lmnr-20210731
false2021Q30001342423October 31http://www.limoneira.com/20210731#AgribusinessMemberhttp://www.limoneira.com/20210731#AgribusinessMemberhttp://www.limoneira.com/20210731#AgribusinessMemberhttp://www.limoneira.com/20210731#AgribusinessMemberhttp://www.limoneira.com/20210731#AgribusinessMemberhttp://www.limoneira.com/20210731#AgribusinessMemberhttp://www.limoneira.com/20210731#AgribusinessMemberhttp://www.limoneira.com/20210731#AgribusinessMemberP1Yhttp://fasb.org/us-gaap/2021-01-31#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2021-01-31#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrentP3Y00013424232020-11-012021-07-31xbrli:shares00013424232021-08-31iso4217:USD00013424232021-07-3100013424232020-10-31iso4217:USDxbrli:shares0001342423us-gaap:SeriesBPreferredStockMember2020-10-310001342423us-gaap:SeriesBPreferredStockMember2021-07-31xbrli:pure0001342423us-gaap:SeriesBPreferredStockMember2019-11-012020-10-310001342423us-gaap:SeriesBPreferredStockMember2020-11-012021-07-310001342423lmnr:SeriesB2PreferredStockMember2020-10-310001342423lmnr:SeriesB2PreferredStockMember2021-07-310001342423lmnr:SeriesB2PreferredStockMember2020-11-012021-07-310001342423lmnr:SeriesB2PreferredStockMember2019-11-012020-10-310001342423lmnr:SeriesAJuniorParticipatingPreferredStockMember2020-10-310001342423lmnr:SeriesAJuniorParticipatingPreferredStockMember2021-07-3100013424232019-11-012020-07-3100013424232020-05-012020-07-3100013424232021-05-012021-07-310001342423us-gaap:CommonStockMember2020-10-310001342423us-gaap:AdditionalPaidInCapitalMember2020-10-310001342423us-gaap:RetainedEarningsMember2020-10-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-310001342423us-gaap:TreasuryStockCommonMember2020-10-310001342423us-gaap:NoncontrollingInterestMember2020-10-3100013424232020-11-012021-01-310001342423us-gaap:RetainedEarningsMember2020-11-012021-01-310001342423us-gaap:SeriesBPreferredStockMember2020-11-012021-01-310001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2020-11-012021-01-310001342423lmnr:SeriesB2PreferredStockMember2020-11-012021-01-310001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2020-11-012021-01-310001342423us-gaap:CommonStockMember2020-11-012021-01-310001342423us-gaap:AdditionalPaidInCapitalMember2020-11-012021-01-310001342423us-gaap:NoncontrollingInterestMember2020-11-012021-01-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-11-012021-01-310001342423us-gaap:CommonStockMember2021-01-310001342423us-gaap:AdditionalPaidInCapitalMember2021-01-310001342423us-gaap:RetainedEarningsMember2021-01-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-310001342423us-gaap:TreasuryStockCommonMember2021-01-310001342423us-gaap:NoncontrollingInterestMember2021-01-3100013424232021-01-310001342423us-gaap:SeriesBPreferredStockMember2021-01-310001342423lmnr:SeriesB2PreferredStockMember2021-01-3100013424232021-02-012021-04-300001342423us-gaap:RetainedEarningsMember2021-02-012021-04-300001342423us-gaap:SeriesBPreferredStockMember2021-02-012021-04-300001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2021-02-012021-04-300001342423lmnr:SeriesB2PreferredStockMember2021-02-012021-04-300001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2021-02-012021-04-300001342423us-gaap:CommonStockMember2021-02-012021-04-300001342423us-gaap:AdditionalPaidInCapitalMember2021-02-012021-04-300001342423us-gaap:NoncontrollingInterestMember2021-02-012021-04-300001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-02-012021-04-300001342423us-gaap:CommonStockMember2021-04-300001342423us-gaap:AdditionalPaidInCapitalMember2021-04-300001342423us-gaap:RetainedEarningsMember2021-04-300001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-300001342423us-gaap:TreasuryStockCommonMember2021-04-300001342423us-gaap:NoncontrollingInterestMember2021-04-3000013424232021-04-300001342423us-gaap:SeriesBPreferredStockMember2021-04-300001342423lmnr:SeriesB2PreferredStockMember2021-04-300001342423us-gaap:RetainedEarningsMember2021-05-012021-07-310001342423us-gaap:SeriesBPreferredStockMember2021-05-012021-07-310001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2021-05-012021-07-310001342423lmnr:SeriesB2PreferredStockMember2021-05-012021-07-310001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2021-05-012021-07-310001342423us-gaap:AdditionalPaidInCapitalMember2021-05-012021-07-310001342423us-gaap:NoncontrollingInterestMember2021-05-012021-07-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-012021-07-310001342423us-gaap:CommonStockMember2021-07-310001342423us-gaap:AdditionalPaidInCapitalMember2021-07-310001342423us-gaap:RetainedEarningsMember2021-07-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-310001342423us-gaap:TreasuryStockCommonMember2021-07-310001342423us-gaap:NoncontrollingInterestMember2021-07-310001