensation112,841 1 828     829   
Exchange of common stock(11,314) (213)    (213)  
Net loss   (6,427)  (477)(6,904)  
Other comprehensive (loss) income, net of tax    (1,132) 12 (1,120)  
Balance at January 31, 202017,857,707 $179 $160,869 $45,199 $(8,387)$ $14,957 $212,817 $1,479 $9,331 
Dividends Common ($0.075 per share)
   (1,341)   (1,341)  
Dividends Series B ($2.19 per share)
   (32)   (32)  
Dividends Series B-2 ($10 per share)
   (93)   (93)  
Stock compensation  358     358   
Noncontrolling interest adjustment      (145)(145)  
Net loss   (4,883)  (423)(5,306)  
Other comprehensive (loss) income, net of tax    (419) 1 (418)  
Balance at April 30, 202017,857,707 $179 $161,227 $38,850 $(8,806)$ $14,390 $205,840 $1,479 $9,331 
Dividends Common ($0.075 per share)
   (1,338)   (1,338)  
Dividends Series B ($2.19 per share)
   (33)   (33)  
Dividends Series B-2 ($10 per share)
   (93)   (93)  
Stock compensation  428     428   
Treasury shares (42,100)
     (562) (562)  
Net income (loss)   2,309   (509)1,800   
Other comprehensive income (loss), net of tax    1,545  (35)1,510   
Balance at July 31, 202017,857,707$179 $161,655 $39,695 $(7,261)$(562)$13,846 $207,552 $1,479 $9,331 




















7


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY (CONTINUED)
($ in thousands)
Stockholders’ Equity Temporary Equity
Common StockAdditional
Paid-In
RetainedAccumulated
Other
Comprehensive
Non- controlling Series B
Preferred
Series B-2
Preferred
SharesAmountCapitalEarningsIncome (Loss)InterestTotalStockStock
Balance at October 31, 201817,647,135 $176 $159,071 $50,354 $8,965 $574 $219,140 $1,479 $9,331 
Dividends Common ($0.075 per share)
   (1,332)  (1,332)  
Dividends Series B ($2.19 per share)
   (32)  (32)  
Dividends Series B-2 $10 per share)
   (93)  (93)  
Stock compensation145,737 2 789    791   
Exchange of common stock(20,119) (305)