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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, 2023
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: (805) 525-5541 
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, 2023, there were 17,978,910 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, 2023 and October 31, 2022
  
Consolidated Statements of Operations – three and six months ended April 30, 2023 and 2022
  
Consolidated Statements of Comprehensive (Loss) Income – three and six months ended April 30, 2023 and 2022
  
Consolidated Statements of Stockholders' Equity and Temporary Equity – three and six months ended April 30, 2023 and 2022
Consolidated Statements of Cash Flows – six months ended April 30, 2023 and 2022
  
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:
success in executing the Company's business plans and strategies and managing the risks involved in the foregoing;
negative impacts related to the COVID-19 pandemic and 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 and the impact of inflation;
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, 2022 additional factors that could cause our actual results to differ from our projections or estimates.
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, 2022. 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, 2023October 31, 2022
Assets  
Current assets:  
Cash$9,833 $857 
Accounts receivable, net17,766 15,651 
Cultural costs2,744 8,643 
Prepaid expenses and other current assets11,749 8,496 
Receivables/other from related parties3,245 3,888 
Total current assets45,337 37,535 
Property, plant and equipment, net163,541 222,628 
Real estate development9,858 9,706 
Equity in investments73,445 72,855 
Goodwill1,529 1,506 
Intangible assets, net7,238 7,317 
Other assets15,378 16,971 
Total assets$316,326 $368,518 
Liabilities and Stockholders' Equity  
Current liabilities:  
Accounts payable$8,375 $10,663 
Growers and suppliers payable8,109 10,740 
Accrued liabilities7,940 11,060 
Payables to related parties5,390 4,860 
Income taxes payable8,108 219 
Current portion of long-term debt446 1,732 
Total current liabilities38,368 39,274 
Long-term liabilities:  
Long-term debt, less current portion40,837 104,076 
Deferred income taxes21,797 23,497 
Other long-term liabilities6,670 9,807 
Total liabilities107,672 176,654 
Commitments and contingencies   
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at April 30, 2023 and October 31, 2022) (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, 2023 and October 31, 2022) (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, 2023 and October 31, 2022)
  
Common Stock – $0.01 par value (39,000,000 shares authorized: 18,229,887 and 17,935,292 shares issued and 17,978,910 and 17,684,315 shares outstanding at April 30, 2023 and October 31, 2022, respectively)
180 177 
Additional paid-in capital167,169 165,169 
Retained earnings26,582 15,500 
Accumulated other comprehensive loss(4,011)(7,908)
Treasury stock, at cost, 250,977 shares at April 30, 2023 and October 31, 2022
(3,493)(3,493)
Noncontrolling interest11,417 11,609 
Total stockholders' equity197,844 181,054 
Total liabilities and stockholders' equity$316,326 $368,518 
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,
 2023202220232022
Net revenues:  
Agribusiness$46,676 $45,369 $83,204 $83,452 
Other operations1,394 1,381 2,767 2,572 
Total net revenues48,070 46,750 85,971 86,024 
Costs and expenses:  
Agribusiness38,189 37,599 79,430 78,843 
Other operations1,009 1,093 2,247 2,167 
Loss (gain) on disposal of assets, net8,998 346 (30,744)261 
Gain on legal settlement(2,269) (2,269) 
Selling, general and administrative6,005 5,126 15,285 11,725 
Total costs and expenses51,932 44,164 63,949 92,996 
Operating (loss) income(3,862)2,586 22,022 (6,972)
Other income (expense):  
Interest income62 27 70 48 
Interest (expense), net of patronage dividends996 (696)(176)(481)
Equity in earnings of investments, net62 299 315 350 
Other income (expense), net200 78 (2,412)93 
Total other income (expense)1,320 (292)(2,203)10 
(Loss) income before income tax benefit (provision)(2,542)2,294 19,819 (6,962)
Income tax benefit (provision)912 (722)(5,915)1,928 
Net (loss) income(1,630)1,572 13,904 (5,034)
Net loss (income) attributable to noncontrolling interest17 (11)114 77 
Net (loss) income attributable to Limoneira Company(1,613)1,561 14,018 (4,957)
Preferred dividends(126)(126)(251)(251)
Net (loss) income applicable to common stock$(1,739)$1,435 $13,767 $(5,208)
Basic net (loss) income per common share$(0.10)$0.08 $0.77 $(0.30)
Diluted net (loss) income per common share$(0.10)$0.08 $0.75 $(0.30)
Weighted-average common shares outstanding-basic17,597,000 17,511,000 17,587,000 17,461,000 
Weighted-average common shares outstanding-diluted17,597,000 17,511,000 18,328,000 17,461,000 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
(In thousands)
 Three Months Ended
April 30,
Six Months Ended
April 30,
 2023202220232022
Net (loss) income$(1,630)$1,572 $13,904 $(5,034)
Other comprehensive (loss) income, net of tax:  
Foreign currency translation adjustments(50)(1,006)2,173 (951)
Minimum pension liability adjustments, net of tax of $0, $27, $(135) and $54 for the three and six months ended April 30, 2023 and 2022, respectively
 73 (220)145 
Pension settlement cost, net of tax of $0 and $756 for the three and six months ended April 30, 2023
  1,944  
Total other comprehensive (loss) income, net of tax(50)(933)3,897 (806)
Comprehensive (loss) income(1,680)639 17,801 (5,840)
Comprehensive loss (income) attributable to noncontrolling interest17 (5)114 81 
Comprehensive (loss) income attributable to Limoneira Company$(1,663)$634 $17,915 $(5,759)
The accompanying notes are an integral part of these unaudited consolidated financial statements.
6