342423us-gaap:CommonStockMember2019-10-310001342423us-gaap:AdditionalPaidInCapitalMember2019-10-310001342423us-gaap:RetainedEarningsMember2019-10-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-310001342423us-gaap:NoncontrollingInterestMember2019-10-3100013424232019-10-310001342423us-gaap:SeriesBPreferredStockMember2019-10-310001342423lmnr:SeriesB2PreferredStockMember2019-10-3100013424232019-11-012020-01-310001342423us-gaap:RetainedEarningsMember2019-11-012020-01-310001342423us-gaap:SeriesBPreferredStockMember2019-11-012020-01-310001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2019-11-012020-01-310001342423lmnr:SeriesB2PreferredStockMember2019-11-012020-01-310001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2019-11-012020-01-310001342423us-gaap:CommonStockMember2019-11-012020-01-310001342423us-gaap:AdditionalPaidInCapitalMember2019-11-012020-01-310001342423us-gaap:NoncontrollingInterestMember2019-11-012020-01-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-11-012020-01-310001342423us-gaap:CommonStockMember2020-01-310001342423us-gaap:AdditionalPaidInCapitalMember2020-01-310001342423us-gaap:RetainedEarningsMember2020-01-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-310001342423us-gaap:NoncontrollingInterestMember2020-01-3100013424232020-01-310001342423us-gaap:SeriesBPreferredStockMember2020-01-310001342423lmnr:SeriesB2PreferredStockMember2020-01-3100013424232020-02-012020-04-300001342423us-gaap:RetainedEarningsMember2020-02-012020-04-300001342423us-gaap:SeriesBPreferredStockMember2020-02-012020-04-300001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2020-02-012020-04-300001342423lmnr:SeriesB2PreferredStockMember2020-02-012020-04-300001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2020-02-012020-04-300001342423us-gaap:AdditionalPaidInCapitalMember2020-02-012020-04-300001342423us-gaap:NoncontrollingInterestMember2020-02-012020-04-300001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-02-012020-04-300001342423us-gaap:CommonStockMember2020-04-300001342423us-gaap:AdditionalPaidInCapitalMember2020-04-300001342423us-gaap:RetainedEarningsMember2020-04-300001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-300001342423us-gaap:TreasuryStockCommonMember2020-04-300001342423us-gaap:NoncontrollingInterestMember2020-04-3000013424232020-04-300001342423us-gaap:SeriesBPreferredStockMember2020-04-300001342423lmnr:SeriesB2PreferredStockMember2020-04-300001342423us-gaap:RetainedEarningsMember2020-05-012020-07-310001342423us-gaap:SeriesBPreferredStockMember2020-05-012020-07-310001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2020-05-012020-07-310001342423lmnr:SeriesB2PreferredStockMember2020-05-012020-07-310001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2020-05-012020-07-310001342423us-gaap:AdditionalPaidInCapitalMember2020-05-012020-07-310001342423us-gaap:CommonStockMember2020-05-012020-07-310001342423us-gaap:TreasuryStockCommonMember2020-05-012020-07-310001342423us-gaap:NoncontrollingInterestMember2020-05-012020-07-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-012020-07-310001342423us-gaap:CommonStockMember2020-07-310001342423us-gaap:AdditionalPaidInCapitalMember2020-07-310001342423us-gaap:RetainedEarningsMember2020-07-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-310001342423us-gaap:TreasuryStockCommonMember2020-07-310001342423us-gaap:NoncontrollingInterestMember2020-07-3100013424232020-07-310001342423us-gaap:SeriesBPreferredStockMember2020-07-310001342423lmnr:SeriesB2PreferredStockMember2020-07-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2021-05-012021-07-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2020-05-012020-07-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-05-012021-07-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-05-012020-07-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2020-11-012021-07-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2019-11-012020-07-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-11-012021-07-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-11-012020-07-310001342423us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-11-012021-07-310001342423us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-11-012020-07-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-11-012021-07-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-11-012020-07-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2020-10-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-310001342423us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-10-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2021-07-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-310001342423us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2019-10-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