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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2021
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 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName 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 May 31, 2021, there were 17,685,400 shares outstanding of the registrant’s common stock.



LIMONEIRA COMPANY
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
  
Item 1.Financial Statements (Unaudited)
   
Consolidated Balance Sheets – April 30, 2021 and October 31, 2020
  
Consolidated Statements of Operations – three and six months ended April 30, 2021 and 2020
  
Consolidated Statements of Comprehensive Income (Loss) – three and six months ended April 30, 2021 and 2020
  
Consolidated Statements of Stockholders' Equity and Temporary Equity – three and six months ended April 30, 2021 and 2020
Consolidated Statements of Cash Flows – six months ended April 30, 2021 and 2020
  
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 I, Item 1A-“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020 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 in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020. 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.
 
All references to “we,” "us," “our,” “our Company,” "the Company" or "Limoneira" in this Quarterly Report on Form 10-Q mean Limoneira Company, a Delaware corporation, and its consolidated subsidiaries.

3


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($ in thousands, except share amounts) 
 April 30, 2021October 31, 2020
Assets  
Current assets:  
Cash$1,590 $501 
Accounts receivable, net20,720 16,261 
Cultural costs4,145 6,865 
Prepaid expenses and other current assets11,835 10,688 
Receivables/other from related parties4,842 2,294 
Income taxes receivable945 5,911 
Total current assets44,077 42,520 
Property, plant and equipment, net244,505 242,649 
Real estate development21,941 21,636 
Equity in investments62,223 61,214 
Goodwill1,550 1,535 
Intangible assets, net11,160 11,309 
Other assets9,171 8,737 
Total assets$394,627 $389,600 
Liabilities and Stockholders' Equity  
Current liabilities:  
Accounts payable$8,531 $5,838 
Growers payable8,466 8,126 
Accrued liabilities5,930 7,947 
Payables to related parties7,487 6,273 
Current portion of long-term debt3,336 3,277 
Total current liabilities33,750 31,461 
Long-term liabilities:  
Long-term debt, less current portion128,190 122,571 
Deferred income taxes22,217 22,430 
Other long-term liabilities6,573 6,568 
Total liabilities190,730 183,030 
Commitments and contingencies (See Note 16)  
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at April 30, 2021 and October 31, 2020) (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 April 30, 2021 and October 31, 2020) (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 April 30, 2021 and October 31, 2020)
  
Common Stock – $0.01 par value (39,000,000 shares authorized: 17,936,377 and 17,857,707 shares issued and 17,685,400 and 17,606,730 shares outstanding at April 30, 2021 and October 31, 2020, respectively)
179 179 
Additional paid-in capital163,020 162,084 
Retained earnings25,620 30,797 
Accumulated other comprehensive loss(5,908)(7,548)
Treasury stock, at cost, 250,977 shares at April 30, 2021 and October 31, 2020
(3,493)(3,493)
Noncontrolling interest13,669 13,741 
Total stockholders' equity193,087 195,760 
Total liabilities and stockholders' equity$394,627 $389,600 
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
April 30,
Six Months Ended
April 30,
 2021202020212020
Net revenues:  
Agribusiness$43,989 $38,439 $81,126 $78,922 
Other operations1,143 1,132 2,281 2,305 
Total net revenues45,132 39,571 83,407 81,227 
Costs and expenses:  
Agribusiness36,442 35,949 73,380 78,492 
Other operations1,090 1,117 2,172 2,386 
Selling, general and administrative5,216 5,338 11,111 11,648 
Total costs and expenses42,748 42,404 86,663 92,526 
Operating income (loss)2,384 (2,833)(3,256)(11,299)
Other income (expense):  
Interest income25  68  
Interest expense, net of patronage dividends(622)(1,052)(488)(997)
Equity in earnings (losses) of investments, net643 (371)1,009 (491)
Loss on stock in Calavo Growers, Inc. (4,275) (6,299)
Other income (expense), net57 (280)51 235 
Total other income (expense)103 (5,978)640 (7,552)
Income (loss) before income tax (provision) benefit2,487 (8,811)(2,616)(18,851)
Income tax (provision) benefit(974)3,505 213 6,641 
Net income (loss)1,513 (5,306)(2,403)(12,210)
Net loss attributable to noncontrolling interest420 423 128 900 
Net income (loss) attributable to Limoneira Company1,933 (4,883)(2,275)(11,310)
Preferred dividends(126)(126)(251)(251)
Net income (loss) attributable to common stock$1,807 $(5,009)$(2,526)$(11,561)
Basic net income (loss) per common share$0.10 $(0.29)$(0.15)$(0.66)
Diluted net income (loss) per common share$0.10 $(0.29)$(0.15)$(0.66)
Weighted-average common shares outstanding-basic17,461,000 17,634,000 17,429,000 17,602,000 
Weighted-average common shares outstanding-diluted17,461,000 17,634,000 17,429,000 17,602,000 
  
