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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, 2022
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, 2022, there were 17,721,551 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, 2022 and October 31, 2021
  
Consolidated Statements of Operations – three and six months ended April 30, 2022 and 2021
  
Consolidated Statements of Comprehensive Income (Loss) – three and six months ended April 30, 2022 and 2021
  
Consolidated Statements of Stockholders' Equity and Temporary Equity – three and six months ended April 30, 2022 and 2021
Consolidated Statements of Cash Flows – six months ended April 30, 2022 and 2021
  
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 in this quarterly report include:

negative impacts related to the COVID-19 pandemic and the effectiveness of our 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, winds 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;
disruption in the global supply chain;
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, 2021 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 pandemic. 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, 2021. 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, 2022October 31, 2021
Assets  
Current assets:  
Cash$960 $439 
Accounts receivable, net22,139 17,483 
Cultural costs2,858 7,500 
Prepaid expenses and other current assets10,648 10,709 
Receivables/other from related parties5,347 5,958 
Total current assets41,952 42,089 
Property, plant and equipment, net239,594 242,420 
Real estate development23,049 22,828 
Equity in investments64,290 64,072 
Goodwill1,520 1,527 
Intangible assets, net7,873 8,329 
Other assets12,466 11,011 
Total assets$390,744 $392,276 
Liabilities and Stockholders' Equity  
Current liabilities:  
Accounts payable$9,800 $8,963 
Growers and suppliers payable9,495 10,371 
Accrued liabilities6,802 6,542 
Payables to related parties8,035 6,976 
Current portion of long-term debt3,678 2,472 
Total current liabilities37,810 35,324 
Long-term liabilities:  
Long-term debt, less current portion135,575 130,353 
Deferred income taxes20,975 22,853 
Other long-term liabilities5,598 4,501 
Total liabilities199,958 193,031 
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, 2022 and October 31, 2021) (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, 2022 and October 31, 2021) (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, 2022 and October 31, 2021)
  
Common Stock – $0.01 par value (39,000,000 shares authorized: 17,972,528 and 17,936,377 shares issued and 17,721,551 and 17,685,400 shares outstanding at April 30, 2022 and October 31, 2021, respectively)
180 179 
Additional paid-in capital164,253 163,965 
Retained earnings13,691 21,552 
Accumulated other comprehensive loss(6,539)(5,733)
Treasury stock, at cost, 250,977 shares at April 30, 2022 and October 31, 2021
(3,493)(3,493)
Noncontrolling interest11,884 11,965 
Total stockholders' equity179,976 188,435 
Total liabilities and stockholders' equity$390,744 $392,276 
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,
 2022202120222021
Net revenues:  
Agribusiness$45,369 $43,989 $83,452 $81,126 
Other operations1,381 1,143 2,572 2,281 
Total net revenues46,750 45,132 86,024 83,407 
Costs and expenses:  
Agribusiness37,599 36,442 78,843 73,380 
Other operations1,093 1,090 2,167 2,172 
Loss on disposal of assets, net346  261  
Selling, general and administrative5,126 5,216 11,725 11,111 
Total costs and expenses44,164 42,748 92,996 86,663 
Operating income (loss)2,586 2,384 (6,972)(3,256)
Other (expense) income:  
Interest income27 25 48 68 
Interest expense, net of patronage dividends(696)(622)(481)(488)
Equity in earnings of investments, net299 643 350 1,009 
Other income, net78 57 93 51 
Total other (expense) income (292)103 10 640 
Income (loss) before income tax (expense) benefit2,294 2,487 (6,962)(2,616)
Income tax (expense) benefit(722)(974)1,928 213 
Net income (loss)1,572 1,513 (5,034)(2,403)
Net (income) loss attributable to noncontrolling interest(11)420 77 128 
Net income (loss) attributable to Limoneira Company1,561 1,933 (4,957)(2,275)
Preferred dividends(126)(126)(251)(251)
Net income (loss) attributable to common stock$1,435 $1,807 $(5,208)$(2,526)
Basic net income (loss) per common share$0.08 $0.10 $(0.30)$(0.15)
Diluted net income (loss) per common share$0.08 $0.10 $(0.30)$(0.15)
Weighted-average common shares outstanding-basic17,511,000 17,461,000 17,461,000 17,429,000 
Weighted-average common shares outstanding-diluted17,511,000 17,461,000 17,461,000 17,429,000 
  
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,
 2022202120222021
Net income (loss)$1,572 $1,513 $(5,034)$(2,403)
Other comprehensive (loss) income, net of tax:  
Foreign currency translation adjustments(1,006)577 (951)1,372 
Minimum pension liability adjustment, net of tax of $27, $50, $54 and $100 for the three and six months ended April 30, 2022 and 2021, respectively.
73 134 145 268 
Total other comprehensive (loss) income, net of tax(933)711 (806)1,640 
Comprehensive income (loss)639 2,224 (5,840)(763)
Comprehensive (income) loss attributable to noncontrolling interest(5)403 81 72 
Comprehensive income (loss) attributable to Limoneira Company$634 $2,627 $(5,759)$(691)
 