-10-310001342423us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-10-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2020-07-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-310001342423us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-07-310001342423lmnr:LemonMemberus-gaap:SalesRevenueProductLineMemberus-gaap:SupplierConcentrationRiskMember2021-05-012021-07-310001342423lmnr:LemonMemberus-gaap:SalesRevenueProductLineMemberus-gaap:SupplierConcentrationRiskMember2020-05-012020-07-310001342423lmnr:LemonMemberus-gaap:SalesRevenueProductLineMemberus-gaap:SupplierConcentrationRiskMember2020-11-012021-07-310001342423lmnr:LemonMemberus-gaap:SalesRevenueProductLineMemberus-gaap:SupplierConcentrationRiskMember2019-11-012020-07-310001342423lmnr:LemonMemberus-gaap:SalesRevenueProductLineMemberlmnr:OneThirdPartyGrowerMemberus-gaap:SupplierConcentrationRiskMember2020-11-012021-07-310001342423us-gaap:SalesRevenueNetMemberlmnr:FirstCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-11-012021-07-310001342423lmnr:SecondCustomerMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-11-012021-07-310001342423lmnr:SanPabloSpAAndPanDeAzucarMembercountry:CL2021-05-012021-07-310001342423lmnr:SanPabloSpAAndPanDeAzucarMembercountry:CL2020-05-012020-07-310001342423lmnr:SanPabloSpAAndPanDeAzucarMembercountry:CL2020-11-012021-07-310001342423lmnr:SanPabloSpAAndPanDeAzucarMembercountry:CL2019-11-012020-07-310001342423us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberlmnr:TrapaniFreshMember2021-06-300001342423lmnr:TrapaniFreshMember2021-06-012021-06-300001342423us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberlmnr:TrapaniFreshMember2021-06-012021-06-30lmnr:installment0001342423lmnr:TrapaniFreshMember2021-06-30utr:acre0001342423lmnr:SantaClaraRanchMemberlmnr:TrapaniFreshMember2021-06-300001342423lmnr:TrapaniFreshMembercountry:AR2021-05-012021-07-310001342423lmnr:TrapaniFreshMembercountry:AR2020-05-012020-07-310001342423lmnr:TrapaniFreshMembercountry:AR2020-11-012021-07-310001342423lmnr:TrapaniFreshMembercountry:AR2019-11-012020-07-310001342423lmnr:RetainedPropertyEastAreaIMember2021-07-310001342423lmnr:RetainedPropertyEastAreaIMember2020-10-310001342423lmnr:EastAreaTwoMember2021-07-310001342423lmnr:EastAreaTwoMember2020-10-31lmnr:property0001342423lmnr:EastAreaOneAndTwoMember2005-10-310001342423lmnr:LewisGroupOfCompaniesMemberlmnr:EastAreaOneMember2015-11-100001342423lmnr:LimoneiraLewisCommunityBuildersLLCBOrJointVentureMembersrt:AffiliatedEntityMember2021-07-310001342423lmnr:LimoneiraLewisCommunityBuildersLLCBOrJointVentureMembersrt:AffiliatedEntityMember2020-10-310001342423lmnr:LimoneiraLewisCommunityBuildersLLCBOrJointVentureMemberlmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2018-01-310001342423lmnr:LimoneiraLewisCommunityBuildersLLCBOrJointVentureMemberlmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMemberus-gaap:LondonInterbankOfferedRateLIBORMember2018-01-012018-01-310001342423lmnr:LimoneiraLewisCommunityBuildersLLCBOrJointVentureMemberlmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2021-07-310001342423lmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2021-07-310001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2020-11-012021-07-310001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2019-11-012020-07-31lmnr:residentialUnit0001342423lmnr:LimoneiraLewisCommunityBuildersLLCBOrJointVentureMember2021-07-310001342423lmnr:SevillaMemberus-gaap:DisposalGroupNotDiscontinuedOperationsMember2020-01-310001342423lmnr:SevillaMemberus-gaap:DisposalGroupNotDiscontinuedOperationsMember2020-11-012021-01-310001342423lmnr:SevillaMember2021-07-310001342423lmnr:CentennialPropertyMember2017-12-310001342423lmnr:CentennialPropertyMember2017-12-012017-12-310001342423lmnr:CentennialPropertyMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-07-310001342423lmnr:CentennialPropertyMember2020-11-012020-11-300001342423lmnr:CentennialPropertyMember2021-05-012021-05-310001342423lmnr:CentennialPropertyMember2021-07-310001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2021-07-310001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2020-10-310001342423lmnr:LimcoDelMarLimitedMember2021-07-310001342423lmnr:LimcoDelMarLimitedMember2020-10-310001342423lmnr:RosalesMember2021-07-310001342423lmnr:RosalesMember2020-10-310001342423lmnr:RomneyPropertyPartnershipMember2021-07-310001342423lmnr:RomneyPropertyPartnershipMember2020-10-310001342423lmnr:LimoneiraLewisCommunityBuildersMember2020-11-012021-07-310001342423lmnr:LimoneiraLewisCommunityBuildersMember2019-11-012020-07-310001342423us-gaap:UseRightsMember2020-11-012021-07-310001342423us-gaap:TrademarksAndTradeNamesMember2021-07-310001342423us-gaap:TrademarksAndTradeNamesMember2020-11-012021-07-310001342423us-gaap:TrademarksAndTradeNamesMember2020-10-310001342423us-gaap:TrademarksAndTradeNamesMember2019-11-012020-10-310001342423us-gaap:CustomerRelationshipsMember2021-07-310001342423us-gaap:CustomerRelationshipsMember2020-11-012021-07-310001342423us-gaap:CustomerRelationshipsMember2020-10-310001342423us-gaap:CustomerRelationshipsMember2019-11-012020-10-310001342423us-gaap:NoncompeteAgreementsMember2021-07-310001342423us-gaap:NoncompeteAgreementsMember2020-11-012021-07-310001342423us-gaap:NoncompeteAgreementsMember2020-10-310001342423us-gaap:NoncompeteAgreementsMember2019-11-012020-10-310001342423us-gaap:UseRightsMember2021-07-310001342423us-gaap:UseRightsMember2020-10-310001342423us-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMemberlmnr:FarmCreditWestMasterLoanMember2021-07-310001342423us-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMemberlmnr:FarmCreditWestMasterLoanMember2020-11-012021-07-310001342423lmnr:NonrevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2021-07-310001342423srt:ScenarioForecastMemberlmnr:NonrevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2022-07-140001342423lmnr:FarmCreditWestMasterLoanMember2021-07-310001342423lmnr:FarmCreditWestMasterLoanMember2020-10-310001342423lmnr:FarmCreditWestTermLoanOneMember2021-07-310001342423lmnr:FarmCreditWestTermLoanOneMember2020-10-310001342423lmnr:FarmCreditWestTermLoanTwoMember2021-07-310001342423lmnr:FarmCreditWestTermLoanTwoMember2020-10-310001342423lmnr:FarmCreditWestTermLoanThreeMember2021-07-310001342423lmnr:FarmCreditWestTermLoanThreeMember2020-10-310001342423lmnr:FarmCreditWestTermLoanFourMember2021-07-310001342423lmnr:FarmCreditWestTermLoanFourMember2020-10-310001342423lmnr:WellsFargoTermLoanMember2021-07-310001342423lmnr:WellsFargoTermLoanMember2020-10-310001342423lmnr:BancoDeChileTermLoanMember2021-07-310001342423lmnr:BancoDeChileTermLoanMember2020-10-310001342423srt:MinimumMemberus-gaap:NotesPayableOtherPayablesMember2021-07-310001342423us-gaap:NotesPayableOtherPayablesMembersrt:MaximumMember2021-07-310001342423us-gaap:NotesPayableOtherPayablesMember2021-07-310001342423us-gaap:NotesPayableOtherPayablesMember2020-10-310001342423lmnr:BancoDeChileCOVID19LoansMember2021-07-310001342423lmnr:BancoDeChileCOVID19LoansMember2020-10-310001342423lmnr:RevolvingEquityLineofCreditMemberlmnr:FarmCreditWestMasterLoanMember2020-03-310001342423us-gaap:RevolvingCreditFacilityMemberlmnr:FarmCreditWestLoanAgreementSecuredbyWindfallInvestorsLLCPropertyMember2020-03-012020-03-310001342423us-gaap:RevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2021-07-310001342423lmnr:RevolvingEquityLineofCreditMemberlmnr:FarmCreditWestMasterLoanMember2021-07-310001342423us-gaap:RevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2021-06-140001342423srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMemberlmnr:FarmCreditWestMasterLoanMember2021-06-142021-06-140001342423us-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMemberlmnr:FarmCreditWestMasterLoanMember2021-06-142021-06-140001342423lmnr:NonrevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2021-06-140001342423lmnr:NonrevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2021-06-142021-06-140001342423srt:ScenarioForecastMemberlmnr:FarmCreditWestMasterLoanMember2021-10-310001342423srt:ScenarioForecastMemberlmnr:FarmCreditWestMasterLoanMember2022-10-310001342423lmnr:EquipmentFinanceAgreementMemberus-gaap:SubsequentEventMember2021-08-310001342423lmnr:FarmCreditWestMember2020-12-310001342423lmnr:FarmCreditWestMember2021-02-012021-02-280001342423srt:MinimumMember2021-07-310001342423srt:MaximumMember2021-07-310001342423us-gaap:RestrictedStockMember2021-05-012021-07-310001342423us-gaap:RestrictedStockMember2020-05-012020-07-310001342423us-gaap:RestrictedStockMember2020-11-012021-07-310001342423us-gaap:RestrictedStockMember2019-11-012020-07-310001342423lmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2021-07-310001342423lmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2020-10-310001342423lmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2021-07-310001342423lmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2020-10-310001342423lmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2021-07-310001342423lmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2020-10-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2021-07-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2020-10-310001342423srt:AffiliatedEntityMemberlmnr:ColoradoRiverGrowersMember2021-07-310001342423srt:AffiliatedEntityMemberlmnr:ColoradoRiverGrowersMember2020-10-310001342423lmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2021-07-310001342423lmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2020-10-310001342423lmnr:ThirdPartyGrowersMembersrt:AffiliatedEntityMember2021-07-310001342423lmnr:ThirdPartyGrowersMembersrt:AffiliatedEntityMember2020-10-310001342423lmnr:AgribusinessMembersrt:AffiliatedEntityMemberlmnr:EmployeeMember2021-05-012021-07-310001342423srt:AffiliatedEntityMemberlmnr:EmployeeMember2021-05-012021-07-310001342423lmnr:AgribusinessMembersrt:AffiliatedEntityMemberlmnr:EmployeeMember2020-05-012020-07-310001342423srt:AffiliatedEntityMemberlmnr:EmployeeMember2020-05-012020-07-310001342423lmnr:AgribusinessMemberlmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2021-05-012021-07-310001342423lmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2021-05-012021-07-310001342423lmnr:AgribusinessMemberlmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2020-05-012020-07-310001342423lmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2020-05-012020-07-310001342423lmnr:AgribusinessMemberlmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2021-05-012021-07-310001342423lmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2021-05-012021-07-310001342423lmnr:AgribusinessMemberlmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2020-05-012020-07-310001342423lmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2020-05-012020-07-310001342423lmnr:AgribusinessMemberlmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2021-05-012021-07-310001342423lmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2021-05-012021-07-310001342423lmnr:AgribusinessMemberlmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2020-05-012020-07-310001342423lmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2020-05-012020-07-310001342423lmnr:AgribusinessMemberlmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2021-05-012021-07-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2021-05-012021-07-310001342423lmnr:AgribusinessMemberlmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2020-05-012020-07-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2020-05-012020-07-310001342423lmnr:AgribusinessMemberlmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2021-05-012021-07-310001342423lmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2021-05-012021-07-310001342423lmnr:AgribusinessMemberlmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2020-05-012020-07-310001342423lmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2020-05-012020-07-310001342423lmnr:AgribusinessMemberlmnr:FreskaMemberus-gaap:BeneficialOwnerMember2021-05-012021-07-310001342423lmnr:FreskaMemberus-gaap:BeneficialOwnerMember2021-05-012021-07-310001342423lmnr:AgribusinessMemberlmnr:FreskaMemberus-gaap:BeneficialOwnerMember2020-05-012020-07-310001342423lmnr:FreskaMemberus-gaap:BeneficialOwnerMember2020-05-012020-07-310001342423lmnr:ThirdPartyGrowersMemberlmnr:AgribusinessMembersrt:AffiliatedEntityMember2021-05-012021-07-310001342423lmnr:ThirdPartyGrowersMembersrt:AffiliatedEntityMember2021-05-012021-07-310001342423lmnr:ThirdPartyGrowersMemberlmnr:AgribusinessMembersrt:AffiliatedEntityMember2020-05-012020-07-310001342423lmnr:ThirdPartyGrowersMembersrt:AffiliatedEntityMember2020-05-012020-07-310001342423lmnr:AgribusinessMembersrt:AffiliatedEntityMemberlmnr:EmployeeMember2020-11-012021-07-310001342423srt:AffiliatedEntityMemberlmnr:EmployeeMember2020-11-012021-07-310001342423lmnr:AgribusinessMembersrt:AffiliatedEntityMemberlmnr:EmployeeMember2019-11-012020-07-310001342423srt:AffiliatedEntityMemberlmnr:EmployeeMember2019-11-012020-07-310001342423lmnr:AgribusinessMemberlmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:AgribusinessMemberlmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:MutualWaterCompaniesMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:AgribusinessMemberlmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:AgribusinessMemberlmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:CooperativeAssociationMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:AgribusinessMemberlmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2020-11-012021-07-310001342423lmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2020-11-012021-07-310001342423lmnr:AgribusinessMemberlmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2019-11-012020-07-310001342423lmnr:CalavoGrowersIncMemberus-gaap:BeneficialOwnerMember2019-11-012020-07-310001342423lmnr:AgribusinessMemberlmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:AgribusinessMemberlmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:AgribusinessMembersrt:AffiliatedEntityMemberlmnr:ColoradoRiverGrowersMember2020-11-012021-07-310001342423srt:AffiliatedEntityMemberlmnr:ColoradoRiverGrowersMember2020-11-012021-07-310001342423lmnr:AgribusinessMembersrt:AffiliatedEntityMemberlmnr:ColoradoRiverGrowersMember2019-11-012020-07-310001342423srt:AffiliatedEntityMemberlmnr:ColoradoRiverGrowersMember2019-11-012020-07-310001342423lmnr:YMIDDMemberlmnr:AgribusinessMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:YMIDDMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:YMIDDMemberlmnr:AgribusinessMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:YMIDDMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:AgribusinessMemberlmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2020-11-012021-07-310001342423lmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2020-11-012021-07-310001342423lmnr:AgribusinessMemberlmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2019-11-012020-07-310001342423lmnr:FGFTrapaniMemberus-gaap:CoVenturerMember2019-11-012020-07-310001342423lmnr:AgribusinessMemberlmnr:FreskaMemberus-gaap:BeneficialOwnerMember2020-11-012021-07-310001342423lmnr:FreskaMemberus-gaap:BeneficialOwnerMember2020-11-012021-07-310001342423lmnr:AgribusinessMemberlmnr:FreskaMemberus-gaap:BeneficialOwnerMember2019-11-012020-07-310001342423lmnr:FreskaMemberus-gaap:BeneficialOwnerMember2019-11-012020-07-310001342423lmnr:ThirdPartyGrowersMemberlmnr:AgribusinessMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:ThirdPartyGrowersMembersrt:AffiliatedEntityMember2020-11-012021-07-310001342423lmnr:ThirdPartyGrowersMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423lmnr:ThirdPartyGrowersMemberlmnr:AgribusinessMembersrt:AffiliatedEntityMember2019-11-012020-07-310001342423srt:AffiliatedEntityMemberlmnr:EmployeeMember2020-10-310001342423srt:AffiliatedEntityMemberlmnr:EmployeeMember2021-07-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2013-10-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMembersrt:AffiliatedEntityMember2012-11-012013-10-310001342423lmnr:AffiliateOfWaterAssetManagementLLCMemberlmnr:LimoneiraCompanySeriesB2ConvertiblePreferredStockMember2021-07-310001342423us-gaap:StockCompensationPlanMember2020-11-012021-07-310001342423us-gaap:StockCompensationPlanMembersrt:ManagementMember2019-11-012020-10-310001342423srt:MinimumMemberus-gaap:StockCompensationPlanMembersrt:ExecutiveOfficerMember2020-11-012021-07-310001342423us-gaap:StockCompensationPlanMembersrt:ExecutiveOfficerMembersrt:MaximumMember2020-11-012021-07-310001342423us-gaap:StockCompensationPlanMembersrt:ExecutiveOfficerMember2020-12-012020-12-310001342423us-gaap:StockCompensationPlanMembersrt:ExecutiveOfficerMember2020-11-012021-07-310001342423us-gaap:StockCompensationPlanMemberlmnr:NonemployeeDirectorsMember2021-01-012021-01-310001342423us-gaap:StockCompensationPlanMemberlmnr:NonemployeeDirectorsMember2020-01-012020-01-310001342423us-gaap:StockCompensationPlanMemberlmnr:NonemployeeDirectorsMember2020-11-012021-07-310001342423us-gaap:StockCompensationPlanMemberlmnr:NonemployeeDirectorsMember2019-11-012020-07-310001342423srt:ManagementMember2020-11-012021-01-310001342423srt:ManagementMember2019-11-012020-01-3100013424232020-03-1200013424232019-11-012020-10-31lmnr:segment0001342423lmnr:OrangesMemberlmnr:OtherAgribusinessMember2021-05-012021-07-310001342423lmnr:OrangesMemberlmnr:OtherAgribusinessMember2020-11-012021-07-310001342423lmnr:SpecialtyCitrusandOtherCropsMemberlmnr:OtherAgribusinessMember2021-05-012021-07-310001342423lmnr:SpecialtyCitrusandOtherCropsMemberlmnr:OtherAgribusinessMember2020-11-012021-07-310001342423lmnr:OrangesMemberlmnr:OtherAgribusinessMember2020-05-012020-07-310001342423lmnr:OrangesMemberlmnr:OtherAgribusinessMember2019-11-012020-07-310001342423lmnr:SpecialtyCitrusandOtherCropsMemberlmnr:OtherAgribusinessMember2020-05-012020-07-310001342423lmnr:SpecialtyCitrusandOtherCropsMemberlmnr:OtherAgribusinessMember2019-11-012020-07-310001342423lmnr:FreshLemonsMember2021-05-012021-07-310001342423lmnr:LemonPackingMember2021-05-012021-07-310001342423lmnr:AvocadosMember2021-05-012021-07-310001342423lmnr:OtherAgribusinessMember2021-05-012021-07-310001342423lmnr:TotalAgriBusinessMember2021-05-012021-07-310001342423us-gaap:CorporateNonSegmentMember2021-05-012021-07-310001342423us-gaap:IntersegmentEliminationMemberlmnr:FreshLemonsMember2021-05-012021-07-310001342423us-gaap:IntersegmentEliminationMemberlmnr:LemonPackingMember2021-05-012021-07-310001342423us-gaap:IntersegmentEliminationMember2021-05-012021-07-310001342423lmnr:FreshLemonsMemberus-gaap:OperatingSegmentsMember2021-05-012021-07-310001342423lmnr:LemonPackingMemberus-gaap:OperatingSegmentsMember2021-05-012021-07-310001342423lmnr:AvocadosMemberus-gaap:OperatingSegmentsMember2021-05-012021-07-310001342423us-gaap:OperatingSegmentsMemberlmnr:OtherAgribusinessMember2021-05-012021-07-310001342423lmnr:TotalAgriBusinessMemberus-gaap:OperatingSegmentsMember2021-05-012021-07-310001342423lmnr:FreshLemonsMember2020-05-012020-07-310001342423lmnr:LemonPackingMember2020-05-012020-07-310001342423lmnr:AvocadosMember2020-05-012020-07-310001342423lmnr:OtherAgribusinessMember2020-05-012020-07-310001342423lmnr:TotalAgriBusinessMember2020-05-012