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 April 30,Six Months Ended April 30,
 2021202020212020
Net income (loss)$1,513 $(5,306)$(2,403)$(12,210)
Other comprehensive income (loss), net of tax:  
Foreign currency translation adjustments577 (619)1,372 (1,886)
Minimum pension liability adjustment, net of tax of $50, $50, $100 and $100 for the three and six months ended April 30, 2021 and 2020, respectively.
134 60 268 195 
Residual state tax effects on sale of equity securities 140  140 
Total other comprehensive income (loss), net of tax711 (419)1,640 (1,551)
Comprehensive income (loss)2,224 (5,725)(763)(13,761)
Comprehensive loss attributable to noncontrolling interest403 422 72 887 
Comprehensive income (loss) attributable to Limoneira Company$2,627 $(5,303)$(691)$(12,874)
 
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- controllingTotalSeries B
Preferred
Series B-2
Preferred
 SharesAmountCapitalEarnings(Loss) IncomeStockInterestEquityStockStock
Balance at October 31, 202017,606,730 $179 $162,084 $30,797 $(7,548)$(3,493)$13,741 $195,760 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,324)— — — (1,324)— — 
Dividends Series B ($2.19 per share)
— — — (32)— — — (32)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation125,190 1 1,066 — — — — 1,067 — — 
Exchange of common stock(46,993)(1)(700)— — — — (701)— — 
Net (loss) income— — — (4,208)— — 292 (3,916)— — 
Other comprehensive income, net of tax— — — — 929 — 39 968 — — 
Balance at January 31, 202117,684,927$179 $162,450 $25,140 $(6,619)$(3,493)$14,072 $191,729 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,327)— — — (1,327)— — 
Dividends Series B ($2.19 per share)
— — — (33)— — — (33)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation473 — 570 — — — — 570 — — 
Net income (loss)— — — 1,933 — — (420)1,513 — — 
Other comprehensive income, net of tax— — — — 711 — 17 728 — — 
Balance at April 30, 202117,685,400 $179 $163,020 $25,620 $(5,908)$(3,493)$13,669 $193,087 $1,479 $9,331 
Stockholders' Equity Temporary Equity
Common StockAdditional
Paid-In
RetainedAccumulated
Other
Comprehensive
TreasuryNon- controllingTotalSeries B
Preferred
Series B-2
Preferred
SharesAmountCapitalEarningsLossStockInterestEquityStockStock
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 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
7