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
 SharesAmountCapitalEarningsLossStockInterestEquityStockStock
Balance at October 31, 202117,685,400 $179 $163,965 $21,552 $(5,733)$(3,493)$11,965 $188,435 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,328)— — — (1,328)— — 
Dividends Series B ($2.19 per share)
— — — (32)— — — (32)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation70,000 1 996 — — — — 997 — — 
Exchange of common stock(55,362)— (900)— — — — (900)— — 
Net loss— — — (6,518)— — (88)(6,606)— — 
Other comprehensive income, net of tax— — — — 127 — 2 129 — — 
Balance at January 31, 202217,700,038$180 $164,061 $13,581 $(5,606)$(3,493)$11,879 $180,602 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,325)— — — (1,325)— — 
Dividends Series B ($2.19 per share)
— — — (33)— — — (33)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation34,231 — 378 — — — — 378 — — 
Exchange of common stock(12,718)— (186)— — — — (186)— — 
Net income— — — 1,561 — — 11 1,572 — — 
Other comprehensive loss, net of tax— — — — (933)— (6)(939)— — 
Balance at April 30, 202217,721,551 $180 $164,253 $13,691 $(6,539)$(3,493)$11,884 $179,976 $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, 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 

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,
 20222021
Operating activities  
Net loss$(5,034)$(2,403)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:  
Depreciation and amortization4,963 5,053 
Loss (gain) on disposal of assets, net261 (16)
Stock compensation expense1,375 1,637 
Non-cash lease expense207 237 
Equity in earnings of investments, net(350)(1,009)
Cash distributions from equity investments132  
Deferred income taxes(1,928)(213)
Other, net360 274 
Changes in operating assets and liabilities:  
Accounts receivable and receivables/other from related parties(3,877)(6,733)
Cultural costs4,640 2,724 
Prepaid expenses and other current assets(2,392)(1,158)
Income taxes receivable 4,966 
Other assets33  
Accounts payable and growers and suppliers payable(413)2,738 
Accrued liabilities and payables to related parties1,030 (1,197)
Other long-term liabilities(167)(257)
Net cash (used in) provided by operating activities(1,160)4,643 
Investing activities  
Capital expenditures(4,123)(5,409)
Net proceeds from sale of assets1,121 83 
Collection on note receivable2,600 25 
Investments in mutual water companies and water rights(40)(200)
Net cash used in investing activities(442)(5,501)
Financing activities  
Borrowings of long-term debt75,247 48,185 
Repayments of long-term debt(68,762)(42,675)
Principal paid on finance leases(169) 
Dividends paid – common(2,653)(2,651)
Dividends paid – preferred(251)(251)
Exchange of common stock(1,086)(700)
Net cash provided by financing activities2,326 1,908 
Effect of exchange rate changes on cash(203)39 
Net increase in cash521 1,089 
Cash at beginning of period439 501 
Cash at end of period$960 1,590 
8


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(In thousands)

 Six Months Ended
April 30,
 20222021
Supplemental disclosures of cash flow information  
Cash paid during the period for interest, net of amounts capitalized$431 $780 
Cash paid (received) during the period for income taxes, net$ $(4,997)
Non-cash investing and financing activities:  
Capital expenditures accrued but not paid at period-end$88 $150 
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 citrus. The Company is also engaged in residential rentals and other rental operations and real estate development activities.

The Company markets and sells citrus 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 a portion of its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses.

Through fiscal year 2021, the Company sold 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. In February 2022, the Company terminated its Avocado Marketing Agreement and the associated Letter Agreement Regarding Fruit Commitment with Calavo to pursue opportunities with other packing and marketing companies.

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 balances and transactions have been eliminated in consolidation. 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 U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ 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 loss is reported as a component of the Company's stockholders' equity.

The following table summarizes other comprehensive (loss) income by component (in thousands):

Three Months Ended April 30,
 20222021
 Pre-tax AmountTax Expense Net AmountPre-tax AmountTax ExpenseNet Amount
Foreign currency translation adjustments$(1,006)$ $(1,006)$577 $ $577 
Minimum pension liability adjustments:
Other comprehensive gain before reclassifications100 (27)73 184 (50)134 
Other comprehensive (loss) income$(906)$(27)$(933)$761 $(50)$711 




10


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

Comprehensive Income (Loss) (continued)
Six Months Ended April 30,
 20222021
 Pre-tax AmountTax ExpenseNet AmountPre-tax AmountTax ExpenseNet Amount
Foreign currency translation adjustments$(951)$ $(951)$1,372 $ $1,372 
Minimum pension liability adjustments:
Other comprehensive gain before reclassifications199 (54)145 368 (100)268 
Other comprehensive (loss) income$(752)