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (UNAUDITED)
($ 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, 202217,684,315 $177 $165,169 $15,500 $(7,908)$(3,493)$11,609 $181,054 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,337)— — — (1,337)— — 
Dividends Series B ($2.19 per share)
— — — (32)— — — (32)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation146,289 1 1,063 — — — — 1,064 — — 
Noncontrolling interest adjustment— — — — — — (78)(78)— — 
Net income — — — 15,631 — — (97)15,534 — — 
Other comprehensive income, net of tax— — — — 3,947 —  3,947 — — 
Balance at January 31, 202317,830,604$178 $166,232 $29,669 $(3,961)$(3,493)$11,434 $200,059 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,348)— — — (1,348)— — 
Dividends Series B ($2.19 per share)
— — — (33)— — — (33)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation149,900 2 963 — — — — 965 — — 
Exchange of common stock(1,594)— (26)— — — — (26)— — 
Net loss— — — (1,613)— — (17)(1,630)— — 
Other comprehensive loss, net of tax— — — — (50)—  (50)— — 
Balance at April 30, 202317,978,910 $180 $167,169 $26,582 $(4,011)$(3,493)$11,417 $197,844 $1,479 $9,331 
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, 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 
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,
 20232022
Operating activities
Net income (loss)$13,904 $(5,034)
Adjustments to reconcile net income (loss) to net cash used in operating activities:  
Depreciation and amortization4,491 4,963 
(Gain) loss on disposal of assets, net(30,744)261 
Gain on legal settlement(853) 
Stock compensation expense2,029 1,375 
Non-cash lease expense802 207 
Equity in earnings of investments, net(315)(350)
Cash distributions from equity investments 132 
Deferred income taxes5,915 (1,928)
Other, net162 360 
Changes in operating assets and liabilities:
Accounts receivable and receivables/other from related parties(1,583)(3,877)
Cultural costs2,051 4,640 
Prepaid expenses and other current assets(5,105)(2,392)
Income taxes payable(330) 
Other assets21 33 
Accounts payable and growers and suppliers payable(5,340)(413)
Accrued liabilities and payables to related parties(2,708)1,030 
Other long-term liabilities(840)(167)
Net cash used in operating activities(18,443)(1,160)
Investing activities  
Capital expenditures(5,417)(4,123)
Net proceeds from sales of assets98,506 1,121 
Net proceeds from sale of real estate development assets2,577  
Cash distribution from Trapani Fresh82  
Collection on note receivable 2,600 
Equity investment contributions(275) 
Investments in mutual water companies and water rights(51)(40)
Net cash provided by (used in) investing activities95,422 (442)
Financing activities  
Borrowings of long-term debt57,940 75,247 
Repayments of long-term debt(122,775)(68,762)
Principal paid on finance lease and equipment financings(215)(169)
Dividends paid – common(2,685)(2,653)
Dividends paid – preferred(251)(251)
Exchange of common stock(26)(1,086)
Net cash (used in) provided by financing activities(68,012)2,326 
Effect of exchange rate changes on cash9 (203)
Net increase in cash8,976 521 
Cash at beginning of period857 439 
Cash at end of period$9,833 $960 
8


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(In thousands)
 Six Months Ended
April 30,
 20232022
Supplemental disclosures of cash flow information  
Cash paid during the period for interest (net of amounts capitalized)$397 $431 
Cash paid during the period for income taxes$330 $ 
Non-cash investing and financing activities:  
Capital expenditures accrued but not paid at period-end$325 $88 
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.
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 (Loss) Income
Comprehensive (loss) income represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss 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,
 20232022
 Pre-tax AmountTax ExpenseNet AmountPre-tax AmountTax ExpenseNet Amount
Foreign currency translation adjustments$(50)$ $(50)$(1,006)$ $(1,006)
Minimum pension liability adjustments:
Other comprehensive income before reclassifications   100