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
 Six Months Ended
April 30,
 20212020
Operating activities  
Net loss$(2,403)$(12,210)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:  
Depreciation and amortization5,053 4,998 
(Gain) or loss on disposals of assets(16)264 
Stock compensation expense1,637 1,187 
Non-cash lease expense237 228 
Equity in (earnings) losses of investments, net(1,009)491 
Deferred income taxes(213)(6,641)
Loss on stock in Calavo Growers, Inc. 6,299 
Other, net274 (12)
Changes in operating assets and liabilities:  
Accounts receivable and receivables/other from related parties(6,733)(2,953)
Cultural costs2,724 3,001 
Prepaid expenses and other current assets(1,158)(4,620)
Income taxes receivable4,966  
Other assets 80 
Accounts payable and growers payable2,738 (3,841)
Accrued liabilities and payables to related parties(1,197)(2,360)
Other long-term liabilities(257)291 
Net cash provided by (used in) operating activities4,643 (15,798)
Investing activities  
Capital expenditures(5,409)(5,415)
Net proceeds from sales of property assets83  
Net proceeds from sale of stock in Calavo Growers, Inc. 11,048 
Loan to Limoneira Lewis Community Builders, LLC (1,800)
Collection on note receivable25  
Equity investment contributions (2,800)
Investments in mutual water companies and water rights(200)(51)
Insurance proceeds received 250 
Net cash (used in) provided by investing activities(5,501)1,232 
Financing activities  
Borrowings of long-term debt48,185 71,275 
Repayments of long-term debt(42,675)(52,771)
Dividends paid – common(2,651)(2,679)
Dividends paid – preferred(251)(250)
Exchange of common stock(700)(213)
Net cash provided by financing activities1,908 15,362 
Effect of exchange rate changes on cash39 (148)
Net increase in cash1,089 648 
Cash at beginning of period501 616 
Cash at end of period$1,590 $1,264 
8


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(In thousands)
 Six Months Ended
April 30,
 20212020
Supplemental disclosures of cash flow information  
Cash paid during the period for interest, net of amounts capitalized$780 $981 
Cash (received) paid during the period for income taxes, net$(4,997)$ 
Non-cash investing and financing activities:  
Capital expenditures accrued but not paid at period-end$150 $1,734 
Accrued contribution obligation of investment in water company$450 $450 

The accompanying notes are an integral part of these unaudited consolidated financial statements.



9


LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Organization and Basis of Presentation
Business
Limoneira Company (together with its consolidated subsidiaries, the “Company”) engages primarily in growing citrus and avocados, picking and hauling citrus, and packing, marketing and selling lemons. The Company is also engaged in residential rentals and other rental operations and real estate development activities.

The Company markets and sells lemons directly to food service, wholesale and retail customers throughout the United States, Canada, Asia, Europe and other international markets. The Company is a member of Sunkist Growers, Inc. (“Sunkist”), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses.

The Company sells the majority of its avocado production to Calavo Growers, Inc. (“Calavo”), a packing and marketing company listed on the NASDAQ Global Select Market under the symbol CVGW. Calavo’s customers include many of the largest retail and food service companies in the United States and Canada. Calavo packs the Company’s avocados, which are then sold and distributed under Calavo brands to its customers.

Basis of Presentation and Preparation

The accompanying unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which the Company holds a controlling interest. Intercompany accounts and transactions have been eliminated. In the opinion of the Company, the unaudited interim consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these unaudited interim consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. Because the consolidated financial statements do not include all of the information and notes required by GAAP for a complete set of consolidated financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.

2. Summary of Significant Accounting Policies
Comprehensive Income (Loss)

Comprehensive income (loss) represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss primarily includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive income (loss) is reported as a component of the Company's stockholders' equity.

The following tables summarizes the changes in other comprehensive income (loss) by component (in thousands):

Three Months Ended April 30,
 20212020
 Pre-tax AmountTax Expense Net AmountPre-tax AmountTax ExpenseNet Amount
Foreign currency translation adjustments$577 $ $577 $(619)$ $(619)
Minimum pension liability adjustments:
Other comprehensive gain before reclassifications184 (50)134 110 (50)60 
Available-for-sale securities:
Amounts reclassified to earnings included in "Selling, general and administrative"   140  140 
Other comprehensive income (loss)$761 $(50)$711 $(369)$(50)$(419)




10


LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. Summary of Significant Accounting Policies (continued)

Six Months Ended April 30,
 20212020
 Pre-tax AmountTax ExpenseNet AmountPre-tax AmountTax ExpenseNet Amount
Foreign currency translation adjustments$1,372 $ $1,372 $(1,886)$