020-07-310001342423us-gaap:CorporateNonSegmentMember2020-05-012020-07-310001342423us-gaap:IntersegmentEliminationMemberlmnr:FreshLemonsMember2020-05-012020-07-310001342423us-gaap:IntersegmentEliminationMemberlmnr:LemonPackingMember2020-05-012020-07-310001342423us-gaap:IntersegmentEliminationMember2020-05-012020-07-310001342423lmnr:FreshLemonsMemberus-gaap:OperatingSegmentsMember2020-05-012020-07-310001342423lmnr:LemonPackingMemberus-gaap:OperatingSegmentsMember2020-05-012020-07-310001342423lmnr:AvocadosMemberus-gaap:OperatingSegmentsMember2020-05-012020-07-310001342423us-gaap:OperatingSegmentsMemberlmnr:OtherAgribusinessMember2020-05-012020-07-310001342423lmnr:TotalAgriBusinessMemberus-gaap:OperatingSegmentsMember2020-05-012020-07-310001342423lmnr:FreshLemonsMember2020-11-012021-07-310001342423lmnr:LemonPackingMember2020-11-012021-07-310001342423lmnr:AvocadosMember2020-11-012021-07-310001342423lmnr:OtherAgribusinessMember2020-11-012021-07-310001342423lmnr:TotalAgriBusinessMember2020-11-012021-07-310001342423us-gaap:CorporateNonSegmentMember2020-11-012021-07-310001342423us-gaap:IntersegmentEliminationMemberlmnr:FreshLemonsMember2020-11-012021-07-310001342423us-gaap:IntersegmentEliminationMemberlmnr:LemonPackingMember2020-11-012021-07-310001342423us-gaap:IntersegmentEliminationMember2020-11-012021-07-310001342423lmnr:FreshLemonsMemberus-gaap:OperatingSegmentsMember2020-11-012021-07-310001342423lmnr:LemonPackingMemberus-gaap:OperatingSegmentsMember2020-11-012021-07-310001342423lmnr:AvocadosMemberus-gaap:OperatingSegmentsMember2020-11-012021-07-310001342423us-gaap:OperatingSegmentsMemberlmnr:OtherAgribusinessMember2020-11-012021-07-310001342423lmnr:TotalAgriBusinessMemberus-gaap:OperatingSegmentsMember2020-11-012021-07-310001342423lmnr:FreshLemonsMember2019-11-012020-07-310001342423lmnr:LemonPackingMember2019-11-012020-07-310001342423lmnr:AvocadosMember2019-11-012020-07-310001342423lmnr:OtherAgribusinessMember2019-11-012020-07-310001342423lmnr:TotalAgriBusinessMember2019-11-012020-07-310001342423us-gaap:CorporateNonSegmentMember2019-11-012020-07-310001342423us-gaap:IntersegmentEliminationMemberlmnr:FreshLemonsMember2019-11-012020-07-310001342423us-gaap:IntersegmentEliminationMemberlmnr:LemonPackingMember2019-11-012020-07-310001342423us-gaap:IntersegmentEliminationMember2019-11-012020-07-310001342423lmnr:FreshLemonsMemberus-gaap:OperatingSegmentsMember2019-11-012020-07-310001342423lmnr:LemonPackingMemberus-gaap:OperatingSegmentsMember2019-11-012020-07-310001342423lmnr:AvocadosMemberus-gaap:OperatingSegmentsMember2019-11-012020-07-310001342423us-gaap:OperatingSegmentsMemberlmnr:OtherAgribusinessMember2019-11-012020-07-310001342423lmnr:TotalAgriBusinessMemberus-gaap:OperatingSegmentsMember2019-11-012020-07-31


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 JULY 31, 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 August 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 – July 31, 2021 and October 31, 2020
  
Consolidated Statements of Operations – three and nine months ended July 31, 2021 and 2020
  
Consolidated Statements of Comprehensive Income (Loss) – three and nine months ended July 31, 2021 and 2020
  
Consolidated Statements of Stockholders' Equity and Temporary Equity – three and nine months ended July 31, 2021 and 2020
Consolidated Statements of Cash Flows – nine months ended July 31, 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:

negative impacts related to the COVID-19 pandemic and the effectiveness of the Company's responses to the pandemic;
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;
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) 
 July 31, 2021October 31, 2020
Assets  
Current assets:  
Cash$775 $501 
Accounts receivable, net16,427 16,261 
Cultural costs5,426 6,865 
Prepaid expenses and other current assets10,219 10,688 
Receivables/other from related parties4,687 2,294 
Income taxes receivable 5,911 
Total current assets37,534 42,520 
Property, plant and equipment, net244,900 242,649 
Real estate development22,251 21,636 
Equity in investments63,446 61,214 
Goodwill1,539 1,535 
Intangible assets, net8,680 11,309 
Other assets9,920 8,737 
Total assets$388,270 $389,600 
Liabilities and Stockholders' Equity  
Current liabilities:  
Accounts payable$8,336 $5,838 
Growers payable10,328 8,126 
Accrued liabilities5,639 7,947 
Payables to related parties7,101 6,273 
Current portion of long-term debt2,236 3,277 
Total current liabilities33,640 31,461 
Long-term liabilities:  
Long-term debt, less current portion120,935 122,571 
Deferred income taxes23,526 22,430 
Other long-term liabilities6,374 6,568 
Total liabilities184,475 183,030 
