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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 JULY 31, 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 August 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 – July 31, 2022 and October 31, 2021
  
Consolidated Statements of Operations – three and nine months ended July 31, 2022 and 2021
  
Consolidated Statements of Comprehensive Income – three and nine months ended July 31, 2022 and 2021
  
Consolidated Statements of Stockholders' Equity and Temporary Equity – three and nine months ended July 31, 2022 and 2021
Consolidated Statements of Cash Flows – nine months ended July 31, 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) 

 July 31, 2022October 31, 2021
Assets  
Current assets:  
Cash$995 $439 
Accounts receivable, net18,457 17,483 
Cultural costs6,326 7,500 
Prepaid expenses and other current assets12,253 10,709 
Receivables/other from related parties4,392 5,958 
Total current assets42,423 42,089 
Property, plant and equipment, net241,069 242,420 
Real estate development23,231 22,828 
Equity in investments64,621 64,072 
Goodwill1,512 1,527 
Intangible assets, net7,582 8,329 
Other assets13,059 11,011 
Total assets$393,497 $392,276 
Liabilities and Stockholders' Equity  
Current liabilities:  
Accounts payable$7,078 $8,963 
Growers and suppliers payable12,018 10,371 
Accrued liabilities7,691 6,542 
Payables to related parties7,719 6,976 
Current portion of long-term debt3,554 2,472 
Total current liabilities38,060 35,324 
Long-term liabilities:  
Long-term debt, less current portion129,004 130,353 
Deferred income taxes24,282 22,853 
Other long-term liabilities5,656 4,501 
Total liabilities197,002 193,031 
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 July 31, 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 July 31, 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 July 31, 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 July 31, 2022 and October 31, 2021, respectively)
180 179 
Additional paid-in capital164,871 163,965 
Retained earnings19,618 21,552 
Accumulated other comprehensive loss(7,295)(5,733)
Treasury stock, at cost, 250,977 shares at July 31, 2022 and October 31, 2021
(3,493)(3,493)
Noncontrolling interest11,804 11,965 
Total stockholders' equity185,685 188,435 
Total liabilities and stockholders' equity$393,497 $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
July 31,
Nine Months Ended
July 31,
 2022202120222021
Net revenues:  
Agribusiness$57,594 $47,954 $141,046 $129,080 
Other operations1,329 1,171 3,901 3,452 
Total net revenues58,923 49,125 144,947 132,532 
Costs and expenses:  
Agribusiness41,463 40,691 120,306 114,071 
Other operations1,127 1,017 3,294 3,189 
Loss on disposal of assets, net242  503  
Selling, general and administrative5,031 4,043 16,756 15,154 
Total costs and expenses47,863 45,751 140,859 132,414 
Operating income 11,060 3,374 4,088 118 
Other (expense) income:  
Interest income6 211 54 279 
Interest expense, net of patronage dividends(772)(574)(1,253)(1,062)
Equity in earnings of investments, net331 1,462 681 2,471 
Other income, net13 32 106 83 
Total other (expense) income (422)1,131 (412)1,771 
Income before income tax provision10,638 4,505 3,676 1,889 
Income tax provision(3,313)(1,335)(1,385)(1,122)
Net income 7,325 3,170 2,291 767 
Net loss attributable to noncontrolling interest52 535 129 663 
Net income attributable to Limoneira Company7,377 3,705 2,420 1,430 
Preferred dividends(125)(125)(376)(376)
Net income applicable to common stock$7,252 $3,580 $2,044 $1,054 
Basic net income per common share$0.41 $0.20 $0.11 $0.06 
Diluted net income per common share$0.40 $0.20 $0.11 $0.06 
Weighted-average common shares outstanding-basic17,529,000 17,461,000 17,481,000 17,439,000 
Weighted-average common shares outstanding-diluted18,334,000 18,243,000 17,481,000 17,439,000 
  
The accompanying notes are an integral part of these unaudited consolidated financial statements.
 


5


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)

 Three Months Ended
July 31,
Nine Months Ended
July 31,
 2022202120222021
Net income $7,325 $3,170 $2,291 $767 
Other comprehensive (loss) income, net of tax:  
Foreign currency translation adjustments(828)(1,042)(1,779)330 
Minimum pension liability adjustment, net of tax of $27, $50, $81 and $150 for the three and nine months ended July 31, 2022 and 2021, respectively.
72 135 217 403 
Total other comprehensive (loss) income, net of tax(756)(907)(1,562)733 
Comprehensive income 6,569 2,263 729 1,500 
Comprehensive loss attributable to noncontrolling interest80 558 161 630 
Comprehensive income attributable to Limoneira Company$6,649 $2,821 $890 $2,130 
 
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 
Dividends Common ($0.075 per share)
— — — (1,325)— — — (1,325)— — 
Dividends Series B ($2.19 per share)
— — — (32)— — — (32)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation— — 618 — — — — 618 — — 
Net income (loss)— — — 7,377 — — (52)7,325 — — 
Other comprehensive loss, net of tax— — — — (756)— (28)(784)— — 
Balance at July 31, 202217,721,551$180 $164,871 $19,618 $(7,295)$(3,493)$11,804 $185,685 $1,479 $9,331 






















7


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (CONTINUED)
($ in thousands)

Stockholders' Equity Temporary Equity
Common StockAdditional
Paid-In
RetainedAccumulated
Other
Comprehensive
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 
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 

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,
 20222021
Operating activities  
Net income $2,291 $767 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization7,432 7,490 
Loss (gain) on disposal of assets, net503 (20)
Stock compensation expense1,993 2,077 
Non-cash lease expense323 346 
Equity in earnings of investments, net(681)(2,471)
Cash distributions from equity investments132  
Deferred income taxes1,385 1,122 
Other, net816 193 
Changes in operating assets and liabilities:  
Accounts receivable and receivables/other from related parties(1,260)(2,301)
Cultural costs1,168 1,430 
Prepaid expenses and other current assets(4,181)(494)
Income taxes receivable 5,911 
Other assets3 52 <