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 July 31, 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 July 31, 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 July 31, 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 July 31, 2021 and October 31, 2020, respectively)
179 179 
Additional paid-in capital163,460 162,084 
Retained earnings27,874 30,797 
Accumulated other comprehensive loss(6,815)(7,548)
Treasury stock, at cost, 250,977 shares at July 31, 2021 and October 31, 2020
(3,493)(3,493)
Noncontrolling interest11,780 13,741 
Total stockholders' equity192,985 195,760 
Total liabilities and stockholders' equity$388,270 $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
July 31,
Nine Months Ended
July 31,
 2021202020212020
Net revenues:  
Agribusiness$47,954 $52,387 $129,080 $131,309 
Other operations1,171 1,172 3,452 3,477 
Total net revenues49,125 53,559 132,532 134,786 
Costs and expenses:  
Agribusiness40,691 46,826 114,071 125,318 
Other operations1,017 1,010 3,189 3,396 
Selling, general and administrative4,043 3,909 15,154 15,557 
Total costs and expenses45,751 51,745 132,414 144,271 
Operating income (loss)3,374 1,814 118 (9,485)
Other income (expense):  
Interest income211  279  
Interest expense, net of patronage dividends(574)(92)(1,062)(1,089)
Equity in earnings of investments, net1,462 832 2,471 341 
Loss on stock in Calavo Growers, Inc.   (6,299)
Other income, net32 11 83 246 
Total other income (expense)1,131 751 1,771 (6,801)
Income (loss) before income tax (provision) benefit4,505 2,565 1,889 (16,286)
Income tax (provision) benefit(1,335)(765)(1,122)5,876 
Net income (loss)3,170 1,800 767 (10,410)
Net loss attributable to noncontrolling interest535 509 663 1,409 
Net income (loss) attributable to Limoneira Company3,705 2,309 1,430 (9,001)
Preferred dividends(125)(125)(376)(376)
Net income (loss) attributable to common stock$3,580 $2,184 $1,054 $(9,377)
Basic net income (loss) per common share$0.20 $0.12 $0.06 $(0.54)
Diluted net income (loss) per common share$0.20 $0.12 $0.06 $(0.54)
Weighted-average common shares outstanding-basic17,461,000 17,623,000 17,439,000 17,607,000 
Weighted-average common shares outstanding-diluted18,243,000 18,497,000 17,439,000 17,607,000 
  
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,
 2021202020212020
Net income (loss)$3,170 $1,800 $767 $(10,410)
Other comprehensive (loss) income, net of tax:  
Foreign currency translation adjustments(1,042)1,410 330 (476)
Minimum pension liability adjustment, net of tax of $50, $50, $150 and $150 for the three and nine months ended July 31, 2021 and 2020, respectively.
135 135 403 330 
Residual state tax effects on sale of equity securities   140 
Total other comprehensive (loss) income, net of tax(907)1,545 733 (6)
Comprehensive income (loss)2,263 3,345 1,500 (10,416)
Comprehensive loss attributable to noncontrolling interest558 544 630 1,431 
Comprehensive income (loss) attributable to Limoneira Company$2,821 $3,889 $2,130 $(8,985)
 
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 
Dividends Common ($0.075 per share)
— — — (1,326)— — — (1,326)— — 
Dividends Series B ($2.19 per share)
— — — (32)— — — (32)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation— — 440 — — — — 440 — — 
Noncontrolling interest adjustment— — — — — — (1,331)(1,331)— — 
Net income (loss)— — — 3,705 — — (535)3,170 — — 
Other comprehensive loss, net of tax— — — — (907)— (23)(930)— — 
Balance at July 31, 202117,685,400$179 $163,460 $27,874 $(6,815)$(3,493)$11,780 $192,985 $1,479 $9,331 



7


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (CONTINUED)
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 
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 (loss) income— — — 2,309 — — (509)1,800 — — 
Other comprehensive loss, net of tax— — — — 1,545 — (35)1,510 — — 
Balance at July 31, 202017,815,607$179 $161,655 $39,695 $(7,261)$(562)$13,846 $207,552 $1,479 $9,331 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
8


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
 Nine Months Ended
July 31,
 20212020
Operating activities  
Net income (loss)$767 $(10,410)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  
Depreciation and amortization7,490 7,555 
(Gain) or loss on disposals of assets(20)519 
Stock compensation expense2,077 1,615 
Non-cash lease expense346 349 
Equity in earnings of investments, net(2,471)(341)
Deferred income taxes1,122 (581)
Loss on stock in Calavo Growers, Inc. 6,299 
Other, net193 (19)
Changes in operating assets and liabilities:  
Accounts receivable and receivables/other from related parties(2,301)(6,367)
Cultural costs1,430 1,118 
Prepaid expenses and other current assets(494)(1,811)
Income taxes receivable5,911 (4,848)
Other assets52 108 
Accounts payable and growers payable4,731 (2,969)
Accrued liabilities and payables to related parties(1,612)(1,472)
Other long-term liabilities(419)(